Let's Talk About Debt, Baby

[Mawell11]

Hey Guys,

I'm just wondering how many of you guys are taking lots of loans (>120,000), and how you guys are planning on dealing with it. Do any of you have any inside information on how debt affects career decisions as a doctor/surgeon.

Thanks

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[Sugar72]

I plan on being very in debt, but I also plan on living in denial until the little booklet comes in the mail from Sallie Mae and I can no longer find any reasonable excuse for deferring. I find that lying to myself is very effective, so it won't affect my decision of school and/or specialty.

 

[Dr JPH]

I did the math.

After graduation from medical school my combined debt (from undergrad as well) will be approximately $140,000.

I will try not to let this influence my decision as to what area of medicine I would like to enter.

The money is out there.

If I only make $120,000 a year as a doctor, that's fine. I will make it work.

Being in debt isn't all bad. I've already talked to my lender...they don't have any large guys that break fingers and legs. I'm not worried.

 

[m2006]

Unfortunately, I think debt is a "natural" part of becoming a physician for many people. I took some loans as an undergrad (private school), lots of loans for graduate school, and will be attending a private medical school. In the end, I'll have somewhere in the neighborhood of $225,000 in loans. It comes out to $3000 a month over 10 years or so, assuming that I can pay the interest before it capitalizes. Most fields of medicine will afford you a salary that will pay this off. You might not lead the glamorous life some people think, but it is possible. For me, I am heading in to this debt with my head up about what it will mean for my quality of life and I am certain that it is worth it. I wouldn't purport to place that certainty on anyone else. That's why state schools are such a good idea if you've got one...