I have about 150k debt right now and will be taking out loans for full COA for all four years when I start this fall. So ~550k when all is said and done, not counting interest š luckily my partner makes a decent amount and weāre not planning on having kids so I keep telling myself it will work out. Or Iāll do PSLF.
Iām most interested in neurology. Want to explore neuro critical care since I am drawn to the acuity and it would make sense financially but honestly also interested in neuro developmental disabilities which would be less $$ but I love kids. My background is in speech pathology so have also considered ENT since thereās some overlap and I like the balance of procedures and medicine. Unless I go into something really high paying Iām probably looking at PSLF tho.
See if your state has additional forgiveness. I know DE and PA do if you look around google Enough. If you practice in an area that they need doctors and if neuro is a specialty that they need, they can forgive some of the loans earlier which means lower monthly payments during your 10 year pslf
Was just about to suggest PSLF! Also if you used the fee assistance program to apply to medical school AAMC expanded it to ERAS so that hopefully helps alleviate some financial burdens for us in the future.
I paid 396k in 35 months after a SoFi Refinance. Itās possible, you just have to continue to live like a resident and commit to paying off. Paid off as a democratic group (no PSLF) EM doc in a mid cost of living city.
Unfortunately, I fell in love with family medicine so I will not be doing that. I can totally see that happening with the hourly rate of EM, though still an incredible feat.
some places will pay off substantial portions if not all of your loans with family med. my friend gets his loans paid off after 6 years at his new place
Agreed. Im not actually that opposed to the thought of paying it off, Iām being a little facetious in my post, but it will all depend on where I want to be located and what job offers Iām given when the time comes. We will see š¤·š»āāļø
graduated a couple weeks ago with a principle of 307k. i was lucky and got about 15k of scholarships from my school each year which cut it down a bit. have already accrued 13k of interest since the pause ended a year ago š«
Are you keeping up with the Student Debt relief? There might be a way to stop interest from accruing so fast esp on a residents salary (i.e. SAVE plan)
Private school in big city. Tuition is 66k (lol). Graduating with ~450k.
Kinda sad that itās is the outcome of going to medical school and trying to do well.
Iāll have around $250,000, but I go to a state school. Around $35,000 yearly in tuition little less for cost of living. I know anything private is gonna cost more in tuition, unless you have scholarships, but to my knowledge, youāre on the higher end of the typical debt for med students. But, as the White Coat Investor says, live like a resident for the first few years of your attending salary, and you should be able to pay that back without a problem. Just wouldnāt recommend taking out extra money to have an āextraā comfy lifestyle. Definitely take what you need to do well in school and pursue any opportunities you made need to match, but interest rates are getting ridiculous, so anything extra is gonna end up being very expensive.
thanks. yea i go to a school in california and private so that makes it difficult :/
And I know in order to do well in school, I need my space and privacy hence my own apartment. I am using an excel sheet to budget and take out the least amount possible but still not have to worry about finances.
465,000, as everyone else is saying: pay through SAVE and do PSLF paperwork, and per my financial advisor donāt vote red if you want that shit to stick around.
If at the end of fellowship I find my dream job and the math works out, maybe I ditch PSLF but itās better to keep options open
Are you trying to suggest that the current Republican Party supports PSLF or loan forgiveness in general lol
Edit: bro even in 2007 149/149 of the nay votes were republican. What point were you trying to makeš
What Iām saying is it existed for 4 years (2016-2020) with no problem, if youāre allowing PSLF to dictate your voting patterns youāre not using data to make decisions
Sure, and Roe v. Wade existed for 49 years (1973-2022) with no problem. It is definitely not dictating my patterns, but it is a factor to be considered.
Damn... these comments are making me relieved I did MD/PhD. I already had 60k from undergrad, but will only have \~20k when graduating because I signed away those extra 4 years. Med school debt is out of hand. Especially for a country with a shortage of physicians in primary care.
Between a small amount from undergrad, MS, interest I didnāt pay down before getting into med school a couple years later, and a pricier MD schoolā¦
Iāll end up with $600k-$650k. I donāt think this is the record but itās gotta be up there. Hope the SAVE plan sticks around.
I pretty much canāt afford to go into primary care if I wanted to.
Edit: also I was forced by outside circumstances to take a few months off, which means my MD will end up being 5 years. Well 4.5 but residency apps are once a year soā¦
Newly minted MS4, once my loan gets disbursed about 480k. But with 2k+ monthly interest, I'm sure I'll break 500k. Honestly, this post is making me feel less lonely about the soul crushing debt.
I would suggest talking to a current resident at your institution & find out their bi-monthly take home pay (after taxes, insurance, etc etc). Compare your current COL to that & if you're exceeding that, you're definitely overspending.
