Student loans v. family medicine

[476223]

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I'm a debt-free, funded grad student set up to earn a $45 000-$75 000 salary when I graduate.

Through an online dating site, and then in person, I've met a 3rd year DO med student. His tuition is more than $50 000/year, not including living expenses, his car, etc. He's interested in doing family medicine.

I definitely want to do the balanced lifestyle, marriage, and family route, and from the way he spoke about his speciality choice and why he broke up with his past girlfriend who wanted to be a surgeon, we have similar lifestyle goals.

My question: How do I respectfully ask about his debt v. speciality choice, and perhaps more importantly, how do I tell if he's being overly idealistic about his loans v. his earning potential?

If he's choosing his speciality based on wanting a balanced lifestyle in a fun and "happening" urban location where homes are expensive and salaries are lower because everyone wants to be there, is he going to be able to live that life he imagines given his astronomical private school loans?

This repayment calculator says one would need to earn a lot more than a FP to be making a financially sound decision.

 

[oms2]

tsk tsk.
ask yourself: what's a nice girl like me doing with a do student? delete him.
find yourself a plastics md. maybe you could use his services?

 

[476223]

tsk tsk.
ask yourself: what's a nice girl like me doing with a do student? delete him.
find yourself a plastics md. maybe you could use his services?

I've worked hard to avoid any student loans so that I can pay down a mortgage toward a family. I stated that I have zero debt, and that I worked hard to earn a fully funded graduate education.

I hardly see how looking for a partner to be equally financially thoughtful is superficial. I've made financially sound decisions toward my future by not accruing any debt, when many of my equally educated peers have five or six figure student loans.

All I'm asking is this: if he's got $250 000 + of interest-accruing loans, and he gets taxed 40% of his income, is that financially sound? Or is he a guy that is going to be in debt until he's 50?

 

[lacrosse87]

I've worked hard to avoid any student loans so that I can pay down a mortgage toward a family. I stated that I have zero debt, and that I worked hard to earn a fully funded graduate education.

I hardly see how looking for a partner to be equally financially thoughtful is superficial. I've made financially sound decisions toward my future by not accruing any debt, when many of my equally educated peers have five or six figure student loans.

 

[QuiteAConundrum]

I've worked hard to avoid any student loans so that I can pay down a mortgage toward a family. I stated that I have zero debt, and that I worked hard to earn a fully funded graduate education.

I hardly see how looking for a partner to be equally financially thoughtful is superficial. I've made financially sound decisions toward my future by not accruing any debt, when many of my equally educated peers have five or six figure student loans.

 

[costales]

Do you look like this?

 

[frankyazz]

Medicine doesn't work that way. You don't get free medical education, unless you are fortunate enough to have a very wealthy family. Don't try to make yourself sound so righteous, and what not, for avoiding debt, when most people who are interested in medicine don't have that luxury.

In regards to your questions, why don't you just act like a mature adult, and just respectively ask him yourself? Yes, its that easy. Although this is not a dating forum, shouldn't you be communicating with your potential partner, and not thousands of random people over the internet? Your view on the situation, and the way you handled it, is extremely childish. Not everyone has the option of "being on your level" and making such "financially sound decisions."

End of thread.

 

[476223]

Medicine doesn't work that way. You don't get free medical education, unless you are fortunate enough to have a very wealthy family. Don't try to make yourself sound so righteous, and what not, for avoiding debt, when most people who are interested in medicine don't have that luxury.

In regards to your questions, why don't you just act like a mature adult, and just respectively ask him yourself? Yes, its that easy. Although this is not a dating forum, shouldn't you be communicating with your potential partner, and not thousands of random people over the internet? Your view on the situation, and the way you handled it, is extremely childish. Not everyone has the option of "being on your level" and making such "financially sound decisions."

End of thread.

I asked about debt to income ratio. I get that medical school can't be done without loans, but the person doing it at a public university on in-state tuition is a lot more thoughtful than someone taking on loans to go to a for-profit private school so big that they can't actually pay off the income.

That's my impression of many (not all) DOs right now--that they are getting swept into the for-profit corporate model and they will be victims of their own stupidity, like a lot of my PhD colleagues who are getting swept into for-profit corporate academia and becoming victims of their own stupidity.

