by Laura Turner
SDN Staff Writer

Based on a series of polls conducted by the Student Doctor Network, students generally understand the current salaries they can expect to receive as a health professional.

The polls asked SDN users to select the salary range for an occupation “without Googling” to find the correct answer.  The results of the polls are available in the SDN poll archive.

Students were most likely to select the salary range into which the actual mean annual wage falls for all occupations except Dentists and Optometrists.  Actual wages used for comparison were determined by the Bureau of Labor Statistics and are accurate as of May 2007. Read the full story

Republished from the AMA-MSS

Available at: http://www.ama-assn.org/ama/pub/category/5349.html

The MSS Task Force on Medical Education Debt reviewed data that were compiled over the last 20 years from the Association of American Medical Colleges, the federal government, and other sources concerning the cost of medical education and the debt burden of medical students.

Key findings include: the average graduating medical student debt has been rising faster than the consumer price index (CPI) for the past 20 years, and tuition at public and private schools has been growing faster than the CPI over these same 20 years.

If left uncontrolled, these exorbitant amounts of debt may cause shifts in specialty choice, increase burnout and decrease the numbers of minorities in medicine. Read the full story

by Ivan Edwards, D.O., USAFR MC (CPT)
SDN Staff Writer

The contract provisions couldn’t look any better:

• $ 300,000 annual salary guarantee
  • sustained by hospital/practice
  • forgiven over 5 years
  • phased out beyond 15 months to full productivity remuneration
• $10,000 sign on bonus
• $20,000 relocation expenses
• 3.5 weeks annual vacation
• 2 weeks annual sick time
• 10 days paid CME
• 401K investment
• Profit sharing/open partnership in 12 months.

But before signing the dotted line, take the contract home, read it carefully and understand it. Equally importantly, get to know the people behind it.

For many doctors soon to complete their residencies, one final round of interviewing is underway. This time, unlike prior interviews, it is an audition for your job post-residency, in your chosen profession. Finally! Read the full story

by Charles Daniel and Michael O’Brien
SDN Staff Writers

For some, the answer to the question, “Why do you want to study medicine?” is a simple one: to make money.  These individuals, however, are in a shrinking minority, a recent survey has found.  Kaplan Test Prep and Admissions examined the responses of 914 students in its medical and law school preparatory courses to examine their motivations for professional study.  It seems that even as the traditional financial windfalls associated with medicine continue to wane, students’ passion for medical study is as fiery as ever.  In fact, less than half of pre-med respondents indicated their future earning potential “very much” or “somewhat” influenced their decision to study medicine.  But what does this mean?  Pre-professional students are notorious for their exaggerated claims of altruism while the true and ulterior motivation remains the big salary.  …or at least that was the belief.  Read the full story

by Ivan Edwards, D.O.
SDN Contributor

“Never buy a plane or horses just out of residency!” said my soft-spoken attending, staring at me intently. “I did, and I learned my lesson well.”

Indeed, he did. He was newly married, had no money in his account . . . and salivated when his first sizzling $13,000 monthly paycheck was deposited. A year later, he had a $1 million home with land and horses, a Jag, and a Cessna. He was living life in the fast lane! Needless to say, the cost of managing his horses ate into his finances, the Cessna broke, and he and his family were left financially devastated. They had minimal savings, high consumer debt, and no money invested in anything.

Sadly, these experiences are common. Read the full story

by Emily Forest
SDN Staff Writer

Seroquel, with its connotations of well-being and peace, sounds like the name of a bird or a midlevel car. It doesn’t sound like something that causes weight gain or blurred vision while treating psychosis, nor does it sound like something associated with financial strife. The pills, tiny, white and innocuous, don’t LOOK expensive. But at nearly $600 for a month’s supply, the cost easily exceeds rent for many people.

When I started the drug, I dutifully paid the $30 co-pay and let my insurance company handle the bulk of the cost. What I didn’t realize was that each month, behind this co-pay, the insurance company received a bill for $595.00, whittled down to a “negotiated rate” of $498. While I took for granted that my insurance company shouldered the burden of my monthly costs, both for Seroquel and several other psychotropic drugs, I didn’t realize that the benefit had an annual cap of $2,500. Read the full story

by Megan Hansell Henderson
SDN Contributor

On September 7, 2007, the House and Senate approved the Conference Report (100-317) for H.R. 2669, also known as the “College Cost Reduction and Access Act”. This Act was signed into law by the President of the United States on September 27, 2007 with an effective date of October 1, 2007.

Why should you care? The Act, while providing additional benefits to undergraduate students, eliminated the economic hardship deferment qualification known as “20/220”, used by many health profession students to delay loan repayment while in residency or fellowship. Read the full story

by Andrew Doan, MD, PhD
SDN Contributor

Students spend years learning chemistry, organic chemistry, physiology, and the health sciences to achieve their goals of becoming a doctor, nurse, pharmacist, or health care professional. After all of the didactics during college, medical school, or professional school, one of the most important skills students are not taught is money management skills.

Many students have trouble distinguishing between wants and needs, and without basic skills to manage money, students can find themselves deep in debt. With higher income potential, people without adequate knowledge of money management can get into significant financial problems even after obtaining their high-paying job. Read the full story

by Barbara Swichtenberg
SDN Staff Writer

Credit cards are a part of most students daily lives but they can be as much a curse as a blessing. Properly managing your credit cards is essential to a healthy financial future.

Building your credit history

It is good to have at least one national card (Visa, MasterCard, Discover) on hand to help you build a positive credit history and to provide security in emergencies. When you decide to apply for a card, compare annual fees, interest rates, and introductory offers. And to keep yourself out of debt, try to do the following:

• Pay your balance each month to avoid interest charges
• Pay your bill on time to avoid late charges Read the full story

by Barbara Swichtenberg
SDN Staff Writer

There are many lenders competing to meet your federal student loan needs, all with different terms and benefits. Which one is right for you? There are a few things you should know to help you choose.

Choosing a Lender for your Stafford and PLUS Loans

You have filled out your FAFSA and received your award letter — now it’s time to pick a lender. If your school is a Direct school you can only get your loans from Uncle Sam. This takes away the burden of choosing a lender but Direct loans do not offer much in the way of repayment incentives after you graduate. Read the full story