Jul 23, 2015
15
1
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Medical Student
Is it typical for medical students to take out loans that they could never afford to pay back if something happened that prevented them from completing residency and being able to practice medicine?
 

RangerBob

7+ Year Member
Sep 16, 2012
1,520
1,539
Status
Attending Physician
Unless your parents are wealthy or you get scholarships then yes, this is fairly typical. Probably half of most med school classes would fall into that category. There's no way I could repay my loans if I was unable to finish any of residency (finishing even just internship and getting an unrestricted license gives you a few, albeit limited/lower-paying, options).

Unless I got a high paying job in finance, but my life would be pretty miserable--I'd rather go teach high school or be a park ranger and just pay 10-15% of my AGI for 20-25 years, then likely be forced to declare bankruptcy when the IRS taxes me on all the forgiven loan amount that I'd never be able to afford.
 

RangerBob

7+ Year Member
Sep 16, 2012
1,520
1,539
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Attending Physician
Still, minimize how much you borrow as much as you can.
 
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Lesley

Member
10+ Year Member
Jun 18, 2006
707
18
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Attending Physician
Yes, it is normal to borrow that much.

http://dental.nyu.edu/academicprograms/dds-program/tuition.html

Just under $500,000 for the four year DDS degree at NYU Dental School not including annual price increases and interest.

Most likely $600,000 in debt at graduation just from d-school alone not including undergrad debt and any residency after.

Most d-school residencies are treated just like their DDS/DMD degree.

Most dental residency students (Perio/Pros/Endo/Ortho/Pedo with the exception of Oral Surgery) have to pay for their tuition/room/board/books/equipment.

Add another $200,000 - $300,000+ in student loans for these residencies on top of their undergrad and DDS/DMD degree debt.
 
Jul 23, 2015
15
1
Status
Medical Student
Thanks for the replies, these huge loans scare me but I guess this is just how one becomes a doctor in this country.
 

Inharmonious

5+ Year Member
Oct 15, 2012
19
1
Status
Optometrist
Didn't realize it was that much, i'm already panicking thinking of my 250k+ debt for optometry school. Not sure if it's normal but I also do feel very vulnerable as I am not working part-time or anything else on the side, and pretty much all-in on school right now. Do you happen to do anything on the side or are you completely focused on your studies? It's difficult since most of my friends are already working, making money, etc..
 

gsquared

10+ Year Member
Sep 11, 2007
607
180
Status
Dental Student
It seems like this is a common anxiety accross many health professions. I'm not entirely sure how I intend to deal with it, but it seems like graduation/board pass rates are generally pretty high at most schools. I would assume that this leads to readily-available gainful employment after graduation, no?
 
May 22, 2015
9
0
Status
Medical Student
Yes it happens. It's an unfortunate situation but most do fine after graduation.
 
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