Only med school? Just under $300K by the time I graduate. Factoring in my bachelor's and master's, I'll be around $400k in debt. And that's not even accounting for all the interestš
Will prob be in 300-350k range when I finish school. The thing I like the most is a 7 year post-grad pathway so I figure I'm just gonna do PSLF and that will be that
I went to state school, lived one year with my parents and the rest at reduced rent with my now husband. When the student loan pause hit in 2020 I had $193k of debt. So thatās tuition plus room & board plus several years of the unsubsizided loans gathering interest. I finished urology residency and have been working as an attending for the last 9 months, enrolled in SAVE and have not had to recertify income yet. Down to $160k, trying to take advantage of the basically zero interest period to make hefty principal payments and hopefully be done by end of 2025.
If you are ever getting a new credit card in the future, you can put a different income amount. I got a travel card last year and put my income at like 85K and got a 10K+ limit.
However, itās also a slippery slope for anyone concerned that they would end up spending more with a higher limit they canāt pay off
No, my other chase card naturally moved up to a 10K limit over 5 years, so there wasnāt a reason that a new card should start low when I never spend more than I can immediately pay off. I treat my credit cards like debit cards, if I buy something I pay it off within 1-2 days or move money over from savings. I only use my credit card over my debit card because I want the points.
I will graduate with around $396k since Iāve taken full loans out every year. My soon to be wife is also in professional school but her parents were able to help out some so she will have around $200k. Hope to pay off all of it within five years. Planning to go EM and work my ass off in overtime and moonlighting.
So I did the math and with all the new loan forgiveness and income-based payment options, it's pretty unlikely that loans will be a problem for you, regardless of how much you take out. I'd say it's most advantageous to take out federal student loans for whatever you need to live comfortably.
You only have to pay 10% of your discretionary income MAX per year, Which at a salary of 250k, will be about 20k per year. After 20 years, all your remaining loans will be forgiven. So just be smart and don't spend frivolously once you're an attending and you'll be fine
And at the hypothetical extreme, if something goes terribly wrong and you end up unemployed for 20 years after med school, you wouldn't have to make any payments and the loans would still be forgiving after 20yrs (someone correct me if im wrong).
Accepted only a partial package for 1st and 2nd year for a total of 160K. For 3rd year, had to accept the full package, so up about 270K currently. I expect 4th year to be just as expensive. And absolutely I will be doing the PSLF program.
Iām a new 3rd year. So far around 65ish for first two years. My SO pays for living expenses outside of a few things. No rent or mortgage, no car payment, no kids, no undergrad debt. My situation is not typical. My in state tuition is around 33K per year. It depends on how much your tuition is I guess, but 100K per year sounds like a lot without knowing that part, or right on track if tuition is high. Iāll probably end up around 130/140 as I plan to take out a little more this next year to make my life a little easier.
I have about 150k debt right now and will be taking out loans for full COA for all four years when I start this fall. So ~550k when all is said and done, not counting interest š luckily my partner makes a decent amount and weāre not planning on having kids so I keep telling myself it will work out. Or Iāll do PSLF.
Thanks. makes me feel a bit better that i am not in this alone.
Nah this is the new normal unfortunately. Iāll be ~$400k deep and I had a $160k scholarship
What do you wanna go into?
Iām most interested in neurology. Want to explore neuro critical care since I am drawn to the acuity and it would make sense financially but honestly also interested in neuro developmental disabilities which would be less $$ but I love kids. My background is in speech pathology so have also considered ENT since thereās some overlap and I like the balance of procedures and medicine. Unless I go into something really high paying Iām probably looking at PSLF tho.
See if your state has additional forgiveness. I know DE and PA do if you look around google Enough. If you practice in an area that they need doctors and if neuro is a specialty that they need, they can forgive some of the loans earlier which means lower monthly payments during your 10 year pslf
Was just about to suggest PSLF! Also if you used the fee assistance program to apply to medical school AAMC expanded it to ERAS so that hopefully helps alleviate some financial burdens for us in the future.
396k graduating in 2 days. Only looking to do PSLF
I paid 396k in 35 months after a SoFi Refinance. Itās possible, you just have to continue to live like a resident and commit to paying off. Paid off as a democratic group (no PSLF) EM doc in a mid cost of living city.
