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Let's Talk About Debt, Baby

Discussion in 'Financial Aid' started by Mawell11, Apr 18, 2002.

  1. Mawell11

    Mawell11 Junior Member
    7+ Year Member

    Dec 2, 2001
    Likes Received:
    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.

  2. Sugar72

    Sugar72 Senior Member
    10+ Year Member

    Jul 22, 2001
    Likes Received:
    Resident [Any Field]
    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.
  3. Dr JPH

    Dr JPH Membership Revoked
    Removed 10+ Year Member

    Feb 4, 2000
    Likes Received:
    Resident [Any Field]
    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.

  4. 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...

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