fear of drowning in debt

[DReject]

I'm beginning to worry about debt. I think by the time I'm done, I'll have a debt close to 250K. Maybe a bit more due to UG.

But ignorance is a bliss. I've been researching and getting a little worried.
I know that tons of students and residents are in debt. So I'm not alone in that boat. Becoming a doctor is worth it to me so it feels like an investment.

I'm telling myself that I'll be able to make payments after school (or residency).

Are there others freaking out?

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[Fermata]

I'm beginning to worry about debt. I think by the time I'm done, I'll have a debt close to 250K. Maybe a bit more due to UG.

But ignorance is a bliss. I've been researching and getting a little worried.
I know that tons of students and residents are in debt. So I'm not alone in that boat. Becoming a doctor is worth it to me so it feels like an investment.

I'm telling myself that I'll be able to make payments after school (or residency).

Are there others freaking out?

I hear you. All I can tell you is that you aren't alone.

However, we aren't going to be able to consolidate at those sweet rates that people were able to get a few years back.

 

[Miami_med]

You are not the only one concerned. Trust me.

 

[samenewme]

As long as you live frugally when you graduate and not the way you might think a doctor gets to live, you'll be able to make the payments, have some measure of a life, and save for retirement. Cook cheap and shop at thrift stores throughout med school to minimize the amount you have to borrow and continue your thrifty habits after you graduate.

I'm not all that excited about my debt, either.

 

[-Goose-]

I'm beginning to worry about debt. I think by the time I'm done, I'll have a debt close to 250K. Maybe a bit more due to UG.

But ignorance is a bliss. I've been researching and getting a little worried.
I know that tons of students and residents are in debt. So I'm not alone in that boat. Becoming a doctor is worth it to me so it feels like an investment.

I'm telling myself that I'll be able to make payments after school (or residency).

Are there others freaking out?

Just be disciplined and live like a resident for a couple years after residency. Or moonlight.

(( AND DON'T VOTE FOR HILLARY!! ))

 

[cfdavid]

I agree with the last two posters. Part of the reason many doctors would be against becoming government employees is because of the salary decreases that would be imminent as a result. One thing Michael Moore forgets to mention in Sicko is the fact that in other countries, in which socialized medicine is the norm, not only is the care subsidized through taxes, but so is medical education. So, the debt load on medical students and residents, in say, France, is nothing near what we experience here in the U.S.

That's why physicians must be a major part of any dialogue in any potential changes to the U.S. healthcare system.

Anyway, as of now, you can still earn a good living in most medical fields. So, even with such substantial debt, like the above two posters suggested, it will come out in the end. Just look at it as an investment in your future and don't worry about it.

 

[mjl1717]

I'm beginning to worry about debt. I think by the time I'm done, I'll have a debt close to 250K. Maybe a bit more due to UG.

But ignorance is a bliss. I've been researching and getting a little worried.
I know that tons of students and residents are in debt. So I'm not alone in that boat. Becoming a doctor is worth it to me so it feels like an investment.

I'm telling myself that I'll be able to make payments after school (or residency).

Are there others freaking out?

Yes:

1) I freak out somewhat, you are not alone!
2)I look at it as "the loan till infinity"- (I notice they go beserk if you defer the loan).
3) I look at it since Ill be in debt for a loooong time, I may as well get a Saab convertible now and feel a little better while Im healthy and living.(which the most shallow take for granted)
4) Dont copy me, these are just some parts of my coping or defense mechanism..
5)Unless you were born with a silver spoon in your mouth. You may as well get use to it if you want to play in this medical arena. Because its GOTCHA!!
6)Lastly One solution: If you have enough "guts" work in an indigent area thru the federal government.

 

[njbmd]

Moving to Financial Aid and finance.

 

[supercut]

Your concerns are completely valid. Student loan debt is not good. Realize that you will have debt equivalant to many people's mortgages, sometimes a mortgage on a very nice house, depending on where you live.

I would disagree that being a doctor is worth it (I used to think it is worth it, but now I wish I hadn't gone to med school) A rapidly increasing number of physicans share my thoughts. Many of us are burned out but feel trapped becuase of the student loan debt.

In addition, many specialties salaries have decreased dramatically, with many primary care starting at just above 100K. Some pediatricans start at 90K. So it's entirely possible that you will have a hard time making even the minimum payments, much less paying it off early. Add to that the fact that as far is the governement is concerned, if you are a doctor you are "rich", therefore evil, and therefore deserve to be punished by taxes. At a physican's income, you will not be able to deduct your interest paid.

Plus the loan companies play game to make it as confusing as possible to keep up with your accounts. They do stupid stuff like create a new account for each dispursement. If you aren't very, very careful, you can overlook one and wind up being reported as being in default without realizing it (this happened to me). It's a major pain to keep up with the paperwork and requires almost daily effort (difficult to do as a resident). Granted, there are ways to get back out of default, but those usually involve the lender adding fees and increasing interest...hence the motivation to try to get you into default.

I would advise anyone to do their best to minimize student loan debt. THis is why I'm an advocate of state schools. The quality of your med school education depends much more on your effort than on the name recognition factor of your med school.

You don't want to wind up making a career choice based on whether you can pay your loans. I would also advise to NOT buy new cars or large homes until you've at least made a major dent in the debt. Paying these loans is very, very painful. Anyone going though med school should be a master in delayed gratification...increasing this now (and delaying a few years as an attending) can help you greatly down the road.

 

[UserNameNeeded]

Supercut, I'm saving your entire post as my PC's desktop background.

It's a relief to know there is SOME ONE out there, amongst the thousands of clueless medical students who are in for a rude awakening and millions of ignorant Americans and their terrible government, that knows what's coming with our medical school loans.

"Living like a resident for a couple of extra years" doesn't work when your biological clock is ticking loudly (which it should be for every single female medical graduate given that most of us are in our mid-to-late 30s after residency/fellowships!) and you want a family before it's too late. The only way you can possibly afford to live even close to a normal life with such debt is to die. Really. I think I'm going to be about dead by the time my student loans are near pay-off. And don't forget, doctors have a substantially lower life expectancy than the average population, too!

 

[abbaroodle]

.

 

[okbye]

Do you think I can convince some pre-med to buy my medical education?

I can guarantee you that if your education were transferable you would get a fortune for it! Can you imagine, being able to buy knowledge?

I really wish congress would put more of an effort into doing something about the cost of education. Tuition has been rising at 3x the inflation rate for years, that's the real cause of your incredible debt. Everything goes up but geez, there has to be a limit.

 

[Empi]

I'm going into my third year of undergrad and its starting to freak me out. When I go to med school it will only escilate.

I'm pretty frugal and I don't generally rack up debt. Also, my dh is likely buying into a partnership in two years, we'll both have mortgage-sized debts but, if you don't invest, you don't get returns.

 

[mshheaddoc]

Not all primary care make $90K. Also if they are making that much, there are "loan forgiveness" programs that can be looked into in underserved/urban areas. And income contingency is very popular in these program. As well as if you have certain programs, after 30 years your federal debt is forgiven if you really aren't worried about money. That's not with all lenders though so do your homework if you are planning on serving underserved entirely. Sometimes sacraficing 4-5 years of your life to reduce your debt isn't a bad thing.

Most doctors are making around $150,000. If you marry you could have two incomes. If you can't live off of $150,000, you're living too extravagantly. Just my thoughts though. Be aware of cost of living and what needs to be done to live off of what you're making. Pay off your higher interest rate debts first. Don't borrow MORE than you need for living. Live frugal. Hmmm, that's a good thread topics ...