I disagree - this is a very reasonable & rational set of questions that EVERY applicant, irrespective of age, should be asking themselves. Medical education and training is damned expensive & you can compile a boat-load of debt in the process. I think you are demonstrating the maturity & insight of an older, more experienced person by asking them.
Of course, with all of the “good questions”, the answer is convoluted. Frankly, there is no one correct answer and THE answer will vary person and their individual circumstances. Off the top of my head, there are about 3 primary variables: 1 - how long you can potentially practice, 2 - your discipline’s earning potential & 3 - private vs. non-private. These factors will apply very broadly - essentially to everyone. More individualized factors would be your current debt status, presence of family (esp children) and how much you have in liquid/cash assets.
How long can I potentially practice? The answer will incorporate your age and length of training. If you graduate at 60 and try to undertake 6 year training program, your practice life is not likely to be very long. However, if you choose a more generalist discipline, you could add 3 years to your practice life thru shortening your training.
What is earning potential of my chosen discipline? A surgeon or anesthesiologist will make substantially more than an FP or a pediatrician. So, you are striking a balance b/t longer training program and increased pay potential.
Private vs. Non-private? Private schools tend to cost a lot more/year, but there are some state schools who really ream you for out-of-state tuition - may be even more than it is for a private program. This + your cost of living (in context of total amt borrowed) will determined you net debt.
Also, be sure to look into the new loan payback rules that go into effect 1 July 2009. They are RADICALLY different than the log-standing rules I functioned under. These change will prfoundly affect how you pay back your loans and you absolutely better know them prior to getting into this situation.