where you be representin'?

Discover Your Odds of Getting into Medical School
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theroadisempty

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hey guys, i fairly new to the site, but this sure is one neat place here.

anyway, i hvn't found any threads that are "undergraduate school specific," which i think kinda sucks. [i mean, wouldn't it better, not that this forum isn't kickass already, if we could have our questions answered by fellow students from the same undergrad?]

so i was just wondering where most of us are hailing from?

as for me: nyu represent.
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Members don't see this ad :)
Where are all the Ivy Leaguers? :confused:
 
Welcome to SDN, theroadisempty! Hope you enjoy your time here.

As for me, I'm representing Pepperdine! Malibu FTW!
 
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A lil weird I guess but ill follow...Brooklyn native, Penn alum
 
Ay yo, I rep Michigan dawggg... haha I go to Oakland University
 
South Hudson Institute of Technology
 
UC Berkeley--Birth place of the computer!! What you know about it!
 
I feel sorry for those who are paying $40,000 per year for tuition and fees.

I doubt a college degree is worth $160,000. Way overpriced.
 
I think the reason why there aren't any threads that say that sort of thing is
1) The forum would be overflowing with hundreds if not thousands of universities.
2) You can always get off of SDN and go talk to pre-meds from your University in the real world.

That being said, Arizona State alum.
 
mmmcdowe said:
I think the reason why there aren't any threads that say that sort of thing is
1) The forum would be overflowing with hundreds if not thousands of universities.
2) You can always get off of SDN and go talk to pre-meds from your University in the real world.

That being said, Arizona State alum.
Click to expand...

ASU-> Columbia = awesome :laugh:
 
well those $40000 universities give out ton of financial aid and scholarships
 
sportsfreak said:
well those $40000 universities give out ton of financial aid and scholarships
Click to expand...

Even if you were to receive scholarships totaling $10,000 per year, you would still pay back about $220,000 when you consolidate all of your loans and stretch the payments out over 30 years.

You would essentially pay $8000 per year for the next 30 years to pay off your undergrad loans. And only $2500 of that is tax deductible.

Factor in medical school which will likely be over $300,000 when your loans are consolidated and you will likely pay over $15,000 a year for the next 25-30 years.

When you become a doctor and health care has already been socialized, you will probably make 60% of what doctors currently make and pay 20% more taxes to pay for all the government spending of this generation.
 
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oh well if I had to pay $30000 a year after my financial aid I would not go to that university, doesn't matter how high it was ranked
 
sportsfreak said:
oh well if I had to pay $30000 a year after my financial aid I would not go to that university, doesn't matter how high it was ranked
Click to expand...

I wouldn't count on too many grants or scholarships because health care dollars are drying up.

The government should at least make 100% of medical school loan repayment tax deductible if they are thinking of socializing medicine.
 
TopSecret said:
Even if you were to receive scholarships totaling $10,000 per year, you would still pay back about $220,000 when you consolidate all of your loans and stretch the payments out over 30 years.

You would essentially pay $8000 per year for the next 30 years to pay off your undergrad loans. And only $2500 of that is tax deductible.

Factor in medical school which will likely be over $300,000 when your loans are consolidated and you will likely pay over $15,000 a year for the next 25-30 years.

When you become a doctor and health care has already been socialized, you will probably make 60% of what doctors currently make and pay 20% more taxes to pay for all the government spending of this generation.
Click to expand...
they give out more than 10k for those that need it. I could get in the 20's of kids in my class with a full ride or pay less than 2000 a term...which for my school is a lot cause most the kids can afford it out of pocket anyway. endowments rock.

Dartmouth alum.
 
sportsfreak said:
wait are we talking about undergrad or med?
Click to expand...

Both.

If you consolidate $160,000 worth of medical school loans, you will likely owe $300,000 with payments stretched out over 30 years.

So if you work as an internist when you're done with all your training, your income will likely be 80% of what internists currently make. So that's 80% of $175,000 or $140,000. After taxes and you'll be left with about 60% of that or about $84,000. Subtract about $16,000 in student loans (undergrad and med school) and you're left with $68,000 or about $5600 per month of disposable income. If you happen to live in a state with a 10% income tax, then you're down to $54,000 or about $4500 per month of disposable income.

Also, during residency you're expected to start paying your loans. Residents will likely average $50,000 per year and paying $16,000 a year is a huge burden.

So at $50,000 you will likely have 70% after taxes (federal and state) or $35,000 afterwards. Of the $35,000 you will be paying the interest only on your loans and that will be about $8000. So your disposable income will be about $27,000 or $2250 per month.

If one-third of your monthly disposable income goes into rent, that's about $700-800 per month. You don't have very many options with that kind of money.

Oh yes, and you will be working about 80 hours per week with patients who think you're ripping them off and a single mistake could ruin your career. If you get fired from your residency program, you will have a very difficult time finding another residency position and you won't be making six figures.
 
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TopSecret said:
Both.

If you consolidate $160,000 worth of medical school loans, you will likely owe $300,000 with payments stretched out over 30 years.

