How do DO grads only own average of $130K debt???

[cmeshy]

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This is a general question to any current DO student who is not under a scholarship such as the HPSP or Health Services and is attending a private school (30K+ tuition/year). How on Earth to students graduate with an average of only around 130-140K in student loans when most budgets are around 50K a year. (and that is a median figure, not to mention living like a chump...who can find rent for only $500 a month???) I want to know from students, not admissions committee, what real debt levels are. I will be 26 when I start school and have been used to a decent quality of life and do not want to resort back to being a broke college kid. Nor do I want to live with a roomate and will not have Mommy and Daddy padding my pockets. So, someone enlighten me please and explain how AACOM says graduate debt averages are around 135K. Impossible I think 🙁
If someone knows where the free money is, please let me know!!!

 

[Taus]

From what you said, I gather that the average debt for ALL students is 135k. That figures in the students who will have zero debt from armed forces scholarships and ones with mommy and daddy paying a lot of their tuition or other random scholarships. I am going to assume that there are a decent amount of those situations with low debt, which combined w/ the 200k or so of the students like you who will be all on loans, the average is gonna be significantly lower then 200k. I could be wrong, but there are a lot of people in my current class here at PCOM who are on armed forces scholarships.

If that figure of 135k was only for students without the above mentioned situations, then I agree that it can't be truthful.

 

[jonb12997]

I'm probably going to be about $220-240k in debt after UNE...

 

[PhDtoDO]

I think MD schools are the same.

My friends from Tulane average about 200,000 and aside from Health Services Med School, Tulane has more military pre-docs than any other school.

That makes sense.

-s

 

[Doctor Bagel]

i think taus is right that they average the whole class's debt to get that figure. sure, some people aren't going to owe anything, but if you're funding your education primarily through loans, you'll be lucky to get out with less than $200k in loans.

 

[JonnyG]

I think MD schools are the same.

My friends from Tulane average about 200,000 and aside from Health Services Med School, Tulane has more military pre-docs than any other school.

That makes sense.

-s

Actually PCOM holds that title after HSMS. Maybe tulane has it for allopathic

 

[NismoZ32]

and ones with mommy and daddy paying a lot of their tuition

I assume because you chose this wording instead of simply 'parents' that you somehow look down upon students whose parents are able to help with tuition?

So after you graduate and are making the big DO money and have a family and children and your son/daughter pursues medicine sucessfully, what are you going to tell them? Have fun paying for it because you won't see a dime from me! 😡

Just wondering. 🙂

 

[Taus]

Woah there....relax...you read a little too much into that.... I forget that I'm amongst a sensitive audience here...I thought that I was simply trying to provide a plausible explaination for the OP's question...which I felt that I did...

If you look at the original post in this thread, the OP used the term "mommy and daddy."

Either way, whatever you want to call it, inheritance, family contribution, mommy and daddys money...same thing. No positive or negative connotation, just simply another avenue for money to come from.

I can't believe I actually put thought into writing a response to this, but i guess it sort of struck a cord w/ me...

 

[NismoZ32]

I really wasn't upset, hence the litte 🙂 after "just wondering".

The wording just intrigued me.

My bad on not noticing you were just quoting of the OP. 😳

 

[group_theory]

have been used to a decent quality of life and do not want to resort back to being a broke college kid. Nor do I want to live with a roomate

Basically it's a trade off between good quality of life now and amoutn of debt. If you are willing to live in a poorer (more undesirable) area, don't party much, and don't take random weekend trips to Mexico, then you can minimize your debt load. However, if you like to live in a more popular area (yuppies?), like to go to a bar every other night (or everynight), and spend like crazy, then your debt load will be much bigger.

As you stated, you do not want to live life like a poor college student. Without a source of income (i.e., part time job, wife, etc), then your income will be derived mostly from your student loans with interest.

So it is possible to keep total med school debt (private med school) to within $150k or less - you just have to sacrifice for 2 years (last 2 years of med school you'll never see your apartment anyway)

 

[cmeshy]

1) Has anyone heard of future employers (medical groups, hospitals, private practices) aiding in student loans as an incentive to joining their work community? I have heard of these great offers but am curious how prevalent they are.