I've seen a lot of stupid PhD colleagues who think they are going to be able to pay off their debt when that's not the case. They are overly idealistic and believe in this meritocracy that doesn't exist because of the emerging corporate model and student loans sweeping over mortgage payments. That's the frame I'm working with.

Obviously I need to talk to him, but I've talked to a lot of deluded PhD colleagues who don't get how they've screwed themselves over with loans. I don't have a frame of reference for DOs which is why I posted.

 

[Dharma]

I'm a debt-free, funded grad student set up to earn a $45 000-$75 000 salary when I graduate.

Through an online dating site, and then in person, I've met a 3rd year DO med student. His tuition is more than $50 000/year, not including living expenses, his car, etc. He's interested in doing family medicine.

I definitely want to do the balanced lifestyle, marriage, and family route, and from the way he spoke about his speciality choice and why he broke up with his past girlfriend who wanted to be a surgeon, we have similar lifestyle goals.

My question: How do I respectfully ask about his debt v. speciality choice, and perhaps more importantly, how do I tell if he's being overly idealistic about his loans v. his earning potential?

If he's choosing his speciality based on wanting a balanced lifestyle in a fun and "happening" urban location where homes are expensive and salaries are lower because everyone wants to be there, is he going to be able to live that life he imagines given his astronomical private school loans?

This repayment calculator says one would need to earn a lot more than a FP to be making a financially sound decision.

Go ask in the financial aid forum, where this thread should have originally been posted.

http://forums.studentdoctor.net/forumdisplay.php?f=30

Give the good ole search button a try as well. Plenty of info regarding FM, salary, lifestyle, debt, etc.

 

[ensuii]

I asked about debt to income ratio. I get that medical school can't be done without loans, but the person doing it at a public university on in-state tuition is a lot more thoughtful than someone taking on loans to go to a for-profit private school so big that they can't actually pay off the income.

That's my impression of many (not all) DOs right now--that they are getting swept into the for-profit corporate model and they will be victims of their own stupidity, like a lot of my PhD colleagues who are getting swept into for-profit corporate academia and becoming victims of their own stupidity.

I've seen a lot of stupid PhD colleagues who think they are going to be able to pay off their debt when that's not the case. They are overly idealistic and believe in this meritocracy that doesn't exist because of the emerging corporate model and student loans sweeping over mortgage payments. That's the frame I'm working with.

Obviously I need to talk to him, but I've talked to a lot of deluded PhD colleagues who don't get how they've screwed themselves over with loans. I don't have a frame of reference for DOs which is why I posted.

It's about budgeting. Your boytoy most likely won't ever have to worry about being employed for the rest of his life (PCP demand is huge anywhere in the US). He'll have fairly regular hours and depending on his interests and business savvy, he could potentially set his own hours. He'll pay off his debt eventually and live comfortably without trying too hard (given that his lifestyle isn't extravagant). On the other hand, if you're looking for someone to provide you with a ginormous home and a transformer as a personal vehicle...chances are you should continue your search. Realistically it'll all come down to how hard he wants to work and what his goals are. There's nothing wrong with working M-F 8-5 and taking home 175-200k, even with 250k debt. If he wants to work/earn more, then there are several options for him to consider in his field.

I think much of the backlash you've received thus far is from others perceiving you as the type of person a lot of single med students meet. The reality is that once people enter our field, many students notice that they attract more interest from the opposite sex for one reason or an other. Sometimes it's because our profession signals to others a future with security and a particular lifestyle which may or may not be realistic. I think you need to have a sitdown with either him or think to yourself about the kind of lifestyle you want to live. If you can find happiness in the 2.5kids, suburban home, fully loaded hyandai and a nice vacation every now and then flying coach model, I don't think it'll take too much introspection. If you're searching for a something more than that then I think you have some major decisions to make.

No offense to you or anything...but if I were an OMS3 on match.com and I had an interest that remotely sounds like you, I would continue my search because it sounds like you're the type of person a lot of us single med students try to avoid.

 

[ensuii]

This repayment calculator says one would need to earn a lot more than a FP to be making a financially sound decision.