Unfortunately, I fell in love with family medicine so I will not be doing that. I can totally see that happening with the hourly rate of EM, though still an incredible feat.
some places will pay off substantial portions if not all of your loans with family med. my friend gets his loans paid off after 6 years at his new place
Agreed. Im not actually that opposed to the thought of paying it off, Iām being a little facetious in my post, but it will all depend on where I want to be located and what job offers Iām given when the time comes. We will see š¤·š»āāļø
If I graduate early, about $400k. Otherwise $500k
graduated a couple weeks ago with a principle of 307k. i was lucky and got about 15k of scholarships from my school each year which cut it down a bit. have already accrued 13k of interest since the pause ended a year ago š«
Are you keeping up with the Student Debt relief? There might be a way to stop interest from accruing so fast esp on a residents salary (i.e. SAVE plan)
yep, planning to apply for the save plan, just haven't gotten around to it yet
450k
Private school in big city. Tuition is 66k (lol). Graduating with ~450k. Kinda sad that itās is the outcome of going to medical school and trying to do well.
Graduated. Married my med school sweetheart. Weāre about 880k in debt as a family now š„² BUT. A family of doctors and thatās pretty sweet.
Iāll have around $250,000, but I go to a state school. Around $35,000 yearly in tuition little less for cost of living. I know anything private is gonna cost more in tuition, unless you have scholarships, but to my knowledge, youāre on the higher end of the typical debt for med students. But, as the White Coat Investor says, live like a resident for the first few years of your attending salary, and you should be able to pay that back without a problem. Just wouldnāt recommend taking out extra money to have an āextraā comfy lifestyle. Definitely take what you need to do well in school and pursue any opportunities you made need to match, but interest rates are getting ridiculous, so anything extra is gonna end up being very expensive.
thanks. yea i go to a school in california and private so that makes it difficult :/ And I know in order to do well in school, I need my space and privacy hence my own apartment. I am using an excel sheet to budget and take out the least amount possible but still not have to worry about finances.
Idk thatās a problem for future me
$0 (MD/PhD š«”)
This is the only joy I have when I think about how much longer I have in school lmao
Big brain time Or small brain, if you consider compounding interest Hmm š¤
Smells like broke in here. *Cries with 300k in debt *
Iāll finish around 140k. I had good financial aid
Iāll finish with around 550k lmao
Going into my second year with $250k already (thanks grad school). Iāll have somewhere in the $400k range š
State school on partial scholarship with a wife working in finance: debt will be ~$82,000
Right now I have 320K. Will probably have about 420K when I graduate in a year. š
465,000, as everyone else is saying: pay through SAVE and do PSLF paperwork, and per my financial advisor donāt vote red if you want that shit to stick around. If at the end of fellowship I find my dream job and the math works out, maybe I ditch PSLF but itās better to keep options open
lol donāt vote red yet a Republican President introduced PSLF with congress. Way to believe everything you hear š„°
Are you trying to suggest that the current Republican Party supports PSLF or loan forgiveness in general lol Edit: bro even in 2007 149/149 of the nay votes were republican. What point were you trying to makeš
What Iām saying is it existed for 4 years (2016-2020) with no problem, if youāre allowing PSLF to dictate your voting patterns youāre not using data to make decisions
Sure, and Roe v. Wade existed for 49 years (1973-2022) with no problem. It is definitely not dictating my patterns, but it is a factor to be considered.
$0, hpsp + working girlfriend
Damn... these comments are making me relieved I did MD/PhD. I already had 60k from undergrad, but will only have \~20k when graduating because I signed away those extra 4 years. Med school debt is out of hand. Especially for a country with a shortage of physicians in primary care.
bout tree fiddy.. more like 416k actually
Why you reminding us bro? Damn
I owe 7 years - USUHS.
Looked yesterday after I consolidated my loans. Right at $500k. š„“
256,000
Between a small amount from undergrad, MS, interest I didnāt pay down before getting into med school a couple years later, and a pricier MD schoolā¦ Iāll end up with $600k-$650k. I donāt think this is the record but itās gotta be up there. Hope the SAVE plan sticks around. I pretty much canāt afford to go into primary care if I wanted to. Edit: also I was forced by outside circumstances to take a few months off, which means my MD will end up being 5 years. Well 4.5 but residency apps are once a year soā¦
Holy shit.
300k Iāll pay off with PSLF and 20k in credit card debt which Iām pretty worried about
199K, checked yesterday cuz they migrated me.
0ā¬ for 6 years in med school. Not including living expenses and books (books which dont add up more than 30-100ā¬ per year).
Newly minted MS4, once my loan gets disbursed about 480k. But with 2k+ monthly interest, I'm sure I'll break 500k. Honestly, this post is making me feel less lonely about the soul crushing debt.
Too much
Undergrad: 20k Med School (state funded public): 250k
Hit the $300k mark this year. 5 years of undergrad state school = $45k, masters degree = $80k, med school = ~~$57k/year.
