Thread: debt

Can anyone tell me the reason for the huge discrepency in the average debt of US (state sponsored) med school graduates and Ross grads. The average debt of US med school grads is a little over $100,000. At Ross, I have heard it approaches $200,000.

That's cause state schools get more of their tuition subsidized by their respective state (nice to have tax payers pay for part of your education). Private med schools in the U.S. actually cost more to attend than Ross.

in my program, we have me, 1 state school student, and the rest are all from private higher echelon US universitys. the state guy is the only one who is not in debt up to his eyeballs. everyone else has numbers comparable to mine. actually, the state school guy gets screwed as his 75,000 debt doesnt qualify for deferrment, so he is stuck making payments on his loans now, while the rest of us are in deferrments and actually can afford to buy houses right out of med school.

I don't know if 200K is accurate or not. However, if it is, I would not worry about it. Go to Salary.com and take a look at job postings for doctor's. Your going to see some very impressive salaries.

Or if you feel really nervous.. I can tell you that I spent some time at a medical school in West Virginia (one of the poorest states in the country). Even there, where almost no one had insurance and everybody was on welfare, hospitals were offering several loan repayment programs. They were offering doctor's $75,000 a year plus complete loan repayment -- if the doctor's agreed to work for 5 years. There exists a lot of programs like these.

Just watch out for these sorts of programs. They seem like a good deal but they are not. Your market value is a lot more than that, and you can pay off your own loans very quickly by living modestly for 2 or 3 years out of residency.

What usually gets people in trouble is the decisions they make straight out of medical school -- overpriced house, luxury car, pricey lifestyle. You should try to delay doing this for a little while.

As an FYI, the most you can take out for loans (Stafford and private combined) according to the financial aid office is right around $38,000 per 2 semesters. So, for 10 semesters that totals approximately $190,000. According to feedback from others on this site, the max amount is more than enough to cover all expenses, including tution and fees, room and board, and travel expenses.

If anyone has information contrary to this please feel free to comment.

Originally Posted by mutig25

As an FYI, the most you can take out for loans (Stafford and private combined) according to the financial aid office is right around $38,000 per 2 semesters. So, for 10 semesters that totals approximately $190,000. According to feedback from others on this site, the max amount is more than enough to cover all expenses, including tution and fees, room and board, and travel expenses.

If anyone has information contrary to this please feel free to comment.

no, you are right...plenty of money. i still have close to $7000 accrued after 2 semesters just sitting in my bank account right now...doing nothing. i've prepaid rent, bought a new computer, bought plane tix.

Wow. That's great. You'll certainly have more than enough to spend when it comes to interviews for residency.

Can you give me an idea of what your monthly expenses are now, and your total loan amount?

I'm getting ready to complete the loan paperwork and don't want to take out the full amount because I'm hearing that it's more than enough; however, I don't want to be living off of ramen and water either.

Thanks!

Can you tell me when is a good time to apply for Financial Aid or start getting my paperworks done for either May or September of next year??how does the process go?is it similar to what you would do here in the US?thanks

Originally Posted by mutig25

As an FYI, the most you can take out for loans (Stafford and private combined) according to the financial aid office is right around $38,000 per 2 semesters. So, for 10 semesters that totals approximately $190,000. According to feedback from others on this site, the max amount is more than enough to cover all expenses, including tution and fees, room and board, and travel expenses.

If anyone has information contrary to this please feel free to comment.

wow really?? i thought that since you are off shore you only get 18500 per 2 semester?? I thought that only stateside med students get the extra amount?? can you confirm what you are saying because i have been told repeatedly what i am saying now.

Staffords: $18,500
Private : $19,500

Total : $38,000


Best to double check with the New Jersey financial aid office.