freaking out about debt

[vm26]

Given that the median/mean amounts of indebtedness for public med school graduates is around 81K (read it on SUNY downstate site), I've been guestimating that this was a ballpark projection of the amount of debt that I would end up with (give or take 15-25K). Recently I received my first year budget which was $37K (which will be the cheapest year) x 4 = approx 160K!!! Am I missing something? Should I be expecting an abundance of free money to be thrown my way or are these stats somehow misleading? I thought that maybe the means may be skewed by those (few?) individuals that do graduate debt-free but this shouldnt affect the median, should it? Anyhow, I'm feeling a bit mislead/naive about the costs of a public medical education. Someone please enlighten me.

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[Annette]

Don't forget about the indepently wealthy!

Check out some of the scholarship web sites. They may have something to offer. Can you work part time (~10hrs/week) to get free tuition at your school? Make an appointment with a fin aid person during a non-busy season to see if they have sources that you may not know about. Other than that, don't expect the money to be flowing.

 

[THE instiGATOR]

I'm in the same boat (public undergrad & public med). I'll graduate with a debt of $150K - $160K. A lot of people in my class have money, have scholarships, or have both money and scholarships (can we say "lucky bastards"? ). I'm hoping also for loads of free money, but I don't think my school cares too much if one person is driving up their average (it would be nice if they did). Don't think about the debt until you finish. It's best that way. After all, there's very little you can do about it.

 

[md_student10021]

Originally posted by vm26
Given that the median/mean amounts of indebtedness for public med school graduates is around 81K (read it on SUNY downstate site), I've been guestimating that this was a ballpark projection of the amount of debt that I would end up with (give or take 15-25K). Recently I received my first year budget which was $37K (which will be the cheapest year) x 4 = approx 160K!!! Am I missing something? Should I be expecting an abundance of free money to be thrown my way or are these stats somehow misleading? I thought that maybe the means may be skewed by those (few?) individuals that do graduate debt-free but this shouldnt affect the median, should it? Anyhow, I'm feeling a bit mislead/naive about the costs of a public medical education. Someone please enlighten me.

I think the average number has to do with (1)some public medical schools are cheaper than others; (2) some people get help from their folks, grants, etc.; (3) some students work.

Being in debt is no fun, but there's nothing you can do about it.

 

[alina_s]

How old was that debt estimate? That sounds about the same as what I was told when I was applying 3 years ago. When the numbers are collected, the schools probably give out the total debt for the graduating class or the class that graduated the year before, so even if the estimate was made this year, the data are 4-5 years old. The estimate is probably older than that. As you know, education costs have been going up much faster than inflation for years. Also, there is a sizeable minority of students who take out $0 in loans. In my class of 140, there are at least 20 MD/PhD students, NHSC scholars, and Army/Navy students who get tuition and living expenses 100% covered and there are another 20 who get full tuition scholarships. That really skews the average. Yes, $160,000 is a huge amount of money but even if physicians' incomes don't keep up with inflation, it won't be impossible to pay off with your salary. I try not to think about it, though.

 

[Gauss]

pfffft
I'm a 3rd year at a private med school and will be around $210 - $250K in debt. I get about $2K in grants per year which is diddly squat and no scholarships (white male syndrome).
I'm not taking more than recommended budget either and trying to not let living in the city of Chicago suck out excess $$.
Yes this blows - we are getting gouged and raped and there's nothing you can do except lose sleep at night and have panic attacks. Best part is med schools try to hide this rather than advertise it as an important problem that all med schools need to fix and should be addressed by LCME.

 

[vm26]

How old was that debt estimate?

probably a few yrs, just found out that the average from my school-to-be for last yrs class was in the low 90's. I guess once class starts I'll have less time/energy to worry bout it too much. I'm also thinking that I'll try not to be too nosey about my classmates' debt or lack there of.

 

[Pureride]

Dont feel bad, I am starting PGY-1 in July and I owe a whopping $280,000.

I have been working with a financial guy and with a little discipline its manegable. Just lay out all of your financials, make a plan accordibgly and stick to it.

Oh yeah and find a field procedure oriented (surgical, rads, gas).

Good luck

 

[secretstang19]

Hate to beat a dead horse, but is that much debt really manageable? What if you DON'T go into a lucrative subspecialty?

I'm in a position now where I have to choose between my state school (~$84,000 debt over four years) and a private school (~$132,000 debt over four years). I like the private school better, and I have had some people tell me that once you're 80k in debt, another 50k is 'nothing.' Is that accurate, or should I opt for the cheaper school?

I'm really pretty freaked out about all this right now - any insight anyone has would be greatly appreciated!

 

[Pureride]

In my opinion any amount of debt is manageble with some discpline. Obviously the lower the debt the more managable. As far as "once you are $80K in debt another $50, wont matter, that is absolutely not true. Debt is debt. There may be some repayment/consolidation benefit of having less than $80K in debt but, having an extra $50K in still $50K that will OWE! And trust me, it will grow.

When considering which medical school to choose, I would not use tuition as one of the major factors. Use other criteria such as residency appointments, atmosphere, geography, proffessor's etc.

However, if you are not a disciplined person, financially not motivated (probably not relevant in your case since you are posting on this thread) or are going into a less lucrative field it should be a more important consideration when selecting your med school.

HTH
-Jordan