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.
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.
When the economy tanks those fields tank too, I don't care what the economy does there will ALWAYS be sick people.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.
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.
When the economy tanks those fields tank too, I don't care what the economy does there will ALWAYS be sick people.
Just wait, we're seeing house flipping coming back again at bubble rates and the stock market is at BS levels while everyone is saying "it's still cheap", we're in for another ride downhill again soon. a.k.a. "correction"
Malpractice insurance generally pay by the hospital, unless it is a private practice.Once you get into med school, as long as you do what you need to you are getting through it.
The thing is just being a generalist or psychologist working for a large firm may not be enough money in some markets.
In NY, esp NYC; she should be well set even as a GP; however is small rural areas those doctors may be making only about $100k if lucky, psychologists less.
http://www1.salary.com/Doctor-Salary.html
For many doctors they are coming out of medical school with about $150k-200k in debt. Most doctors are making over $150k per year and many over $200k.
The biggest deal they face is malpractice insurance.
Malpractice insurance generally pay by the hospital, unless it is a private practice.
My brother in-law father was a general surgeon Toronto and his malpractice insurance was paid by the hospital (around $36,000 per annum at the end of his career).
Exclusive survey: Malpractice rates plateauing
I wouldn't hesitate to go into debt for something like that, however I would try to keep the debt as low as possible and probably move to a cheaper place to live. I'm sure if your studying all the time anyways, there's probably no point in living in an area like New York, unless we are talking about the state and not the city.
If you study alot, then you're definitely going to need to go out when you do take a break.
If you study alot, then you're definitely going to need to go out when you do take a break.
Comparing costs and the implication of future income between a graduate or professional program and undergrad is pretty asinine.Put it this way:
Would you rather be $250,000 in debt with an M.D. from a good school, or $100,000 in debt with a B.A. in History or English Literature from the same school? Plenty of people choose the latter, but not many people have the talent or the opportunity for the former.
Comparing costs and the implication of future income between a graduate or professional program and undergrad is pretty asinine.
M.D. Ph.D usually don't have to take student loans as they are generally paid stipends. One of my friends went this route.
If you think it's asinine, you're not very bright (or maybe you have a History degree).
Many people are willing to go into a great deal of debt for meaningless, genuinely worthless degrees, yet the OP's friend questions going into debt for degree that is very much not worthless.
But color me shocked - people on a tech board rag on people getting degrees in non-STEM fields. There are plenty of useful skills you can learn in a more humanities based field, it's simply a matter of translating those skills and marketing yourself. I'd hate to live in a society filled with people that think STEM is better than everything else (despite having a degree in science myself). It would be a pretty boring place to live without the other fields that can enrich and enlighten our lives.
- 34.4 percent graduated with no debt.
- 12.0 percent graduated with $1-$9,999 in debt.
- 18.2 percent graduated with $10,000-$19,999 in debt.
- 15.5 percent graduated with $20,000-$29,999 in debt.
- 8.9 percent graduated with $30,000-$39,999 in debt.
- 5.3 percent graduated with $40,000-$49,999 in debt.
- 5.3 percent graduated with $50,000-$99,999 in debt.
- 0.5 percent graduated with over $100,000 in debt.
M.D. Ph.D usually don't have to take student loans as they are generally paid stipends. One of my friends went this route.
Doesn't mean that you have to spend a lot of money though. Take a page from the philosophy major playbook and just drink heavily with your friends.
I wonder if in 10 years reimbursement rates will have fallen to the point that becoming a physician makes no financial sense at all. I wouldn't recommend many health fields these days.