Highest Debt Load after Med school?

[medicine2006]

Curious to know what the highest debt load you guys have heard of someone carrying after finishing med school. This includes any undefgrad/post-bac/grad or other professional debts that are also due.

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[mpp]

Some of <a href="http://domino.psc.dhhs.gov/default.nsf/amountpage?ReadForm&Start=18.12&Count=30&Expand=18" target="_blank"> these people</a> have almost half a million dollars outstanding...and they are in default...scary, scary, stuff...

 

[brandonite]

If you go to the main page, it says that most of those people are chairopractors. But there are supposedly some physicians on that list...

Anyway, I would have a total debt of about $200,000 if I went to a US school. I was prepared to borrow that much. It's kinda scary, but I think that it's managable at that level. I think $300,000 is pushing it. Even at $200,000 you are really restricting your future residency options...

 

[matthew0126]

thank god for public schools

 

[mpp]

You can click on each individual to see their discipline. In this high-end stuff there are more physicians (both allopathic and osteopathic), dentists, optometrists, and podiatrists than chiropractors. But the chiropractors are the overall champion of defaulted HEAL loans with almost 80 million dollars in default.

 

[brandonite]

Thanks, mpp. I stand corrected. I just read that supposedly the majority on the list were chiropractors, but I didn't realize that they were at the "bottom" of the debt range.

 

[Whisker Barrel Cortex]

I will be in 180,000 in debt when I graduate in a couple of months. Thank god for deferments and thank god I liked radiology more than family practice!

 

[Whisker Barrel Cortex]

Oh yeah, as for that list, you gotta remember some of these probably include interest. As our financial aid office told us, if you pay off a 120,000 loan in 10 years, you will be paying about 500,000 including interest.

 

[mpp]

I'm pretty sure they all include interest. And some of those debts are fairly old - almost 20 years. The interest (and perhaps additional late payment finance charges) must be the bulk of those default amounts. I cannot imagine HEAL would loan anyone $400,000 no matter what they were studying...

 

[medicine2006]

If all of us are gonna owe that much money how do doctors qualify for home loans with such large outstanding education debt? I can't imagine waiting until all my school loans are paid off before buying a house.

 

[westsidespartan]

•••quote:•••Originally posted by mpp:
•Some of <a href="http://domino.psc.dhhs.gov/default.nsf/amountpage?ReadForm&Start=18.12&Count=30&Expand=18" target="_blank"> these people</a> have almost half a million dollars outstanding...and they are in default...scary, scary, stuff...•••••Every single allopathic physician on that list was from the same medical college (Meharry), except one that was from Morehouse. ???

 

[moops]

bump this shiznit

 

[canadagirl]

Um, why is there a list of people who have defaulted on loans available from a government website? What's up with that? I'm confused.

 

[Ryo-Ohki]

Hmm...OIG.

Most wanted list, perhaps? LOL

"The Health Resources and Services Administration (HRSA) has published this list of Health Education Assistance Loan (HEAL) borrowers who are in default, as required by section 709(c)(1) of the Public Health Service Act (the Act). Any borrower who: (1) Has had one or more default claims paid by the Department of Health and Human Services (DHHS); (2) was excluded from the Medicare program as a result of his or her HEAL default; and (3) has not had the Medicare exclusion "stayed", or lifted, by the Office of Inspector General as a result of entering a repayment agreement, is included in this notice. Further details and specific information about the list can be found in the full Federal Register preamble."

 

[bipolardoc]

I heard of debt loads in the 500K plus, especially for non-trads, those with families, or those attending carib schools and having a family, or also those who attended expensive undergrad and post bacc before med school.

 

[biophysicianai]

my state school aint that cheap.....

MAYO anyone