How do you even pay back that much money?

[mdchest999]

i

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[rgerwin]

yeah, sure. But, you will qualify for at least partial deferment, if not forbearnace during residency. And then just hit them when you get a job. I plan putting~2/3 of my salary towards loans for at least 5 years. You'll make that interest up by not spending so much time paying them back overall. It will depend on what you choose to specialize in, but I've accepted that certain avenues are closed to me for financial reasons. I think if I was younger, I wouldn't care about that so much.

 

[mmcnam]

i'm with you on devoting a large portion of salary to loans for a few years, but are there any penalties for this? i'm trying to figure this out and i don't see anything about a penalty, but does anyone know for sure?

 

[rgerwin]

Nope! It's fine.

 

[GassiusClay]

Here is a breakdown of your life if you are starting medical school now.

Interest rate = 6.8% (which really sucks)
Tuition and costs per year = 40,000 avg.
Subsidized loans = 34,000 over 4 years
Unsub loans = the rest or 126,000

Deferment will not be an option with current legislation so all loans will accrue interest.
For 160K, total capital + interest over 10 years = 220,000
Monthly payments = 1800, yearly = 21600

Now, factor in your specialty decision.
Primary care = 140,000
Barack tax to redistribute to American failures = 35%
Net income = 91000
Malpractice, overhead = 25000+

Take home for personal and family expenses = 50K or more likely less
Figuring out that medicine could place you in perpetual crap = priceless.

 

[rgerwin]

Well, no kidding. People who go to private school probably won't go into primary care. That will be mostly people who go to state schools, schools with grant money, and rich students. The rest of us will have to specialize. PLus, I get that the deferment issue sucks, and is at the very least insulting. However, the unsub loans were never interest free,unfortunately.

 

[UserNameNeeded]

I was reading an article the other week. Did you know, over the last 2 decades, state medical school tuition and fees have gone up 312% while private medical school tuition and fees have gone up like ~150%? Sure blows the myth of private schools (well, at least medical schools) expense rising higher out of the water.

And, as for the "Barack tax" plan-- most primary care docs, if their gross earnings are what you (Gassius) claim it will be, won't have a tax hike from current tax rates. And, also, taxes are no longer about domestic wealth redistribution. All Americans need to realize their elected Presidents and enabling Congress have spent us into $10 trillion in debt that accrues hundreds of billions in interest every year. Taxes will have to go up and we all will have to pay for the servicing of the national debt.

 

[rgerwin]

Yeah, the hgher income taxes will be focusing on income above $250K.

 

[freaker]

And, as for the "Barack tax" plan-- most primary care docs, if their gross earnings are what you (Gassius) claim it will be, won't have a tax hike from current tax rates. And, also, taxes are no longer about domestic wealth redistribution.

Sure they will. Who do you think is going to pay for these bogus plans to bail out all these lenders and borrowers who purchased homes they never should have been able to afford?

And heaven forbid two primary care docs should marry and want to keep their rightfully earned income...

Right now we have politicians promising us the moon... bail-outs from horrible loan decisions, universal healthcare, guaranteed social security benefits with no privatization in sight, legalization of illegal aliens who can't even speak English.... No way are they cutting spending. Sounds to me like a sure fire way to accumulate even more debt.

You and I are going to be paying for that nonsense--and the debt we've amassed. Don't doubt it for a second. And when the whole thing collapses upon itself and we may very well be co-opted as pawns and employees of the state, well, what can you say?

 

[UserNameNeeded]

Freaker, I totally understand what you're saying and agree with it on a personal level.

I was simply speaking in defense of Senator Obama, in this instance.

The outlook doesn't look at all good for American physicians, especially in primary care. But the outlook for America as a whole doesn't look better, either. I just can't fathom the blissfull ignorance of the American people; decade after decade electing corrupt fools (especially the current President and Congress) who have spent us all into this much debt. How in the world can anyone expect the US to get out of paying that debt, along with the entitlement programs, without impoverishing every young citizen?