International student debt

[myfunnyusername]

International students who decided to go to the US med schools and take out private loans, how is it going? It feels really scary to be in so much debt and i wish i could talk to someone more about it

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[Hollow Knight]

If you don't mind me asking, how much debt are we talking?

I am not international so I cannot empathize with you. I'm sorry you're stressed.

 

[myfunnyusername]

probably around $300k and it will be private loans since I am not a citizen. I do really want to be a doctor so much but this part makes me feel quite uneasy.

 

[Hollow Knight]

You should really read The White Coat Investor's Guide for students by James Dahle. He's not a fan of debt, but there's math in there that assuaged my fears. I'll be borrowing about $250,000 total, which isn't great, but that's an absolutely reasonable debt burden for a future family doctor for example- you'll be making at least $200,000 a year. I promise you that you'll be able to pay your loans off.

Now once you start getting to the over $400,000 or even 6 or 800, that's the point at which you're in trouble.

I'm no financial advisor. But many med students in the country are borrowing north of $250,000, and assuming they match and get attending jobs, they'll all be able to pay their loans off within 3-5 years of leaving training.

But you need to study this and do the math yourself. That's what will make you chill out about it