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Who's gonna be 220K+ in debt after med school??

Discussion in 'Pre-Medical - MD' started by joker, Apr 13, 2004.

  1. joker

    joker Senior Member
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    Hey all...I know I will be! :thumbdown: Just wanted to see how many of you will be in the same boat as me. For those taking private loans on top of the govt. loans, where are you planning on getting them from?

    As of now, I'm looking at about 60k a year for upenn. sucks.
     
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  3. Adapt

    Adapt 2K Member
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    I figure I'll be at exactly around 220K in debt. That's only if I borrow 40K in all stafford loans for 4 years. The 220K is assuming I defer during residency so about 3 years after I graduate. Accrued interest just kills you.

    As an FP, I'll be paying 2K a month out of my 6K a month salary for 10 years. Pretty sad.
     
  4. DrJ2B

    DrJ2B Senior Member
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    UPenn is definitely worth it. So you have made your mind up to go to UPenn? Are you going to the Northwestern second look weekend for fun? If I had money to spare, I would do the same. Enjoy and Have fun at UPenn! I may join you if I get off the waitlist. :)
     
  5. vr4nut

    vr4nut Member
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    Nah, maybe about $120,000 tops here. Texas schools rock! I feel your pain though, but it shows your dedication to the field that you're willing to do that.
     
  6. Trekkie963

    Trekkie963 Senior Member
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    Unfortunately I think I'll end up in the same debt-ridden boat. I'm headed to USC in the fall, which is notorious for having bad financial aid.

    I forget the places I am looking into getting loans from...I think one is called MedLoan or something.
     
  7. TheFlash

    TheFlash Playtime Is Over
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    Probably me as well. And I just got 25K of merit aid to go to one of my state schools :laugh: . Wait a minute, that makes me :( .
     
  8. Stupendous

    Stupendous Member
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    I'll be staying in state for UofAZ. It's currently ~$12000/yr. I'm lucky though and will be $0 in debt. Father's a doc and helping me out.
     
  9. umass rower

    umass rower Insert clever phrase here
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    Thank the Lord for state schools. UMass undergrad and now UMass Med, and between the two my debt will be nearly negligible. If I had been going somewhere else though, I probably would have taken the HPSP scholarship against my better judgment.
     
  10. Adapt

    Adapt 2K Member
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    You are one lucky son of a gun. I truly wish I was in your shoes. :(
     
  11. oudoc08

    oudoc08 Please pass the gas...
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    Waiting on the feel-gooders to come on here and tell you about how you are stupid to be that far in debt, and that they think you should only make 100k after you get out. They seem to show up on other forums, so I have little doubt that they will appear on here.
     
  12. nikoo

    nikoo Member
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    My cheapest in-state school happens to be UCSF at 20,000 : 40% increase from last year but it's still a sweet deal!
     
  13. japhy

    japhy Ski Bum
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    I will easily hit $200K. Hell, I already topped $110K this year. But that is after med and law school, so I guess its not so bad.

    joker, i am at law school at penn. i have worked with several med students here, they sure are a nice bunch. i love it here at penn, although this weather gets old pretty quick. good luck to you.
     
  14. kito

    kito Big Evil
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    Weren't you in Slickness' shoes not too long ago?
     
  15. Celestron2000

    Celestron2000 Senior Member
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    Yes, prolly 220,000+, just the thought makes me feel all squishy in my stomach. :( :oops: :scared: :eek:
     
  16. Celestron2000

    Celestron2000 Senior Member
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    ...but hey it looks like we may be headed into another round of infation, and that's a good thing for the likes of us. :D :cool:
     
  17. joker

    joker Senior Member
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    HI Dr. J!!!

    Yeah, I decided to go to Penn next year. It's too perfect for me to pass up just for financial reasons, ya know?

    How are things panning out with you? I know you're waiting for Hopkins...I wish you the best of luck!

