I just got accepted into a top 30 United States MD program. If I don't get any scholarships, then I'm potentially looking at upwards of $300,000 of student loan debt by the time I'm in any position to begin paying it off.
Is this a financially sound decision? Lately I can't escape this nagging feeling that I may have been better off going into investment banking. I have the brains as well as the gut for it, but I always considered medicine a more noble profession. Now, as I grow older, I'm turning more and more into a money-hungry scumbag like the rest of society, and I just don't know anymore.
Practically speaking, is it feasible to work full-time as a doctor, play the stock market on the side, and still have time to have a life with your family ?
>Is this a financially sound decision?
let me get this straight for you. financially, these options are roughly equivalent if you dont get a scholarship:
- graduating as a Doctor in the US
- graduating as Doctor in Europe and own a house + Porsche
i dropped out of a lower tier MD school after a semester so i kind of have some valid input on this topic. (i didn't drop out because of finances but because i hated studying medicine and i didnt want to be working ridiculous hours for the rest of my life.)
your student loan balance is a non-issue. you will be financing your education with federal loans (grad plus loans.) grad plus loans are eligible for pay as you earn, whereby you pay (gross income - 1.5x federal poverty level for your family size) * 10% per year toward your student loans. do this for 20-25 years, i can't remember which, then your debt is forgiven. the amount forgiven is treated as taxable income.
as for the last sentence, most doctors outside of emergency medicine or family medicine are working 50 hour weeks at the minimum. youve made it this far so i assume you know all about the hours during residency and fellowship.
working a shitty manual labor job while applying to masters programs in accounting. ive been accepted to several and plan on starting in the fall semester. my goal is to get my CPA and work in public accounting.
another uneducated retard child. SHUT THE FUCK UP AND GET THE FUCK OUT OF THIS THREAD IF YOU DON'T KNOW WHAT YOU ARE TALKING ABOUT.
OP, if you want more reasonable discussion -- discussion not from a bunch of aspergatron STEMlord 18 year old faggots -- head on over to StudentDoctorNetwork. when i applying to/attending/considering dropping out of med school, it was a fantastic resource.
Doesn't meant you'll be 300k in debt. Work a little. Yes, even in that school you can still work a little (some people even full time). Pay as you go, so you don't have a FULL debt, when you graduate. That's what people who are scared of student loans don't understand
very few people work during medical school. i knew of 1 in my class of 104 students. and it's only an option for the first year of classes if you're smart enough to not need the time to study -- most people aren't, as medical school is so much more difficult than undergrad. second year is MUCH harder and 3rd and 4th years you're too busy pulling 60-80 hour weeks in clinicals.
the amount of money he would earn would make no difference in the face of $300k in debt, and that time he spent working could be MUCH better spent studying so as to increase his chances of matching into a higher-paying specialty.
Yea true... It really only makes a dent in the ~~$60k debt than anything over $150k
OP just do it. Maybe the country will go socialist and forgive your debt
But really, just do it, you'll have small payments for a long time and you'll be able to pay them early if you wanted
PAY AS YOU EARN
INCOME BASED REPAYMENT
PUBLIC SERVICE LOAN FORGIVENESS
PRIVATE PRACTICE GROUPS THAT OFFER STUDENT LOAN REPAYMENT INCENTIVES
SHUT THE FUCK UP AND STOP TALKING WHEN YOU'RE JUST ANOTHER 18 YEAR OLD DIPSHIT /BIZ/ SHITPOSTER WHO HAS NO IDEA WHAT THE FUCK HE IS TALKING ABOUT
I just want to say that former-med-student-Anon is right about the loan stuff. There are a lot of programs in place to ensure that our future doctors don't go bankrupt. I'm hoping to take advantage of the public service loan forgiveness thing
That still leaves the issue of hours worked per week, however, as anon mentioned. Apparently you can actually work 40 hours and make 250K per year as a dermatolgist, but its the hardest specialty to get into nowadays since everyone wants that lifestyle. Emergency has good hours too, but typically they have you work at least some overnight shifts as part of your contract, which is terrible for your health as you get older. Family has good hours but the pay is relatively shit, and a nurse practitioner can do the same job, which does not bode well for the future of the specialty.
Don't do it. Your obviously smart- you can make a living elsewhere. It's not "noble" to go 300k in debt and have a cloud over you head.
Let's do the math.
You go 300k in debt for the education. Graduate and get to be an intern for a year making 40k a year. Then a resident for another 3-7 years making 45-60k. All the time working crazy hours. By the time you get out as an attending you will be 400k+ in debt and 35 years old.
Your income will jump, but now your pay as you earn scam will as well and your going to to paying 3k a month payments.
There is nothing noble about going balls deep in debt. Your better off working, becoming wealthy, and helping your community.
Kind of. Do like 5 years as a hospitalist and then start a practice where a bunch of nurse oractitioners work for you and so all the actual medicine (all your clients will be skilled nursing facilities) and you take a cut of the pay
Youll have to show up once a week at the facilities yourself though
Honestly rhough to make good money as an investment banker or lawyer youd have to put in 80+ hour weeks too so yourr last question was stupid from the getgo
I've heard from professionals that medschool is nowhere near worth it anymore in states. Skipppp
Let's run a quick debt service calculation here.
Most student loans are a 5 year repayment plan. This is a grad plus loan they are one of the most expensive student loans at 6.84%.
Thats about $5900 per month for 5 years.
Let's take the lowest salaried physician at 142k and take off 20% 4chan tax
Thats still about 9400 per month.
9400-5900 = 3500 net.
So if you're one of the worst doctors your take home is 42k for 5 years making min payments.
If you do no debt forgiveness programs what so ever.
after those five years however. Pay jumps back up to 113k and you're a millionaire in no time.
FOR THE WORST WAGESLAVE DOCTOR