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How bad is Debt to an Anesthesiologist?

I'm planning to pursue a career in anesthesiology(completing medical school, residency, licensed) and wondering how hard will it be to pay off any student debt. I hear that student debt should be avoided and is heavily stressed to be a heavy load on future decisions. However, certain professions make it easier to pay off student debts, right? In the case of anyone completing their 4 years in residency and getting their license, is student debt worth it for a practicing anesthesiologist? #student-loans #debt #anesthesiology #salary

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Corey’s Answer

I am an anesthesiologist- You will earn more than enough to pay off educational debt and get on a financially strong path through your career though it is not easy, especially with current tuitions. My advice is the same as the advice I received in 1996 when I started medical school: Find the cheapest school. Live very simply during school: no vacations, cheap rent, no eating out, Starbucks, etc. Work study programs are great- I worked in the library. After graduation, it is even harder since there is constant "liver rounds" dinner with friends and of course coffee 24/7. Most of us want to train at great hospitals in expensive cities. Be careful here. Start investing in 401(k), or 403(b) right away, before you buy that new mountain bike or Aruba vacation. After finishing training your salary will rocket- I went from $50k to $250k overnight but we didn't change a thing. We needed to save for a house and start to pay off loans. As we planned it took almost 10y to pay off my debt and that was with $125k in loans. But now we are on track with over $2m in savings and looking at retirement.

Scholarship programs are great but don't take a military scholarship just for the money.
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Ken’s Answer

Education expense, as any other expense, should be looked at in a business investment context. In order to realize the greatest return on an investment, one should limit that investment in any way possible. The debt becomes more of burden as one increases the years of education and becomes difficult to repay, no matter what the profession one seeks. As one begins planning for an education one might think about starting at a community college, as the costs are lower, and continuing at a local state university, as the costs are also lower there than others schools might be. Below is a suggestion that has saved many must in education expense.

Ken recommends the following next steps:

Reduce Costs: http://www.educationplanner.org/students/paying-for-school/ways-to-pay/reduce-college-costs.shtml
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