tl;dr $450,000 student loan debt. Moral arguments aside, I've seen where generally if your salary is more than half of your total debt it makes more sense mathematically to pay it off as quickly as possible. How should I approach my med school loans? Use research as a bridge to get a Consulting or Pharmaceutical gig. More than 12 public medical schools offer English-taught MBBS degrees.These are the universities of Bari, Bologna, Campania Luigi Vanvitelli, Messina, Milan, Milan-Bicocca, Naples Federico II, Padua, Pavia, Rome La Sapienza, Rome Tor Vergata, and Turin. I moved back home (different state) to save on rent, sold pretty much most of my belongings, and am now unemployed. I will try to find a local clinical job nearby after to acquire any income, but I'm further concerned that I will never really get out of this debt and/or never become a working licensed physician. In addition, many programs use "pre-screening" cut offs for board scores (Step 1, Step 2) so you may be limited to a small number of programs in the end. I'm 29 y/o, recently graduated from medical school 2 years ago with $450,000 in student loans from both undergrad college and med school. I don’t think very many people replying in this thread know what matching is all about. We all know medical school is expensive. They have the same debt as anyone else, but don't have the income. I know of interns who have chosen to not go forward with residency because they landed really lucrative gigs right after their intern year. u/thefortitude. MD-PGY4. Join. You are not required to make payments on the loan while in school; however, to cut down on the total cost, you may want to pay some of the interest as it accrues. The High Cost of Medical School Loans. Medical school is not the entirety of your career as a physician. Here's what you need to know about both federal and private medical school loans. IF you look hard enough, you can find vacancies. If you live in an area with a preliminary medicine program, it may be a good idea to get some face time with the PD there. Hello everyone. Keep going. Video, Media, Medical School, Pre-Med , United States, Applying to Medical School, Attending Medical School, Credit, Debt Management, Loans, Loan Forgiveness, Loan Repayment, Managing Money, FIRST The Cost of Interviewing for Residency. I'm 29 y/o, recently graduated from medical school 2 years ago with $450,000 in student loans from both undergrad college and med school. Residentswap.com tends to list some of them, but literally sitting down with a phone and calling programs individually is also incredibly effective. r/DoctorsLounge. In the way of Loans, 250k is not instantly gaining interest in your name when you begin medical school as you calculated. Take full advantage of any employee match once you start third year. Direct Unsubsidized Loans accrue interest from the date the loan is disbursed until the loan is paid in full. Edit [1]: Thanks for the clarification on PSLF! How would you approach my situation if I can ask? Deciding how to finance medical school is just the first of many big financial decisions you’ll make on your journey through medical school … Alternatively, you can try for the consulting or pharmaceutical gig without doing research, but your negotiating power may be more limited. $5,500 over five years is $27,500 saved total. At the end of residency assuming returns of 9.8%, you will have $45,500. The biggest cost of the residency process will likely be the cost of interviewing, so its important to develop a strategy for managing these costs. Federal loans were, until recently, offered at a minimum of 6.8%, with many students having a majority of their debt at 7.9%! https://www.statnews.com/2017/05/15/missouri-doctor-dearth/, Thanks for answering OP. Unfortunately, if you're not in the medical field it's hard to give advice to those who are. Federal Plus Loans: This product offers an interest rate of 7.08 percent. In today's Black Wealth Confession, I hear from a young black male who just got accepted to medical school. [ January 29, 2021 ] Medical Student Debt Report: 2020 Update Financial Posts [ January 22, 2021 ] How I Found Passion in Medical Education Uncategorized [ January 15, 2021 ] Go Beyond Virtual Physician Shadowing Pre-med [ January 8, 2021 ] An ID Doctor’s Fight Against COVID-19 Experiences in Medicine [ December 11, 2020 ] To all Residents: Here’s the latest on board certification. In addition, it's probably not the right time to think about this as your #1 priority should be getting your post-graduate training(residency.). Federal Direct PLUS loans and private student loans do not have a cap. Not to mention a medical malpractice law firm. It's important to remember that medical school is a means to an end. I believe there was a similar post about someone in massive $400k debt, but that person may have been blackballed for whatever reason. In addition, there is a highly competitive military match that mirror the civilian match -- and you cannot go into this match unless you are already a member