Is medical school worth the debt in the long run ?

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Originally Posted by slacktide_bitog
Doctors are actually most likely people to default on student loans. In some states, doctors that default on student loans lose their license to practice medicine, sometimes even for life.


Which is why you move OUT of those states before you default!
smile.gif
 
Originally Posted by Astro14
Originally Posted by Dudemanmaximus
Well maybe. My daughters tuition is 22-25 $k/ year + $800/month rent + living expenses etc, usually costs me $40k/ yr. Private schools tuition alone often 50-60K. Many med schools now are 40-60K per year. It is not hard to rack up debt.


It's not hard to rack up debt.

The schools and banks make it so easy.

But it is not necessary.

If you don't have other resources how else are you going to do it? A part time gig at McDonald's isn't going to do much.
 
If I was going into med school, I would like some CERTAINTY as the future of the healthcare industry! The failure of Obamacare, socialist, and free market, unless you getting paid by the u.s. Government, not sure if there is going to be a "free market" in the future.
 
Originally Posted by hatt
Originally Posted by Astro14
Originally Posted by Dudemanmaximus
Well maybe. My daughters tuition is 22-25 $k/ year + $800/month rent + living expenses etc, usually costs me $40k/ yr. Private schools tuition alone often 50-60K. Many med schools now are 40-60K per year. It is not hard to rack up debt.


It's not hard to rack up debt.

The schools and banks make it so easy.

But it is not necessary.

If you don't have other resources how else are you going to do it? A part time gig at McDonald's isn't going to do much.


If your parents make less than $65,000/year, you can go to many schools for FREE.

https://college.harvard.edu/financial-aid

All you have to do is work hard enough to get in.

E.G. My son has a classmate who grew up on a reservation in Wyoming. She is the first in her family to go to college. The school is paying 100% of her room, board, and tuition. They have given her a campus job, which covers her incidentals like laundry and entertainment, and she gets an allowance for books, and an allowance for travel to/from Boston to Wyoming.

Covered completely. She will pay nothing.

She will graduate debt free.
 
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Instead of asking the internet, you need to sit down and run the numbers. Every specialty is different as is every schools tuition. I am sure in some cases, it's a no brainer, in others, it's run from it.
 
Astro 14 that is great! I think with help from bank of dad and playing your cards right that can happen. Some of these kids start with nothing and have to finance all 8-10 yrs of school. Good luck to your daughter!
 
Originally Posted by Astro14
Originally Posted by hatt
Originally Posted by Astro14
Originally Posted by Dudemanmaximus
Well maybe. My daughters tuition is 22-25 $k/ year + $800/month rent + living expenses etc, usually costs me $40k/ yr. Private schools tuition alone often 50-60K. Many med schools now are 40-60K per year. It is not hard to rack up debt.


It's not hard to rack up debt.

The schools and banks make it so easy.

But it is not necessary.

If you don't have other resources how else are you going to do it? A part time gig at McDonald's isn't going to do much.


If your parents make less than $65,000/year, you can go to many schools for FREE.

https://college.harvard.edu/financial-aid

All you have to do is work hard enough to get in.

E.G. My son has a classmate who grew up on a reservation in Wyoming. She is the first in her family to go to college. The school is paying 100% of her room, board, and tuition. They have given her a campus job, which covers her incidentals like laundry and entertainment, and she gets an allowance for books, and an allowance for travel to/from Boston to Wyoming.

Covered completely. She will pay nothing.

She will graduate debt free.

These programs do you no good if you don't quality for them.
 
Doctors are generally well off, even with med school debts, if managed properly.

Another option would be to join the military as an officer and let them pay for med school in exchange for 6-8 years of service. I have a college buddy that did that.
 
I think one of the most popular ways I see young docs coping with debt is through Uncle Sam. Thats probably what I would do if I were in their shoes.
 
Originally Posted by Dudemanmaximus
Astro 14 that is great! I think with help from bank of dad and playing your cards right that can happen. Some of these kids start with nothing and have to finance all 8-10 yrs of school. Good luck to your daughter!


Not every student has parents that can help pay for medical school..... and not all students can qualify for 100% paid tuition for medical school.

This person is disqualified from military service due to vision problem.
 
Originally Posted by Dudemanmaximus
Astro 14 that is great! I think with help from bank of dad and playing your cards right that can happen. Some of these kids start with nothing and have to finance all 8-10 yrs of school. Good luck to your daughter!


Thank you!

