How has student debt impacted you? (picking schools)

[mxns]

As somebody who hasn't really lived in the "real world," how does student debt affect life later on? How has student debt impacted you? Has it impacted your specialty choice?

Frankly, the idea of debt, to me, is somewhat nebulous. If somebody told me that I owed them $50, that amount would actually mean something to me, and I'd pay up. On the other hand, being six digits in debt ... is unfathomable to the extent that it doesn't even feel real. I apologize if I sound painfully naive here, but I'd really appreciate your input on this. We don't exactly hear about doctors defaulting on their loans or starving in the streets, but ... there must be some reason why everybody keeps telling me to pick the cheaper school over the, say, higher-ranked school.

My situation: I have a substantial scholarship at a top-20 school and admission to a top 10 school (where I probably won't get all that great aid and cost of living will be higher). Fit and location-wise, both seem fine by me. If it matters, I'm not all that interested in a competitive or high-paying specialty (I think...), but I would like an academic/research-y career. I have some relatively minor debt from undergrad, too.

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[colbgw02]

Go to the top-20 school. Save the money.

The difference between a top 20 and top 10 allopathic school is pretty negligible. And once you've done residency and/or fellowship, no one will care very much from where you got your medical degree.

As far as how it feels to have debt, it's an abstract concept to me. The money just gets automatically taken out of my bank account every month, so I never really "see" that money. It's just another bill. Only when I stop the think about the opportunity cost of the debt does it hit home, and only then after I started to understand the time-value of money.

 

[deleted564496]

I'd go to the top-20 school and save some money as well..

However, I'd also point out that I rarely think about my debt… Except maybe as a reason to keep studying some days. There's no better investment than in yourself really.

 

[dyspareunia]

I heard about this on SDN when I was deciding between schools, but I didn't try it myself. Contact the top 10, tell them you would really like to attend, but finances are a concern and the top-20 has offered you a large scholarship. See what the top 10 says.

 

[Kaputt]

I'd go to the top-20 school and save some money as well..

However, I'd also point out that I rarely think about my debt… Except maybe as a reason to keep studying some days. There's no better investment than in yourself really.

I rarely thought about my debt either. Financial aid exit interviews in 4th year nearly made me cry.

 

[mxns]

I mean... finances are a concern for everybody, of course. I could try calling the top-10, but in all likelihood, with my parental information, they're not going to budge on that offer.

I guess... my question is, to what extent does debt impact quality of life later on? Did it in any way influence your specialty choice? Are the monthly bills a substantial portion of your income? Do you start to feel the pinch when, say, you want to start a family (which I also have not devoted much time to thinking about at this point in my life, but from what I understand, babies are expensive, haha). I'm not high maintenance, but if I had extra money I'd definitely put it to good use by traveling the world

Debt is just this ... abstract thing that I never hear anybody talking about, but obviously it is important enough such that there's a contingent of SDN users that strongly advise students to attend the cheaper school. I really appreciate your perspectives.

 

[DermViser]

I mean... finances are a concern for everybody, of course. I could try calling the top-10, but in all likelihood, with my parental information, they're not going to budge on that offer.

I guess... my question is, to what extent does debt impact quality of life later on? Did it in any way influence your specialty choice? Are the monthly bills a substantial portion of your income? Do you start to feel the pinch when, say, you want to start a family (which I also have not devoted much time to thinking about at this point in my life, but from what I understand, babies are expensive, haha). I'm not high maintenance, but if I had extra money I'd definitely put it to good use by traveling the world

Debt is just this ... abstract thing that I never hear anybody talking about, but obviously it is important enough such that there's a contingent of SDN users that strongly advise students to attend the cheaper school. I really appreciate your perspectives.

It ain't abstract when you have to pay it back. It's only "abstract" when you're in school, bc it doesn't help to think about it. People advise going to "cheaper" schools, bc no one is assured a high paying, competitive specialty.

 

[dyspareunia]

I mean... finances are a concern for everybody, of course. I could try calling the top-10, but in all likelihood, with my parental information, they're not going to budge on that offer.

I guess... my question is, to what extent does debt impact quality of life later on? Did it in any way influence your specialty choice? Are the monthly bills a substantial portion of your income? Do you start to feel the pinch when, say, you want to start a family (which I also have not devoted much time to thinking about at this point in my life, but from what I understand, babies are expensive, haha). I'm not high maintenance, but if I had extra money I'd definitely put it to good use by traveling the world

Debt is just this ... abstract thing that I never hear anybody talking about, but obviously it is important enough such that there's a contingent of SDN users that strongly advise students to attend the cheaper school. I really appreciate your perspectives.

The idea is to tell them "This other school is giving me all this money just so I go there. What are you going to offer me?" without sounding like a jerk. You aren't asking them for money to help you. You're telling them that you'd like to attend, but you need to be incentivized.

 

[Mmedran]

Hi mxns, as someone who is a non-trad, I definitely felt my debt upon graduation from gradschool. I made the mistake of going for the pricey undergrad in lieu of the free ride to a state school -- going into medschool, Im already 6-figures in debt.
To answer your question, you realize the gravity of your loans when you add it to the rest of your adult expenses: mortgage, car payment, utilities, gas, insurance, misc (ex. credit cards, gym memberships, etc)...
Now, all of a sudden, after bills, putting money into savings, etc, you've only got a couple bucks in your pocket for the things you want to do...that's when you feel it.
Keep in mind, there's really no way around student debt (unless you've got a wealthy family), so it's best to roll with it -- but read up on repayment options, loan forgiveness, and money management so that when you are finally making attending-type money, you'll be prepared for paying it all back.