Podiatry School Debt

[Zaiko]

Just something I wondered after reading alot about the debt from professional school. Didnt find much data on Podiatry but wanted to get some insight into this. How much are you expecting to graduate with?

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[bobtheweazel]

Just something I wondered after reading alot about the debt from professional school. Didnt find much data on Podiatry but wanted to get some insight into this. How much are you expecting to graduate with?

Somewhere around $200,000 from Temple, of course depending on the scholarships you get. On average, DPM debt should be less than out of state MD/DO schools. Although I could've gone to an MD school in Texas, my home state, for half the tuition...

 

[bobtheweazel]

Just something I wondered after reading alot about the debt from professional school. Didnt find much data on Podiatry but wanted to get some insight into this. How much are you expecting to graduate with?

Also, I had posted this on Reddit.
Temple University's MD program is $10000-$17000 more per year than Temple University's DPM program.
Midewstern University's DO program is $20000 more per year than Midwestern University's DPM program.
DMU's DO program is $15000 more per year than DMU's DPM program.
So we're talking a $40000-$80000 total difference in tuition between DPM vs MD/DO at the same institutions.

And then some dude posted this:
https://services.aamc.org/tsfreports/report_median.cfm?year_of_study=2015

So, like I basically already said, your cheapest option would be an in-state public MD/DO program. Beyond that, DPM would be cheaper than out of state public MD/DO programs, or in state/out of state private MD/DO programs.

 

[heybrother]

Whatever you think you will graduate with, you will graduate with more. Tuition goes up every year. My tuition has increased about a grand a year, every year. That means that without even taking future increases into account a student starting the year after I graduate will pay $16K more in tuition than I did.

I don't know how the other schools do it, but every year I receive an email from DMU that asks me what loan allotment I want to take. I can either easily press the button that says "full allotment" or I put down another number. If you press the full allotment button every year than you'll break $250K when all is said in done.

When I started all this I remember trying to compare the numbers DMU said I would spend against what I thought I could get away with. I was going to go cheap - cheaper apartment, cheaper phone, frugal living. There's savings to be had, but the total cost is still going to be large and there will be expenses along the way that will pop up (everyone has their hand out). Here's some 4th year stuff - CASPR/CRIP wants $350 to schedule interviews. Part 2 clinical skills didn't exist when I started (through a miracle 2016ers don't have to take it) - $2K. A week stay in Frisco (if you interview in both sections). A suit. If by chance you attend a school with a low board pass rate - well that's an extra $900 - maybe twice.

 

[josebiwasabi]

The actual amount of loans I took out at NYCPM was 186k but since interests adds up during school it ended up being over 200k.

 

[Zaiko]

For those of you who voted and those that didn't, at what point do you think the debt outweighs attending podiatry school?

 

[FootAndAnkle]

For those of you who voted and those that didn't, at what point do you think the debt outweighs attending podiatry school?

I think that varies depending on individuals' specific situations, including other professional opportunities and family life. I would think that in general $200k of debt is a good cut-off point for podiatry.

 

[bobtheweazel]

When it was all said and done I owed $240K in loans. I won several academic scholarships during podiatry schools and even a half tuition scholarship after my 1st year so my total is probably less than some of other classmates.

With the interest rate it is almost impossible to make a dent on a resident's salary. MD/DO/DPM are getting completely screwed.

Which school did you go to, if you don't mind me asking?

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[DexterMorganSK]

My apologies for bringing this old thread back!

I have Grad school loans and its started to worry me about the debt I will be in after Pod school.

My question is do hospitals provide any type of loan forgiveness program when a Pod works for them? How about working for the VA?

Thank you!

 

[SLCpod]

My apologies for bringing this old thread back!

I have Grad school loans and its started to worry me about the debt I will be in after Pod school.

My question is do hospitals provide any type of loan forgiveness program when a Pod works for them? How about working for the VA?

Thank you!

There are some jobs that may offer some loan repayment assistance and there is a loan repayment program through the VA. All these things may change at any time so you can't rely on them to be there when you graduate. Best thing to do at this time is create a budget and use the single ply toilet paper for the next few years.

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[bobtheweazel]

Also, on the topic of things changing, they're trying to push legislation through to help pods with loan repayment similar to what MDs and DOs have, so things could also change for the better while you're in school.

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[footdoc726]

Also, on the topic of things changing, they're trying to push legislation through to help pods with loan repayment similar to what MDs and DOs have, so things could also change for the better while you're in school.

