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Loans, Loans et al

Discussion in 'Medical Students - DO' started by mcatkitkat, Nov 30, 2002.

  1. mcatkitkat

    mcatkitkat Member
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    I just got done putting some numbers together. I estimate that my total debt after med school will be over $200K. It'll take me some 5 years after residency to pay if off if I make in the order of $130,000/yr. That's not too unreasonable is it for a DO (oh say in PM&R or ER). Over 200K! That's like carrying around a house on my shoulder. I can barely carry my backpack. What's the average debt of a graduating DO?
     
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  3. SawBones

    SawBones Transcendentalist
    Physician 7+ Year Member

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    Unfortunately, that sounds about right. I'll be over 200k myself. The math is quite intesting... with $2000 per month loan repayments for 10 years (it will actually be more), look at this:

    Consider a family physician making $120,000.

    Starting Salary: $120,000
    Minus Taxes : $84,000 (based on 30%)
    Minus Loans : $60,000 (based on 2k/mo)

    So, with a 80 hour work week, you are making approx. $23 per hour (before taxes, but after loan repayments).

    I know fellas with only GEDs who are doing that well.

    You sure you want to go to medical school?

    (These are conservative estimates regarding loans and taxes, don't bother me with factual numbers ... I was merely making a point.)
     
  4. Slingblade the Surgeon

    Slingblade the Surgeon Senior Member
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    Hahaha thats funny! :laugh:
     
  5. bla_3x

    bla_3x Grip it and rip it!
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    Loan Debt:scared: :scared:

    Taxes!!!:mad: :mad: :mad:

    Ahh, that's better.:)
     
  6. SawBones

    SawBones Transcendentalist
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    I guess it is a good thing I left out malpractice insurance ($10-20k -- or higher, in some regions of the country).

    And then there are AOA membership fees if you are boarded through an osteopathic college.

    And if you live in Florida, licensed physicians *BY LAW* must pay $250 yearly into the Florida Birth Related Neurological Injury Fund, regardless of your medical specialty. Does this sound like extortion? It should... because it is.

    So I guess this puts us down around minimum wage.
     
  7. spyderdoc

    Physician Moderator Emeritus Lifetime Donor Classifieds Approved 15+ Year Member

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    Well, I just finished residency, and at the end of med school, I was 168K in the hole. After 4 years of residency, and deferring the loans, they are now at a whopping 220K!!! My minimum payments are in the 2K/mo range....Oh yeah, and my wife is also a DO with around 180K in loans!!! Geez, just think of the house we could get with 400K! Well, such is life...
    Don't sweat it. It is like an investment! You will be paying them back for a long time, yet you will still be making a great living! If you can afford to, which I could not as a resident, make some interest payments here and there....It really does impact the capitalization...
     

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