Student Debt Concerns

[makingthejump]

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I am in my mid 20s and considering the medical school route. I have always been financially savvy and cogniscent of the financial implications of my decisions. <-- I believe this is what is holding me back and has me continuing to consider medical school but never committing 100% to it. Has anyone else had this issue that causes them to run in place for years while keeping visiting the med school idea but just never being able to make the jump and commitment? Thanks for the help, any advice is appreciated!

 

[QofQuimica]

If you're going to go to medical school, you're almost certainly going to have to take on six figure debt. This is the reality of American medical training in the 2010s. If that is an issue that is going to keep you up nights because you're very financially conservative, it's totally valid and legitimate to decide that med school is not for you. There are plenty of other ways to accomplish your goals that require a lot less debt and delayed gratification. Don't let anyone tell you that you're selling out if you decide to take one of those other routes instead of becoming a physician. It's hard enough to do this training even when you're 100% committed. Doing it without being totally committed is bound to lead to regrets and and dissatisfaction.

 

[makingthejump]

Thanks for the advice. I just have difficulty seeing how many people get past this concept. I am not so sure why I am sooo concerned about the debt but it has had me revisit this career idea 3 times so far in my life and I just don't know what to do...

 

[hawkbit]

Definitely a smart thing to consider. With the continuing rise of tuition, it is a good idea to take a long hard look at the numbers before you jump in. The hardest ones hit will be those who will have to take loans to pay for everything, and then end up in one of the primary care fields (largest- and lowest paying).

 

[DrMidlife]

People don't get past it, not for 10-20 years. People accept it, make peace with it, and make smart decisions about repayment and specialty/lifestyle choice.

If you keep coming back to the idea of med school, and you keep not pursuing it because of debt, that's not about med school and it's not about debt. It's about the ability to make a decision. The facts aren't changing each time you come back to them.

Best of luck to you.

 

[makingthejump]

Ehh, I don't agree b/c the facts may be the same but the lifestyle situation is always changing. I tend to overthink everything to the point of remaining stagnant...I realized this early on in undergrad and figured I would hit an age when this would stop happening

 

[kekes]

You should also consider that current physicians who attended graduate school in the 70s through today also have debt they're still paying off. They may not have six figure debt but many have somehow managed to have families, homes and some semblance of happiness in spite of a significant amount of debt through proper management. Student loans are very common, yet get less media attention than other types of debt (such as credit, mortgages, and auto loans).

Just one example, a neighbor of mine recently told me she's got a significant amount still to pay on her loans & she's been practicing for decades, has worked all over the world with various health groups, has kids/husband, finds happiness, etc. When I think of soul crushing debt I try to remember that she's one of many PLUS the US president only recently finished paying off his grad school loans from the 70s. Makes me wonder what percentage of Americans are tied to some student loan...

 

[vc7777]

...I tend to overthink everything to the point of remaining stagnant...I realized this early on in undergrad and figured I would hit an age when this would stop happening

I'd like to know this magical age? It certainly isn't 37. You sound like me: not willing to do things unless there's assurances it will work out. You will struggle with this again and again in medicine and each time the stakes get higher. I certainly do. The potential time/money/energy/youthfulness/education loss/sanity multiplies practically with every major step. If you can't cope with it now - what does that portend?

Do yourself a favor and stop vacillating about life. The longer you sit on this, the harder and less likely you will be able to actually do it. That is, the choice will be made for you if you don't take control. The door to medicine will close when you are not looking with barely a whisper and not a loud bang.

If you decide to walk away from medicine today, you can stand tall as this is an active act of volition and not an act of submission.

Good luck

 

[makingthejump]

Vc7777, thanks for the feedback. What is your current situation? Are you still 37 contemplating this route? How many years did it take you to decide and what ultimately pushed you over the edge to pursue (or not pursue) this path?

 

[vc7777]

Vc7777, thanks for the feedback. What is your current situation? Are you still 37 contemplating this route? How many years did it take you to decide and what ultimately pushed you over the edge to pursue (or not pursue) this path?

Well, a lot of my back story is my MDapps link...which for the life of me out can't see on my phone even when I use a browser. Hmmm...

 

[vc7777]

Well, a lot of my back story is my MDapps link...which for the life of me out can't see on my phone even when I use a browser. Hmmm...

http://www.mdapplicants.com/profile.php?id=18352

 

[thefritz]

I am in my mid 20s and considering the medical school route. I have always been financially savvy and cogniscent of the financial implications of my decisions. <-- I believe this is what is holding me back and has me continuing to consider medical school but never committing 100% to it. Has anyone else had this issue that causes them to run in place for years while keeping visiting the med school idea but just never being able to make the jump and commitment? Thanks for the help, any advice is appreciated!