She has worked very hard...and my commitment to her was: graduate college debt-free. We were able to accomplish that, and the financial aid awards from various institutions played a role in her college selection. I'll PM you the details.

I am empathetic to the cost of college. My wife and I have put her three kids, and my three kids, through college. That's six college educations. 24 years of college paid for. 48 checks, if you're counting. I am more familiar with paying for college than most. Every single one of our kids graduated from college without debt.

I do understand how easy it is to rack up the debt. But it's not really needed in every case.

This is a pet peeve/concern of mine. Parents are all too willing to indulge their children, and the children believe that they're entitled to bankrupt their parents, or themselves, for a college degree.

My electrician makes more than I ever will. He employs a dozen people. Excellent company. But no college and no debt. With 3 million job vacancies in the skilled trades, there are many kids racking up unsupportable debt, when they would've been better off pursuing a career that didn't need a four year degree. He has a fabulous fishing boat. A great life.

But we have societal pressure and expectations that have shaped children, and their parents, in a way that pushes them to get a college education, and to rack up ridiculous debt in doing so.

I know two girls. Twins. Lovely young ladies (family, but I don't want to mention more details in order to protect their privacy) and they went to college. Their parents paid list price for a private school. No financial aid. $50,000/year, each, for 4 years. $400,000 in total spending by their parents, which is enough to fund a complete, and comfortable, retirement. Their parents claim to be unable to retire.

They don't have the money.

And the girls?

Well, they're married, stay at home moms. Which is great, but they didn't need to go to that private school, and they didn't need to spend that much. They could've gone to school in state, and spent a few hundred thousand less, allowing their parents to be able to save for retirement, and still had a degree. Still had the same level of education. They "wanted" the private school...

So, their combination of entitlement, and parental enabling, has resulted in a complete financial disaster for their parents.

Sadly, their story is common...and not necessary...
 
Originally Posted by PPWarrior
Just go to Mexico, study there, take the US license exams, and come back with not much debt and the same training


Many Canadian kids have up having to go to med school in the Carribean - had quite a few rotate on our service. I think there are just not enough slots in Canada. I know some that have had difficulty getting residency spots - has taken 2-3 yrs for some. I am not sure it is any cheaper either
 
totally agree
Originally Posted by Astro14
Originally Posted by Dudemanmaximus
Astro 14 that is great! I think with help from bank of dad and playing your cards right that can happen. Some of these kids start with nothing and have to finance all 8-10 yrs of school. Good luck to your daughter!


Thank you!

She has worked very hard...and my commitment to her was: graduate college debt-free. We were able to accomplish that, and the financial aid awards from various institutions played a role in her college selection. I'll PM you the details.

I am empathetic to the cost of college. My wife and I have put her three kids, and my three kids, through college. That's six college educations. 24 years of college paid for. 48 checks, if you're counting. I am more familiar with paying for college than most. Every single one of our kids graduated from college without debt.

I do understand how easy it is to rack up the debt. But it's not really needed in every case.

This is a pet peeve/concern of mine. Parents are all too willing to indulge their children, and the children believe that they're entitled to bankrupt their parents, or themselves, for a college degree.

My electrician makes more than I ever will. He employs a dozen people. Excellent company. But no college and no debt. With 3 million job vacancies in the skilled trades, there are many kids racking up unsupportable debt, when they would've been better off pursuing a career that didn't need a four year degree. He has a fabulous fishing boat. A great life.

But we have societal pressure and expectations that have shaped children, and their parents, in a way that pushes them to get a college education, and to rack up ridiculous debt in doing so.

I know two girls. Twins. Lovely young ladies (family, but I don't want to mention more details in order to protect their privacy) and they went to college. Their parents paid list price for a private school. No financial aid. $50,000/year, each, for 4 years. $400,000 in total spending by their parents, which is enough to fund a complete, and comfortable, retirement. Their parents claim to be unable to retire.

They don't have the money.

And the girls?

Well, they're married, stay at home moms. Which is great, but they didn't need to go to that private school, and they didn't need to spend that much. They could've gone to school in state, and spent a few hundred thousand less, allowing their parents to be able to save for retirement, and still had a degree. Still had the same level of education. They "wanted" the private school...

So, their combination of entitlement, and parental enabling, has resulted in a complete financial disaster for their parents.

Sadly, their story is common...and not necessary...
 