So if you work as an internist when you're done with all your training, your income will likely be 80% of what internists currently make. So that's 80% of $175,000 or $140,000. After taxes and you'll be left with about 60% of that or about $84,000. Subtract about $16,000 in student loans (undergrad and med school) and you're left with $68,000 or about $5600 per month of disposable income. If you happen to live in a state with a 10% income tax, then you're down to $54,000 or about $4500 per month of disposable income.

Also, during residency you're expected to start paying your loans. Residents will likely average $50,000 per year and paying $16,000 a year is a huge burden.

So at $50,000 you will likely have 70% after taxes (federal and state) or $35,000 afterwards. Of the $35,000 you will be paying the interest only on your loans and that will be about $8000. So your disposable income will be about $27,000 or $2250 per month.

If one-third of your monthly disposable income goes into rent, that's about $700-800 per month. You don't have very many options with that kind of money.

Oh yes, and you will be working about 80 hours per week with patients who think you're ripping them off and a single mistake could ruin your career. If you get fired from your residency program, you will have a very difficult time finding another residency position and you won't be making six figures.
Click to expand...


this is more or less the reason why i want to go medical school ;)
 
TopSecret said:
Both.

If you consolidate $160,000 worth of medical school loans, you will likely owe $300,000 with payments stretched out over 30 years.

So if you work as an internist when you're done with all your training, your income will likely be 80% of what internists currently make. So that's 80% of $175,000 or $140,000. After taxes and you'll be left with about 60% of that or about $84,000. Subtract about $16,000 in student loans (undergrad and med school) and you're left with $68,000 or about $5600 per month of disposable income. If you happen to live in a state with a 10% income tax, then you're down to $54,000 or about $4500 per month of disposable income.

Also, during residency you're expected to start paying your loans. Residents will likely average $50,000 per year and paying $16,000 a year is a huge burden.

So at $50,000 you will likely have 70% after taxes (federal and state) or $35,000 afterwards. Of the $35,000 you will be paying the interest only on your loans and that will be about $8000. So your disposable income will be about $27,000 or $2250 per month.

If one-third of your monthly disposable income goes into rent, that's about $700-800 per month. You don't have very many options with that kind of money.

Oh yes, and you will be working about 80 hours per week with patients who think you're ripping them off and a single mistake could ruin your career. If you get fired from your residency program, you will have a very difficult time finding another residency position and you won't be making six figures.
Click to expand...

Well aren't you mr. gloomy. I'm not saying the debt won't be a huge burden, but even if socialized medicine does become the norm (which I believe it won't, as any politician advocating anything more socialized than a public insurance option is shouted down), there is no indication that PCP salaries will decrease. The latest changes to reimbursement actually increased PCP reimbursement (8% FM, 6% IM, 4% Peds), while some specialties got hosed (-11% Cards, -11% Rads, -19% RadOnc).
(http://mdsalaries.blogspot.com/2009/07/2010-specialist-salary-cuts-primary.html)

If any meaningful incentives reform passes, we will likely see a narrowing of the PCP-specialist income gap, with PCPs making around 190k and specialists around 250k, which I can certainly live with. Even if we do go to a socialized medicine structure, it might not be so horrible. Take a look at Britain. Average salaries may be lower than in the US, but that's with a 40 hour work week and less malpractice liability. Since 2004, when waiting times led to incentives to work over 40 hrs a week, an average family medicine doc in Britain now makes 200k
 
cardinal2010 said:
Well aren't you mr. gloomy. I'm not saying the debt won't be a huge burden, but even if socialized medicine does become the norm (which I believe it won't, as any politician advocating anything more socialized than a public insurance option is shouted down), there is no indication that PCP salaries will decrease. The latest changes to reimbursement actually increased PCP reimbursement (8% FM, 6% IM, 4% Peds), while some specialties got hosed (-11% Cards, -11% Rads, -19% RadOnc).
(http://mdsalaries.blogspot.com/2009/07/2010-specialist-salary-cuts-primary.html)

If any meaningful incentives reform passes, we will likely see a narrowing of the PCP-specialist income gap, with PCPs making around 190k and specialists around 250k, which I can certainly live with. Even if we do go to a socialized medicine structure, it might not be so horrible. Take a look at Britain. Average salaries may be lower than in the US, but that's with a 40 hour work week and less malpractice liability. Since 2004, when waiting times led to incentives to work over 40 hrs a week, an average family medicine doc in Britain now makes 200k
Click to expand...

How much do they pay in taxes? 40% of their GDP?

If socialized medicine should come to pass, doctors should be allowed to strike.

http://www.bmj.com/cgi/content/extract/332/7543/686-b
 
There will be a doctor strike in our career as physicians. The AMA is also going to see a huge jump in membership/donations.

Medical professionals have always been less inclined to strike (it is emotionally taxing to tell your patients that money is more important than their appointment. Fortunately,emergency care is usually provided for) than many other areas. With the rising costs of health care, decreasing the pay of passive employees are always a tempting way to balance the budget. There is a limit though, as seen by the whole german debacle.
 
Are you guys defining socialism as a political or economic system?
 
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