How much will you be in debt after medical school ?

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inkare

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Hi folks, first off, congrats on your acceptances this year. I thought it would be fun to post how much we will be in debt after medical school. :D

For me its going to be 180k after 4 years at NYU.
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Siht , just realized i spelled debt as depth ! Can you edit the title of the thread?
 
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lazymed said:
After seeing the grin next to your post I thought you typed it wrong on purpose... guess you should have stayed quiet!
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lol, yeah i know, its really embarrassing now ! :oops: , i think a lot of people are going to be confused on what the thread means.
 
pretty far in depth i hope
 
about 180,000 feet unless I can pay some interest as I go
 
Top choice: 136,000 + 20,000 undergrad debt = $156,000

Second choice (private school): 220,000 + 20,000 = $240,000
 
inkare said:
Siht , just realized i spelled debt as depth ! Can you edit the title of the thread?
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yes you can edit it your title. but it seems too late, almost everyone has made fun of you for it, haha.
 
I'm joining the quarter-mil club myself
 
$110k of undergrad debt plus probably $200k from med school. I'd imagine I'll be $350k under by the time I graduate when you consider interest.
 
MilkmanAl said:
$110k of undergrad debt plus probably $200k from med school. I'd imagine I'll be $350k under by the time I graduate when you consider interest.
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wow...that's the highest I've ever heard. Best of luck to you.
 
about 170,000 leagues under the sea.
 
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$175,000 , and that's at my cheapest option AND w/ my parents offering to pay $32,000 total (amount of scholarship I got in undergrad which they paid for, they're being very generous in offering to pass these savings to me)
 
inkare said:
Hi folks, first off, congrats on your acceptances this year. I thought it would be fun to post how much we will be in debt after medical school. :D

For me its going to be 180k after 4 years at NYU.
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are you living at home or something? if not, are you including books, living expenses, insurance etc? even at my state school, once interest, fees, and living expenses are thrown in to the mix, im still scraping the 200k surface.
 
NJDIF said:
are you living at home or something? if not, are you including books, living expenses, insurance etc? even at my state school, once interest, fees, and living expenses are thrown in to the mix, im still scraping the 200k surface.
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Could be getting some financial aid
 
ryserr21 said:
yes you can edit it your title. but it seems too late, almost everyone has made fun of you for it, haha.
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haha, yeah, thats ok, i think it made the thread more amusing anyways !
 
NJDIF said:
are you living at home or something? if not, are you including books, living expenses, insurance etc? even at my state school, once interest, fees, and living expenses are thrown in to the mix, im still scraping the 200k surface.
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Yeah, everything they have included in their estimate, housing and food, personal, health insurance, books and supplies .... but not interest ! Just how much I will borrow. Oh and their estimate doesn't include summers, but that is typical of most of the med schools I got a financial aid package from. Its probably lower than what you would expect since they gave me a 15K/year scholarship.

I do have 15k subsidized loans from undergrad though, GO BEARS !
 
Wow, large amount of debt there.

In my case, if I take a loan, it will cost $120K.. give or take. Maybe more if I buy a house.
But in terms of debt, I will have zero. I am a cash person, I hate having debt. But my savings will be reduced by 120K+. Didn't get a scholarship. Oh well.
 
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120k, minus the money I make by moving this brick of yayo from peru = 100kish! hooray for capitalism
 
inkare said:
Yeah, everything they have included in their estimate, housing and food, personal, health insurance, books and supplies .... but not interest ! Just how much I will borrow. Oh and their estimate doesn't include summers, but that is typical of most of the med schools I got a financial aid package from. Its probably lower than what you would expect since they gave me a 15K/year scholarship.

I do have 15k subsidized loans from undergrad though, GO BEARS !
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mazel tov. does NYU have housing or do they have you compete with the undergrads in the village for a place to live?
 
no undergrad debt, so ~ $50,000 or less 'cos of scholarship.
 
loganhayes said:
Wow, large amount of debt there.

