What Is Your Debt Situation Like?

[pato7]

I'm currently in college right now still considering a career in medicine. I just recently discovered the PM&R specialty and I'm becoming more interested in it.

The one thing that makes me hesitant about pursuing medicine is the debt. I don't mind the idea of 3-4 years of a residency after med school or the relatively lower salary during it. What does bother me is that I will have debt that will be piling up over the course of 8 years before I start making a salary that could help me pay it off.

Since this is the specialty I have the most interest in, I was just wondering from those currently in the field what you're debt situation is like. How much debt do you have and how close are you to paying it off? Thanks for your help.

---

Members don't see this ad.

 

[PMR 4 MSK]

Mine is paid off. Left med school 15 years ago 70K in debt. By end of residency it was around 100K. Took about 7 years to pay off, could have done it sooner if I had made some better financial decisions early in my career.

Some people are now leaving med school $200 - 300K in debt, and paying it back over 20 - 30 years or more. Basically medicine has become another mortgage for many.

 

[ColinHay]

Just graduated med school two pints shy of 200k. Had a few meetings with a financial advisor and did some research on the federal loan web page. There are some payment plans and loan forgiveness programs in place that make it a good return on investment.
I plan on being [students] debt free with some change in a Roth account in Ten years. And I plan to continue my current lifestyle which is not expensive but has allowed me to enjoy things like eating out at nice places and traveling a lot.
If you are thinking of finances this early in the game you are likely to be smart about money which will make it easier for you to get out of debt quick.
Good luck

 

[avatarftw]

a

 

[bronx43]

People usually run into trouble when they dive into the supposed "doctor" lifestyle straight out of residency. If you're itching to buy that new BMW and a 3000 sqft house in the gated community, then that loan will look extra intimidating.
If you're smart about your money, and live modestly for a few years after residency, you can pay off a good chunk of your debt. In this day and age, everyone has student loans. Doctors have a bit more than other professionals, but it's not a game changer if you play your cards right.

 

[pato7]

Thanks for the responses. Right now, it looks like I may finish college with less than $10,000 in subsidized student loans. I transferred to a school in my home state (Georgia) so my Pell Grant is now enough to cover my tuition and fees which is gonna help to keep the debt down before med school. I'm researching the tuition prices at different schools to try and estimate how much I may have to take out in near future.

In terms of monetary lifestyle, I never really had any desire to spend a whole lot. I'm kind of a simple guy. As long as I have enough for bills, a place to live, and a car that gets me from point A to point B, anything extra is just icing on the cake.