Eyes popping with debt figures

[ensuii]

So I signed my financial aid award package this morning and the fact that I'll be 230-270k in debt after I graduate med school is really starting to hit home. I've been hoping to do FM/IM/EM/Gas/Ortho/Peds but now I'm starting to think maybe primary care won't be a possibility if I want to pay off the loans and still start a family. Are these normal things to freak out over or am I being a nutcase?

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[todds]

So I signed my financial aid award package this morning and the fact that I'll be 230-270k in debt after I graduate med school is really starting to hit home. I've been hoping to do FM/IM/EM/Gas/Ortho/Peds but now I'm starting to think maybe primary care won't be a possibility if I want to pay off the loans and still start a family. Are these normal things to freak out over or am I being a nutcase?

You'll be fine. Paying off your debt in 10 years will only take off 30-35K/year. As a PCP, after taxes and after paying off school debt yearly, you should still take home 80-110K to live off.

In the long run, you will still profit if you have business sense, and still be wealthy (again with good business/investment sense) by the time you retire. Just remind yourself that this is in the LONG run.

 

[rockit]

So I signed my financial aid award package this morning and the fact that I'll be 230-270k in debt after I graduate med school is really starting to hit home. I've been hoping to do FM/IM/EM/Gas/Ortho/Peds but now I'm starting to think maybe primary care won't be a possibility if I want to pay off the loans and still start a family. Are these normal things to freak out over or am I being a nutcase?

Talk to people in different specialties. Decide how you want to live. Ultimately you have to do something you like, but money/lifestyle should definately be a consideration.

 

[The White Coat Investor]

That's A LOT of debt amigo. Some people can make a lot of money in primary care, but you have to do it right (not take medicare/medicaid etc, do lots of niche procedures etc.)

With that kind of debt I would certainly lean toward a higher paying specialty (I would anyway.)

Do what you can to minimize it. See if parents or a rich uncle can help. Apply for scholarships. Get the very best terms on loans you can. Live very cheaply etc.

Good luck. If I had to run up that much debt to go to medical school I would give very serious consideration to applying again in a year and only applying to cheap schools this time.

P.S. EM, Ortho and Gas make a lot of dough. Average EP does $270K last year. The other two generally make more.

 

[Cp22kjer]

So I signed my financial aid award package this morning and the fact that I'll be 230-270k in debt after I graduate med school is really starting to hit home. I've been hoping to do FM/IM/EM/Gas/Ortho/Peds but now I'm starting to think maybe primary care won't be a possibility if I want to pay off the loans and still start a family. Are these normal things to freak out over or am I being a nutcase?

I think the average debt will be around 200k when we graduate in 2013. It's certainly a painful figure.

I think a lot will change before we begin practicing.The reform will have some impact, with salary definitely being one of them. At this point I'm just hoping that in 10 years it's still feasible to make 6 figures in any specialty....

 

[LADoc00]

So I signed my financial aid award package this morning and the fact that I'll be 230-270k in debt after I graduate med school is really starting to hit home. I've been hoping to do FM/IM/EM/Gas/Ortho/Peds but now I'm starting to think maybe primary care won't be a possibility if I want to pay off the loans and still start a family. Are these normal things to freak out over or am I being a nutcase?

I would think there is something very wrong with you if you DIDNT freak out a bit at those numbers.

Given the following:
1.) Inevitable driving down of reimbursements via Medicare cuts
2.) Massive impending healthcare changes that will not be favorable at all to docs
3.) Inflation/Hyperinflation and their effect on your loan rate given out of control government spending/deficits

This literally has the possibility to be the perfect storm.

 

[Poitiers2]

I would think there is something very wrong with you if you DIDNT freak out a bit at those numbers.

Given the following:
1.) Inevitable driving down of reimbursements via Medicare cuts
2.) Massive impending healthcare changes that will not be favorable at all to docs
3.) Inflation/Hyperinflation and their effect on your loan rate given out of control government spending/deficits

This literally has the possibility to be the perfect storm.

Add an aging population to that list with an ever-expanding and ever-demanding and domineering federal government, and I'd expect things to only worsen. Not only are we well on our way to becoming serfs, but we're also going to be taxed all the more for it.

Enjoy

1) decreased reimbursement
2) increased demands by the feds to see patients on govt healthcare
3) attempts by the feds to coerce businesses to offer federal plans as opposed to private ones because they're cheaper
4) continueing crappy reimbursements that only get worse as the system capsizes
5) inflation thanks to an over-zealous powerstructure
6) increased taxation on those who actually work to pay for the madness.