Loan Question -- what happens after 150K is reached?

[johndoe456732]

I just finished speaking with MEIO's financial aid department, and the person was surprisingly helpful.


He did mention one thing to me. He told me that after a person becomes 150K in debt, lenders will often require additional requesites to secure the loans.

What are these additional requirements? Has anyone been through this.

I'm already in 50K worth of debt thanks to my graduate education. I'll see one 150K by the third year of AUC!

[Hemo Dynamic]

150K huh? Well at $47,500 per year (two semesters) and 5 semesters just for the didactic well all be really close to needing more requirements for loans, whatever that is. ]

Can't wait to be $250,000 in debt and become a Family practice doc working 80 to 100 hours a week making $70-80K/year to start. Sounds like a deal to me. :shock:

[levator]

I just finished speaking with MEIO's financial aid department, and the person was surprisingly helpful.


He did mention one thing to me. He told me that after a person becomes 150K in debt, lenders will often require additional requesites to secure the loans.

What are these additional requirements? Has anyone been through this.

I'm already in 50K worth of debt thanks to my graduate education. I'll see one 150K by the third year of AUC!

according to salliemae.com, the lifetime limit for med school loans is between 220k and 250k.

check out the website for specifics
later,

[options]

medachiever states that there is no aggregate limit... that's why I chose them.. :oops:

[wcb22]

Hemo Dynamic,
what do you mean $70-80K/year working 80-100 hrs/wk? do you mean net income after taxes (after residency)? are you talking residency and moonlighting? i thought docs were making at least 6 figures after residency (avg 120K - 130K).

[MushieCookie]

not all docs make 6 figures...depends on where you work, what type of work...etc.

[A.H.]

"Can't wait to be $250,000 in debt and become a Family practice doc working 80 to 100 hours a week making $70-80K/year to start. Sounds like a deal to me."


Have to chime in here. This is an urban myth. In an urban setting, a newly graduated (from residency) FP will bank $120,000-150,000 (after malpractice, before taxes) if he joins a practice. In rural settings, FPs can make a lot, lot more (we're talking hundreds of thousands). No FP I know works 80-100 hour weeks, more like 45-50 and they all make 6-figure salaries, not to mention have enough time to play golf 1-2 times a week.

[Hemo Dynamic]

I was wrong, the low end for first year physicians is here at this web site about 90K per years. Yes, of course things get better as time goes on but when you start out the going can be rough. The FP's I know here at St. Mary's and around town who are committed FP's are doing 50-60 hours per week and making about 160K/year but for first year FP's here is the link... http://www.napr.org/firstyearphysicianstartingsalary.asp

[Hemo Dynamic]

One more thing I would like to add. Medicare is currently cutting back their payment's for intellecually based physicians. eg. FP,IM etc. that means less pay for all of the FP and IM's around. They reimburse significantly more for procedure based practices eg. Radiology, Cardiology, Anethesiology etc.