Debt

[Mountain Cow]

I am applying this cycle (matriculate fall 08) and will have >60,000 in debt from an expensive (but good) masters program. If I go to a private med school I could easily imagine graduating with >300,000 in debt!

Starting with this much debt, which is accumulating interest, how will I ever get out?

Anyone else in a similar situation?

I know there is the national health service corp, military option (not for me), and MD/PhD (actually very interested in research and this option), but if I don't do any "special" programs, will I be in debt till I'm old?

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[pattyk]

I am in the same boat...I have roughly 60k now and expect another 160k to 200k depending on what school accepts me. I figure that I will be in debt for the rest of my anyway-house, car, etc. School loans are usually a much better interest rate and I hope to refinance for a long repayment time.

 

[Depakote]

I am applying this cycle (matriculate fall 08) and will have >60,000 in debt from an expensive (but good) masters program. If I go to a private med school I could easily imagine graduating with >300,000 in debt!

Starting with this much debt, which is accumulating interest, how will I ever get out?

Anyone else in a similar situation?

I know there is the national health service corp, military option (not for me), and MD/PhD (actually very interested in research and this option), but if I don't do any "special" programs, will I be in debt till I'm old?

Yes, you'll be in debt for a while, but once you get past residency/fellowship, you will be making plenty of money. Eventually you will pay it all back.

 

[PBandJ]

another thing to think about is loan repayment programs (since you are interested in research). If you do not end up doing MD/PhD, you should still go for medical school. I know the NIH has a loan repayment program if you decide to do research for them after you finish med school and residency; that would certainly help with some of the debt.
There are also state-specific programs that you can look into...For example, I think MA has a program where if you go to UMass med school and do your residency in MA, you can get a significant portion of your loans paid back to you (2/3?).