Chadd
If I am in debt in undergraduate school, am I going to have a hard time trying to continue to medical school?
#debt #medicalschool
5 answers
Luke Durkin, NCARB, AIA
Luke’s Answer
The best advice would be to try and find a medical program that pays for you to be there. I assume federal loans wouldn't start minimum payments until afterward but you probably still rack up interest. Avoid income-based repayment, deferment and other "aid" programs as they just trap people in debt.
Remember the "shovel-hole ratio" doctors tend to have huge holes (debt) but even larger shovels (income). If you want to do philanthropic lower-wage medical work out of school, remember you can always do that once you secure your financial situation first. That is the classic financial advice., you can best help other people when you're secure.
The mistake most doctors makes is getting out of school and living the stereotypical doctor's life of BMWs and McMansions, then wonder why they have $500k in debt.
Richard A.
Richard’s Answer
If you can keep your expenses down (live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution etc) debt doesn't have to be out of control. However the typical student does not do everything they can to decrease expenses then has to be stressed during their first years of practice.
Another unfortunate consequence of debt is limiting the student's choices after graduation. If a student has a passion for pediatrics, but crippling debt, they may be forced to apply to residencies with higher future earning potential.
A typical experience would be to complete residency and become an employee of a group. You aren't able to pay down your debt much because you are saving to become a partner. You buy into the group and then start making partnership money. That's when you are able to really tackle that debt.
But typically you are looking at 10-15 years to pay back your student debt.
Dr. Kristy Taylor, D.H.Sc., Ed.S.
Dr. Kristy’s Answer
No, but you do need to try to mitigate as much debt as possible, because you will have to pay it back eventually. I have encountered students with $100,000 to $400,000 in debt paying for medical school. They see it as an investment, because they know that their salaries will be more than this eventually. I disagree with this perspective. You do not have to incur this much debt to receive your education. Research programs that will help you to pay for school and consider all of your options, particularly if you already have debt from previous educational experiences.
Rachel Weinheimer
Rachel’s Answer
Christine Feghali, MBA
Christine’s Answer
Chadd,
There's no doubt that debt can be scary and can hinder advancement for some students. Like Dr. Taylor mentioned in her answer, try to look for programs to help ease the burden. Look for scholarships and apply to as many as you can.
Take a look at NYU's Medical School. They recently started a program where every single student that's accepted into the school can go there tuition-free. If you get into NYU's Medical School, you'll still have to pay for housing and books, but at least the biggest chunk is taken care of.
Good luck!!
C