In my case, if I take a loan, it will cost $120K.. give or take. Maybe more if I buy a house.
But in terms of debt, I will have zero. I am a cash person, I hate having debt. But my savings will be reduced by 120K+. Didn't get a scholarship. Oh well.
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talk to a financial person like I did. You'd be wasting a lot of money paying in cash. Instead you can max out your Roth IRA (which you can't do once you have a doctor's income) or do any investment things that will bring you a lot more return than a 6.8% interest saving. Plus if you really don't feel comfortable with the interest pay it as you go so it doesn't capitalize later on.
 
NJDIF said:
mazel tov. does NYU have housing or do they have you compete with the undergrads in the village for a place to live?
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Thanks, the medical campus is in a different location, its around 30th street and 1st Ave. They do have dormitory style housing, its about $620 a month, including all utilities. So it is very affordable for that area.
 
MilkmanAl said:
$110k of undergrad debt plus probably $200k from med school. I'd imagine I'll be $350k under by the time I graduate when you consider interest.
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Not sure that math is sound, because 310K is probably gonna grow more than just 40K. I am actually guilty of using the same "round up" process: I will have 160K + 50K UG and I just approximated 250K after interest!:rolleyes:
 
Yeah, you're probably right. It's going to be even more fun by the time my residency's done with and I can start paying it back! MMMMMMMMM I loves me that extra 4 years of 8.5% interest.
 
With interest rates of 6.8% (sub) and 8.5% (un-sub and grad plus) my loans should put me about 330k in the hole at the end of my residency (assuming 3 year partial payment deferral). It’s less fun when you calculate what the amount is with interest... School's expensive.
 
onemoreyear said:
With interest rates of 6.8% (sub) and 8.5% (un-sub and grad plus) my loans should put me about 330k in the hole at the end of my residency (assuming 3 year partial payment deferral). It's less fun when you calculate what the amount is with interest... School's expensive.
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Unsubsidized loans still carry a 6.8% interest rate (not 8.5). The difference b/wn sub and unsub is that interest is paid on the subsidized loans during school and periods of deferment, while interest accumulates at all times for unsubsidized loans.
 
Assuming a 10-year payoff starting after residency, and including undergrad, I can pretty much round it up to $500,000.
 
se2131 said:
Unsubsidized loans still carry a 6.8% interest rate (not 8.5). The difference b/wn sub and unsub is that interest is paid on the subsidized loans during school and periods of deferment, while interest accumulates at all times for unsubsidized loans.
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Thanks for catching my typo. Unfortunately my calculation were actually run with the correct rate... Shucks...
 
If I had to pay for my own school, I would say 90,000 undergrad + 100K at least from med school. Around 200,000. But I have everything taken care of fortunately...

But now I sort of want to transfer out of my private university. State schools can save you so much money.

I feel guilty for wasting my parents money sometimes >.<
 
loganhayes said:
Wow, large amount of debt there.

In my case, if I take a loan, it will cost $120K.. give or take. Maybe more if I buy a house.
But in terms of debt, I will have zero. I am a cash person, I hate having debt. But my savings will be reduced by 120K+. Didn't get a scholarship. Oh well.
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<Cough!> What did you do? Work at Google for the last 10 years? Win the lotto? Anyway, congrats!

I'm happy to currently have no debt (woo-hoo! zero net worth!) and I'll be getting about $200k in debt by the time I finish.
 
i'm choosing between two schools that differ in about 15k total (for 4 years), but maybe upwards to about 30k-40k if you include the cost of living. does anyone think this is too much for similarly ranked schools?
 
inkare said:
GO BEARS !
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GO BEARS, indeed :D I'm looking at around $90,000-$110,000 (pre-interest, of course) thanks to a generous scholarship. God bless the souls who decided to give me it :hardy:
 
plauto said:
talk to a financial person like I did. You'd be wasting a lot of money paying in cash. Instead you can max out your Roth IRA (which you can't do once you have a doctor's income) or do any investment things that will bring you a lot more return than a 6.8% interest saving.
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no investment i know of returns a guaranteed 6.8%.
 
Probably 220-250k, but tuition by itself will be about 180k. I'm hoping to be able to economize in my elective spending (food, shelter, etc.).
 
150K. It's enough to make me seriously consider turning tricks out on Sunset Blvd. Too bad I'm not attractive enough a guy to make actual money doing so...
 
Between $90k - $100k (including undergrad debt). Most of it at a 5% interest rate at that.
 
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