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'Trying to push' is true, but this bill is still pretty far out from fruition. I wish it was a higher priority. The APMA's focus right now is the VA bill and the HEELP Act (Medicaid).


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[Holten1313]

$$$$$

 

[air bud]

Anyone who anticipates graduating from podiatry school 300kin debt should seriously reconsider their choice. MDs have the chance to get legitimate loan payback and make significantly more money. 300k+ coming out and making 125k in private practice is so overwhelming and soul
crushing. And really poor financial strategy. Just like going being 125k in debt for most pyschology degrees or communication degrees from some small liberal arts school. This is real money with real life consequences

 

[TimmyTurner]

Anyone who anticipates graduating from podiatry school 300kin debt should seriously reconsider their choice. MDs have the chance to get legitimate loan payback and make significantly more money. 300k+ coming out and making 125k in private practice is so overwhelming and soul
crushing. And really poor financial strategy. Just like going being 125k in debt for most pyschology degrees or communication degrees from some small liberal arts school. This is real money with real life consequences

Agree, but I severely doubt that anyone who needs $300k to live and pay tuition for four years would be capable of financial prudence in any other field irrespective of earning capacity. Tuition is going to hit you for $160k, right off the bat. It's how you can minimize cost of living during that time that determines your final nut.

I've taken the max loan for year 1, made it thru with a handful of change to spare. Took out the max for year 2 as well and sold off a few valuable assets (rare collectibles from various hobbies I acquired before school started). I should be able to make it through to year 3 without taking out another stafford living loan.

Live smart and be prudent, you won't be crushed with $300k of debt.
The only reason you should have that much debt after pod school is if you
a) are incapable of living modestly
b) have outstanding debt from undergrad/masters/whatever
c) have a family you need to support

severely recommend against going to pod school if any of those three cases apply to you

 

[Weirdy]

a) are incapable of living modestly
b) have outstanding debt from undergrad/masters/whatever
c) have a family you need to support

severely recommend against going to pod school if any of those three cases apply to you

Define "outstanding". Genuinely curious.

 

[SLCpod]

Outstanding debt = debt that has not been repaid.

 

[Weirdy]

Outstanding debt = debt that has not been repaid.

Understood.

 

[Cranjis McBasketball]

Agree, but I severely doubt that anyone who needs $300k to live and pay tuition for four years would be capable of financial prudence in any other field irrespective of earning capacity. Tuition is going to hit you for $160k, right off the bat. It's how you can minimize cost of living during that time that determines your final nut.

I've taken the max loan for year 1, made it thru with a handful of change to spare. Took out the max for year 2 as well and sold off a few valuable assets (rare collectibles from various hobbies I acquired before school started). I should be able to make it through to year 3 without taking out another stafford living loan.

Live smart and be prudent, you won't be crushed with $300k of debt.
The only reason you should have that much debt after pod school is if you
a) are incapable of living modestly
b) have outstanding debt from undergrad/masters/whatever
c) have a family you need to support

severely recommend against going to pod school if any of those three cases apply to you

What about buying that sick car though? I gotta live that doc lifestyle

 

[Weirdy]

What about buying that sick car though? I gotta live that doc lifestyle

That beater Toyota that won't die lifestyle.
Very anxious as I am also carrying outstanding graduate loans.

 

[DexterMorganSK]

In today's world, any health professional degree will the cost the big bucks. It all comes down what we owe before we start a program and how we can manage the living expenses. The MD/DO students are also in the same debt (except those that settle for an in-state school) and their job growth and the ability to pay back the loans is also determined on what they plan on doing after residency. An IM/FM MD/DO grad makes more/less the same money as a Pod in a big city.

Rural, underserved areas are another story.

 

[Cranjis McBasketball]

That beater Toyota that won't die lifestyle.
Very anxious as I am also carrying outstanding graduate loans.

Haha I know. Im rocking a 2002 Mitsubishi tan diamante. My great grandma left it for me and theres only 60,000 miles on it haha hoping it lasts through residency

 

[Packers4lifeDPM]

Don't forget about interest. By the end of it all most will pay out well over 300k with interest. That's how I am going to see my loans. If you are pulling out over 73k a year of just straight loans then you have issues. But with interest rates included, you will definitely be paying well over 300k.

 

[GypsyHummus]

Meh, if you take home 100k as a pod that's like what, 8.5k/month?