Wow...I just looked at that calculator and I see what's bothering you. The "minimum annual salary" is pretty bonus especially considering the 8% of income towards debt metric is bogus. Don't even look at that. The higher incomes give you a lot more wiggle room and you should be able to pay more than 8% of your physicians income towards debt while still living a modest lifestyle. Crunch the numbers yourself. Assuming he has 250k in debt with an average interest rate of 6.8%, his monthly payment would be $2877/mo if he were to pay off his debt in 10 years. Rounding to 3k/mo that should be 36k/yr. I understand that there are a lot of costs associated with the adult life (ie., mortgage, car, kids, etc.) but 36k/yr is a burden a FP doc should be able to handle. If he weren't able to, he'd have a lot more problems than his student debt.

 

[SpecterGT260]

I don't understand why this is such a popular topic..... FM is still one of (if not.the) largest specialties available. If it was so financially unreasonable I suspect it would be slightly more common knowledge.

All things considered, he could match your financial contribution and put the rest into loans and get them paid off pretty quickly.... that is unless you demand a BMW right off the bat 🙄

 

[476223]

Wow...I just looked at that calculator and I see what's bothering you. The "minimum annual salary" is pretty bonus especially considering the 8% of income towards debt metric is bogus. Don't even look at that. The higher incomes give you a lot more wiggle room and you should be able to pay more than 8% of your physicians income towards debt while still living a modest lifestyle. Crunch the numbers yourself. Assuming he has 250k in debt with an average interest rate of 6.8%, his monthly payment would be $2877/mo if he were to pay off his debt in 10 years. Rounding to 3k/mo that should be 36k/yr. I understand that there are a lot of costs associated with the adult life (ie., mortgage, car, kids, etc.) but 36k/yr is a burden a FP doc should be able to handle. If he weren't able to, he'd have a lot more problems than his student debt.

Thanks so much, @ensuii. I looked up his tuition, threw the number into the calculator, factored in 40% taxes, and felt nothing but dread, thinking of the academics I have met who are literally never going to get out of debt without declaring bankruptcy.

Things I would like: a home with kids, finances for a used vehicle, and money to fly (coach, as you said) to see loved ones once in a while. Things I can continue live the rest of my life without: shopping for non-essentials, going to the movies rather than making use of netflix, etc.

I really thought he was in that bad a position from that calculator.

I don't understand why this is such a popular topic..... FM is still one of (if not.the) largest specialties available. If it was so financially unreasonable I suspect it would be slightly more common knowledge.

All things considered, he could match your financial contribution and put the rest into loans and get them paid off pretty quickly.... that is unless you demand a BMW right off the bat 🙄

Yeah, I really thought he was in the "never going to get out of the pit" debt range based off the calculator. You would be surprised with how many PhD students aren't "in the know" about the fact that it's so financially unreasonable unless you are fully funded, and then they can't pay back relatives and banks, ever.

I was also thinking of the lawyers who have medical school levels of debt but yet only 20-25% of them will be able to pay it off (source: http://www.abajournal.com/news/article/campos_indentured_servants_law_school_crisis_symptom_economy/).

 

[ensuii]

Thanks so much, @ensuii. I looked up his tuition, threw the number into the calculator, factored in 40% taxes, and felt nothing but dread, thinking of the academics I have met who are literally never going to get out of debt without declaring bankruptcy.

Things I would like: a home with kids, finances for a used vehicle, and money to fly (coach, as you said) to see loved ones once in a while. Things I can continue live the rest of my life without: shopping for non-essentials, going to the movies rather than making use of netflix, etc.

I really thought he was in that bad a position from that calculator.



Yeah, I really thought he was in the "never going to get out of the pit" debt range based off the calculator. You would be surprised with how many PhD students aren't "in the know" about the fact that it's so financially unreasonable unless you are fully funded, and then they can't pay back relatives and banks, ever.

I was also thinking of the lawyers who have medical school levels of debt but yet only 20-25% of them will be able to pay it off (source: http://www.abajournal.com/news/article/campos_indentured_servants_law_school_crisis_symptom_economy/).

Yeah...that calculator is pretty bogus for physicians. If he were 250k in debt and made the salary it said was required and then kept on top of the payment schedule it recommends, he would be taking home 220k post taxes and loan repayment...😱 I'm willing to bet you'd agree that most people would be able to happy with much less 😛

 

[WDeagle]

I asked about debt to income ratio. I get that medical school can't be done without loans, but the person doing it at a public university on in-state tuition is a lot more thoughtful than someone taking on loans to go to a for-profit private school so big that they can't actually pay off the income.