2) HPSP Question: This year's Air Force HPSP deadline is March 7, at least according to my local recruiter. I will not hear from my state school until the end of march or early april and really would like to hold out for their program. But I don't want to miss out on the AF program if I were not to be accepted locally. Does anyone know that if I sign and send in my application for HPSP before March 7 and get accepted....can I then turn it down (as long as its before I leave for OTS or OCS the following summer) declaring I want to go to another school and will not need the scholarship. Or is this program just like an enlistment and when the dotted line is signed, the commitment is made for the 4 years post residency.

I would enjoy the HPSP program (I am prior service and know of the details), so please no one be defensive about this question...I image everyone agrees that the program is not as attractive if a local and really inexpensive state school accepts you...

3) "Everyone" always says that millions in scholarships aren't used each year, and am curious if some invesitgative folks have found some hidden dollars out there that can go to help a middle class white guy in attending medical school. Seems like everything I find is for disadvantaged, minority, or 4.0 scholars and nothing available to the average joe that AMA preaches they need more of.

To respond to the above replies.......Not that I was dogging those fortunate individuals whose parents are helping them along the way, its just that mine won't be. Retirement is hard enough on top of dropping a 100K for their kid to go to med school. So if you think I'm bitter about those who parents pad their pockets during med school and during 10 years of their upper education, well then you could say that I am secretly a little jealous....Trust me, I'm not the only one!

thanks everyone

 

[JohnnyOU]

I've got a coupon 😀

 

[allendo]

1) Has anyone heard of future employers (medical groups, hospitals, private practices) aiding in student loans as an incentive to joining their work community? I have heard of these great offers but am curious how prevalent they are.

2) HPSP Question: This year's Air Force HPSP deadline is March 7, at least according to my local recruiter. I will not hear from my state school until the end of march or early april and really would like to hold out for their program. But I don't want to miss out on the AF program if I were not to be accepted locally. Does anyone know that if I sign and send in my application for HPSP before March 7 and get accepted....can I then turn it down (as long as its before I leave for OTS or OCS the following summer) declaring I want to go to another school and will not need the scholarship. Or is this program just like an enlistment and when the dotted line is signed, the commitment is made for the 4 years post residency.

I would enjoy the HPSP program (I am prior service and know of the details), so please no one be defensive about this question...I image everyone agrees that the program is not as attractive if a local and really inexpensive state school accepts you...

3) "Everyone" always says that millions in scholarships aren't used each year, and am curious if some invesitgative folks have found some hidden dollars out there that can go to help a middle class white guy in attending medical school. Seems like everything I find is for disadvantaged, minority, or 4.0 scholars and nothing available to the average joe that AMA preaches they need more of.

To respond to the above replies.......Not that I was dogging those fortunate individuals whose parents are helping them along the way, its just that mine won't be. Retirement is hard enough on top of dropping a 100K for their kid to go to med school. So if you think I'm bitter about those who parents pad their pockets during med school and during 10 years of their upper education, well then you could say that I am secretly a little jealous....Trust me, I'm not the only one!

thanks everyone

My wife is working and paying living exspenses, we stay on a buget, and I use loans for school. I will come out about 100k in debt.

 

[DrB]

I have taken on a loan of about 56K this year and I assume my loan will be just as much the next three years. That puts me at around 240K not including interest which could be as much as 20-30K by graduation.

Not much I can do to get around that... my budget is very minimal as it is. I am looking for cheaper housing when my lease runs out. Right now my monthly budget to myself is $1686. With that, I have to pay rent + utilities, food, car, insurance, clothes, household expenses, and have a little extra for the coffee shops (no I don't budget for the casinos in case you were wondering).

The people who will have less debt are using savings, have a spouse that works or are part of a scholarship program. My point is: the money is there for you when you need it, but nothing worth doing is ever easy...

Good luck to us all 👍

 

[Kubed]

DrB, I'm thinking more and more that we should just go bet it all on black.

 

[DrB]

It would make more sense to put it on red.