Debt...

[mizzoudude]

I know that this is a dreaded topic and many of you who are in med school/completed med school don't want to hear, but I need all of your sage advice...

I know that the average medical school student is approximately $115K in debt by the time he/she is done. How much debt are you in? Or how much debt do you expect to be in when you finish medical school? Will it be manageable during/after residency? How long is it going to take to pay off your debts.

Thanks for all your thoughts and advice...just looking to plan ahead...

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[babyruth]

Boy, $115K sounds good, but I think I'll be somewhere in the neighborhood of $180K+. Then if you add my spouses school debt we are looking at a pretty nice debt of somewhere between $250-300K. I'm hoping to put off my hopeless debt for as long as I can and hope I can manage it sometime during and after residency. Anyways, I think you will find $115 more in the bounds of a state public school, but private schools will be a lot more...

 

[jnpeacoc]

Yeah, I'm a MSI at KCOM at tuition alone is 33,000/yr right now. So even if I only had to take out loans to pay tuition (and I'm not that lucky), I'd be 132,000 in debt at graduation. But I love this school, I think it's worth the money, cost of living is very low, and so many people are in the same boat as me. You just kind of have to suck it up and decide how much you want it. And also, the military is always a tempting option. I can't quite make myself do it, but if you're worried about $$, they have many benefits even after graduation (they pay your malpractice, they take care of all your administration tasks so you only have to worry abt seeing patients, you get awesome medical technology)...But if the discussion is going to go in this direction, I'm sure there are many far more qualified than me to talk abt the pros and cons of that option.

 

[OSUdoc08]

I know that this is a dreaded topic and many of you who are in med school/completed med school don't want to hear, but I need all of your sage advice...

I know that the average medical school student is approximately $115K in debt by the time he/she is done. How much debt are you in? Or how much debt do you expect to be in when you finish medical school? Will it be manageable during/after residency? How long is it going to take to pay off your debts.

Thanks for all your thoughts and advice...just looking to plan ahead...

I'll owe $175,000.

Being that the starting salary for EM physicians in $175,000, on average, and I have 10 years to pay this off, then I will only be losing about 10% of my salary. No big deal.

You can choose the 10 year 30 year repayment plan.

You don't have to pay back loans during residency, by the way.