loan repayment, psychiatry, step 1- 250

[butter2021]

Hey there,
Current MS3 feeling very undecided about what specialty to pursue and making my 4th year schedule.
I had no intentions on going into psychiatry, but enjoyed my rotation thoroughly and am highly considering applying for residency, but others/my family have me very worried about being able to pay back 350k+ worth of student debt. I received a 250 on step 1 and feeling pressure to go into something better paying/more competitive. I was hoping that if I did go the psychiatry route that I would be able to pursue a top residency (assuming the rest of my application is ok- have research in MS/chronic pain, but wanting to start psych research)
I would just appreciate any feedback/advice anybody has!

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[studentdocftw]

Reimbursement is tied to location more than anything. If you want to do psych, commit to a rural area for a while and you'll be able to pay back your loans. There are contracts for rural psych that are 300k+..and psych as a whole is more competitive than it used to be. If you want to do psych, do it. Dont pick a specialty based on income, as that can change over your career.

 

[Chelsea FC]

Why did you decide against the pain route?

 

[butter2021]

Why did you decide against the pain route?

I really enjoyed working with inpatient schizophrenia and depression patients and have an interest in eating disorders. Behavioral conditions just interest me more!

 

[Thelonious Chunk]

You can pay off student loans in psych, and easier than in some other fields that may be more competitive. Don’t let your family’s concerns worry you. If they saw the offers out there they would have no worries. Look up some job offers and do the math, then plan ahead.

I wouldn’t feel comfortable going into something like peds, rad onc or pathology with 400k on ~7% interest right now, but the rest of the fields seem good for paying off loans

 

[Splenda88]

You can make 300k+ in psych without killing yourself. If you can't pay your student loan while bringing home 15k/month, then there is something wrong with you.

 

[Dr G Oogle]

Don’t pick a specialty based on external pressures happened to me and I ended up switching after several years to the thing I wanted to do in the first place. If you like psych go for it. You can lots of money in any specialty if you’re willing to go to areas that most people wouldn’t want to go to.

 

[radsisrad]

250 + top school: gun for derm.

250 + more modest background: gun at least for ophtho.

 

[Blanky]

Stick with psych if thats what you love. Assuming you are level headed and plan to live average and pay those loans off asap.
Also you should get your eyes on some pain medicine and make sure that you arent interested before settling into psych.

 

[Ho0v-man]

Most psych programs have lighter hours which opens up ample moonlighting opportunities. I recall reading one story a few years back on reddit about someone paying off their entire med school debt in residency. Probably not the crazy 300k a lot of us have now, but still ridiculous.

 

[nimbus]

I really enjoyed working with inpatient schizophrenia and depression patients and have an interest in eating disorders. Behavioral conditions just interest me more!

I’ve never heard a better reason for doing psych. Please do psych. Live a reasonable lifestyle, pay off your loans, and thank yourself for making the right decision. I’m in a different field but I love going in to work every single time. When you can say to yourself, “I can’t believe I get paid for this”, it feels like you’ve won the lottery.

 

[sloop]

My step 1 and step 2 scores were both in the 250s and I went into psychiatry. I also have a fedloan balance over $300K. It is daunting, but I am pursuing PSLF. By the time I graduate residency, I will already have 4 years of qualifying payments, and I will likely do a fellowship which will give me another year. 5 years of practice is not that long when I never really wanted to go straight into private practice.

Going into psych was a great decision. It's also a good feeling to know you could have done almost anything but pursued something because you had a passion.

 

[takeurmeds02]

Depending on what type of psych and where you live, you can make bank working very reasonable hours. If you wanna ramp is up, you can do medical consulting/medical expert testimony, or telepsych. Psych is one of those fields where there's actually a relative shortage and need.

 

[CidHighwind]

Hey there,
Current MS3 feeling very undecided about what specialty to pursue and making my 4th year schedule.
I had no intentions on going into psychiatry, but enjoyed my rotation thoroughly and am highly considering applying for residency, but others/my family have me very worried about being able to pay back 350k+ worth of student debt. I received a 250 on step 1 and feeling pressure to go into something better paying/more competitive. I was hoping that if I did go the psychiatry route that I would be able to pursue a top residency (assuming the rest of my application is ok- have research in MS/chronic pain, but wanting to start psych research)
I would just appreciate any feedback/advice anybody has!

You’ll be fine money-wise. Lots of psych programs allow moonlighting and you’ll be making a lot once you’re an attending.

I have to ask OP, do you love psych or just like it? If you love it proceed with psych, but if your attitude is “I like psych, but I also like other stuff” then do then do the more competitive specialty. I was choosing between gas and rads, liked both, but ended up applying to rads because it’s a better specialty

 

[Epilepsy365]

Pro tip from a fourth year who has first account access to real salary info out there from senior residents:

Regardless of specialty, if you’re making less than 300K, you’re doing something wrong.

If you are willing to work hard (at least 50 hrs a week) or sacrifice location, think 400K+.

This isn’t including student loan forgiveness from the federal, state, or corporate level.

 

[Epilepsy365]

I’ve never heard a better reason for doing psych. Please do psych. Live a reasonable lifestyle, pay off your loans, and thank yourself for making the right decision. I’m in a different field but I love going in to work every single time. When you can say to yourself, “I can’t believe I get paid for this”, it feels like you’ve won the lottery.

Every year, you see kids getting their higher than expected Step scores back and get influenced about published salary numbers when picking a specialty.

But the real truth is to pick a field that you feel passionate about and work hard to make a difference. Mental happiness, instead of material happiness, goes a long way. I’m entering Neurology without zero regrets.

 

[boolin_1]

my psychiatrist I rotated with drove a maybach and double parked that bitch in the handicapped spots. you'll be fine

 

[CidHighwind]

my psychiatrist I rotated with drove a maybach and double parked that bitch in the handicapped spots. you'll be fine

Sounds like that psychiatrist has a personality disorder...

 

[NickNaylor]

All fields of medicine - including psychiatry - can be lucrative depending on where you practice, what kind of work you do, and how much you're willing to work. I'm in my first year as an attending working at an academic center (where our salary is pegged at 85% of the MGMA national average), and with regular ER moonlighting (12-20 hours/week) I'll gross just over $300k this year.

Easier said than done, but I would try to limit the degree to which financial worries shape your specialty choice. No matter what field you choose, you will be able to pay your loans back and you will have a good lifestyle. No, you may not be the richest person in your neighborhood, but you will have a comfortable life assuming you have a minimal ability to manage your finances and live within your means. Your loans will be "a thing" for 10-15 years in a worst case scenario. Your career will be 30, 40, or even 50 years long. Focus on the bigger picture and go into something that you can see yourself doing for a lifetime and really enjoy. The money will be there regardless.