Originally Posted by Dudemanmaximus
Originally Posted by PPWarrior
Just go to Mexico, study there, take the US license exams, and come back with not much debt and the same training


Many Canadian kids have up having to go to med school in the Carribean - had quite a few rotate on our service. I think there are just not enough slots in Canada. I know some that have had difficulty getting residency spots - has taken 2-3 yrs for some. I am not sure it is any cheaper either


I was going to mention Ross University is being considered, but they prefer to stay in the USA.
 
Originally Posted by hatt

These programs do you no good if you don't quality for them.


Please read through the link I provided. Harvard, along with many other schools, are generous with financial aid for those who need it.

You qualify by virtue of your financial position.

That's it.

But, as I said, you do have to get in. Like the girl from the reservation in Wyoming.

In many cases, kids have options that don't require the payment of private school prices. In-state tuition. Community college that leads to in-state school. E.G. Tidewater Community College for two years, and transfer to Virginia Tech, or University of Virginia. Low cost, great education, excellent future opportunities.
 
Yes. The drs in my neighborhood live pretty nice lives including recent grads. They are all well off and happy. Majority only work 4 longer days. Making 200k-700k/year you can attack debt with some hold back. You as med student learn to live really cheaply initially.
 
Originally Posted by JLTD
Doctors are generally well off, even with med school debts, if managed properly.

Another option would be to join the military as an officer and let them pay for med school in exchange for 6-8 years of service. I have a college buddy that did that.

Originally Posted by JLTD
Doctors are generally well off, even with med school debts, if managed properly.

Another option would be to join the military as an officer and let them pay for med school in exchange for 6-8 years of service. I have a college buddy that did that.


School paid for AND receive pay while attending. I advised a coworker to get her daughter into this program for Dental school..no debt and see the world as a Navy Dentist. She was emotional at the thought of her baby girl risking her life that way. Navy Dentist getting killed in combat? Never happen G.I.!!
 
It's a good thing no doctors are stupid enough to get career and\or financial advice on BITOG. If a potential doctor seeks advice here, I hope they think it's a bad idea and seek another vocation. Even worse to seek second level advise from someone who has to ask here.
 
It's worth it simply because medical doctors are "worth it" to society as a whole, so anyone who wants to be a Dr and has the competency should become a Dr.

Yes, it's expensive, the tuition is usually a bit higher than an arts degree and you have to attend college for a long time (but not long in comparison to other doctorates).

On the other hand, here in Saskatchewan (Canada) in Nursing college you can have your Student Loans forgiven if you work in the Province for four years after graduation, and all study past Bachelor's is free with a monthly living allowance. I know a Nurse who has a Master's, has never worked a day as a Nurse, is now teaching for a nice salary, thanks, and had her post-grad education paid for after she graduated with a Baccalaureate in Nursing (4 years of study), this after having her student loans forgiven. Nurses earn $C 85K [$US 65,500] a year right out of college and 25% of nurses in my Health Region (the city, basically) earn more than $100K [$US 76,000], with the highest paid earning around $C 125K [$US 95,000].

But in medical college, after the end of your second year you get "the lecture" where everyone who will wash out has washed out, and the rest are told "you are all going to be doctors" so quit worrying about graduation and start learning your craft. You have a clear understanding of what the costs will be at that point. Not many other disciplines offer that security.

There are some well paying medical careers that require less education, so the payback starts sooner on your college investment, but Doctors still make more money than other medical careers do, and even if it's only $30K a year more, it's still $30K a year more. (and a Dr making that kind of money isn't working very hard, maybe they have an office job and 9-5 hours. To make more money in a different medical career, your only choice boils down to working in the middle of nowhere for a slight increase in pay and / or working overtime. A Dr can essentially make as much as he / she wants through specialization and job mobility as well as working more hours.

My Dr works a strict 9-5 / 5 days a week schedule, he might occasionally work past the 5 PM closing of the clinic, but not much more, and he out-earns the other medical careers, including those who work many hours a week. He can open a practice wherever he wants versus looking for a job at a health care facility, and there are other advantages.

Perhaps the question should be why do people become Architects (the lowest paid professional career) or Veterinarians (same college burden as medical Dr but lower pay), or why everyone doesn't become a Dentist (the higher paying medical Dr career). People do things for more than just money.
 
Within our circle of friends are three doctors of different types. All are doing VERY well. Treated like slaves in residency - to the point that I'd say it was criminal what they were put through, and the female ones, having kids during that time, not good for the early stages of child upbringing, IMO. Of course the medical systems don't care...

But million dollar homes and the like are fully in the situation at this point.

From a financial perspective, I sort of wish I went that route from that perspective, but it didn't appeal to me from a blood and sickness perspective. No going back now...
 
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