    About Northwestern...I had to commit to their 2nd look weekend before Penn told us...so now I have to go, because they paid my travel expenses. Oh well, it'll be a free vacation :).

    Dude...I seriously hope you get off the waitlist at Penn...you deserve it more than anyone! I would love to be your classmate....Good luck!!

    -joker
     
  18. Adapt

    Adapt 2K Member
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    :laugh: Yes I'm slickness incarnate. I changed my name awhile ago.
     
  19. jlee9531

    jlee9531 J,A,S
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    for tuition and living expenses...im look at around 160K a year...

    well and Some trAveling expenses as well! ;)
     
  20. Adapt

    Adapt 2K Member
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    For UC Davis a supposed state school? :eek:

    I didn't think Cali state schools were that bad. It's almost like going to a private school. So you borrow 40K a year or are you including interest?
     
  21. jlee9531

    jlee9531 J,A,S
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    wells fees are like 20K.
    and just to be on the safe side...ive allotted an extra 20K for housing, food, transportation etc...
    i'm sure it doesnt cost that much to live...but just guestimating...

    i guess a realistic view is to live off 10-12K a year...making it around 120K...

    but still....anywhere from 120K to 160K.
     
  22. Brickhouse

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    I'm thinking I'll be about 160K in debt - my school estimates 58K per year - but their living expenses are not that realistic - I mean, a girl's gotta have her mani/pedi every week!
    And boo to my state schools. Boo to California for not being able to accomodate their population (although I kinda wanted to leave for a while). And Boo to expensive private schools! And Boo to faux suede. :D
     
  23. Tezzie

    Tezzie b*witched
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    I will use the funds that my parents had for my undergraduate education towards my medical school tuition. So i think that i will need to borrow just for my living expenses. I figure something around 80,000 for 4 years but i guess that can go up or down.
     
  24. avicoo

    avicoo SDN Donor
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    And boo to the government for putting a stop to college graduates declaring bankrupcy to erase their debts from school!

    Maybe I should consider a stripping career to enhance my income/decrease my future debt?
    :eek:

    Just kidding about everything I said. :D
     
  25. jlee9531

    jlee9531 J,A,S
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    positions are hard to get...just got rejected from the Hotsy Totsy... :mad:
     
  26. avicoo

    avicoo SDN Donor
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    I saw your pic and I find that extremely difficult to believe...maybe you should reapply wearing scrubs and a stethescope that will get 'em for sure!
    :laugh:
     
  27. courtyard

    courtyard Member
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    I haven't received any financial aid offers from any schools yet.
    But those of you writing that they will be in 250K+ in debt I have
    a question for you.

    Don't schools usually provide some sort of grants/scholarships and other free
    money? Sounds like you are just adding up the total cost of medical school
    for four years and assume that you will pay for it all as a loan.
     
  28. Celestron2000

    Celestron2000 Senior Member
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    It seems unlikely that I'll get much in the way of grant money. Medschools don't give out much of this, and as my parents are solidly middle class...
    I'm thinkin' big time loans.
     
  29. pillion

    pillion Senior Member
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    ...just three words for this thread: Texas, Texas, Texas.
     
  30. ZekeMD

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    I'm from a middle class family and I got scholarship money from Rochester. I think many schools try to give out what they can.
     
  31. Celestron2000

    Celestron2000 Senior Member
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  32. jlee9531

    jlee9531 J,A,S
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    :idea: thats a great idea! ...hope the hospital doesnt mind me using more than my share of scrubs...;)
     
  33. missbonnie

    missbonnie floating
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    It depends on the school. Some give squat and will give you just loans. Some will be generous (I think Stanford is one of those). P&S says their average grant award for those with need was around 20K :) (still leaves you with almost 35K in loans, but ...). I'm hoping for some love.

    b
     
  34. Heal&Teach

    Heal&Teach cogito ergo sum
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    I'll probably be looking at around $220 (includes two years of graduate school debt) or so debt once my loan packages come in, but you can bet your bottom dollar that I'm applying for every scholarship available once I get into school!
     
