How do manage to pay back your loan with SGU current tutions & fee...

[drbmx]

Guys,

Let's say that after for years of SGU med school (or 5 academic years ), you had abour 270k in debt (This number may be increase more by 2010). Then, you'll going to primary care (as 75% of SGU grads do) in another 3 years. You'll make about 130k per year.

Here is the thing. If your salary is 130k per year, you'll take home about 72k (assume that 40% tax + malpractice, ect...). In other words, you'll made about 6k per month. However, 300k in debt with 8.5% interest rate (grad + undergrad) would come out 3000 per month in 20 years (yes, 20 years). Consequently, you'll make 3000 per month as a doctor (or 36k per year after 11 years of studying) http://forums.studentdoctor.net/images/smilies/eek.gif . If this is true, I think this is hell. So, how do you project your future or manage to pay it back?

Please correct me if there was any wrong or I overcalculated. I don't see a good balance if you're coming out of 270k in debt and going to primary care. Current SGU students, do you have ideas how to pay your loan back?

Thanks

[stephew]

consolidate your loans. 8,5% is twice what you should be paying nowadays. BTW it was 12% when I started school. ANother option if you want to be a primary care doc is try a school like saba which is very much cheaper.

[jaywalk81]

state side school aint that much cheaper either

[njroberts76]

or try and get into a more lucrative aspect of medicine...also...if you are in medicine for the money...you might not be happy in the long run..and i have no idea what your motivations might be...and i am not implying anything...

[ULTANE]

Your thinking inside the box!

As a doctor you will have other investments hopefully netting you what you need to survive.

There's always a home equity loan at 5.8%.

I had a 30 years student loan for $130,000................paid the whole damn thing off with the sale of my house which I only owned for two years. I still walked away with hundreds of thousands and just bought a bigger house. Definitely go for the lengthiest loan (which means cheapest monthly payments) until you do figure out how to pay it back!

So don't sweat it...................you'll be fine if you make the right investments in your life. Being an MD is a good start!

[hetal]

As a doctor you will have other investments hopefully netting you what you need to survive.

To 'survive' huh? What would the world be like if a doctor wasn't driving the fanciest car or had the nicest house?


So don't sweat it...................you'll be fine if you make the right investments in your life. Being an MD is a good start!

It's always wonderful to see choosing a medical career to be a good start in financial security. Warms my decrepit little heart, that does.

[seagoddess]

you dont go into FM or IM lol

[Saora1]

It's always wonderful to see choosing a medical career to be a good start in financial security. Warms my decrepit little heart, that does.
You're kidding yourself if you think most people go into medicine for altruistic reasons and a desire to help humanity.

Oh there are some where that's their sole reason but for most (myself included) it's just a part of it. Most people [in my opinion] just don't have the guts to admit it because it's not "PC" to do so.

If I wanted to just make money, I'd go into business. Sure I want to be a doc because I'm interested in medicine and to help people, etc. but I also will be happy to have a financially stable job that will afford me an above-average income (nowhere near what it used to be in the 80s), a skill set I can take with me anywhere, and *gasp* the "status" that comes with having MD after my name (again, not true so much any more since people are so distrustful of the medical establishment and sue-happy these days).

Again, I think there are some people that do it simply for the love of it and desire to help others and make a difference in the world, but in my opinion, out of every thousand people that spout that, probably only two really mean it as their sole reason. The rest, to some degree, want the other things.

Maybe I'm just jaded with that opinion but I also have no problem admit ting that I like the fact that the career I choose, aside from letting me do what I want to do, will afford me a decent living.

[stephew]

folks, anyone who wishes to moralize about doctors and money, take it elsewhere, the poster is asking a legitimate question and if you have nothing helpful to add, please don't comment.

[njroberts76]

ohhh thanks Stephew...and thank God your a "super moderator"...because I wouldnt know what to do...OR....maybe next time this person can ask a question worth answering...and not some...**...about thinking that making 130K a year is "hell"....

[drbmx]

You'll make 130k but you will actully earn only 40k per year. After 11 years of studying, you'll bring home 3100 per month. Is it enough to pay mortage, car, food? ...I don't really care about how much I'll make, however I do care how much I'll bring home to support my family.
I'm wondering how do you manage this matter. I believe there is a way to make life easier.
Thanks for all comments.
Rg,

ohhh thanks Stephew...and thank God your a "super moderator"...because I wouldnt know what to do...OR....maybe next time this person can ask a question worth answering...and not some...**...about thinking that making 130K a year is "hell"....

[jim]

you dont go into FM or IM lol


I start as an IM hospitalist in 8 weeks...making drastically, and i mean DRASTICALLY more then that $130K figure. dont worry...you will make plenty to live on.

