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Whats the best way to become a doctor and have least amount of debt?
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4 answers
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Jim’s Answer
Apply for any and every scholarship you can find. Internet has some good search engines...
Updated
Tia’s Answer
My brother is an ER doc and shared with me his secret. While you can't avoid loans, if you are truly passionate about the work and don't mind where you live, many rural hospital systems are in need of doctors and are paying more than their city counterparts. He lives on the outskirts of Dallas, TX and travels to three different hospitals during the week. He lives off one hospital's paycheck (because he lives rural, things cost less) and the other two paychecks go to his loans. He said during med school no one wanted to go work at these places so when you go to med school, look out for those opportunities.
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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.
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.
So the answer depends on 1) how much debt 2) what specialty and 3) how long it takes to become partner.
But typically you are looking at 10-15 years to pay back your student debt.
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.
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.
So the answer depends on 1) how much debt 2) what specialty and 3) how long it takes to become partner.
But typically you are looking at 10-15 years to pay back your student debt.
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\
Thank you!!
Daniela
Updated
Estelle’s Answer
All good advice. I recommend going through your education without big breaks. This will keep your momentum and enthusiasm. If you can finish faster, you can start repaying student loans faster.