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- Jun 21, 2007
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I'll be starting med school in a few weeks and I am really worried about the financial side of things. No doubt, I'll be one of those who are easily in $200k+ debt bracket. I just want to ask this question to everyone and especially people in their residencies/and beyond: Just how long would it take to pay back the average amount of medical school tuition debt?
I know that physicians tend to have a higher salary than other professional fields, but is it high enough that you can pay off your loans within a few years?
If a physician makes around $150k - and he saves about $50k every year after expenses/taxes/insurance - would he not be able to pay off his loans in a few years time? Does it have to be a 15 year payment schedule?
I just don't like the thought of being 35 or 40 and still paying off medical school loans. Eventually, I'd like to get a house and a car. I don't want to have a three different streams of loans/interest and live a life of debt.
Thanks!
I know that physicians tend to have a higher salary than other professional fields, but is it high enough that you can pay off your loans within a few years?
If a physician makes around $150k - and he saves about $50k every year after expenses/taxes/insurance - would he not be able to pay off his loans in a few years time? Does it have to be a 15 year payment schedule?
I just don't like the thought of being 35 or 40 and still paying off medical school loans. Eventually, I'd like to get a house and a car. I don't want to have a three different streams of loans/interest and live a life of debt.
Thanks!