Incentives

[Futuredoctr]

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Hi, I am going to be an MS1 in the fall and I'm currently evaluating how I am going to pay for my eduation. I have interest in family med, and I was curious if you have heard of offers to pay for your loans if you go and practice in xyz when your done with residency? Thanks for you input.

 

[deleted87716]

First of all, I think concerns about the ability to pay back students loans as an FP are unfounded. Unless you take a very low-paying job, you'll make more than enough to pay back your loans and still live comfortably. You don't have to go into the military or work in an underserved area (e.g., through the NHSC or IHS) unless that's really something you'd like to do.

Those are the most common pathways to loan forgiveness. It's possible to work a deal with a recruiter, but your success will depend on how badly your potential employer wants you. If they're having that much trouble filling a position, there's usually a reason, and caution is advised. However, there's a job out there for everyone, and what might seem like hell on earth to one person could be paradise for someone else.

Also, keep in mind that most programs that offer loan forgiveness also pay considerably less than private practice, so your disposable income may not really be that much different in the end. A job that pays really well and offers loan forgiveness probably has a significant downside. If it's not obvious what that is, keep looking...it's there. 😉

 

[Faebinder]

The truth be told: You will make as much money as internal medicine or whatever primary care you will get into...

Filthy rich is not something that you will be.. but that doesn't mean you wont live well and make good money.... Subspecialties right now are not that far ahead money wise.... They are ahead for sure, but not far. I anticipate the gap to close with subspecialties making less and less every year since there seems to be a strong drift towards socializing medicine....

 

[MDWoochie]

I think that paying your way thru school with service is definitely worth it. I personally went the military route because I didn't know I wanted to do FM when I started med school, had I know I probably would have done NHSC or IHS. I went to a very expensive med school, and had no money, and put myself thru college. the Navy was the way I went, and although I have had to put my carreer on hold (6years post grad, I am now applying to be a PGY-1 with credit), the financial freedom I have now is great. I owe no money, managed to pay my student debt off, and have a good chunk of change in the bank. I also will get $1200 a month to supplement my income as a resident for 3 years of residency. I did go to Iraq though, so there is always a price.

I have met assistant program directors who tell me they are still paying off their debt 15-20 years out of med school. So I dunno, I don't really think the service route is that bad an option.

 

[elizabeth5863]

I have met assistant program directors who tell me they are still paying off their debt 15-20 years out of med school. So I dunno, I don't really think the service route is that bad an option.

Most of the doctors that my parents know pay off their debt within a few years post-med school. I did however meet a doctor (pathologist) who finished paying his debt about 20 yrs post-med school... but I wonder if he has an expensive home, an expensive car, a vacation home, expensive everything... many people with more money also tend to be lavish in their spending... I'd say live comfortably, spend in moderation, and I don't think the debt would be that bad.

 

[MDWoochie]

Most of the doctors that my parents know pay off their debt within a few years post-med school. I did however meet a doctor (pathologist) who finished paying his debt about 20 yrs post-med school... but I wonder if he has an expensive home, an expensive car, a vacation home, expensive everything... many people with more money also tend to be lavish in their spending... I'd say live comfortably, spend in moderation, and I don't think the debt would be that bad.

I hate to be the bearer of bad news: This is taken from the AMA web site:

Average medical school indebtedness, private and public average, $130,500 in 2006.

Per their table: say you had $125,000 in debt, and paid off over 30 years: your average monthly payment would be $700 and you would end up paying an additional $123,500 in interest. Per the chart, at $150,000 in debt, your payment over 10 years would be $1600, $830 over 30 years, and your interest would be $148,000.

That doesn't sound terribly easy to pay off to me.

 

[deleted87716]

Lots of people pay more than that for child support and alimony. 😉

 

[Futuredoctr]

Thanks a ton for your input. I am assuming with the projected shortage of physicans that there will not be a problem of paying back loans, I just see this debt and I'm just really hesitant. Thanks for all your input. Anyone else?