what is the average typical starting pay of a resident? I know it depends on where you do your residency, but whats the average of 2yr, 3yr, and 4yr residencies.......
residency starting salery
- Thread starter phillypd
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Not to much for the hours worked. It varies by location it can range around 30-50k a year. The income will increase with the years. Ex. Here in Kentucky family practice can start by 40k the first year and around 48k the 3 year.
Philly you do realize that it is for 2-3 years. Than you can start out on your career. You wont make much more than 60k a year out of the running gates. So it is something to think about.
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When you are in residency you can defer your loans until you are done with residency so that will help.
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I don't think you understand. After graduating from med school, pod school, etc, you do a residency in your chosen specialty (in this case podiatry). You then work under an attending physician/s and receive the vast majority of your training. After you finish residency and become and attending physician, you start making a significant amount more. You can defer your med loans until after residency.
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dude I was at my interview for cspm and i talked with 7 different residents that say that all just got hired on at different multispecialty things like kaiser or whatever and they are ALL making 200K gross a year "out of the running gates" so....
well ok....i understand now...............wewwwww I got really scared for a min.....Now, my next question is the one that i have been having some issues with.....and please all can help me on this........I live in the east coast "philly" I would really like to return to the east coast, (doesn't have to be philly) I here it's hard and very saturated with pod doc's around here.....what can you tell me about that....i don't really want to move to the west coast or mid west to find a good job....do you just go where ever the employment is? I cant really do that cause i'm married and my spouse has a great well paying job that would be self-fish of me to ask him to leave...plus he won't do that anyway....so how's the market? I don't want to rely on hoping that the baby boomers will need us in the future..or on the wish that it will pick up one day....
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Not for much longer if 20/220 doesn't get reinstated.
Id rather give someone an under quote. Rather than give them a top offer.dude I was at my interview for cspm and i talked with 7 different residents that say that all just got hired on at different multispecialty things like kaiser or whatever and they are ALL making 200K gross a year "out of the running gates" so....
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that would suck if you can't defer your loans until after residency. Looks like it will be ramen noodles for at least 7 years.
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If I made 40K in ANY 1 year, I could retire. I am wayyy lower on the salary than that.
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Different DPM residencies pay different figures... $35-50k is pretty standard:
http://www.casprcrip.org/html/casprcrip/directory.asp
...Also, keep in mind that $45k plus free food, health insurance, CME allowance, electronics allowance, etc is pretty darn good compared to what you probably made before pod school (assuming you are a traditional student right out of undergrad). I consider free food to be worth around $3k per year ($8-10 per day times ~300 work days/yr), esp during first year of residency when you are at the hospital all the time between working and on call. You have to look at the whole package, and most importantly, the training that each program can give you.
It obviously depends on what area of the country you end up as to how far your $ goes. In places like Detroit or Iowa, you can obviously buy a lot more with $45k than you could in Boston, NYC, SoCal, etc.
http://www.casprcrip.org/html/casprcrip/directory.asp
...Also, keep in mind that $45k plus free food, health insurance, CME allowance, electronics allowance, etc is pretty darn good compared to what you probably made before pod school (assuming you are a traditional student right out of undergrad). I consider free food to be worth around $3k per year ($8-10 per day times ~300 work days/yr), esp during first year of residency when you are at the hospital all the time between working and on call. You have to look at the whole package, and most importantly, the training that each program can give you.
It obviously depends on what area of the country you end up as to how far your $ goes. In places like Detroit or Iowa, you can obviously buy a lot more with $45k than you could in Boston, NYC, SoCal, etc.
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Guy, I'm not a resident. I was commenting on the fact that in my life (outside of school) I've not made that money yet. I'm a student not a grad of a school.
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Even if the 20/220 pathway doesn't get reinstated, it's ultimately up to the lender to decide how much you pay back while in residency. Most of the major lenders, like Sallie Mae, are making deals with medical schools (including podiatry schools) to drop repayments significantly below what the Income Based Repayment system dictates. Students with questions about this should talk to their school's financial aid department.
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there is no longer a deferment option for residency, but you can always apply for an economic hardship deferment. As long as you exceed the federally defined debt to income ratio (believe me you will) you can defer your loans for 3 yrs. I just did.
https://www.wellsfargo.com/student/repay/deferment/#Q1
https://www.wellsfargo.com/student/repay/deferment/#Q1
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there is no longer a deferment option for residency, but you can always apply for an economic hardship deferment. As long as you exceed the federally defined debt to income ratio (believe me you will) you can defer your loans for 3 yrs. I just did.
https://www.wellsfargo.com/student/repay/deferment/#Q1
Thats an interesting link. I am currently under a residency deferment with Wells. They told me I can choose economic hardship later if i wanted. According to those I talked to and the paperwork I filled out, residency deferment is still an option. But maybe I just slipped through the cracks...I dont know.