That's my impression of many (not all) DOs right now--that they are getting swept into the for-profit corporate model and they will be victims of their own stupidity, like a lot of my PhD colleagues who are getting swept into for-profit corporate academia and becoming victims of their own stupidity.

I've seen a lot of stupid PhD colleagues who think they are going to be able to pay off their debt when that's not the case. They are overly idealistic and believe in this meritocracy that doesn't exist because of the emerging corporate model and student loans sweeping over mortgage payments. That's the frame I'm working with.

Obviously I need to talk to him, but I've talked to a lot of deluded PhD colleagues who don't get how they've screwed themselves over with loans. I don't have a frame of reference for DOs which is why I posted.

I am sorry your boyfriend is so thoughtless by attending a private school. Why don't you ask him why he didn't go to his instate school.

Listen, the guy is still gonna be a doctor. He is gonna make doctor money and live a doctor lifestyle. In his worst financial year of practice he is still going to make much more than a phd. Finding loan repayment for primary care is also an option for him too.

 

[thecgrblue]

[YOUTUBE]http://www.youtube.com/watch?v=6vwNcNOTVzY[/YOUTUBE]

Sorry, I couldn't help it.

Valid concerns, though I am VERY curious how far along this relationship is. Or if you just met last week 🙂

I left optometry for the same reasons, didn't believe my debt v. income was viable. FM, though not $$$ is promising, but honestly, my bro-in-law wanted to do FM until the last bit of 4th year then changed to anesthesia.

Good luck! Don't let silly things like that stop you if he is a quality guy.

 

[Prncssbuttercup]

OP, here's the thing. Your salary, your maybe 75k/yr, is like 1/2 to 1/3 of what your DO student acquaintance is going to make, so in no way shape or form are you guys going to be on equal financial footing. I'll break down the math for you (all gross):

You (best case): 75k/yr= 2890/pay period
him (worst case) 150k/yr=5800/PP
you no debt payments=5800/mo
him -loan payment=9550/mo

So, he STILL is pulling in WAY more than you... Get over it...

 

[necronomicon]

... have met who are literally never going to get out of debt without declaring bankruptcy...

Maybe you haven't heard, but bankruptcy does not erase student loan debt.

 

[Oxer45]

.

 

[valkener]

In all honestly, I hope your boyfriend realizes what a shallow person you are. Picking a specialty for him could be a huge disaster; what if he hates what you recommend? He's going to blame you forever? Don't think you have a say in what specialty he picks. It's his career.

 

[Prncssbuttercup]

This repayment calculator says one would need to earn a lot more than a FP to be making a financially sound decision.

HAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!

This website is a joke!!!! It says that for 350k in loans that you need to make 350k/yr to pay them off... apparently we're planning on paying them off in 5 years!! HAHAHAHAHA!!!

A 350k mortgage requires an 80k/yr salary to pay. These loans are basically the same. You should maybe check a different source....

The site says
"

• This is only an estimate! Your actual payment amount is determined by your loan holder based on the amount that you borrowed. However, most student loan programs require at least a $50 payment each month, no matter how small your loan amount.
• Your interest rate depends on your loan type and when you received the loan.
• The calculator is preset to 120 months and an interest rate of 6.8 percent. You may adjust these.
• It is recommended that your student loan payment be less than 8 percent of your gross income. The minimum salary field is based on this recommendation.
• If you have not made payments while in school or during your grace period, you may have capitalized interest that will be added to the principal amount of your loan. This amount should be included in the principal amount in the calculator below in order to give a more accurate estimate of the loan repayment information."

 

[thepoopologist]

Botox clinic. Bo-tox.

 

[se20001984]

I'm a debt-free, funded grad student set up to earn a $45 000-$75 000 salary when I graduate.

Through an online dating site, and then in person, I've met a 3rd year DO med student. His tuition is more than $50 000/year, not including living expenses, his car, etc. He's interested in doing family medicine.

I definitely want to do the balanced lifestyle, marriage, and family route, and from the way he spoke about his speciality choice and why he broke up with his past girlfriend who wanted to be a surgeon, we have similar lifestyle goals.

My question: How do I respectfully ask about his debt v. speciality choice, and perhaps more importantly, how do I tell if he's being overly idealistic about his loans v. his earning potential?

If he's choosing his speciality based on wanting a balanced lifestyle in a fun and "happening" urban location where homes are expensive and salaries are lower because everyone wants to be there, is he going to be able to live that life he imagines given his astronomical private school loans?

