Just How Bad Can Student Debt Get?

[Led Zep]

---

Members do not see this ad.

I've just been thinking about student debt, and I know I'm lucky to probably escape undergrad with 30k in debt. But what about those of us who go to prestigious undergraduate institutions that run 50K PER YEAR. Then there is med school which is another ~200k.

Are there really people who finish school with 400K or more in debt?

 

[gettheleadout]

I've just been thinking about student debt, and I know I'm lucky to probably escape undergrad with 30k in debt. But what about those of us who go to prestigious undergraduate institutions that run 50K PER YEAR. Then there is med school which is another ~200k.

Are there really people who finish school with 400K or more in debt?

Yes, there really are, and there are medical schools that cost a LOT more than 200k over four years.

 

[searun]

I've just been thinking about student debt, and I know I'm lucky to probably escape undergrad with 30k in debt. But what about those of us who go to prestigious undergraduate institutions that run 50K PER YEAR. Then there is med school which is another ~200k.

Are there really people who finish school with 400K or more in debt?

If you attend a prestigious undergrad like Harvard, Princeton, or Yale, and your parents do not have any money, then basically your education is free or you will graduate with less than $20,000 in undergraduate debt. If your parents cannot help with med school, then you probably will have 200,000-250,000 in med school debt that you will have to pay back. Reality check.

 

[Dirt]

then you probably will have 200,000-250,000 in med school debt that you will have to pay back. Reality check.

Hah.

The real reality check is when you calculate out the interest over the repayment term and realize how much money you actually have to pay back.

 

[gravitywave]

answer: bad. go to a state school, or be independently wealthy. alternately, be very poor, with a very poor family.

state schools good. private schools bad. i'm hoping to wrap up with <$200k but it's not gonna happen given the steak/beer line item in my budget. damn.

 

[searun]

answer: bad. go to a state school, or be independently wealthy. alternately, be very poor, with a very poor family.

state schools good. private schools bad. i'm hoping to wrap up with <$200k but it's not gonna happen given the steak/beer line item in my budget. damn.

Hmm. Not necessarily. I have received almost $200,000 in needs based grants from my private med school and will graduate with about $100,000 in med school debt. Not bad. Much better than my state school offered me.

 

[Hoody]

The real reality check is when you calculate out the interest over the repayment term and realize how much money you actually have to pay back.

winner.

 

[Frazier]

I haven't heard a anything n bout treefiddy.

 

[Forthegood]

I'll be paying back about 270k. The repayment plans are flexible though, even though it is a LOT of money. If I wanted to make a ton of money I would have went to law school. I have no regrets in this regard. Medicine is worth it. I'm never bored.

 

[JulianaW]

Yeah I try my hardest not to think too much about all this. But on the bright side, you're way better off than I am! I'm already $100,000 in debt just from undergrad. That's what happens when your parents look semi-well-off, but in actuality, have the financial managing capabilities of monkeys...

I have heard (and I don't know if this is totally true or not so maybe someone can verify) that some doctors are offered loan repayments as a job perk. I'm not talking about the federal loan repayments for public service (although that is nice too).

I'm not exactly sure how med school financial aid is calculated... does anyone know if they look at your parents income still?

 

[Medwell]

If I wanted to make a ton of money I would have went to law school.

Your attitude is good, but this statement hasn't been valid since the 90s.

 

[MossPoh]

I recall a married couple at a school on SDN years ago that both had around 450,000 dollars debt. They attended a private undergrad and were promised they'd get all sorts of money that never came. Same thing with med school.

I'm at one of the 15 cheapest med schools in the country. I've missed out on a few scholarship, but will still be sub-100k. It is pretty nice to be around 60k debt when all is said and done.

 

[Dookie2010]

National Health Service Corps can help repay your debt if you go into primary care. If you specialize instead you would, in theory, be making more money, and should have less difficulty paying off loans.

Student debt has the potential to get horrendously bad, but usually that's due to people making unwise decisions before they even accrue the debt ie getting bad loans, not applying for enough aid from outside sources, etc. You're already putting out so much time/money/effort to apply and get in to medical school that researching scholarships/grants/loans just seems to be more of a hassle. But now's the time we need to be doing it. It might even be wise to shell out some money to seek financial guidance..a little bit now might make a huge difference in wading through all the fine print and get you way better set up to manage your debts. If you do the work now, you should be fine for later.

 

[surftheiop]

I've just been thinking about student debt, and I know I'm lucky to probably escape undergrad with 30k in debt. But what about those of us who go to prestigious undergraduate institutions that run 50K PER YEAR. Then there is med school which is another ~200k.

Are there really people who finish school with 400K or more in debt?

The only people paying full price at most top-20 undergrads are folks whose parents are making >200k

 

[MossPoh]

National Health Service Corps can help repay your debt if you go into primary care. If you specialize instead you would, in theory, be making more money, and should have less difficulty paying off loans.

Student debt has the potential to get horrendously bad, but usually that's due to people making unwise decisions before they even accrue the debt ie getting bad loans, not applying for enough aid from outside sources, etc. You're already putting out so much time/money/effort to apply and get in to medical school that researching scholarships/grants/loans just seems to be more of a hassle. But now's the time we need to be doing it. It might even be wise to shell out some money to seek financial guidance..a little bit now might make a huge difference in wading through all the fine print and get you way better set up to manage your debts. If you do the work now, you should be fine for later.

Many rural or underserved areas need ALL specialities, so they will work with you to get you in a location. This often includes loan reimbursement and other lucrative propositions. I do think that loan reimbursement from private hospitals or practices is taxable income though. I know that my little hometown where my dad was a doc for 20+ years and we knew everyone there actually offered me some pretty sweet incentives if I do decide to go back since they always need about every speciality.