So now that I’ve decided to apply to medical school, the money question is really nagging at me. I have already acquired around $70,000 in student loans from my master’s program. I assume I’d be adding at least another $100,000 to this figure…and that’s going to add up to a LOT! At this point, my husband covers all household expenses with his income and we don’t have any debt except for my loans. I guess as long as I can cover all of my loan payments myself, budgeting wouldn’t be much different than it is now. I just hate the idea of more than doubling my debt, but I’m sure in the long run it’d be worth it. Any words of encouragement or concern?
I think the financial issue is one which everybody takes time to consider when contemplating going to medical school. I know when I made the decision to apply, my husband and I thought we would have about $100,000 in available cash due to having a large equity in our home. However, less than 6 months after selling our home and moving, my husband (then unemployed and without health insurance) had a stroke. $120,000+ in medical bills and we were completely ineligible for any state help.
So now, just beginning my third year of medical school, we are looking at having about $250,000 in debt when I graduate. And you know what? We have discussed it to the nth degree and have agreed that our lifestyle won’t change much from what it is now after I graduate. We will manage to pay the loans off in about 10 years (God willing), and then continue to live as we are.
Would I do it all over again, knowing how much debt I would be incurring? In a New York minute! I have never been happier than I am now, working on attaining a goal I set for myself many years ago, and looking forward to working as a physician for as many years as the Higher Authority will grant to me.
And, if you don’t want to have to repay the loans, there are options. Go into the military; work with the NHS in an underserved area; find a rural location that is willing to repay your loans if you will practice in their region.
First thing you need to do is know in your heart that this is truly what you want to do with your life. Once you know that, the money becomes a secondary issue.
Good luck!
You Can DO It!
Hey im in a similar situation. 31 plan to goto med school in aug 06 @ 32 yrs old. My wife is a nurse (as am i) we have around 40K in student loans, a house and vehicles. We decided that right before i goto school we will sell the house and convert the 120K orso of equity into a big payoff. No more debt at all and about 30-40 K ahead for school.
It sucks but it is the only way to do it! It can be done! U can do it too and sounds like your situation is even better!
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So now that I’ve decided to apply to medical school, the money question is really nagging at me. I have already acquired around $70,000 in student loans from my master’s program. I assume I’d be adding at least another $100,000 to this figure…and that’s going to add up to a LOT! At this point, my husband covers all household expenses with his income and we don’t have any debt except for my loans. I guess as long as I can cover all of my loan payments myself, budgeting wouldn’t be much different than it is now. I just hate the idea of more than doubling my debt, but I’m sure in the long run it’d be worth it. Any words of encouragement or concern?
Thanks for your replies! I guess I already knew deep down that no matter how much I have to borrow, it will be worth it in the long run. I just needed to hear it from others in the similar situation!
Quote:I thought of this a lot but the I realized how much I will make and how much money I waste, How much very large homes and fancy cars cost and hey, 200,000 just doesn’t seem to be too much for something I love and will make me feel good about my self. Not so fleeting as possessions are. My wife says so We will just have a modest house when you start practice! (She’s a keeper!)
So now that I’ve decided to apply to medical school, the money question is really nagging at me. I have already acquired around $70,000 in student loans from my master’s program. I assume I’d be adding at least another $100,000 to this figure…and that’s going to add up to a LOT! At this point, my husband covers all household expenses with his income and we don’t have any debt except for my loans. I guess as long as I can cover all of my loan payments myself, budgeting wouldn’t be much different than it is now. I just hate the idea of more than doubling my debt, but I’m sure in the long run it’d be worth it. Any words of encouragement or concern?
Hi there,
As others have stated, going deeper into debt is probably worth it if you are going to be happy with your career change. After all, many people out there rack up thousands of dollars of debt on things like boats and autos and are still not happy with life.
Do not underestimate how much you can decrease your debt by just doing very well in medical school. If you study hard and find that you are in the top 10% of your class, you are going to be eligible for scholarships. Scour around and find ways of paying for your education that you do not have to pay back like military service, public health fellowships, loan repayment, etc.
Also, if you find that you have a fairly high GPA and MCAT, you may be eligible for a full-ride tuition scholarship as an incoming student. You never know unless you ask the financial aid office at the school that you decide to attend. Exhaust every option and keep asking. There are alumni scholarships that you can apply for too.
Finally, if you keep your lifestyle simple, especially right out of residency, you can get your school loans paid in ten years even if you owe in the $200K range. You have to realize that reimbursements are down and malpractice premiums are very high for some specialties. Find a way to live as simple as possible and pay off your debt.
Choosing to attend a cheaper state school as opposed to an expensive private school can keep your numbers lower. Any medical school in this country can prepare your for a good medical career.
Good luck!
Natalie 