Depending on where u live, people can live well enough on $2k/month. Midwest and south it's actually easy to live off that. So you have what after a $2k budget, $6.5k/month to pay debts with?

12 months (X)$6.5k=$78k/year in payment power.

$78kX4 years= $312k. You pay off your education in 4 years, no need for this Income based repayment.

After your done paying off the loan, imagine living like a pauper for anouther 6 years and socking 78k/year in dividend paying funds. You'll be able to live like a King in your late 40s. You could even open up your own practice using cash!

Be smart with money. Pods are like the top 5% of earners in America, leverage that to your advantage. Imagine the power that pods who take home the 200k bucks can do if they simple live on a 2k/month budget for 5 years.

 

[Cranjis McBasketball]

Meh, if you take home 100k as a pod that's like what, 8.5k/month?

Depending on where u live, people can live well enough on $2k/month. Midwest and south it's actually easy to live off that. So you have what after a $2k budget, $6.5k/month to pay debts with?

12 months (X)$6.5k=$78k/year in payment power.

$78kX4 years= $312k. You pay off your education in 4 years, no need for this Income based repayment.

After your done paying off the loan, imagine living like a pauper for anouther 6 years and socking 78k/year in dividend paying funds. You'll be able to live like a King in your late 40s. You could even open up your own practice using cash!

Be smart with money. Pods are like the top 5% of earners in America, leverage that to your advantage. Imagine the power that pods who take home the 200k bucks can do if they simple live on a 2k/month budget for 5 years.

What up, Dave Ramsey

 

[DexterMorganSK]

Some of my DO friends were part of the Loan Forgiveness program during residency.

Is this possible for a Pod in residency if working for a non-profit program?

I know the PSLF programs might get cut altogether from the gov't...my hope is that it won't!

 

[heybrother]

Your payment scenarios are unrealistic. You won't be living like a king at the end of those 5 years because your wife will divorce you and you'll be paying alimony while driving the junker that you drove during college, podiatry school, and residency. I say that sort of for comedy value and also sort of seriously.

Living on $2K a month sucks and though you don't realize it yet there will be actual real expenses coming down the pipe that you've never heard of like disability insurance, term life insurance, and potentially umbrella insurance. Oh, and children. They don't cost much though...

Investing $78K a year almost assuredly will require a taxable account for most people since you'd likely have filled all of your tax advantaged space. Fill it up with those non-diversified dividend producing funds you just mentioned above and let me know how your capital gains plays out.

There are no shortage of neighborhoods in my current town where using your front yard and driveway as a garbage dump is the norm. I already see those people in clinic - I'd like to avoid seeing them while grilling so I pay more accordingly 😉

 

[GypsyHummus]

As a single person, I prolly clear around 1800$/month working 60 hour workweeks right now, and while I am not living lavishly, I am relatively comfortable. I pay my phone bill on time, spend about 100/week on food, 450$ on rent (cheap studio apartment), 100 on car insurance (no car payment), no credit card debt, and I get along fine.

isn't capital gains like a 20% tax? Imagine having half a million bucks in stocks that pay back like 4%. thats like 20k of money just generating for you. Even after capital gains, thats still 16k. All to live like a pauper for a couple years. Imagine having a Million dollars in dividend paying stock. Thats like a teacher's salary, without having to do anything at all!

These people who take 20 years to pay back their loans I think are doing it all wrong.

Your payment scenarios are unrealistic. You won't be living like a king at the end of those 5 years because your wife will divorce you and you'll be paying alimony while driving the junker that you drove during college, podiatry school, and residency. I say that sort of for comedy value and also sort of seriously.

Living on $2K a month sucks and though you don't realize it yet there will be actual real expenses coming down the pipe that you've never heard of like disability insurance, term life insurance, and potentially umbrella insurance. Oh, and children. They don't cost much though...

Investing $78K a year almost assuredly will require a taxable account for most people since you'd likely have filled all of your tax advantaged space. Fill it up with those non-diversified dividend producing funds you just mentioned above and let me know how your capital gains plays out.

There are no shortage of neighborhoods in my current town where using your front yard and driveway as a garbage dump is the norm. I already see those people in clinic - I'd like to avoid seeing them while grilling so I pay more accordingly 😉

 

[NP 2 DPM]

I'm starting my first year of podiatry school this fall at Temple. As for debt, i'm lucky enough to be able to pay for this out of pocket. So to all my fellow Temple colleagues , what's up. Hope to network with you all this fall. 🙂