This repayment calculator says one would need to earn a lot more than a FP to be making a financially sound decision.

....hummmmmm

 

[FLpk1girl86]

troll don't feed it

 

[Shnurek]

I left optometry for the same reasons, didn't believe my debt v. income was viable. FM, though not $$$ is promising, but honestly, my bro-in-law wanted to do FM until the last bit of 4th year then changed to anesthesia.

Good luck! Don't let silly things like that stop you if he is a quality guy.

Its true. The cost of an optometric education is like 30% less than a DO education but the income potential is also like 50% less. At least currently. One of the main reasons I chose optometry is because I knew I could slip my way through the student debt cracks. I live near the second cheapest OD school in the country and I live at home (I can still have a normal social life don't worry 😛). So I'll be out with around $50k in debt.

If I went to a dental school I would have had to pay 3.25x the tuition (NYU Dental 65k/yr) plus having a longer commute or just not living at home which is financial suicide. Or MD school, only slightly higher tuition but not being able to live at home which would still cost me at least 2x more per year and having all my loans accrue interest while in residency/fellowship for 3-7 years and this is assuming I would get into the public in-state medical school which is very hard to get into. DO school would have been even more expensive. Not to mention I would have to work my ass off for the next 7-11 years putting in 50-80 hours a week. Personally, I think dental is the best way to go financially out of any health field. I had a DO vascular surgeon tell me if he knew the reimbursements Dentists get he would have definitely not become a DO. BUT DO NOT GO INTO IT JUST FOR THE MONEY. You will be a miserable scrooge the rest of your life if this is the case.

So basically the point of this is choose a field that interests you, wouldn't be exorbitantly expensive and is the right field for YOU. Don't worry about what other people blabber about. Just try to not dig yourself into this student loan debt mess. I think the OP knows what she is doing and it might not be fair to label her as a gold digger. I still think you should talk to your significant other directly. My gf does this indirect stuff where she posts statuses on facebook when she is moody instead of contacting me. It is indeed very childish. But overall, I honestly wish more girls were financially conscious like you.

 

[DrMidlife]

Kind of stunned that nobody has brought up the repayment programs available during residency and beyond. IBR, ICR, PSLF etc. See studentloans.gov.

Things to be concerned about:
- any private loans (these have no repayment flexibility)
- basic financial irresponsibility (does he always have a new toy etc)
- consumer debt (is he accumulating a credit card balance)
- can he talk about his debt intelligently or is he dismissive/evasive
- does he expect his fictional future self to take care of his current spending self

Best of luck to you.

 

[DrMediterranean]

Some of the wealthiest docs I've ever met have been FPs. It's a good field if you have some business savvy because there are so many ways you can frame and organize your practice. And being self employed is the best part IMO.

 

[munchymanRX]

Yeah. Making money (regardless of profession) is about how much you save and how efficiently you run your business (read: minimize overhead). A lot of docs never get that, and so there's this mentality that pulling in massive 300k+/yr salaries is the only way to live comfortably.

Just like the above post, the richest docs I know aren't the cardiothoracic surgeons or even the dermatologists. They're the PCPs who know how to run their businesses.


Oh, and OP. Tread lightly. You're bound to run into a lot of hostility here because we're very attuned to those who are just after our pocketbooks. We get it ALL the time.

 

[poopyhead]

I'm a debt-free, funded grad student set up to earn a $45 000-$75 000 salary when I graduate.

You should worry about your future first. There is an excess of PhDs in the job market. In the current economy, it's tough for PhDs to get jobs. Private sector jobs are hard to come by and lack job security. Tenure-track positions in academics are so scarce that you'll most likely be stuck in post-doc hell for awhile. Government grants are being scaled back as well.

Regardless of your boyfriend's specialty, his financial contribution to the relationship will be far greater than yours.

 

[thepoopologist]

You should worry about your future first. There is an excess of PhDs in the job market. In the current economy, it's tough for PhDs to get jobs. Private sector jobs are hard to come by and lack job security. Tenure-track positions in academics are so scarce that you'll most likely be stuck in post-doc hell for awhile. Government grants are being scaled back as well.

Regardless of your boyfriend's specialty, his financial contribution to the relationship will be far greater than yours.

Well said, poopyhead

 

[cabinbuilder]

I'm a debt-free, funded grad student set up to earn a $45 000-$75 000 salary when I graduate.


