Is student debt worth it for medical school?

[Braznor]

A friend of mine stays in New York and is scared of taking student debt to go to medical school. She is a very good student and highly intelligent, but doesn't want the burden of a student loan. I'm trying to convince her that taking student debt to become a medical degree is highly worth it, but she is afraid of becoming a 'debt slave' (her own words.)

So is student debt worth it in this case? Or she shouldn't go for it?

 

[dn7309]

I don't think any debt is worth it when it comes to school. If you don't get match for residency you might just be screwed.

 

[uclaLabrat]

To go to med school? Probably....you're spending a lot of money to do so, but the earning potential is also comparably large, so it can make sense if you're smart about it. I have a large amount of student loans (over 6 figures) but the earning potential I now have as a result has made it worth it in my mind. Things could change, and I certainly had a rough time of it going through school and trying to get a job, but now I have a good one in a growing company with a lot of potential.

 

[BeeBoop]

Found some general info below. It's worth it. If worse comes to worse, specialize in anything other than family practitioner like a surgeon or dermatologist. The pay is a huge difference.

http://www.gladvisor.com/555000-medical-school-student-loan-debt.aspx

 

[Hugo Drax]

What is the average medical school debt? and what is the average salary of a first year doctor? how does salary ramp up over the next 10 years?

what counts is earnings - job expenses - debt(cost to service debt ie: interest etc..) = annual net profit.


What is malpractice insurance costing a year?

Also how many years do you lose of earnings while you study? You need to take that into consideration as well.

It is not a simple cut and dry situation, and it might not be worth it depending on how the numbers pan out.

 

[BeeBoop]

According to this link below, the average dept depends on the school and that number is 250k at the high end. That is not hard to repay for a doc. Surgeons and dermatologist make over 300k for the same amount of years.

http://www.usnews.com/education/bes...al-schools-where-graduates-have-the-most-debt

 

[Babbles]

She can't be that intelligent if she can't do a simple return on investment analysis!

With that snide remark out of the way, my understanding is that many younger practicing physicians have very little cash because they try to live a 'doctor lifestyle' right out of the gate. The big car, house, vacations, clothes etc. If she is that concerned with her debt, the student loan debt is great for income, just don't buy a bunch of stupid shit when she starts pulling in the bank.

 

[Jumpem]

Student loans are necessary unless you were lucky and born to well off parents.

 

[Grooveriding]

Absolutely. Once she's in the program she should also start evaluating her ability and whether or not continuing on into certain specialties is viable. The investment is well worth it and you have the bonus of earning a decent salary while you are completing your PGY years. It's important to account for the fact that you are earning a living at the same time as you are paying for the education.

 

[Brainonska511]

To go to med school? Probably....you're spending a lot of money to do so, but the earning potential is also comparably large, so it can make sense if you're smart about it. I have a large amount of student loans (over 6 figures) but the earning potential I now have as a result has made it worth it in my mind. Things could change, and I certainly had a rough time of it going through school and trying to get a job, but now I have a good one in a growing company with a lot of potential.

Not only that, but if you want to avoid the debt-slave issue, there are several government loan forgiveness programs available, and perhaps she should look into that (of course, it will likely mean working in poorer areas of the country at a mediocre wage for a few years).

 

[dn7309]

medical school even got this Federal Reserve Chairman nervous about his son's future debt.

only one example but shit, if this guy is nervous, I would be to.

http://www.bloomberg.com/news/2013-...000-means-even-bernanke-son-carries-debt.html

I'm just glad to have a post 911 GI bill to cover up to three years of grad school at a public in state university.

 

[Imp]

Does she actually want to be a doctor?

The training and job are so demanding/difficult that my concern would be being able to do the job long enough to pay the debt off -- as opposed to assuming the income is guaranteed in perpetuity after school is done.

 

[TheVrolok]

I guess the better question is (why) does she want to be a doctor?

Those are the more important issues. If she earnestly wants to be a doctor, and for the right reasons, then the debt should absolutely not be an obstacle. Certainly finances for doctors are worse than they were in the past, the days of "doctors" rolling around in fancy cars without a care in the world are over (for the most part). There are enough repayment programs (IBR + PSLF which is essentially standard note) vs loan repayment from employers that it is absolutely not insurmountable.

Now if she wants to be a doctor for the status (ha?) and money, then it's an awful, awful idea and not worth the headache (of which there are many).

 

[tcsenter]

Just don't loan your way through your entire undergrad, all of med school, take out some private loans for living expenses, and then become a family medicine practitioner.

http://online.wsj.com/articles/SB10001424052748703389004575033063806327030

 

[John Connor]

If she's gonna a be a surgeon then it would be worth it.

 

[TheVrolok]

Just don't loan your way through your entire undergrad, all of med school, take out some private loans for living expenses, and then become a family medicine practitioner.

http://online.wsj.com/articles/SB10001424052748703389004575033063806327030

I think she made quite a few more mistakes herself.

 

[TheVrolok]

Another point is how are we defining "worth it?" Job satisfaction? Lifestyle? Money? If someone is in it for the money, and are paying themselves, it's an awful choice.

 

[dn7309]

I think she made quite a few more mistakes herself.

When I hear people who are in the student loan hole, I commonly hear phrases like "I didn't read or understand the term of the loan when I signed the promissory note". I think that itself is a biggest mistake of all.

 

[TheVrolok]

When I hear people who are in the student loan hole, I commonly hear phrases like "I didn't read or understand the term of the loan when I signed the promissory note". I think that itself is a biggest mistake of all.

I certainly think that the student loan industry is predatory and absolutely disgusting. That said, I agree, people borrowing hundreds of thousands of dollars without any idea of how the repayment process is going to go is insane and stupid.

 

[chowderhead]

how many posts now and no one asked for a pic? Ananadtech OT is slipping!

 

[MongGrel]

YMMV I guess depending on what you do.

My Doctor even years ago told me not to become one once when we were joking around a bit, like I was going to start down that route at that point in my life anyway.

Have friends of ours putting their daughter as a surgeon though at John Hopkins I believe, after passing through other schools with stellar grades I'm sure she will be doing well later.

 

[kyrax12]

how many posts now and no one asked for a pic? Ananadtech OT is slipping!

Maybe we are more concerned about analyzing the investment potentials of earning a medical degree than the pic itself?

 

[Atomic Playboy]

Considering that money isn't the only thing that matters in life, absolutely. We could always use more doctors as opposed to more investment bankers, even if the latter is more personally lucrative.

 

[dn7309]

Considering that money isn't the only thing that matters in life, absolutely. We could always use more doctors as opposed to more investment bankers, even if the latter is more personally lucrative.

How many doctors out there you think didn't do it for he money? Honest question.

 

[Hugo Drax]

How many doctors out there you think didn't do it for he money? Honest question.

If your looking for pure money, why become a doctor? Much more lucrative to become an investment banker or work in a Equity or Derivatives field. MUCH more lucrative with much less school needed and much easier workload.

It makes no sense to chose to become a doctor just for the money, many other easier ways to do that.