[jaywalk81]

dont sweat it. many have been able to survive and live a very decent life.
like someone else said, consolidate and then stretch out the payment plan.
heck my mom makes less than 30k net and was able to support 2 sons put us through college and buy a house and a store.
you just have to learn how to budget resources along with everything else in life

[seagoddess]

dont sweat it. many have been able to survive and live a very decent life.
like someone else said, consolidate and then stretch out the payment plan.
heck my mom makes less than 30k net and was able to support 2 sons put us through college and buy a house and a store.
you just have to learn how to budget resources along with everything else in lifewow that's a skill. cost of living is so high these days...

[jaywalk81]

yea...i have learned/appreciate all the little things my mom has done and she really is my role model. now if only i can manage my money better than her..haha

[kingalls]

I've got to say - 36K a year (which I think is a pretty low estimate) after taxes, after loan payments after malpractice isn't exactly below the poverty limit. Honestly, that assuming a high interest rate, low salary, and no contributions from spouse or other sources, and you're still banking as much as a starting engineer. (~50K pre tax). Don't think there's too much to worry about.

[ULTANE]

saora1(again, not true so much any more since people are so distrustful of the medical establishment and sue-happy these days).


My opinion is of private practice is that people 100% trust their doctors. And I don't know any one that's every been sued. I believe it's more hearsay!

[emt036]

saora1(again, not true so much any more since people are so distrustful of the medical establishment and sue-happy these days).


My opinion is of private practice is that people 100% trust their doctors. And I don't know any one that's every been sued. I believe it's more hearsay!
And I know more than one... Lots of miscontents in the ED...

[Mattttw]

This discussion really is quite pertinent.

Very recently I noticed several news articles, which, I believe, were based on respected journal literature, that concluded that the number of retiring general medicine docs is larger than the number of incoming (in the US).

For a reasonably long time, my primary goal was to become a doc that went into primary care, however, with the rising cost of malpractice insurrance, lack of medicare reimbursement funding etc I'm having to reconsider exactly what I want to do in medicine as well.

Do I become the latest "Dr. 90210" or go where people actually need a physician? In all honesty, I don't really know. Fortunately I don't have a family to provide for at this time, and for those that do, this is probably all the more pertinent. Life, as time has shown me time and again, is never quite so black and white as we'd love it to be: If only my sole intent to become an MD was altruistic. Perhaps a good start is to realize that most of us are not that way 100% of the time, rather, and this is just my opinion as a person, we probably go through out heartfull and heartless days. I would rather be upfront with myself now that end up in a rural primary care setting and eventually resenting my income, status etc (and venting that frustration out onto the patients who need me?!)

So come on guys and gals, join the Navy, see the world, and let uncle sam (or "W") pay for your medical education! I'm just kidding, though for those that are, kudos.

Then again, happiness in life surely is not based on one's income or salary. So perhaps, and this might not be the best idea, I'll ending up living much like I am now for a number of years after getting a job, pay back those loans, and then "worry" about the toys that many people associate with their medical degrees.

Anyhow, my longwindedness is basically trying to say something already said, and in simpler terms: Be honest with yourself! (you'll end up happier for it! :D)

-my $0.02

[Rico]

there are other choices when it come to money issues:

go to the cheaper schools like Saba or if you get board of the Island and the small campus, go to Europe like Poland, Czech, Hungary. I know couple of friends who transfer from the Carribean to Poland and Czech.

[helpfulgrad]

"And I don't know any one that's every been sued. I believe it's more hearsay!"
(POSTED BY ULTANE ON THIS THREAD)


"3 strikes law is a joke. Most of the senior ranking partners in my group maybe have one lawsuit after 15 years of practice. I believe it's pretty much standard that most law suits never make it to a courtroom(except on tv that is). Most people settle out of court, especially if you were to have two strikes against you. I would not lose any sleep over that. Of all the people I know only one friend has a current lawsuit and he'll probably settle"
(POSTED BY ULTANE ON A PRIOR THREAD - Free from florida)

So which is it dude? You don't know anyone thats ever been sued????? or you have the one friend with a current lawsuit?????

[drinmotoracer]

"And I don't know any one that's every been sued. I believe it's more hearsay!"
(POSTED BY ULTANE ON THIS THREAD)


"3 strikes law is a joke. Most of the senior ranking partners in my group maybe have one lawsuit after 15 years of practice. I believe it's pretty much standard that most law suits never make it to a courtroom(except on tv that is). Most people settle out of court, especially if you were to have two strikes against you. I would not lose any sleep over that. Of all the people I know only one friend has a current lawsuit and he'll probably settle"
(POSTED BY ULTANE ON A PRIOR THREAD - Free from florida)

So which is it dude? You don't know anyone thats ever been sued????? or you have the one friend with a current lawsuit?????

Hhaha... busted :nuts: Or he could just be exaggerating like most people do to make a point. But... I'm going to go with busted. :lolup: