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NYCOM: PLEASE READ! paying back the loans.. HOW WILL WE DO IT?

Discussion in 'Medical Students - DO' started by Poet, Jan 30, 2000.

  1. Poet

    Poet Member 10+ Year Member

    89
    0
    Oct 22, 1999
    Hi everyone,

    I have a serious concern after reviewing the financial aspect of attending NYCOM. In one of the supplemental sheets they outline that the average cost for attendance is 48,000/yr. Now, that comes to a whopping 192,000 after the four years. (Lets just call it 200K after interest accrues)

    I intend on renting my house throughout the four years which will bring in about 900 month, hopefully enough to just cover my rent in that area. That still leaves a debt of approx. 38,000/yr. x 4 = 152,000 total after the four years. I also have loans from undergrad and nursing school which total around 30,000 so now we're looking at 182,000 as the grand total.

    Since I hope to sell my house after graduation, and hopefully get lets say.. 100,000 to the good, then I'm still going to be in debt anywhere between 80-90K after sticking that chunk of change on the loans. ( I want to pay it down as soon as possible since I know that if I don't I will pay DOUBLE the loan amount in interest alone)

    With that debt, I will enter a residency and make anywhere between 30-40K a year which is like 22-28K take home and my loan payments are going to be around 800-900 a month!!

    How in the WORLD am I going to make those payments?? How do people do it? I know about the payback forgiveness and things of that sort, but worst case scenario here.. Im really NERVOUS about graduating after all this hard work, making what I make now, and adding on an 800 payment/month.

    I know for sure there is NO WAY I could make that payment at this point, so how will it be possible to make it later?


    If anyone has ANY information they can share I would greatly appreciate it. As a non-traditional student, I don't have any family financial support so I'm very nervous to say the least. The thought of going into this type of debt scares the hell out of me.

    Thanks for any responses,
    Poet
     
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  3. turtleboard

    turtleboard SDN Advisor 10+ Year Member

    1,594
    0
    Jun 3, 1999
    New York, New York
    The reality of going to medical school is incurring massive amounts of debt, and slowly paying it back throughout your training and into the early years of your medical career. You'll manage. Postgrad programs usually pay their residents based on the cost-of-living in the surrounding area, so you'll be paid more for doing a residency around New York City than doing one in rural Wyoming.

    You mentioned you might want to enter a primary care field (I believe OB/GYN counts in this case), so there are primary care scholarships available. Signing up for this scholarship will help tremendously in managing your med school debt, but the catch is you're bound to practice in a primary care field and should you decide not to, there will be stiff penalties.

    There are other options availabe, and like you mentioned, they're sometimes known as "loan forgiveness programs." Look into those if you're extremely concerned about debt after med school.

    And because you're going to NYCOM, they offer fellowship programs that pay for your third and fourth year education. The fellowship programs are in OMM and Anatomy, and you serve as a TA for their classes. I believe you spend an additional year working as a TA, but in the end, you cut your costs by half. I'm not sure how competitive those fellowships are, but you can ask any of the current NYCOM students around here.


    Tim of New York City.

    [This message has been edited by turtleboard (edited 01-30-2000).]
     
  4. togo

    togo Senior Member 10+ Year Member

    186
    0
    Sep 2, 1999
    What are your future plans? If you have a desire to work in primary care, you might consider National Health Service Corps Scholarship/Loan Repayment Program. I have that scholarship, and it pays all of my education, books, fees, etc., plus a monthly living stipend.

    If you are interested in primary care and particularly underserved people, this is an option for you.
     
  5. Yosh

    Yosh Livin' in the WINDY CITY 10+ Year Member

    1,395
    0
    Oct 25, 1999
    NW Indiana
    Where can I find more info about the National Health Service Corps Scholarship/Loan Repayment Program?

    I would love to know...

    Thanks
     
  6. lee427

    lee427 Junior Member

    5
    0
    Jan 30, 2000
    The $48,000 that they are referring to includes living expenses. The actual tuition is about $25,000. You can reduce the $48,000 by altering your living expenses (like sharing an apartment) so that you are not paying as much.
     