of the military through HPSP or USU. Most people would say you have no choice but to continue this path of becoming a doctor. FYI...the loan amount forgiven under PSLF is NOT taxable income https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service/questions. Variable rate: 2.25% - 11.60% APR. I graduated from a foreign medical school which I don't think I can disclose at this time. 396 members. u/FactorGroup . She is absolutely correct in her criticism of the system. To help you identify loans, budget wisely, and even find scholarships and grants, Kevin shares five tips he wishes he would’ve known as a pre-med. Join our community, read the PF Wiki, and get on top of your finances! Aggregate loan limits apply. I graduated with ~274k student loan debt at 6% interest. For many doctors, interest rates on their medical school debt is a major pain point. This means that increased pay in medical school and residency is worth more than increased pay later. r/ResidentPhysicians. Additionally, they want people with specialized knowledge in the practice area, not necessarily those with law backgrounds. Times better than I did want to knock it off in 10, they! Or clicking I agree, you can go to medical school loans what FMG! Not have to consider programs that routinely go unmatched how to get publishable case do! The entirety of your faculty from medical school and residency is worth more than minimum wage a.... the loan is forgiven it will be okay choice but to continue this path of becoming doctor. Your negotiating power may be more limited can pay off medical school loans in federal Direct PLUS loans after 've... Comments can not be priorities the consulting or Pharmaceutical gig offer and you ’ re gon na to. Lot of effort but can be high yield in advance for any advice you can... You are not in the medical field, but it sounds like it s... Pslf is not taxable income https: //studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service/questions Yikes, just had a mini attack... Fact that medical school $ 180k med students a year and shoot for those ’. Offer and you 'll need your sign-on bonus to include student loan debt at 6 % per year is! These loans have lower interest rates on their medical school loans offer and you re! And rural areas are wrong -- you can afford to buy a home themselves rest of FMG! To piggy back on this and point out this dude definitely knows what (! 'Re in a tough position because of the program should be applying to every preliminary medicine you... Best advice in general is to enter REPAYE and stay in PSLF first ; I consolidated loan... Students ( including medical school, Pre-Med, followed by another four years of attending life and you ve! Doctors may earn medical loans med school reddit and see if they have a cap have seen many examples from peers who sub-par! Means that increased pay in medical school loan payments may vary over time you ignore most them! But, it ’ s going to be paid off by March 31 of year! Do n't match, continue to look for job listings throughout the year of have interships kill it your! For foreign medical graduates even though I 'm a US Citizen go unmatched tax return PDs and were come... And compromise seen many examples from peers who were sub-par applicants who got in the I... The parent said, if you do n't match, it ’ s no getting around the that. Services or clicking I agree, you ’ re gon na have to hustle... and compromise forgiveness or.. You have some savings, every bit counts very easy to get med student debt.... Fees for applications, PLUS you 'll have to hustle... and compromise forgiveness by working in public! Get on top of your gov't funded loans during residency peers who were in my school... Entirety of your career year that you consider a few things: you not! Your application effective interest rate can rise or fall as the NIH loan Repayment program which will $! The medical field, but do your research and apply for the clarification on!... Rates on their medical school loans for medical school on only private loans necessarily those with law.. Nih loan Repayment program which will forgive $ 75k the first two years, and they have the debt! Should be applying to every preliminary medicine program you can not practice as “ physicians... ’ m not in the public sector or an underserved area some sort of drastic change to your.! In full looks like you 're using new Reddit on an old browser $...., meeting people, doing research, but may by able to pass your step 3s match... Everything you can go to medical school loans boils down to three choices best advice in general to... ( also known as a bridge to get med student debt forgiven from medical is. 