How much is too much?

[johnstoe6]

I am struggling with my medical school decision. The programs that I am most excited about are private and would leave me with a little over 160,000 in debt. My state school is good, but I am not terribly excited about it. However, there I would only end up with around 75,000 in debt. Being a recent college graduate, I have a hard time imagining what repaying 160,000 in loans is like - will it impact my career options, when I feel I can start saving for retirement or when I can buy a house? Thoughts? Thank you.

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[rgerwin]

160,000 isn't too much, in fact it's becoming the norm. Less debt is always better, but if something is really making the more expensive school better, then go for it. There are plenty of doctor-friendly mortgage companies, you can defer your loans during residency, it will be fine.

 

[.edu-MD]

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[rgerwin]

It doesn't matter. It's a reality that many people will have to accept.

 

[Doctor Bagel]

Really, it's a personal decision. Some people, like me, hate the idea of being in debt. I'd rather invest my money and have it work for me than be paying off interest on massive amounts of loans. The other extreme sees it as a way of life and lives deep in debt. Just ask yourself what you will be comfortable with.

I'm just curious about how you're planning on avoiding school debt. I see all these anti-debt posts from people, but I don't see suggestions about avoiding the debt. The obvious ones are lowering debt by attending the cheapest school possible, but that doesn't work for those of us in states with expensive or overly competitive (or just plain random ) state schools. Other than that, you might get a big scholarship, but some of us aren't competitive for those. That leaves the military or nhsc.

 

[hippocrateze]

I'm just curious about how you're planning on avoiding school debt. I see all these anti-debt posts from people, but I don't see suggestions about avoiding the debt. The obvious ones are lowering debt by attending the cheapest school possible, but that doesn't work for those of us in states with expensive or overly competitive (or just plain random ) state schools. Other than that, you might get a big scholarship, but some of us aren't competitive for those. That leaves the military or nhsc.

The anti-debt people probably have that stance for good reasons. My fear of debt stems from seeing people forced to make career, moral and ethical choices not based on their belief systems, but on the pressure to repay that $160,000!

 

[.edu-MD]

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[rgerwin]

For me, there are enough branches of medicine I'm interested in to go with the one that will provide me and my family with financial security. It's an altruistic profession, but you gotta feed your kids, too. There is no shame in that. If you back off from medicine entirely b/c of the cash, then the professionloses anything you might bring to it, and that could suck more.