is anyone afraid of mondo debt?

[dirtyone]

has everyone actually looked closely at the debt situation post grad? it is terrifying. I suspect docs will not earn what they do now when we graduate. sorry to be a kill joy... but we are getting funked...

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[BushBaby]

That's why I am aiming at state schools (that cost below $20,000 a year) to get state scholarships. I have friends going to a $30,000+ a year (excluding living expenses-dorm,car, other junk)....I mean WOW. What is that about....aren't we both coming out as MDs? Why should I rack up debts when I can avoid it? If you got accepted to a big ol'prestigious school versus a state school then you have to get your priorities straight.

 

[Papa Smurf]

•••quote:•••Originally posted by Mellow:
•If you got accepted to a big ol'prestigious school versus a state school then you have to get your priorities straight.•••••What does being accepted to a big ol' prestigious school vs a state school have to to do with getting one's priorities straight? That doesn't make any sense. People go to prestigious schools, because like it or not, they open doors. I've found this out the hard way, and it sucks! Say you want to match in a competitive specialty like Derm. Going to a prestigious school will only help come residency match time. I'm not saying you can't do it coming from a state school, because you surely can, but you'll be fighting an uphill battle from day 1. One can justify the extra $100K expense up front if it will make the difference between whether or not you can end up in the field of your choice. In some instances, it truly can make you or break you. Connections are huge, and sometimes, it really is about who you know, and not what you know. That's the sad reality of it all.

Medicine, as much as I hate to say it, is really a business these days. Learn that now, and it'll save you a lot of confusion down the line. The healthcare industry is 14% of our nation's GDP, about $1.4 trillion annually, and everyone wants a piece of the pie. Anyone who knows anything about medicine knows that where you go to medical school has no bearing on your earning potential once you're in private practice. Hell, some of the richest peeps I know are FMG's, a far cry from the IVY league education we esteem so highly in our country. Once you're practicing, it's all about you, your patient base, and how much you're willing to work. If you wanna be a FP, and only work 40hrs/week, you can do that. Just don't be suprised if you're only banking 75K a year. Clearly, almost anyone can match into FP, so there's no point in spending that extra 100K up front for an private school. But, what I'm saying is if you're all about the super competitive specialities, Derm/ENT/Optho/Neuro/Rads, then it's probably worth it to go the best school you can get into. Who knows, it may very well make the difference b/t you matching and not 4 years down the road. Just my $.02/

 

[none]

You REALLY shouldn't worry about student loan debt. Why exactly do you think the lenders are lending it to you, especially at such amazing rates? Do you think they believe you'll be unable to pay it back? Not hardly! Medical school loans are some of the absolute safest out there for lenders. Go where ever you want to be for four years.

 

[BushBaby]

•••quote:•••Originally posted by Papa Smurf:
•What does being accepted to a big ol' prestigious school vs a state school have to to do with getting one's priorities straight? That doesn't make any sense. People go to prestigious schools....•••••WOW WOW WOW...slow down Cowboy.....responding to the original post I was simply stating that if you got accepted to harvard (30,000+ a year) or SUNY Downstate (~$15,000 a year)then you would need to sit down and makes some decisions. Would you rather go to harvard-a nice prestigious institution (and owe mucho dinero) or go to Downstate-another good institution (and owe little to nothing)?
Some will say go to harvard (ivy league) regardless of the cost,while others will advise you to consider your out of school debt and go to SUNY instead. Just like buying Nike or Fila (both make good sneakers) but some people rather pay more to get the bigger namebrand.

 

[mdhopeful]

i'm not worrying about debt. all you have to remember is that the reason most people are not financially independent is that the more they earn the more they spend. currently, i live off a small public health salary, and when i start practicing medicine, paying off debt is going to be the first thing that i do. most docs make at leat 100K which is more than triple of what i live off of now, fairly comfortably, so i don't think i will have a problem paying it off. if you are worried, you should speak to a financial advisor and try and project your financial picture 5-10 years ahead.

 

[panda01]

OK, so I've seen the argument, if you get into Harvard and SUNY, go to SUNY because it's cheaper, but what if you'd genuinely be happier at Harvard? The price of the education is very far down my list of priorities. My view is this: what's the price of your happiness? Is it worth it to be debt-free but miserable? Go someplace that will make you happy and you'll feel comfortable, challenged, and excited about medicine.

Also, I'm sure I'll take heat for this, but if you're going into medicine for the money, you're doing it for the wrong reason. As long as I can raise a family comfortably, have 2 or 3 decent cars, a nice house, and send my kids to college, I'll be fine. And you don't have to be pocketing 100K post-tax in order to do that, you have to be smart with your money. If the main reason you're going into medicine is getting that BMW, think about this during your first gross anatomy lab--that slab of intricate but lifeless meat on the table is going to be you, and sooner than you think. Years after I'm gone, I want people to remember the way I cared about others, not whether or not I drove a BMW. Who remembers that anyway? I think Yossarian summed it best in Heller's Catch-22: "Man was matter, that was Snowden's secret. Drop him out the window and he'll fall. Set fire to him and he'll burn. Bury him and he'll rot like other kinds of garbage. The spirit gone, man is garbage. That was Snowden's secret. Ripeness was all."

Consider my two cents in the pot.

 

[BushBaby]

•••quote:•••Originally posted by panda01:
•I think Yossarian summed it best in Heller's Catch-22: "Man was matter, that was Snowden's secret. Drop him out the window and he'll fall. Set fire to him and he'll burn. Bury him and he'll rot like other kinds of garbage. The spirit gone, man is garbage. That was Snowden's secret. Ripeness was all."

Consider my two cents in the pot.•••••What do you know (coincidence or conspiracy)...I am currently re-reading that book! <img border="0" alt="[Laughy]" title="" src="graemlins/laughy.gif" />