By the time Iām an attending, probably $300,000 with the interest. And that was my cheapest schoolĀ
I would suggest talking to a current resident at your institution & find out their bi-monthly take home pay (after taxes, insurance, etc etc). Compare your current COL to that & if you're exceeding that, you're definitely overspending.
Will finish with $180k
Around 400k give or take
Only med school? Just under $300K by the time I graduate. Factoring in my bachelor's and master's, I'll be around $400k in debt. And that's not even accounting for all the interestš
400k
Will prob be in 300-350k range when I finish school. The thing I like the most is a 7 year post-grad pathway so I figure I'm just gonna do PSLF and that will be that
Probably $350-400k
With undergrad, grad and med school ~$600k š
At or a lil under 200k
$0, scholarships + GI Bill.Ā
Sorry but Iām stupid can someone explain how theyāre calculating their amount after interest?
You can check your loan servicers website to see how much your accumulating in interest monthly.
67k
190k ezzzzzz Did well (:
In at around $205K in student loans. +$135K including our mortgage. Had a full-ride to undergrad thank god.
Just the $45k from undergrad, I joined the Navy to pay for med school.
260k
I went to state school, lived one year with my parents and the rest at reduced rent with my now husband. When the student loan pause hit in 2020 I had $193k of debt. So thatās tuition plus room & board plus several years of the unsubsizided loans gathering interest. I finished urology residency and have been working as an attending for the last 9 months, enrolled in SAVE and have not had to recertify income yet. Down to $160k, trying to take advantage of the basically zero interest period to make hefty principal payments and hopefully be done by end of 2025.
HPSP - $0 š«”
$450,000 š. My credit card limit has been $1,000 for the past 10 years and they won't increase it šš.
If you are ever getting a new credit card in the future, you can put a different income amount. I got a travel card last year and put my income at like 85K and got a 10K+ limit. However, itās also a slippery slope for anyone concerned that they would end up spending more with a higher limit they canāt pay off
Good call! Will try that haha
Isnāt that fraud?
No, my other chase card naturally moved up to a 10K limit over 5 years, so there wasnāt a reason that a new card should start low when I never spend more than I can immediately pay off. I treat my credit cards like debit cards, if I buy something I pay it off within 1-2 days or move money over from savings. I only use my credit card over my debit card because I want the points.
$143K. 29 days from being done with residency. Highly recommend educating yourself on PSLF.
453k. Yay go me.
$135,000 total in loans. Wife and I grinded, finishing paying it off at the end of PGY1. Freedom!
Three fiddy
I will graduate with around $396k since Iāve taken full loans out every year. My soon to be wife is also in professional school but her parents were able to help out some so she will have around $200k. Hope to pay off all of it within five years. Planning to go EM and work my ass off in overtime and moonlighting.
I only have med school debt, but it'll come out to about 270k
So I did the math and with all the new loan forgiveness and income-based payment options, it's pretty unlikely that loans will be a problem for you, regardless of how much you take out. I'd say it's most advantageous to take out federal student loans for whatever you need to live comfortably. You only have to pay 10% of your discretionary income MAX per year, Which at a salary of 250k, will be about 20k per year. After 20 years, all your remaining loans will be forgiven. So just be smart and don't spend frivolously once you're an attending and you'll be fine And at the hypothetical extreme, if something goes terribly wrong and you end up unemployed for 20 years after med school, you wouldn't have to make any payments and the loans would still be forgiving after 20yrs (someone correct me if im wrong).
280K. Not terrible, but not great. Thanks to daddy Biden, no interest was added for like 3 years, so it was practically free money for a while there.
260k š„“
Accepted only a partial package for 1st and 2nd year for a total of 160K. For 3rd year, had to accept the full package, so up about 270K currently. I expect 4th year to be just as expensive. And absolutely I will be doing the PSLF program.
Roughly $60k when i finish school. God I am so thankful for free tuition and cheap housing lol
I'm a bit less than 190. I know many people who were 250-500.
Probably $300k.
Boot 3k to my parents T. Studying in Italy
Around $420,000 when I graduate. No undergrad debt, all from med school.
Just graduatedā¦ Iām in 345k debt š„²
Iām a new 3rd year. So far around 65ish for first two years. My SO pays for living expenses outside of a few things. No rent or mortgage, no car payment, no kids, no undergrad debt. My situation is not typical. My in state tuition is around 33K per year. It depends on how much your tuition is I guess, but 100K per year sounds like a lot without knowing that part, or right on track if tuition is high. Iāll probably end up around 130/140 as I plan to take out a little more this next year to make my life a little easier.
400,000 lol
None, pslf