Which is better in the long run?

[tryin2suxede]

In this economy, EVERY med student will be taking out loans to go to medical school. As a result, most students will be drowning in student debt by the time they start their medical career (almost $200K to $400K).

On the other side, many students study abroad, where the cost to become a doctor is significantly lower than their US counterpart and have a good medical education. The sacrifice, though, is a harder time earning a residency, even though they have saved both time and money, and probably will not be in as much debt.

My question: In the long run, which is better, and why?

Should people go to Foreign medical school, save both time and money, and stress about getting a residency (because their choices will be limited) but be able to worry about other debts (mortgage, insurance, etc.)

Or...

Should students try and stay in the US, be guaranteed both a residency position, good (by this i mean accredited, so no dissing IMGs) education, but have a six figure debt hanging above them for most of their career. There will also be other responsibilities to fulfill while trying to pay off these loans, mainly family cost, mortgage, etc.

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[Cinclus]

I think it would still be worth it to remain in the US. There's a comfort factor that comes into play, as well. Also, we ALL won't be taking out loans, though most will.

 

[goldenwest]

$200k-$400k sounds a bit overstated. I'm on the better end of things since I have my undergrad all paid for, I'm going to a cheap Texas school and I'm living with my parents for medical school (or for however long it works). Based on what I've been taking out, I don't think I'll even break $80k in debt by the time I'm out. From what I'ved heard (this may just be Texas schools) most people don't even break $200k. The average is somewhere around ~$130k or something. I think it would be hard to have $400k unless you were really being stupid. I want to do foreign work eventually and could have happily lived/attended medical school elsewhere, but an American education will allow me the most reliability, flexibility and comfort for my purposes.

 

[Illinois2012]

$200k-$400k sounds a bit overstated. I'm on the better end of things since I have my undergrad all paid for, I'm going to a cheap Texas school and I'm living with my parents for medical school (or for however long it works). Based on what I've been taking out, I don't think I'll even break $80k in debt by the time I'm out. From what I'ved heard (this may just be Texas schools) most people don't even break $200k. The average is somewhere around ~$130k or something. I think it would be hard to have $400k unless you were really being stupid. I want to do foreign work eventually and could have happily lived/attended medical school elsewhere, but an American education will allow me the most reliability, flexibility and comfort for my purposes.

I believe the national average for the class of 2011 was something like 170K, so yeah I'd say it's a bit of an overstatement. Still a lot of money, but nowhere near 400K. I'm sure there's people out there with that much, but I don't know what they did to get there.

 

[Illinois2012]

I believe the national average for the class of 2011 was something like 170K, so yeah I'd say it's a bit of an overstatement. Still a lot of money, but nowhere near 400K. I'm sure there's people out there with that much, but I don't know what they did to get there.

My mistake. That number is actually for the class of 2010 and only includes private schools, which typically cost more at least compared to IS tuition at a public school.

source: https://medschool.vanderbilt.edu/financial-services/indebtness

 

[Morsetlis]

I think it would still be worth it to remain in the US. There's a comfort factor that comes into play, as well. Also, we ALL won't be taking out loans, though most will.

I am not becoming a $1mil / year neurosurgeon graduating from SGU...

There is no point in getting an abroad-degree considering that LIVING expenses also factor into it. You end up saving maybe 1 or 2 years' worth of salary... and end up being condemned into primary care for the rest of your life.

Unless, of course, you like primary care and prefer learning medicine in Hungarian / whatever random language the foreign medical school is, and like competing with IMG's for the dwindling number of spots not matched to US seniors.

 

[tryin2suxede]

$200k-$400k sounds a bit overstated. I'm on the better end of things since I have my undergrad all paid for, I'm going to a cheap Texas school and I'm living with my parents for medical school (or for however long it works). Based on what I've been taking out, I don't think I'll even break $80k in debt by the time I'm out. From what I'ved heard (this may just be Texas schools) most people don't even break $200k. The average is somewhere around ~$130k or something. I think it would be hard to have $400k unless you were really being stupid. I want to do foreign work eventually and could have happily lived/attended medical school elsewhere, but an American education will allow me the most reliability, flexibility and comfort for my purposes.

