how long does it take to pay off loans ?

[aspiring-doctor]

Hello,

I am very interested in attending Ross next year. The Ross Website indicates that the approximate total cost for all four years of Med School, including room & board is: $ 186,627. This is the exact link:
http://www.rossmed.edu/Financial_Inf...ated_cost.html

1. Ok, I will not have any income during medical school, zero, zilch. So can I take out loans to cover all of these huge expenses? In other words, will loans alone be sufficient to cover $186,627 ?

2. After finishing school and residency, if I go into Internal Medicine, and start out with a salary of approximately, $120 k, how long would it take to pay off this tremendous debt?? From my calculations, if you subtract taxes, malpractice insurance, costs of living (by then, I will probably have my own family).....after all of these subtractions....it seems it would take about 20 years to pay off my loans !! Are my estimates accurate?? Can someone please give some feedback about that?

Yes, I chose medicine for the right reasons: I want to help people and I love studying medicine . But I still want to be able to pay off my debt and live a decent life.

Any feedback would be greatly appreciated.

Thanks

[Nemo]

Hey,

I don't think you should really worry about your financial debt as of yet...Yes you will be in debt for a while.....Probably, about 8 to 10 years, but it still depends on your spending thrift (hehe), you future outlook in terms of family..like kids...house...cars....and etc...and it also depends on your Actually salary physician...especially what specialization you go into.

Yes, there are loans out there..to pay for your whole expenses through Medical school...Med schools in the US, Caribbean, Europe, and other countries which those med schools reside in.

You will actually start getting paid, when you start your residency..depending on specialization through your residency but your looking between $30,000 to $35,000 US. For me, I'll probably start paying when I start my residency...and with my plans of getting married while in Med school and probably having kids when i start my residency..I'll probably pay a short amount through residency and pay the big chunks after the 3-5 years of residency...so in other words take it easy..Enjoy Medical school and yes, it's great that your trying to figure that out now..

Goodluck with your future endeavours,

Nemo

[jim]

generally, loans are for 15 years. i graduated form ross and have actually a little more thne that amount for debt. as for salary quotes, the quotes here are soemwhat low. in july, wehn i am officialy a 2nd year in IM, my salary will be about 41,000. and i know that the current 3rd years are all pretty much signed up for jobs or fellwoships. the fellowships are 3 more years of low pay, but still about 10 grand more then what i am getting. the others? are all making better then $150,000 to start.

[docsohaib]

i recently graduated from st james med sch and i will start residency this july...as far as loans, i consolidated all of my federal loans into a graduated tier program from cfs...which means that after residency, i will pay a certain amt for 2 yrs ($345/month), then it will increase to 355/month for the next 2 yrs and after that it will be about 540/month on a total loan amt of $120,000...so even if you have 200k in loans, after consolidating you will be paying about 800-900/month for a 15 yr term...so forgo the 100k benz for the 1st couple of yrs and settle for an infinity or something...how many professions out there that you can make 150k/yr, you can always become a plumber i guess! you got to factor in the prestige and white collar job environment...good luck!