I was in the same boat. I finally found a way to mostly pay for school while I was in it (not the military), leaving me with minimal debt. And I still regret it. I almost dropped out multiple times through it. I am finishing now, and even though I have virtually no debt, I would be much better off financially if I had not gone to med school for at least the next 15-20 years. This is not the reason I regret it, though. Sure it's a positive that I am not an indentured servant with no other options like those with high debt burdens, but walking away would mean years retraining for another career. But I think it's important to point this out since you are concerned about finances. I have classmates who are a half million dollars in debt to do this. My recommendation is that if you don't want it bad enough that you aren't willing to put everything on the line and indebt yourself to such an insane degree, then you shouldn't go. Nearly everybody else is, and if you're wishy-washy about it now because of the money, wait until you're halfway through it.

Going to medical school will probably be a very wise financial decision if you expand your horizons beyond 20 years out. You will almost surely have more at retirement age than if you had pursued another professional career. But from ages 25-45, it will be all sorts of financial suffering. Don't let financial incentives be your major motivation for pursuing this career path. IMO.

 

[TheWeeIceMan]

You should also consider that current physicians who attended graduate school in the 70s through today also have debt they're still paying off. They may not have six figure debt but many have somehow managed to have families, homes and some semblance of happiness in spite of a significant amount of debt through proper management. Student loans are very common, yet get less media attention than other types of debt (such as credit, mortgages, and auto loans).

Just one example, a neighbor of mine recently told me she's got a significant amount still to pay on her loans & she's been practicing for decades, has worked all over the world with various health groups, has kids/husband, finds happiness, etc. When I think of soul crushing debt I try to remember that she's one of many PLUS the US president only recently finished paying off his grad school loans from the 70s. Makes me wonder what percentage of Americans are tied to some student loan...

Sure, but many practicing physicians are still paying off loans because it makes financial sense to draw them out as long as possible. There is a big difference between paying off 90k at 2% interest and paying off 250k at 6-8% interest. Just because that generation is still paying off loans, doesn't mean that it won't be more difficult for our generation to do so. People can handle debt and still have great lives, but we probably shouldn't look to past generations as a sign that everyone can do it.

 

[thefritz]

You sound like me: not willing to do things unless there's assurances it will work out.

Do yourself a favor and stop vacillating about life. The longer you sit on this, the harder and less likely you will be able to actually do it. That is, the choice will be made for you if you don't take control. The door to medicine will close when you are not looking with barely a whisper and not a loud bang.

If you decide to walk away from medicine today, you can stand tall as this is an active act of volition and not an act of submission.

Good luck

This is one of the best posts I've read on here. People are attracted to the medical profession because it is one the few systems left in the world where there is a protected source of good income. No longer are there unions and pensions nor traditional high earning fields previously protected with college as an entry barrier. In other words, people come to medicine because it is about as close to an "assurance" that one will be financially well off as possible. It is not surprising that a lot of these people are still uneasy that the assurance, while ridiculously good, still isn't good enough. Unfortunately there is no guarantee. Once you get into medical school, you have to pass your classes, pass your boards, get letters of recommendation, match into a residency, pass your inservice exams, get promoted each year, graduate, and pass your specialty boards. At each of these incredibly difficult steps along the way there is the potential to fail and be left holding the bag of your student debt. Plenty of people do fail at each step. It is not a sure thing.

The bottom line, like I said before, you have to go into this thinking long term. Like 20 years long term. If you can do this, then borrowing the money (or taking a military commitment which is arguably the same thing) becomes much more reasonable. If you're wishy-washy about the debt, you're not thinking long term and it suggests problems to come. What happens when you hit your first road block and fail step 1 or something? Do you go into panic mode and decide to drop out on a whim so you can cut your losses and only be $60k in debt instead of $200k? I have seen this happen.

 

[thefritz]

Sure, but many practicing physicians are still paying off loans because it makes financial sense to draw them out as long as possible. There is a big difference between paying off 90k at 2% interest and paying off 250k at 6-8% interest. Just because that generation is still paying off loans, doesn't mean that it won't be more difficult for our generation to do so. People can handle debt and still have great lives, but we probably shouldn't look to past generations as a sign that everyone can do it.

Interest rates on student loans in the late 1970s were 5-6%, not 2%. While this was still high, it was nothing compared to the stratospheric interest rates on everything else in the 1970s. Now we have extremely low interest rates and higher student loan rates, now with compound interest.

 

[TheWeeIceMan]

Interest rates on student loans in the late 1970s were 5-6%, not 2%. While this was still high, it was nothing compared to the stratospheric interest rates on everything else in the 1970s. Now we have extremely low interest rates and higher student loan rates, now with compound interest.

Yeah, I know he said grads from the 70s, but I wasn't really referring to them since those docs are 30+ years out and probably don't have student debt left. Not sure of the exact history of interest rates thoughout the years, but I know that not so long ago, rates were low enough that you could get better returns investing and drawing out loan payments. Whatever the case may be, given the very recent changes in studen loan policies and tuition spikes, I don't think we can compare ourselves to past generations of doctors.

 

[MedPhys2MD]

If medicine is what you really want to do, try not to think about the debt (I'm too guilty of doing this)... It's always going to be there - just a reality of the situation for most people. If you go into it with this attitude it will only add another layer of stress to this whole process.

Buying a house, financing medical school, raising children... They're all very very expensive! But I hope to do all 3