  7. DO Boy

    DO Boy Senior Member 10+ Year Member

    109
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    Jan 23, 2000
    TX
    I am not boasting or anything, but I can't believe that after NYCOM, one will be in debt by 200k!!! The financial aid people at TCOM said average indebtedness is around 70k. Maybe your numbers are redundant?

    DO Boy
     
  8. aefdompa

    aefdompa Member 10+ Year Member

    22
    0
    Jan 11, 2000
    Brooklyn, NY
    Hi Togo,
    What makes an applicant competitive for this type of scholarship? Are you required to pay any money back once you complete residency? Are there ample opportunites to practice in underserved areas in Brooklyn?
     
  9. togo

    togo Senior Member 10+ Year Member

    186
    0
    Sep 2, 1999
    You need to demonstrate a genuine desire to work with underserved people groups. You are required to work in a facility designated as a Federal underserved clinic, etc.. for the number of years that you received the scholarship. You still get paid, and no you don't have to pay any of it back. I'll be happy to answer more questions later, but I've got to get to studying.

    Good luck.
     
  10. turtleboard

    turtleboard SDN Advisor 10+ Year Member

    1,594
    0
    Jun 3, 1999
    New York, New York
    DO Boy,

    I think the average indebtedness at state schools is around $70,000, but for private schools >$150,000 is pretty damn normal (even in the allopathic world). [​IMG] And, by the way, NYCOM is private.


    Tim of New York City.
     
  11. DO Boy

    DO Boy Senior Member 10+ Year Member

    109
    0
    Jan 23, 2000
    TX
    DO'h!
     
  12. euhsa

    euhsa Senior Member 10+ Year Member

    142
    0
    Jan 21, 2000
    somehere near NYC
    Basically, this massive debt is another thing that every medical student has to take into consideration before entering medical school. Fortunately, doctors are well compensated and we will eventually have the enormous $150,000-$200,000 paid off. Unfortunately, I am all to familiar with attendings that are in their forties that are still struggling to pay off their educational loans. I, for one know, that my "young" life will be over by the time that this debt will be paid off. However, I believe that the satisfaction of being a physician will all be worth it in the end!
     
  13. Nanook

    Nanook Senior Member 10+ Year Member

    145
    0
    Nov 12, 1999
    Fairbanks, AK USA
    I was under the impression that one did not have to begin paying back student loans until after residency. Is this not true? Do you still have to pay the full loan payment on a resident's salary??!!
     
  14. IndyMike

    IndyMike Member 10+ Year Member

    28
    0
    Oct 28, 1999
    Indianapolis, IN USA
    Play along here with me for a minute, it's just for kicks, so please, no freakin' out on me. And don't get picky with the numbers, they are guestimates.

    Here's a terrible truth I've come to realize. Correct me if I am wrong, PLEASE. But if I start DO school this fall, then in seven years (after residency) I will owe about $200,000 in loans, includes undergrad. The average Primary Care doc starts at about 120,000. Adjust for inflation in seven years at about 3-4% per year and you have 152,000 per year salary. After taxes it will be approx 98,000. After loan payments of 30,000 (200,000 total loan over ten years at ~8%) you have 68,000 per year. Adjust this for reverse inflation to get todays dollars and it would be as if you take home 55,000 right now as a first year, fully licensed, board certified primary care doc.
    The depressing part is that my younger brother is two and a half years out of a two year A.S. program in computer technology and is already makin 72,000 salary (5,000 - 8,000 per year profit sharing) as a WinNT Administrator. After taxes he takes home $1,000 more per year than a new physician!
    I know eventually the physician will pay off the loans, make much more and pass the Computer guy. But by the time he/she does this, he/she will be 40+ years old while my brother is now 23 years old and in the prime of his life/youth. Boy, what a trade off!!!

    The whole point to this? I hope to God that the awe-inspiring, warm fuzzy feeling of being a physician, that I sincerely think will make this all worthwhile, is still there when I'm 40, otherwise I can see myself gettin' kinda ****ty.

    Bottom Line: DON'T GO FORWARD UNLESS YOU HAVE GIVEN IT MOUNTAINS OF THOUGHT. You had better have MANY reasons for wanting to be a physician other than financial security. I say "many" because some reasons may die out or may be much less important to you in the distant future.
     

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