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Starting a family after med school WHILE IN DEBT

Discussion in 'Medical Students - MD' started by D30417995, Dec 12, 2005.

  1. D30417995

    D30417995 Member
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    Imagine getting married and starting a family at about 30 years of age with a debt of about $200K or more; it's certainly a tough thing to do. Does anyone have any experience to share? For those who've been through the process, how did you manage to pay off the debt in a few years' time WHILE starting a family? Financially, I'm totally on my own. I know that doctors do earn a reasonable salary, however, the salary during residency training is really quite low in light of a debt of over $200K.

    Getting into medical schools is certainly a great accomplishment. However, once accepted and after all the celebrations, I can't help thinking about the loans that I'll have to re-pay once I graduate. It's daunting. :(
     
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  3. Krazykritter

    Krazykritter Senior Member
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    I know the feeling of trying to start a family while in medical school. My wife does work as a teacher and what she makes is basically about enough to cover our bills and most other expenses, however, talk of starting a family is always not a conversation I look forward to.

    The good news is that most people can qualify for economic hardship deferment on their loans while in residency (or so I've been told) and with low interest rates on consolidation, it is definitely possible to have a family. For loan companies and the government, you are a good investment because you will be able to pay off your loans.

    For now, just enjoy your acceptance and worry about the money this summer.
     
  4. mommy2three

    mommy2three PGY-1
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    it is certainly no crazier than going to school and putting yourself in that much debt while ALREADY having a family :)
    i currently have 2 children and my hubby and i are unexpectedly expecting our third. my motto in life is that anything you desire can be done...aka where there is a will there is a way. i do truely believe that things generally work out, yes there may be sacrifices but in the end they will work out :)
    good luck.
     
  5. run4boston

    run4boston formerly Run
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    There are a significant number of students here (Medical College of Wisconsin) that have families. At least one of my classmates had his second child this semester. I have another classmate that has a newborn and their family is living almost completely off of loans. So, it seems that if there is a will there is a way.
     
  6. naveenanirada

    naveenanirada Member
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    God has a plan.............for every person who comes into this world...........dont worry chief...........God will provide...............relax and all the best.Remember you are only the co-pilot.Tighten you belts and have a happy flight!
     
  7. There are so many variables to play around with if starting a family while in residency is REALLY important to you. First, consider a state school for med school. Then consider loan deferment vs refinancing over a 30 year period. Consider specialties with shorter residencies or higher attending salaries once you are done. After choosing the specialty, consider areas with lower costs of living..... You've got plenty of options and choices.....
     

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