]

Ha Ha Ha. I'm an FP and I make your years salary in 10 weeks. Get over yourself.

 

[physcigirl27]

You should worry about your future first. There is an excess of PhDs in the job market. In the current economy, it's tough for PhDs to get jobs. Private sector jobs are hard to come by and lack job security. Tenure-track positions in academics are so scarce that you'll most likely be stuck in post-doc hell for awhile. Government grants are being scaled back as well.

Regardless of your boyfriend's specialty, his financial contribution to the relationship will be far greater than yours.

this.
I can't say much because I'm not in med school (yet) but I was in a situation fairly recently where I was dating a phD student for quite some time. Things were serious to the point of marriage talks but he had an issue with my future career aspirations (wanted details about the stability of all the possible specialties I might be interested in 4 years down the line). So, like a d-bag, he left me. Well, then I did some research on HIS phD and ummm...yeah. I would def be more concerned with that. Especially if it's not a phD in the hard science. phD in law = SOL.

 

[GOMERE]

To thread starter:
Hook up with me, I'm applying for uglyology this coming up year. If you're hot I'll take you in for awhile. If you're not I can fix you up.

 

[SpecterGT260]

To thread starter:
Hook up with me, I'm applying for uglyology this coming up year. If you're hot I'll take you in for awhile. If you're not I can fix you up.

I originally read this as "urology" and thought you were gunna hook her up with a "twig'n'berries" arrangement 😉 Or is that plastics?

 

[GOMERE]

plastics =)

 

[cmcbee]

Life is about doing what you love and being happy....it is not about obsessing on sdn over some guy you met on the internet and his medical school debt.

I foresee a restraining order in your future....

 

[n3xa]

Ha Ha Ha. I'm an FP and I make your years salary in 10 weeks. Get over yourself.

👍

 

[TriagePreMed]

You're going to make 45k to 75k? Then you comment about his school being private based on you not understanding anything about how medical school works? You should be grateful that he's even willing to look at you.

Anyone with minimum financial savviness would rather be with someone making 175k a year with 250k debt because over time they will earn more. If he gets taxed at 40%, that leaves off 105k. Then from that he pays 30k. That equals the MAXIMUM of your salary BEFORE you pay your taxes. About 8.5 years later, heck, make it 10 for interest, he'll be making an extra 30k free and chances are he'd moved up the ladder and be making 210k and not his original amount.

I really hope for his own sake he sees the kind of snake that you are and leaves you.

 

[zoner]

You're going to make 45k to 75k? Then you comment about his school being private based on you not understanding anything about how medical school works? You should be grateful that he's even willing to look at you.

Anyone with minimum financial savviness would rather be with someone making 175k a year with 250k debt because over time they will earn more. If he gets taxed at 40%, that leaves off 105k. Then from that he pays 30k. That equals the MAXIMUM of your salary BEFORE you pay your taxes. About 8.5 years later, heck, make it 10 for interest, he'll be making an extra 30k free and chances are he'd moved up the ladder and be making 210k and not his original amount.

I really hope for his own sake he sees the kind of snake that you are and leaves you.

Doh! Well said

Sent from my SAMSUNG-SGH-I997 using SDN Mobile

 

[zoner]

Ha Ha Ha. I'm an FP and I make your years salary in 10 weeks. Get over yourself.

how do you make that in 10 weeks in a family practice? So you make over 350k?

Excuse my ignorance but whats pcp?

Sent from my SAMSUNG-SGH-I997 using SDN Mobile

 

[SpecterGT260]

how do you make that in 10 weeks in a family practice? So you make over 350k?

Excuse my ignorance but whats pcp?

Sent from my SAMSUNG-SGH-I997 using SDN Mobile

Were you hSDN or something before? I'm confused how a long time member with >1k posts is unfamiliar with all of these terms (including confusions from other threads)

45k*5 would be 250k give or take. Some primary care providers (PCP) can do this well depending on how the practice is set up and where they are.

 

[AFMD]

You're going to make 45k to 75k? Then you comment about his school being private based on you not understanding anything about how medical school works? You should be grateful that he's even willing to look at you.

