Just wondering if its really that big a deal...
2007-07-10 06:45:01 · 5 answers · asked by Kratos 2 in Business & Finance ➔ Personal Finance
As long as your successfully graduate, its not that big of deal. Despite the whining about medical malpractice insurance, the average medical Dr still makes a decent 6 figure salary. You'll be able to pay off those student loans with no problem. They are also at a pretty low interest rate and you get a tax deduction for them too, so no worries. its only a problem if you become a resident, and then wash out or something like that. Then its a lot of debt for a non-Dr.
2007-07-10 06:54:50 · answer #1 · answered by bmwdriver11 7 · 0⤊ 1⤋
ANY debt is a big deal. The best thing you can do if you have massive debt from medical school it the learn to live on practically nothing while you are in school. Once you start earning that big doctor's income, KEEP living on practically nothing and throw the rest at the debt, In a few years, you should be clear of the debt. Then you have the big doctor's income, and no debt.
2007-07-10 08:47:17 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
What specialty do you plan to go into?
I work as a residency coordinator for an orthopaedics surgery program and some of the offers that come in from recruiters around the country would definitely make it worth it. Residency programs typically pay 40-50k, depending on the post grad year, but afte...I've see offers of up to 450k within the first few years of joining certain practices. Not to mention some offers include 'tuition assistance.'
2007-07-10 06:54:29 · answer #3 · answered by Sunidaze 7 · 0⤊ 0⤋
Yes, it's a big deal. You don't want to be strapped down by debt in this world. It limits your freedom to do things you want to do. True you will end up with a decent salary once out of medical school, but what good is that if you're in debt. Look for scholarships, make a budget, have a plan to be debt free.
2007-07-10 06:52:59 · answer #4 · answered by mJc 7 · 1⤊ 2⤋
Yes, you will need to watch that after you graduate you don't get "docitis" and buy the BMW and the big house because they see "MD" behind your name.
I suggest you read the Total Money Makeover by Ramsey for information on how to tackle this student loan and live below your means when you start getting your doctor salary.
2007-07-10 06:54:29 · answer #5 · answered by mldjay 5 · 1⤊ 1⤋