Financing School

[ParamagicCCP]

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Hi all,

I have gotten some nice feedback on here on a multitude of things, and I figured I would try it with another large issue myself, and maybe some others are going through as well.

First a little background, I believe I want to pursue a surgical specialty (CT Surgery, of course subject to change if I find my niche during clerkships). I will matriculate into a MD program in August and plan on applying in-house to the MD/PhD program after my second year (I have checked with my institution and this is good to go as there are spots open).

Like most of you, I am matriculating into medical school in August. I came from a middle class family and went to a private college which I financed myself (family couldn't make it work to help) through private loans. As we currently sit today I am in 80k of undergrad private loan debt (at 7.99% APR Variable rate), and another 20k of sub/unsub loans. Now with financing medical school (additional 210k @ 6.7% govt loans) I am slightly concerned at the prospective debt load I will have coming into residency. My current calculations place me at a total of $434,000 dollars of loan debt (med, undergrad, and interest) starting off my residency.

My question is: Is this a "normal" amount of debt for students? Is this a manageable amount of debt, especially considering my residency will be at least 6 years, maybe longer. I have the Navy HPSP commission offer waiting, and I would love to serve (the only detraction I have is the possibility of skill atrophy) and I am considering this program. For those who are wondering the Navy has approved a pre-nub agreement drafted and signed by an Admiral stating they will let me pursue the PhD if accepted.


I would love to hear your feedback and advice!


Thanks

-ParamagicCCP

 

[WedgeDawg]

I would look on the military med forums here before taking the HPSP offer, especially given the specialty you want to pursue because I'm not sure how much control you have over what residency you will end up in. I'm not very knowledgable about this particular issue, so it's probably a good idea to do your research before committing to that route. Also student loans should generally not be accruing interest until you leave formal education, so you should have only your ~300k debt by the time you start residency, not >400k.

I did a quick google search and the average indebtedness of medical school graduates is ~183k (source: AAMC). 12% of medical school graduates have 300k or more in debts to pay off.

 

[xffan624]

Hi all,

I have gotten some nice feedback on here on a multitude of things, and I figured I would try it with another large issue myself, and maybe some others are going through as well.

First a little background, I believe I want to pursue a surgical specialty (CT Surgery, of course subject to change if I find my niche during clerkships). I will matriculate into a MD program in August and plan on applying in-house to the MD/PhD program after my second year (I have checked with my institution and this is good to go as there are spots open).

Like most of you, I am matriculating into medical school in August. I came from a middle class family and went to a private college which I financed myself (family couldn't make it work to help) through private loans. As we currently sit today I am in 80k of undergrad private loan debt (at 7.99% APR Variable rate), and another 20k of sub/unsub loans. Now with financing medical school (additional 210k @ 6.7% govt loans) I am slightly concerned at the prospective debt load I will have coming into residency. My current calculations place me at a total of $434,000 dollars of loan debt (med, undergrad, and interest) starting off my residency.

My question is: Is this a "normal" amount of debt for students? Is this a manageable amount of debt, especially considering my residency will be at least 6 years, maybe longer. I have the Navy HPSP commission offer waiting, and I would love to serve (the only detraction I have is the possibility of skill atrophy) and I am considering this program. For those who are wondering the Navy has approved a pre-nub agreement drafted and signed by an Admiral stating they will let me pursue the PhD if accepted.


I would love to hear your feedback and advice!


Thanks

-ParamagicCCP

Do you have a desire to serve in the military or are you just doing this for the debt load (it's ok if it's both)? If you have no desire whatsoever to serve in the military I would consider a different route. If you would like to, I would still consider the availability of specialty interests in the Navy.

 

[ParamagicCCP]

Do you have a desire to serve in the military or are you just doing this for the debt load (it's ok if it's both)? If you have no desire whatsoever to serve in the military I would consider a different route. If you would like to, I would still consider the availability of specialty interests in the Navy.

Its definitely for both. I really wanted to go into the Army, but they wouldn't entertain the MD PhD program like the Navy would.

 

[ParamagicCCP]

I just feel like I am an outlier for Student Loan Debt unfortunately, and it doesn't seem like there are tons of options to get out.

 

[xffan624]

I just feel like I am an outlier for Student Loan Debt unfortunately, and it doesn't seem like there are tons of options to get out.

I understand. I had almost 90K coming out undergrad and grad school. I wasn't ready at that point to do med school so I decided to be productive, do something related to my field(public health), and go in the military. I paid it off when I was in military thanks to some loan repayment, a deployment, and steady salary and now the VA is paying for my medical school.

If you're down for the military, then it's not a bad idea. Just recognize that with the service obligation from an MD-PhD you will likely be in for the full 20 years. My old boss was an Army MD-PhD that was pretty much a lifer. He was generally a happy guy and great doctor. It's not the nightmare life that SDN makes it out to be as long as you are flexible person open to some adventure and occasional adversity and challenges.

 

[Redtwogreen]

Hey @ParamagicCCP Its a tough issue. When we were making this decision ourselves, we went back and forth on it on pretty much a daily basis. In the end, we decided for us that military was not worth it. We were optimistic that our own earnings (dentist and lawyer married duo) would surpass the military benefits. We graduated with about $600k in student loans so we definitely understand the isolated feeling of being an outlier in terms of debt. I guess I'd say that if you understand what you are giving up by going the military route and you are ok with it, its for sure a good option. But don't underestimate your own abilities to earn. Get a good sense for what you would be earning in a surgical specialty. You'll most likely have to live like a resident for a few years, but it is definitely not impossible to pay it off on your own! Good luck!