having no debt?

[Beadle]

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The biggest "restraint" on having a more plush medical career seems to be the fact that most medical students/residents come out of training deep in the hole.

My hypothetical question is: how different would your career outlook be if you had all of your medical school education paid for....down to living expenses and everything?

 

[Circumflex]

I don't understand why everyone worries so much about the debt. Yeah, it sucks. But, even if you have $200,000 of debt, your monthly payments after residency will not exceed $1500.00/month - $18,000.00/year on a 30-year pay-off plan. When you are making $150,000 and up, is it that big of a burden?

 

[NinerNiner999]

I don't understand why everyone worries so much about the debt. Yeah, it sucks. But, even if you have $200,000 of debt, your monthly payments after residency will not exceed $1500.00/month - $18,000.00/year on a 30-year pay-off plan. When you are making $150,000 and up, is it that big of a burden?

Well, using your example, it is over 10% of your gross salary. Add that to 33% tax bracket and 43% of your income has just disappeared. It's not too hard for $200k to become $115k...

 

[Dunce]

I don't understand why everyone worries so much about the debt. Yeah, it sucks. But, even if you have $200,000 of debt, your monthly payments after residency will not exceed $1500.00/month - $18,000.00/year on a 30-year pay-off plan. When you are making $150,000 and up, is it that big of a burden?

I'm pretty sure an extra 18k per year could make a huge difference

 

[AmoryBlaine]

I'm pretty sure an extra 18k per year could make a huge difference

Yeah, but it's still worth it if it buys you a degree that even after taxes will be more than the vast majority of Americans make before them.

So I'll drive an Accord instead of a Beemer and still be plenty happy.

Now, if you are $300k in debt (from undergrad + med school), and I know several who will be, I can't reccomend primary care pediatrics...

 

[Miami_med]

Medicine can be, but is definitely not always, a good investment. Those of us in school now will have a much rougher time of it than those who escaped with 2.9% consolidated interest rates!!! It also means that no one will really know the magnitude of the debt issue for the current crop for another 5 years or so, when some of us enter private practice. Certain specialties pay well, others don't pay as well. Medical salaries come with more mandatory requirements than virtually any other job in the history of the universe. The money is good, but it has to be earned. It's not like it's a gift.

 

[McGillGrad]

To be honest, the money would most likely be used for toys and other non-investment purposes.

Some people would invest it, use it to make a downpayment on a home, buy property etc (but the average North American would waste it).

Debt reminds us of our limitations and forces us to buy what we need and not what we want (or at least that is the way it should be).

 

[nradsoit3]

The biggest "restraint" on having a more plush medical career seems to be the fact that most medical students/residents come out of training deep in the hole.

My hypothetical question is: how different would your career outlook be if you had all of your medical school education paid for....down to living expenses and everything?

I would be out of medicine like a bat out of hell and return to my dream job

 

[DadofDr2B]

Without the debt of medical school some would want to open their own practice and hire other doctors. This is significantly different than buying more toys and delivers more services to more areas. Definitely a good thing.

Debt can keep someone from thinking about this option.

My daughter will emerge debt free after medical school and hopes to open her own practice.

 

[dutchman]

Debt helps the country retain doctors. I will be curious to see what percentage of doctors will still practice if they had no debt.

 

[Mumpu]

IIRC, the AMA med student questionnaire says that something like 30% of med school graduates have minimal or no debt.

 

[radonc]

Debt helps the country retain doctors. I will be curious to see what percentage of doctors will still practice if they had no debt.

i have no debt and plan to practice medicine for a long time...

however, i feel having no debt will allow me to choose my career path as i feel right...with no pressure to find a private job, i will likely do a year fellowship to make me competitive for a top academic job.

 

[EctopicFetus]

To be honest, the money would most likely be used for toys and other non-investment purposes.

Some people would invest it, use it to make a downpayment on a home, buy property etc (but the average North American would waste it).

Debt reminds us of our limitations and forces us to buy what we need and not what we want (or at least that is the way it should be).

By definition Docs are not "average North American(s)" but your point is well taken.