Maybe I did overstate, but this for the future. I will probably go to med school in 2014, so i will be the class of 2018 if all goes well *fingers crossed*
The tuition for medical school is rising and is showing no signs of stopping anytime soon. It will cost almost 150K for me to attend my public schools in the Midwest. My cousin just matriculated and will be paying at least $200K at a private university for tuition alone, and this doesn't count living expenses and books.

 

[Barcu]

My school's average debt is just over $200,000 (and remember those numbers factor in everyone, even those who get school paid for by parents, military, etc).

In the long run, going to school in the US is still a good investment, and there are ways to pay it off (if you are interested in military or underserved populations). Even without those programs, you will be comfortable financially.

Side question: this topic has come up a few times. How easy is it to actually get into a European med school as a non-EU citizen? Everybody talks about it like it's a viable option.

 

[Morsetlis]

It's not easy, but it's not like the Czech and Hungarian med schools have high standards.

Many schools of 1st-world Euro countries such as Switzerland have a Numerus Clausus (closed numbers) and they won't accept foreign nationals. The schools that just want your money WILL accept you after going through the VISA and application and transcript processes.

And then there's SGU/Ross/AUC...

 

[postbacpremed87]

Those figures are an overstatement but becoming closer to reality with the new legislation that was imposed (end of subsidized loans for professional students). That will add another $20,000 in interest.

In this economy, EVERY med student will be taking out loans to go to medical school. As a result, most students will be drowning in student debt by the time they start their medical career (almost $200K to $400K).

On the other side, many students study abroad, where the cost to become a doctor is significantly lower than their US counterpart and have a good medical education. The sacrifice, though, is a harder time earning a residency, even though they have saved both time and money, and probably will not be in as much debt.

My question: In the long run, which is better, and why?

Should people go to Foreign medical school, save both time and money, and stress about getting a residency (because their choices will be limited) but be able to worry about other debts (mortgage, insurance, etc.)

Or...

Should students try and stay in the US, be guaranteed both a residency position, good (by this i mean accredited, so no dissing IMGs) education, but have a six figure debt hanging above them for most of their career. There will also be other responsibilities to fulfill while trying to pay off these loans, mainly family cost, mortgage, etc.

 

[theWUbear]

I am not becoming a $1mil / year neurosurgeon graduating from SGU...

That's the average outcome for US allopathic med students tho rite

 

[NickNaylor]

That's the average outcome for US allopathic med students tho rite

lolya

 

[flatearth22]

In this economy, EVERY med student will be taking out loans to go to medical school. As a result, most students will be drowning in student debt by the time they start their medical career (almost $200K to $400K).

On the other side, many students study abroad, where the cost to become a doctor is significantly lower than their US counterpart and have a good medical education. The sacrifice, though, is a harder time earning a residency, even though they have saved both time and money, and probably will not be in as much debt.

My question: In the long run, which is better, and why?

Should people go to Foreign medical school, save both time and money, and stress about getting a residency (because their choices will be limited) but be able to worry about other debts (mortgage, insurance, etc.)

Or...

Should students try and stay in the US, be guaranteed both a residency position, good (by this i mean accredited, so no dissing IMGs) education, but have a six figure debt hanging above them for most of their career. There will also be other responsibilities to fulfill while trying to pay off these loans, mainly family cost, mortgage, etc.

Parents are paying for everything + giving me a monthly stipend.

U jelly?

 

[johnwalldance]

^Sort of....lucky

 

[isoquin]

go where you want to practice. Don't try to game the system with coerced setups and slim crossover chances.

As I've said in other threads, you shouldn't worry about the money if you believe you can make it through med school. Even if you have half a million in debt coming out, attendings from the lowest paid specialty can still easily pay it off in 10 years and still live nicely on a remaining salary that is well above the national average. The mistake is not taking on debt to become a doctor. The mistake is living like a rock star as a med student or resident, and then pretending your debt doesn't exist as an attending.

 

[Morsetlis]

Parents are paying for everything + giving me a monthly stipend.

U jelly?

Grass jelly with boba, please.