Anyone with minimum financial savviness would rather be with someone making 175k a year with 250k debt because over time they will earn more. If he gets taxed at 40%, that leaves off 105k. Then from that he pays 30k. That equals the MAXIMUM of your salary BEFORE you pay your taxes. About 8.5 years later, heck, make it 10 for interest, he'll be making an extra 30k free and chances are he'd moved up the ladder and be making 210k and not his original amount.

I really hope for his own sake he sees the kind of snake that you are and leaves you.

You'd have to pay around 36k to pay off a 250k loan over 10 years at 8% interest (assuming monthly payments). About 43.5k a year for a 300k loan.

Saying FM is irresponsible is kind of bizarre. There's worse things to waste money on than getting trained to do something you like to do.

 

[VIllaHJF]

I'm a debt-free, funded grad student set up to earn a $45 000-$75 000 salary when I graduate.

Through an online dating site, and then in person, I've met a 3rd year DO med student. His tuition is more than $50 000/year, not including living expenses, his car, etc. He's interested in doing family medicine.

I definitely want to do the balanced lifestyle, marriage, and family route, and from the way he spoke about his speciality choice and why he broke up with his past girlfriend who wanted to be a surgeon, we have similar lifestyle goals.

My question: How do I respectfully ask about his debt v. speciality choice, and perhaps more importantly, how do I tell if he's being overly idealistic about his loans v. his earning potential?

If he's choosing his speciality based on wanting a balanced lifestyle in a fun and "happening" urban location where homes are expensive and salaries are lower because everyone wants to be there, is he going to be able to live that life he imagines given his astronomical private school loans?

This repayment calculator says one would need to earn a lot more than a FP to be making a financially sound decision.

Live on 50K like normal middle class people and pay the rest towards student loans for 2-3 years. All the while, put YOUR entire paycheck at his loans for those 2-3 yrs. You wont need it as you will be living on the 50k.

You will be out of debt fast and will now have a tremendous amount of discretionary income when big monthly student loan payments are not eating up a huge portion your paycheck. Now you will be able to buy whatever you want with a bit of saving.

Having lots of money is less about how much you make and more about how much you spend.

Also, don't even think about putting any of your income at his loans unless you two are married.

2-3 years is a very small price to pay for a lifetime of financial freedom.

 

[Slane]

"She take my money..."

 

[dudeliness]

You'd have to pay around 36k to pay off a 250k loan over 10 years at 8% interest (assuming monthly payments). About 43.5k a year for a 300k loan.

Saying FM is irresponsible is kind of bizarre. There's worse things to waste money on than getting trained to do something you like to do.

Is there a calculator you're using to get these numbers or are you just doing it yourself? I only ask because I was trying to figure how much debt I'd be in at the end of 4 years of school and 3 years of residency, and it was getting confusing to calculate the different kinds of interest with the different loans I'll have to take out etc

 

[BabyDoc86]

Is there a calculator you're using to get these numbers or are you just doing it yourself? I only ask because I was trying to figure how much debt I'd be in at the end of 4 years of school and 3 years of residency, and it was getting confusing to calculate the different kinds of interest with the different loans I'll have to take out etc

Same boat, I'd like to know as well!

 

[TriagePreMed]

Is there a calculator you're using to get these numbers or are you just doing it yourself? I only ask because I was trying to figure how much debt I'd be in at the end of 4 years of school and 3 years of residency, and it was getting confusing to calculate the different kinds of interest with the different loans I'll have to take out etc

You can easily do it with excel and your loan information from studentloans.gov

 

[dudeliness]

You can easily do it with excel and your loan information from studentloans.gov

Yeah, my calculations showed that for just tuition, fees, books and supplies at western I'm looking at $290K by the end of a 3 yr residency. Closer to $444K if I were to take out the max allowed for cost of living.

 

[Druggernaut]

how do you make that in 10 weeks in a family practice? So you make over 350k?

Excuse my ignorance but whats pcp?

Phencyclidine. Cabinbuilder moonlights as a drug dealer, and that's how she makes so much money.

 

[AFMD]

Is there a calculator you're using to get these numbers or are you just doing it yourself? I only ask because I was trying to figure how much debt I'd be in at the end of 4 years of school and 3 years of residency, and it was getting confusing to calculate the different kinds of interest with the different loans I'll have to take out etc

You can use Time Value of Money (TVM) calculator. I just use the Finance application on my TI-83 calculator. It's very useful for seeing how much you'll be in debt, how much you can pay to get it paid off in a certain amount of time, and stuff like that.