Finances

[mizzoudude]

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This thread may be moved...but thought I would get a better response from the peeps in here:

What is the average amount of debt after school? $100K? $150K?

I am calculating my living expenses every damn day and it seems like I will be getting a loan for about $40K every year....putting me at a sexy $160K debt when I get out of school...can i manage this?

Average debt?
How soon can a physician pay this off? Especially with socialized medicine looming over our heads...

Thanks again.

 

[njbmd]

Moving to Finance Forum as these topics are discussed there. Allopathic medical students can follow and reply there if desired.

 

[Doctor Bagel]

More proof for the need to move these forums to somewhere where they might get more traffic!

As for average debt, you can get those figures from USNews, I think. Everyone has different experiences, though, so it varies -- people in the military and the independently wealthy can come out with no debt. Lots of us are going to owe more than $200k on graduation. $160k is nowhere close to being the top and probably means you went to a state school or had lots of scholarships. Not to say you shouldn't worry about it, but lots of people borrow a lot more than that.

For feasibility, go to www.finaid.org to calculate your repayments.

 

[johnstoner]

debt levels really vary depending on where you go and what your situation is. I think (i may be wrong) but the average debt level seems so low because it averages all the people who do not either need debt....everyone gets averaged but..so many places have tuitions that are around or above 40K so what else do you need for living expenses? 40x 4= 160 and then maybe another 20K for living expenses? x 4 = 80 so then its more like 240. Then what about residency application and relocation? then thats another 10K?

 

[mizzoudude]

true that...

I am going to a state school...unfortunately no scholarships..

25K tuition a year and I am calculating 15K for 12 months of living (I don't know if I can pull that off...i hope so)

 

[blanche]

true that...

I am going to a state school...unfortunately no scholarships..

25K tuition a year and I am calculating 15K for 12 months of living (I don't know if I can pull that off...i hope so)

also remember, when you look at a school's average indebtedness, all that matters is the math you do for yourself ("I am taking out X dollers per year times 4 years...) my school had a deceptively low average debt when you looked at its cost, but then there are plenty of rich kids whose parents pay the tab in the end giving them a debt of nil, bringing down the average indebtedness for the school.