How much will you be in debt after medical school ?

[dancinRN1022]

i rounded up...and it is hard to tell because it seems like med school tuition goes up a certain percentage every year...

but not counting interest...

68,000 med school + ~~ 30,000 undergrad (my first degree was free but i had to get a second one)....so that is about 100,000$$

that is insane....but hopefully i won't have to take out loans my last two years of school once my boyfriend starts working in a practice...but i like to be mentally prepared for things....

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[gtdoc01]

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.

Wow, that's fantastic you have that much in savings. I'm thinking my debt will be $200K

 

[LeLu]

Something like 160K if I stay at one school but 260K if I get my #1 choice

 

[Yuyukachoo]

I'm not going for another 3 years but I'm relieved to see people in the same boat as me....and sort of more relieved to see people worse off. All my friends are art/film majors who went to State U. with very little/no debt, so I'm always getting nervous about it.

 

[surfstarj]

160k-165k (including ugrad) i 'spect depending on how much tuition changes over the years. not TOO bad but still hurts to look at it.

 

[Blade28]

I took out $140k total in federal and private loans for med school.

And the only reason I don't have debt from undergrad is because I worked 40 hours/week throughout all four years.

 

[TheRealMD]

About $80K or so from Baylor assuming tuition and COL doesn't go up (and they probably will).

No undergrad debt since I had 1/2 scholarship and my parents paid the rest since interest on undergrad loans in med school and residency would make my debt staggeringly high.

 

[Fibroblastman]

I'm anticipating...

$150,000 (medical school) + $31,000 (undergrad) = $181,000 (not including interest)

 

[frikarika]

180k

 

[BigRedder]

no investment i know of returns a guaranteed 6.8%.

I was going to say the same thing. Avoiding paying 6.8% on a loan by paying upfront is like getting a 6.8% rate of return. If there was a guaranteed way to make more than you would lose in interest we'd all be taking out loans to buy into it. That's called buying on margin, and as many people found out recently it's a great way to lose your house. Plus it only works in a bubbling economy. In case you haven't noticed, the American economy is not exactly growing at much of a clip these days.

 

[ISMILE]

Assuming a 10-year payoff starting after residency, and including undergrad, I can pretty much round it up to $500,000.

Why are people talking about starting to pay back their loans after they finish their residency?

I'm estimating that I'll be about 150K in the hole by the time i finish medical school. After that I'm hoping to do urology which requires a 6 year residency program that pays about 50K a year. Using half of my salary to pay back loans and half the salary to live like a monk, I'm planning on being debt free by the time I finish my residency.

 

[Blade28]

Why are people talking about starting to pay back their loans after they finish their residency?

I'm estimating that I'll be about 150K in the hole by the time i finish medical school. After that I'm hoping to do urology which requires a 6 year residency program that pays about 50K a year. Using half of my salary to pay back loans and half the salary to live like a monk, I'm planning on being debt free by the time I finish my residency.

Because most people claim deferment or forbearance during residency.

A $50k salary doesn't get you very far, even assuming you're single and don't have a family. After taxes you're bringing home around $3100 a month. You're going to live on only $1550 a month? After rent (even assuming a roommate), utilities, bills, food...it's going to be tough.

Now if you're married and your spouse has a full-time job - well that's different.

 

[meddoc1]

If I take out loans, it will be like 200k. I don't mind not becoming rich but 200k is a huge sum of money. Plus the interests, it would take many years to pay them all back.

All the doctors I know told me that I will be fine financially and not to worry. But who can relax with a 200k debt.

 

[BigRedder]

Because most people claim deferment or forbearance during residency.

A $50k salary doesn't get you very far, even assuming you're single and don't have a family. After taxes you're bringing home around $3100 a month. You're going to live on only $1550 a month? After rent (even assuming a roommate), utilities, bills, food...it's going to be tough.

Now if you're married and your spouse has a full-time job - well that's different.

I currently live on about 1900 a month after all deductions, in Boston, which does not boast the cheapest cost of living. I don't exactly live like a pauper either. Excluding some of the travel that I wouldn't have time for while in residency, I only really spend about $1,500/month. During residency I could knock out some of my food expenses due to free cafeteria food (yum) and I'd get a little wiggle room. In fact, I plugged in my estimated income and expenses (based on my current situation plus a little extra spending) into that handy debt counseling calculator and I ended up breaking exactly even. Of course, this assumes no kids. In that case, I might have to start up the grandparental gravy train for diapers, toys, etc...

 

[Blade28]

During residency I could knock out some of my food expenses due to free cafeteria food (yum) and I'd get a little wiggle room.

Not every hospital at every program offers free food.

 

[WellWornLad]

A $50k salary doesn't get you very far, even assuming you're single and don't have a family.

Ha! If I were pulling down 50K right now, I'd be living like a king.

I net about $1,850 a month right now, and I live in Boston. After rent, utility bills, and student loans I get about $600.

I had a few side jobs to pay for application costs last cycle, but for the most part I live pretty comfortably. I'm certainly not worrying about eating from day to day. I have a motorcycle instead of a car, which saves a lot of money, but I can always use public transportation as a backup.

Granted, I can't summer in Europe or go island hopping, but I live comfortably and don't worry about expenses from day to day. Apparently the bank agrees, because I'm not eligible for an economic hardship deferment on my student loans...

 

[PreMD86]

55k in subsidized loans- No undergrad debt.

 

[TMP-SMX]

Roughly 150k. Living at home (for now) and in-state tuition.

 

[mtrks]

eleventy million dollars. I already have a pending malpractice case for a patient some lawyer says I will harm in 20 years from now.

 

[theTODD1001]

So it seems like the norm is about 150K, without undergrad.

 

[WBDO]

$65K if I get into my state MD school. $300K if I go DO

On the bright side, if I work for the gov't, it's all now paid back in 10 yrs. Me like.

 

[Sondra]

120K med school
30K undergrad

 

[killinsound]

edit

 

[WellWornLad]

Maybe we should start a new thread: how much will your parents be in debt after med school...