DOs what Total debt are you graduating in 2014 with?

[Igor4sugry]

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Time for the anual debt pole.
2013 results: http://forums.studentdoctor.net/threads/dos-what-total-debt-are-you-graduating-in-2013-with.1005475/
2012 results: http://forums.studentdoctor.net/threads/graduating-ms4s-what-is-your-total-education-dept.913371/

For all you MS4s, what education debt load are you carrying into your residency?
This is Total Education Debt: (undergrad + med school + interest)

--last year we started seeing more people with >400k debt.

 

[Mad Jack]

I'll be finishing residency in 2021 with >400k in debt, just so ya know.

 

[cliquesh]

That's insane.

 

[michow87]

My family has been exceptionally frugal throughout my life so that they could pay for all of my education. We've never been on an extravagant vacation nor do we own really nice things. I feel very blessed knowing that I'll be finishing med school debt free and I look forward to paying back my parents for the sacrifices they made for the sake of my education.

 

[user3]

That's insane.

And It's only going to get worse for each new class...

 

[Mehd School]

Including undergrad can really skew the results of this. I'll escape death's grasp with 300k total while my friend at the same school will have $450k because he went to a fancy private undergrad.


Posted using SDN Mobile

 

[toffeecoffee]

I'll be finishing residency in 2021 with >400k in debt, just so ya know.

Same. Freaking out a bit!

 

[Postictal Raiden]

I'll be finishing residency in 2021 with >400k in debt, just so ya know.

I'll have that walking out of med school in 2018 🙁

 

[wjs010]

I'll probably have a nice 340-350k after med school. Nothing I can do about it lol

 

[LaughingMan]

Gonna be taking out around $250k in total over the 4 years.

Will start loan payments from first day of disbursement. Will pay $1250 a month while in school so will pay off around $60k by the time I graduate.

Might even look into stopping monthly deposits into my investment account (300 a month).

Gonna be very aggressive in paying down debt so hope to have around $200k total by graduation.

 

[Postictal Raiden]

For c/o 2018 we will need a 500k+ category 🙁

 

[Block-Buster]

"Gonna be taking out around $250k in total over the 4 years.

Will start loan payments from first day of disbursement. Will pay $1250 a month while in school so will pay off around $60k by the time I graduate.

Might even look into stopping monthly deposits into my investment account (300 a month).

Gonna be very aggressive in paying down debt so hope to have around $200k total by graduation."

This makes absolutely no sense. If you can start to pay it down right away then you don't need to borrow it.

 

[RoyalMule]

"



This makes absolutely no sense. If you can start to pay it down right away then you don't need to borrow it.

Unless he has a way of making money while in school, but doesn't have $60K on hand when school starts. But if he is making $1200 bucks a month while in school, I am going to need to know how!

 

[chizledfrmstone]

~$300k and I don't even have any UG loans.

 

[Dmr6186]

Unless he has a way of making money while in school, but doesn't have $60K on hand when school starts. But if he is making $1200 bucks a month while in school, I am going to need to know how!

Banks hate him.

 

[LaughingMan]

"Gonna be taking out around $250k in total over the 4 years.
Will start loan payments from first day of disbursement. Will pay $1250 a month while in school so will pay off around $60k by the time I graduate.
Might even look into stopping monthly deposits into my investment account (300 a month).
Gonna be very aggressive in paying down debt so hope to have around $200k total by graduation."

This makes absolutely no sense. If you can start to pay it down right away then you don't need to borrow it.

My situation is unique and I suppose I should have elaborated. The lump sump money would be better invested in my families businesses vs paying out a lump sum $37k tuition per semester. Family business has our assets tied up in our expansion right now and thus I'm going to just take out the loan and push those expenses back. Opportunity Cost of paying cash for school is just too high.

Unless he has a way of making money while in school, but doesn't have $60K on hand when school starts.

That is correct. Money will be coming in--but I do not feel it's in my interest to do the lump sum.

 

[doubletake]

Can any current students or grads weigh in--how feasible is having a job while in school to help with the debt burden?

 

[p30doc]

how feasible is having a job while in school to help with the debt burden?

It's not. Accept that the debt is now an unfortunate part of the process.

 

[user3]

I made a thread for this same topic not long ago and barely got any responses. I even said it was a repeat of last year's thread and posted the link to it. wow I feel like a loser

 

[Igor4sugry]

I made a thread for this same topic not long ago and barely got any responses. I even said it was a repeat of last year's thread and posted the link to it. wow I feel like a loser

Its alright; maybe its because I did the past surveys in past 2 years. I plan on doing this every year since they don't track this type of information. Official #s from AAMC are somewhat useful but they sugarcoat things by giving averages. In fact, I think those with debt <50k should not be counted because those values are useless, and just make average smaller. What matters is # of student with tons of debt, and what is average debt of those student (the ones who will be affected by repayment of this amount). Schools in general are not advertising that now majority of students are >200k in debt.

Also, the situation for DOs is worse, and I don't think acomas keeps track of it. So we will do it here ourselves.
They have this survey of incoming students, not much use of what student expect their debt to be, but the numbers look lower than reality. http://www.aacom.org/data/classsurv...13 Entering Student Survey Summary Report.pdf

data from AACOM: http://www.aacom.org/data/Pages/default.aspx
--nothing useful about debt here.


AAMC (Oct 2013 debt card): https://www.aamc.org/download/152968/data/debtfactcard.pdf
Average debt is 180k for private and 162k for public (this is MD schools).

article from Forbes magazine about med student with spouse who sounds like is in med school too and they are facing $500k combined in debt (not very unusual). Heck look how many people here have >400k by themselves.

 

[Igor4sugry]

Here is same poll from MD students:
http://forums.studentdoctor.net/threads/mds-graduating-in-2014-what-is-your-debt.1069170/

--they have more people with <200k, but still considerable with >300k

 

[Postictal Raiden]

Here is same poll from MD students:
http://forums.studentdoctor.net/threads/mds-graduating-in-2014-what-is-your-debt.1069170/

--they have more people with <200k, but still considerable with >300k

Their numbers are skewed by individuals who received healthy scholarships and those who attended state schools and paid very low tuition. However, if were to compare the COA of private MD schools to that of DO schools (most of them are private anyways), we will have much more comparable data.

 

[DrEnderW]

Can any current students or grads weigh in--how feasible is having a job while in school to help with the debt burden?

In my opinion, it is not feasible for anything but small side jobs such as tutoring, working for a board prep company, research stipends, and other things of that nature.

For me, it would not be worth risking class rank, time spent on meaningful ECs, and board prep time that could cause me to not land my specialty of choice (the thing I'm putting $250k+ to land in the first place). This doesn't even factor in things like personal time or maintaining a relationship.

I make some extra spending money a month that allows me to take out maybe $2-3k less a year, which is pretty unsubstantial. It's more for the CV and illusion I have money coming in.