  35. G0S2

    G0S2 SDN Angel
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    Oh what the hell, pile it on!!!!!! :smuggrin:
     
  36. twinklz

    twinklz Lover of Lagomorphs
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    Alas, I will probably be joining these ranks, once the interest starts accumulating. $48,000/year. Got the letter yesterday and still reeling from the idea of having to sign my name to that much debt. :oops:
     
  37. quideam

    quideam Too tired to complain
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    Count me in... i'm estimating around $160,000 in debt, plus interest, plus a possible defferment during residency.... *sigh*
     
  38. SoulRFlare

    SoulRFlare Senior Member
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    Quideam--
    Have you decided where you're going?
     
  39. bobby_chamo

    bobby_chamo Member
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    Only 6k a month ?? Is this during or after residency??
     
  40. Adapt

    Adapt 2K Member
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    This is after residency when I'll be working as an FP making $120K a year. As someone posted, you keep about 63% of your income after federal and state taxes. The state taxes vary but I live in CA so that is basically what I'll be getting back. That's a net income of $75,600, or $6,300 a month. So I guess it's a bit more than 6K but not that much more.

    I am borrowing $40K in Stafford loans a year (I'm not even borrowing any private loans). Through using an accrued interest calculator, I will be around $220K in debt after residency assuming I can get a deferment during residency.

    Using some loan repayment calculator I found online, at a 4% interest rate from the Stafford (this is a conservative estimate as it could get as high as 8.25%), I would have to pay about $2,100 a month for 10 years to pay off that debt. You have to remember interest accrues while you pay it off which is why you pay more.

    This leaves me with around $4K a month for other expenses. That's an effective income of $48K a year. Of course my income may increase as the years go by but still. This is the sad reality for primary care doctors that go to private schools.
     
  41. Not THAT much...around $170k for me after graduation. That's before any interest, of course.
     
  42. quideam

    quideam Too tired to complain
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    Hey SoulRFlare.... Still deliberating, but i'm probably going to go to Pitt. Their EM program is one of the best in the country, while RWJ's is on the verge of being put on probation (per my advisor - truama research/em guy). I think that it will be rough for me emotionally to leave the security of being close to my s/o and family, but it's not THAT far, and it will give me a much better opportunity to succeed later on. So... probably Pitt. I'm hoping that I have a good experience at the second look :)

    Thanks for asking... and for all of your advice :)
     
  43. bobby_chamo

    bobby_chamo Member
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    Aye .. These taxes are insane. Is $120k average for a starting FP? Is this working for a clinic or what?
     
  44. bobby_chamo

    bobby_chamo Member
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    By the way, what do people get paid on average during residency?
     
  45. Ah, good stuff. Everyone needs their little treats during med school!

    A bunch of us guys HAVE to play poker now. :thumbup:
     
  46. SoulRFlare

    SoulRFlare Senior Member
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    right now, I think it's between 35,000 and 45,000 depending on where you are, how far you are into your residency etc...
     
  47. mackaikai

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    me ;o i will be in debt 220K+
     
  48. Yeah, usually starting is around $35-38k, then it goes up a few thousand every year. Same for all specialties. Salaries may increase slightly in areas with higher cost of living.
     
  49. bobby_chamo

    bobby_chamo Member
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    How much do you actually take home out of that?
     
  50. DrDad

    DrDad DO Stud. '08
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    ouch *bitten*
     
  51. DrJ2B

    DrJ2B Senior Member
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    Hey joker!

    Awesome! You are going to love UPenn even more than you love it now. Congrats again on getting into such a great school. I would love a vacation right about now instead of finals. ;) It is awesome that Northwestern pays for the 2nd look. Does UPenn? I do not think it has done so in the past (perhaps just for MD/PhD acceptees), but that could have changed. I wish I could be there but only the waitlistees high on the Tier 1 Waitlist were invited. Have a great time! :clap:
     

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