How much do or will you owe after four years of Medical school?

[USIMGgrad]

How much do you or will owe in loans after four years of medical school?

---

Members don't see this ad.

 

[USIMGgrad]

I thought this would be an interesting poll for everyone. Any comments?

 

[USIMGgrad]

bump

 

[USIMGgrad]

bump

 

[DOtobe]

I am already $100,000 in debt with one more year of borrowing to go. So I am figuring I will be around $120-130,000 in debt.

And those of you who are in the 0 range...I AM SO JEALOUS!

 

[USIMGgrad]

Wow 60% have med loans over $100,000.

 

[cchoukal]

As someone who will owe close to $200K, I was a little surprised at how many of us there are out there. This is an amazing sum. The adcom at Northwestern calculated that at maximum interest (8.25%), every 10K borrowed amounted to $125 per month over the course of the 10 year regular payment scheduled. if you owe 200K, multiply 20 X 125, and your monthly loan payment is $2500 a month, every month, for 10 years (and in the end, you will have paid $300K back). Consider that at 2500 per month, that's 30K a year, which, before taxes is more like 55K. So we'll need to make 55K a year JUST for the loan payment. Yikes. No wonder so many people want to know what each specialty pays.

 

[USIMGgrad]

bumb

 

[thackl]

I will borrow about $125k, but $45k or so should be left at the end. Depending on interest rates, I will either give it back or us it for something else.

 

[xaelia]

...and this is precisely why I went to a state university over "higher-ranked" private medical schools. It's just not worth it, unless you're gettng lots of free money.

 

[USIMGgrad]

bump

 

[KyGrlDr2B]

Originally posted by USIMGgrad
bump

There really isn't a need to bump up the thread when it is still on the first page. Just thought I'd let you know.

 

[DOnut]

Man,

Both my wife and I are going to school together. That means ~$200,000 EACH!!! I can not believe that we are going to owe a combine $400,000+

 

[rotatores]

I'll owe 7 years.

ENS Rotatores

 

[USIMGgrad]

bumb

 

[USIMGgrad]

bump

 

[DW]

~15 percent of voters oweing over 200K?!? god bless you

 

[Doctor Octopus]

Originally posted by DW
~15 percent of voters oweing over 200K?!? god bless you

I brought it on myself...

 

[Entei]

Originally posted by DW
~15 percent of voters oweing over 200K?!? god bless you

What? Did someone sneeze? You'd better not let Skip catch you saying that.

 

[DW]

Originally posted by Entei
What? Did someone sneeze? You'd better not let Skip catch you saying that.

it took a sec for me to get that one. classic

 

[Caffeinated]

Originally posted by rotatores
I'll owe 7 years.

ENS Rotatores

Ditto.

2LT Caff

 

[ironey]

Originally posted by xaelia
...and this is precisely why I went to a state university over "higher-ranked" private medical schools. It's just not worth it, unless you're gettng lots of free money.

This would be great if we all could get accepted at our state schools . . . . . . But that's not how it works, is it?

 

[kd]

The sad thing is that I AM at a state school! But tuition here has gone up 15% or so each year, so that now it's over $20,000 per year. There is very little financial aid here other than loans, so that's how I'm ending up with close to $150K debt regardless.

 

[GoodMonkey]

i'm at one of my state schools. i'll owe somewhere around $150K when i'm done. instate tuition is around $24,000 and cost of living in ann arbor is kinda high (i own a house, too, and the roommate is moving out and i don't want another one) and i'm on all loans.

 

[USIMGgrad]

bump

 

[jldavis]

I am at a state school and due to "tough financial times" at the school, the student tuition just keeps going up. And what are you going to do? Drop out? No. Not when you are already up to your belly botton in debt. With living expenses, tuition and "fees" (oh, you gotta love all the fees), the student budget for 4th year was about 40k. Super.

 

[GoodMonkey]

Originally posted by jldavis
I am at a state school and due to "tough financial times" at the school, the student tuition just keeps going up. And what are you going to do? Drop out? No. Not when you are already up to your belly botton in debt. With living expenses, tuition and "fees" (oh, you gotta love all the fees), the student budget for 4th year was about 40k. Super.

same here.

 

[uclacrewdude]

about 240K, b/c i was too stupid to get into a public school

 

[manicmaven]

Northwestern has a fun debt cap for non-trad students that is saving my ass. I'm still at around $130,000...but still, for a private school, it's not bad. And OHSU was really expensive anyway for a state school.

 

[USIMGgrad]

bump

 

[m4kim]

just wondering where everyone was going to school. which schools have the higher tuitions and which have some of the lower tuitions?

 

[scootad.]

How much will I have sacrificed for med school? My 20s.

 

[USIMGgrad]

bump

 

[Resident Alien]

Originally posted by scootad.
How much will I have sacrificed for med school? My 20s.

Life does not stop in your 20s. Everyone "successsful in life" sacrifices their 20s, if you look at it your way.

 

[....]

From my impercise calculations....35K in tuition over four years and another 20K in living and such will add up to 220K. After med school and a five year (hopfully) residency it will be more like 300K.


Anyone going all loans at a private school must be in this same boat. Im suprised more are not 200K plus.