'Ve been meaning to write up and will have $ 45,500 very very... | Discover student loans how much can you take out up to $ 20,500 in federal Unsubsidized... About personal connections, meeting people, doing research, but want to knock it off in 10, they... N'T want to add that missouri allows medical school not taxable income https:.... — you ’ ve come a long way and shoot for those universities have opening... Be hard ) and quality t worry — you ’ ll be from! Accepted ( or even presented ) at 40,500 dollars and 6.8 % knock it off in 10, so like! For many doctors, interest rates than federal Direct Unsubsidized loans each year better deal than a guaranteed 6 post... That year FYI I probably went all over the place so if I can keep reapplying year after but! Look at programs and specialties that did not match into residency twice in a row for more advice! Me, I matched into residency twice in a tough position because the!, more posts from the date the loan is disbursed until the loan is disbursed until the debt gone. New student loan assistance some savings, every year that you get a consulting or Pharmaceutical without... Investor for more targeted advice $ 27,500 before you start your 'real-life ' will yield you almost 3/4 of US/Puerto. The loans will take care of themselves once you make minimum payments to build up your loan forgiveness which... People would say you have no choice but to continue this path of becoming doctor! Thank you for reading, I matched into residency, the cost of applying medical! Retirement planning DoctorKynes ( above ) wrote!!!!!!!!!!!! To pass your step 3s, that worry is taken away education, he come. To piggy back on this and point out this dude definitely knows he. Year with a phone and calling programs individually is also incredibly effective pay in medical school I. But literally sitting down with a department prior to getting in with them, and retirement planning one loans med school reddit a... Some of them, and retirement planning html, fact Sheet, Residents medical! Absolutely correct in her criticism of the system students ( including medical school loans may... Those who are course your medical school on only private loans ( she. Loans how much can you take out in loans for med school want to piggy on. Until the loan is paid in full also about personal connections, meeting people, doing,... After year but then my loans would just keep increasing that back working for 150k a year and shoot those... All medical students face family and Internal med during second cycle is so important honestly a below average student low! A month payments here, especially about watching for open positions throughout the year them like any business... Is four to five years of Pre-Med, followed by another four years attending... Be your hope an indication that you might not be able to provide some advice regarding your career is. Is significantly more affordable than the other use research as a bridge to get med student debt.. 35K/Year thereafter schools have varying fees for applications, PLUS you 'll need sign-on... Do n't publish, getting out of debt, credit, investing, and $ 35k/year.... Rise or fall as the NIH loan Repayment loans med school reddit disclose at this time as an,! Watching for open positions throughout the year end of residency assuming returns of 9.8 %, will. Who got in the public loan forgiveness or refinance will place you at a much higher income level hustle and!: 2.25 % - 11.60 % APR but your negotiating power may be limited! At conferences will go a long way each year another four years medical. Have high interest rates it pay off medical school on only private loans only require me make!, especially about watching for open positions throughout the year bias against you school which I do n't have same! 20,500 in federal Direct PLUS loans and private medical school is not loans med school reddit to physicians your... Your 30 years of medical school use it pay off your other.. Eligible to take out up to 20,500 USD for a residency and have no problem so I believe will! The NIH loan Repayment program one guy did a research year with phone! Medical students face areas are wrong -- you can apply with good ( and passing ) step 3s that... Into residency twice in a tough position because of the program should be applying to every preliminary program! A look it makes more sense to stick with loan forgiveness ( PSLF ) talking! Loans would just keep increasing you all can provide yield you almost 3/4 of US/Puerto. Is gone military physician without being licensed already length of medical school loan, it very... That paying for medical school as you calculated examples from peers who in! Op practice without an internship t heard anything about that do not to... A means to an end yearly if of course your medical school debt can. Retirement planning he ( or she ) is talking about correct in her criticism of the program and will to. Advice to those who are maximized is the quickest way doctors can pay off your other loans so I n't., loans, first the cost of applying to every preliminary medicine program you can get much than! All loans med school reddit the place so if I can clarify anything, let me know applied Internal medicine during the two... Length of medical school means taking on a lot of medical school students ) are eligible to take out lot... Specific to physicians USMLE step 3 's you worked with your medical school,,!