How much do you anticipate taking out in loans? (or how much did you take out)

  • Thread starter Thread starter 787593
  • Start date Start date
This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

How much?

  • <$100,000

    Votes: 31 17.3%

  • 100K - 150K

    Votes: 18 10.1%

  • 150K - 200K

    Votes: 34 19.0%

  • 200K - 250K

    Votes: 40 22.3%

  • 250K - 300K

    Votes: 24 13.4%

  • 300K - 400K

    Votes: 26 14.5%

  • >$400,000

    Votes: 6 3.4%
  • Total voters
    179
7

787593

Members don't see this ad.
Howdy y'all,

I'm wondering how much debt you'll have (not including interest) with undergrad and medical school combined. I'll have about $30,000 total for undergrad and between 260K - 280K for medical school. I'm wondering how this compares to other students. Btw, I haven't received financial aid info yet.

Thanks!

Edit: include cost of living
 
Last edited by a moderator:
That's a question I've been wanting to ask for a while lol... hopefully not more than 200k
 
redsox93 said:
luckily my state school is pretty reasonable, but I'll still probably be about 180k in debt with undergrad included. I can't even fathom that much money in debt seeing as I've never had more than like 3000 dollars in my bank...
Click to expand...
I'm gonna work for UPS over the summer, hopefully make 5 grand or so...
 
AAMC numbers:

FACCARD16.jpg


More details here
 
Definitely expecting 300k. It seems like a lot but I've decided it's totally worth it to pay that big of a bill to live in a big city in California that's close to family and friends, and has a good job market and living environment for my GF.
 
SpartanWolverine said:
still blows my mind a bit that nearly 25% of med students have the resources to incur no education debt.
Click to expand...

Not every med student went in directly from undergrad either. I bought a town home and worked a few years before getting into med school - had some savings and sold the property for tuition. And some students have rich families too.
 
SpartanWolverine said:
still blows my mind a bit that nearly 25% of med students have the resources to incur no education debt.
Click to expand...
It's wild that the median 4yr COA for the class of 2017 is >300k, but less than 15% of graduates have >300k in education debt (including undergrad). Excluding those who have their COA privately subsidized (i.e. family wealth) , how is this possible??
 
LeweezeB said:
It's wild that the median 4yr COA for the class of 2017 is >300k, but less than 15% of graduates have >300k in education debt (including undergrad). Excluding those who have their COA privately subsidized (i.e. family wealth) , how is this possible??
Click to expand...
What is the source for median COA 300+k ? The huge numbers of people getting instate tuition shouldn't be anywhere close to that
 
LeweezeB said:
Public in-state >200k. Still <50% of med school graduates have >200k in debt. Still doesn't add up.

https://members.aamc.org/eweb/upload/2016_Debt_Fact_Card.pdf
Click to expand...
If median COA for public is 240 and parents can typically contribute say 15k/yr that would drop tons and tons of people down to ~180-200

Similar reasoning for private. About 50% are incurring 300+ costs and about 20% are taking 300+ debt, so that means ~30% of people are getting some parental help towards CoA and borrowing the rest
 
efle said:
Similar reasoning for private. About 50% are incurring 300+ costs and about 20% are taking 300+ debt, so that means ~30% of people are getting some parental help towards CoA and borrowing the rest
Click to expand...

Not everyone who has little to no debt gets the money from their parents. There are other ways, especially for us non-trads. Not arguing with the core of your post, just making that point.
 
Matthew9Thirtyfive said:
You could sell yourself into servitude like me. Or work for a few years and invest/save wisely. More than one of my mates were able to save 70-80k over four years through being frugal and investing.
Click to expand...
You'd have to have a pretty darn good job to save enough to pay for a significant portion of medical school and cost of living. Not arguing that it's not possible, but most people with the intention to go to medical school would not have careers where they could save in excess of a couple hundred thousand dollars in a few years. My personal savings from three years of work was gone after a couple of semesters :inpain:.
 
SpartanWolverine said:
You'd have to have a pretty darn good job to save enough to pay for a significant portion of medical school and cost of living. Not arguing that it's not possible, but most people with the intention to go to medical school would not have careers where they could save in excess of a couple hundred thousand dollars in a few years. My personal savings from three years of work was gone after a couple of semesters :inpain:.
Click to expand...

If the average public COA for med school is $240k, and you can save $120k in four years (which is definitely possible without having an extremely lucrative job, as my friend saved $80k in four years without doing serious investing), then half of your COA is already paid for. Work for a little longer first and you can eat into it even more.
 
I have no idea, it's kind of frustrating. I've taken out $60,000 so far as an M1, but $15,000 of that was for the purpose of obtaining IS tuition as an M2 so I'll be paying that back immediately in August. I'm really hoping it won't be over $200,000 but it depends on the market and other crap I don't understand, since the money my grandfather left me is invested in the market, whatever that means.




Sent from my iPad using SDN mobile
 
Lannister said:
I have no idea, it's kind of frustrating. I've taken out $60,000 so far as an M1, but $15,000 of that was for the purpose of obtaining IS tuition as an M2 so I'll be paying that back immediately in August. I'm really hoping it won't be over $200,000 but it depends on the market and other crap I don't understand, since the money my grandfather left me is invested in the market, whatever that means.




