Hey everyone,
I need a little support here and would like to know how all of you handle the mounting student loans you all incur as part of undergrad & med school, I mean, how do you handle it mentally. I have all my loans ready to go for the fall term, all I have to do is say “accept awards” and bam, I’m $12k more in debt. That’s a very nerve wracking feeling. How do you all handle it? Do you just ignore it, look at it like it’s all part of the deal or does it bother you all as much as it does me?
I need to accept my awards, but boy, it sure is tough know that all this money has to be paid back and how much debt I’ll be in before it’s over. Don’t get me wrong, I really, really want to do this, but this is a big obstacle with me being very money conscience.
Any pointers or tips in handling these issues will be gladly accepted! 
-Justin
I look at it as all part of the deal. I was living very happily on a librarian’s salary before med school, so I’m pretty sure that even with loans and accelerated retirement savings, I’ll be able to live at least as well after med school. I economize where I can (Aldi grocery stores are your friend!), spend where I must and sometimes when I just have a really bad whim (REALLY NICE pens for next semester), and generally try not to think about it too much.
I worried a lot about money before I got going down this road, and I still economize, but I know the loans are part of the deal, just like the prereqs and studying and memorizing. They’re part of what I have to do to get where I’m going.
- Justso Said:
I need a little support here and would like to know how all of you handle the mounting student loans you all incur as part of undergrad & med school, I mean, how do you handle it mentally. I have all my loans ready to go for the fall term, all I have to do is say "accept awards" and bam, I'm $12k more in debt. That's a very nerve wracking feeling. How do you all handle it? Do you just ignore it, look at it like it's all part of the deal or does it bother you all as much as it does me?
I need to accept my awards, but boy, it sure is tough know that all this money has to be paid back and how much debt I'll be in before it's over. Don't get me wrong, I really, really want to do this, but this is a big obstacle with me being very money conscience.
Any pointers or tips in handling these issues will be gladly accepted!
-Justin
Simple, I look at the fact I'll be making anywhere from $150,000 to $400,000 a year once I finish residency, and I won't have to start paying loans off until 6 months after I finish residency, so I have a 100% chance of being able to pay back virtually any loan debt I incur. I take out as many loans as I need because I have zero chance of not being able to pay them back, so no need to stress.
Justso,
Would you sign a loan for $12k to buy a car? A medical degree will last a lot longer than that car…
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Aldi grocery stores are your friend!
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I ride by this Aldi place all the time and never went in! Thank you for the economy tip.
Matt
Matt, bring your own grocery bags to save even more. They charge for bags. Some things are cheaper, a few cost more, some are about the same. I’m not crazy about the meats, but for staples like tuna, salsa, and bread, you can’t beat 'em with a stick!
- Justso Said:
I need a little support here and would like to know how all of you handle the mounting student loans you all incur as part of undergrad & med school, I mean, how do you handle it mentally. I have all my loans ready to go for the fall term, all I have to do is say "accept awards" and bam, I'm $12k more in debt. That's a very nerve wracking feeling. How do you all handle it? Do you just ignore it, look at it like it's all part of the deal or does it bother you all as much as it does me?
I need to accept my awards, but boy, it sure is tough know that all this money has to be paid back and how much debt I'll be in before it's over. Don't get me wrong, I really, really want to do this, but this is a big obstacle with me being very money conscience.
Any pointers or tips in handling these issues will be gladly accepted!
-Justin
OK easy one!
10 years ago my sister's house in Baltimore was worth uh about 180k, now you can not buy her house for less then 390k !!!!!
so if my loans are 180k and I can buy a house in SOuthern Ga for around 250k ( really nice one at that since a 3bed basic is around 60k) then I'm way ahead at 430k here, I have a house and I'm a MD!!!!! WOW what a combo, you then buy used cars for a while and pass on a lot of just extras hey if you budget in no time you will have loads of money and enjoyment you just have to see the big picture and plan on some budgeting along the way.
It pays in the end it pays!
Ask Dave!
I see the loans as just a tool to get to where you want to go, except with one stipulation:
You really do want to be as sure as you can be that you are doing what is right for you. I started this quite late (at 45) and amassed about 150k in loans before I was done. But the way I figure it - I will be making about 70 to 80 K more per year once I am properly employed. You can do the math and see that I will be a bit ahead financially by the time I am done - assuming I only work to 65 - I hope to go a bit longer than that, that is partly why I made the switch to doctordom: to do something that would make me want to go on as long as I am able rather than counting the days to retirement.
That, by the way, is for someone in Family practice - at the lowerend of the scale.
Other things to consider: the interest on federal loans is pretty low - lower than the long term investment value of the money. (without going into the details it actually pays to hold off paying them back as lon as possible)
Also consider: depending on speciality and area, many places offer loan repayment as part of the package. If you go National Health Service or military… you can get the whole bill paid.
so yes - seeing a second mortgage sitting over you is not a pretty site, but in the grand sceme of things it really is not so bad.
the one caution - as mentioned above is this: It would be a tragedy to get through this - have that huge debt over you - and decide that doctoring was not what you want to do after all.