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Is the cost of medical school education worth it?
I'm considering attending medical school eventually. #doctor #medicine #medicine-school
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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.
However, if you are asking, "Is becoming a doctor worth it?" then the answer is YES. It is a rewarding field and with diligence you can eventually repay your loans and begin saving for luxury items and retirement.
On a side note, watch this video which compares a UPS driver to a physician. It makes a lot of assumptions about debt and saving/investment, but concludes that the average primary care physician doesn't become financially better off than a driver until age 53.
https://www.youtube.com/watch?v=2503XQU1feE
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.
However, if you are asking, "Is becoming a doctor worth it?" then the answer is YES. It is a rewarding field and with diligence you can eventually repay your loans and begin saving for luxury items and retirement.
On a side note, watch this video which compares a UPS driver to a physician. It makes a lot of assumptions about debt and saving/investment, but concludes that the average primary care physician doesn't become financially better off than a driver until age 53.
https://www.youtube.com/watch?v=2503XQU1feE
Updated
James’s Answer
hi wael,
your question seems to want a financial answer. here's a good financial article to help. http://www.bestmedicaldegrees.com/is-medical-school-worth-it-financially/
however, there is much more to a medical education & career than finances. i'd equate it to the question of whether it's worth it to have a baby. most of the benefits can't be calculated financially.
good luck!
Updated
Wael’s Answer
Check the link below.
https://www.youtube.com/watch?v=9Y0vDl8cJCw
Updated
Rachel’s Answer
From a financial standpoint, there are certainly jobs that pay better than those in medicine. However, from a job security standpoint, there are few jobs that will be quite as financially stable. Also, the positives of having a job that you love that is fulfilling on a daily basis can easily outweigh the negative of student loan debt. However, it is important to remember that student debt can bog you down. Expenses have to be kept low during years of training and for several years after.