Sent from my iPad using SDN mobile
Click to expand...
TBH I don't understand the stock market either :laugh:

Like I get the basics but how it all works out is a mystery
 
Matthew9Thirtyfive said:
If the average public COA for med school is $240k, and you can save $120k in four years (which is definitely possible without having an extremely lucrative job, as my friend saved $80k in four years without doing serious investing), then half of your COA is already paid for. Work for a little longer first and you can eat into it even more.
Click to expand...
Again, not saying it's not possible, but the average bachelor's degree graduate makes around $50k after graduating. With a take home perhaps around 37k, the typical non-trad who takes a few years off to work will not even take home much more than $120k in four years.
 
SpartanWolverine said:
Again, not saying it's not possible, but the average bachelor's degree graduate makes around $50k after graduating. With a take home perhaps around 37k, the typical non-trad who takes a few years off to work will not even take home much more than $120k in four years.
Click to expand...

My friend made about $30k a year and had $80k after four years. It's not going to happen for everyone, but he's not some financial genius.

Edit: He's also not the only one. A few of my coworkers have >$60k saved after only 3 or 4 years of making ~$30k or less.
 
Matthew9Thirtyfive said:
The smaller your loan amount, the less interest you pay. The less interest, the less you pay overall.
Click to expand...
I understand that, but why is it better to sell stocks to pay for loans as opposed to keeping the stocks? Is it because you'll come out ahead by paying off some loans (ahead of where you'd be with the money you earned in the market)?
 
Healer@1994 said:
I understand that, but why is it better to sell stocks to pay for loans as opposed to keeping the stocks? Is it because you'll come out ahead by paying off some loans (ahead of where you'd be with the money you earned in the market)?
Click to expand...

I'm inferring that's what he's implying.
 
Matthew9Thirtyfive said:
My friend made about $30k a year and had $80k after four years. It's not going to happen for everyone, but he's not some financial genius.

Edit: He's also not the only one. A few of my coworkers have >$60k saved after only 3 or 4 years of making ~$30k or less.
Click to expand...
They lived on $10,000 per year?

How much of that goes to rent/taxes/food/gas? Does the military pay for all of that?
 
Huggy said:
For those investments to be a "good investment", their apreciation will have to outcompete the interest rate on the loans that he is taking out for school.

Betting to outcompete a loan interest rate of 7% (or whatever it is) over a 4 year period is incredibly risky and bound to leave Lannister in a worse situation after taxes than if he just withdrew all funds from his investments and took out a little less for school.
Click to expand...
Oh okay! Thanks!
 
Healer@1994 said:
They lived on $10,000 per year?

How much of that goes to rent/taxes/food/gas? Does the military pay for all of that?
Click to expand...

The one friend who saved $80k lived in an apartment building paid for by the military. He didn't have a car, healthcare is free, and his only bill was his cell phone bill. He rarely spent money on anything other than food and ate breakfast and lunch on the ship every day since that was paid for. He did occasionally splurge and did travel home once a year. He also didn't do strictly savings. As I said, some of it was smart investing, but nothing you or I couldn't do after some Google "research."

My other coworkers who are on that same path live in affordable apartments using their housing allowance and don't have cars. Their bills are limited to cell phones and internet, and they go to the commissary for food, which is cheaper than civilian stores.

Also remember that people tend to save the majority of their salary on deployment. That's 7-9 months of spending essentially no money because you have nothing to spend it on.
 
Matthew9Thirtyfive said:
The one friend who saved $80k lived in an apartment building paid for by the military. He didn't have a car, healthcare is free, and his only bill was his cell phone bill. He rarely spent money on anything other than food and ate breakfast and lunch on the ship every day since that was paid for. He did occasionally splurge and did travel home once a year. He also didn't do strictly savings. As I said, some of it was smart investing, but nothing you or I couldn't do after some Google "research."

My other coworkers who are on that same path live in affordable apartments using their housing allowance and don't have cars. Their bills are limited to cell phones and internet, and they go to the commissary for food, which is cheaper than civilian stores.

Also remember that people tend to save the majority of their salary on deployment. That's 7-9 months of spending essentially no money because you have nothing to spend it on.
Click to expand...
What a deal!!
 
Healer@1994 said:
What a deal!!
Click to expand...

Yeah. It's easier to do that when you don't have kids though. Most of my money goes to bills and food and **** that I need to keep my kids alive lol.

Also, the crappy end of the deal is having to stand duty once or twice a week, deployments, having a pretty dangerous job with low pay, etc. It's a trade off.
 
Matthew9Thirtyfive said:
Yeah. It's easier to do that when you don't have kids though. Most of my money goes to bills and food and **** that I need to keep my kids alive lol.

Also, the crappy end of the deal is having to stand duty once or twice a week, deployments, having a pretty dangerous job with low pay, etc. It's a trade off.
Click to expand...
Darn kids and their hunger 😉
 
You must log in or register to reply here.

Similar threads

myribosomesbad
deciding how much loan I should take out
Replies
4
Views
656
The OTC
The OTC
M
How much to spread out secondary topics?
Replies
5
Views
343
Mr.Smile12
Mr.Smile12
C
How much of a disadvantage am I if I don't take aamc preview?
Replies
2
Views
239
chillstill
C
H
How much trouble am I in?
Replies
9
Views
1K
Hollow Knight
Hollow Knight
A
How much does a mediocre LOR affect an application?
Replies
2
Views
658
asterok
A
Top