Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was talking to an American friend recently and she told me she wanted to enoll in Medical school, although she believes she would have a debt of $200,000 once she graduated. do wages compensate for the money you need to borrow in order to be a MD?
Depending on your specialty, yes. If you go into family practice, then you need to find a cheaper school, but it's not uncommon for some specialties to make upwards of $200K - $300K a year once your residency is over.
As long as the new doctor can keep living for a few more years like a resident, it won't take long at all to pay off the loans.
If you want to be a doctor and plan on practicing medicine when you get out, I really wouldn't worry about it. It does depend on the speciality, but you can make a very good living.
200-300k? I thought it would be slightly lower due to all the recent hoopla about insurance and whatnot. Im no doctor but Im working on a masters in mental health counseling. At least 1 of 8 professors now say they run 'cash only' practices because of the rise in costs (overhead, malpractice insurance, uncooperative insurance companies)...etc. If its like that in the world of psychology, I can only imagine the hit that the medical profession has taken.
Don't just look at education debt vs. expected salary. Consider the associated costs as well.
200-300k? I thought it would be slightly lower due to all the recent hoopla about insurance and whatnot. Im no doctor but Im working on a masters in mental health counseling. At least 1 of 8 professors now say they run 'cash only' practices because of the rise in costs (overhead, malpractice insurance, uncooperative insurance companies)...etc. If its like that in the world of psychology, I can only imagine the hit that the medical profession has taken.
Don't just look at education debt vs. expected salary. Consider the associated costs as well.
As someone who's about to finish my PhD in psychology, I can tell you that malpractice insurance for us is REALLY cheap. Most people run "cash only" businesses because insurance companies take a cut of the money that they don't want to give them (we just had a huge discussion on opening/running a private practice). Also,the world of psych and medicine are very different.
Yes, school can be about 200K for med school. I don't know why the insurance craziness would make that lower? I have two cousins who are graduating with specialities in OBgyn and ER. They will both start at their new jobs in the mid-100's. Another friend who is doing an anasetgiology (sorry can't spell) speciality within cardio is starting at over 400K. So, paying off 200K isn't going to be too hard for them. Also, you can try to get scholarships, etc to help pay for school. There are also some loan repayment programs for those working in low income areas after graduating. In other words, if you really want to be a doctor, don't let loans deter you. Just choose a school wisely, see if you can get money, and don't take out more loans than you need!
Even if one decides to go into family practice, they shouldn't have much trouble paying off medical school loans and not all medical schools run 200K a year. I know that in my home state, even an out of state student would not come close to paying 200K.
And as some of the other posters said, there are many specialties that have annual salaries in the 300 - 400K range. The top three are Anesthesiology, Radiology, and I think Dermatology; these all require more than the standard four year residency, but in the end they pay off. My dad is an anesthesiologist so I can attest to that one on a personal level. And my partner is completing his fellowship to be a pediatric cardiologist and even as a part-time general pediatrician he makes 70K.
All this sounds very encouraging. Let me see if any of you can give me a little insight into a tough situation/decision I am faced with. I am a divorced mother of two kids and as a reslult of my divorce had to forclose on my home, and possibly declare backrupcy in the near future since I am no longer able to get the private loans or credit cards I was hoping to live off of while in school. The economy has taken a downturn and I am going down with it. I have a little money left from the last student loan I took out last year. The problem is that I am afraid I will be forced to give up on my dream of medical school due to my poor conditions, I am not sure what kind of aid they will offer me that will enable me to attend. Outside of my financial problem of having to provide a roof, food, and clothing to my children without working, I am an excellent student and very detemined. I have the potential, energy, and motivation required to become a doctor. I also have, due to my age (29), great life experience that has tought me so much about life and humanity. My question is, do any of you believe I should reconsider the doctor dream and maybe do a PA degree which is less time and money, or will medical schools assess my situation and make it possible for me to get the loans necessary for me to attend? Am I just over my head? Is my destroyed credit report going to ruin my chances? I really am in need of sound advise!
Even if one decides to go into family practice, they shouldn't have much trouble paying off medical school loans and not all medical schools run 200K a year. I know that in my home state, even an out of state student would not come close to paying 200K.
I think the OP meant $200K total debt, which is not unrealistic. It is also realistic to think it can be paid off fairly quickly.
All this sounds very encouraging. Let me see if any of you can give me a little insight into a tough situation/decision I am faced with. I am a divorced mother of two kids and as a reslult of my divorce had to forclose on my home, and possibly declare backrupcy in the near future since I am no longer able to get the private loans or credit cards I was hoping to live off of while in school. The economy has taken a downturn and I am going down with it. I have a little money left from the last student loan I took out last year. The problem is that I am afraid I will be forced to give up on my dream of medical school due to my poor conditions, I am not sure what kind of aid they will offer me that will enable me to attend. Outside of my financial problem of having to provide a roof, food, and clothing to my children without working, I am an excellent student and very detemined. I have the potential, energy, and motivation required to become a doctor. I also have, due to my age (29), great life experience that has tought me so much about life and humanity. My question is, do any of you believe I should reconsider the doctor dream and maybe do a PA degree which is less time and money, or will medical schools assess my situation and make it possible for me to get the loans necessary for me to attend? Am I just over my head? Is my destroyed credit report going to ruin my chances? I really am in need of sound advise!
Before you decide, see what scholarships and grants might be available to you. Your situation sounds like your EFC would be $0, so you should be able to get financial aid to cover the majority of your expenses.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Is Medical school worth the money?
