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Thread: SGU expenses

  1. #1
    MustafaMond is offline Junior Member 510 points
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    SGU expenses

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    I've been accepted to st.george for august '06 but wow this school is sure expeinsive! The cost is scaring me away as the following calc. shows..

    $57K for 4 yrs. = $200K - $240K per financial aid's packet. Add some interest and get $380K for 4 years loan. Payback for 20 yrs. gives almost $20K yearly in just repayment!

    I'm 33 going on 34 so I have kids to feed. Can someone tell me what the takehome earning is for primary care docs? From what I know it's $120K gross - $40K tax/malpractics = $80K. $80K - $20K repayment amount = $60K. This comes to $5K a month disposable income after everything said and done.

    I'm really wondering if I can suport my entire family on this in New York. Rents alone is up to $2.5K in medium size house in queens.

    Comments?

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    pstone09's Avatar
    pstone09 is offline Junior Member 510 points
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    ok.....

    you dont know very much about taxes and tax brackets do you??

    40,000 bucks in taxes on a 120,000 dollar salary!! yeah right my parents arent even docs, they make 125 combined and we take home like 112k WITH a tax refund on top of it.

    oh and btw, if your concerned about how loans/loan amounts, either dont go to sgu or study REALLY hard and get into dermatology as an img. haha, j/k

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    jaywalk81 is offline Useless Guru 521 points
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    salary.com can give you an idea what primary docs make.

    and sgu isnt really that much more expensive than a private med school in the states. also, many have done it and paid off the loans and had a family, so it can be done.

    also as a primary doc, you have the option to working both in a hospital setting and open up your pratice, which can be more profitable given that a hospital is based on a yearly salary.
    SGU Alumnus

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    MustafaMond is offline Junior Member 510 points
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    Quote Originally Posted by pstone09
    you dont know very much about taxes and tax brackets do you??

    40,000 bucks in taxes on a 120,000 dollar salary!! yeah right my parents arent even docs, they make 125 combined and we take home like 112k WITH a tax refund on top of it.

    oh and btw, if your concerned about how loans/loan amounts, either dont go to sgu or study REALLY hard and get into dermatology as an img. haha, j/k
    That's an unreal tax bracket. Wish I had that sort. Take home = Cash in hand after tax, loans repayment, malprac. insurance. I'd really like this information and can't get it except from an SGU grad which is practicing. Can some one PM me with grads I can speak to?
    Last edited by MustafaMond; 07-29-2006 at 11:21 AM.

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    eastern2western is offline Senior Member 46 points
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    there one thing u r forgetting

    Quote Originally Posted by MustafaMond
    I've been accepted to st.george for august '06 but wow this school is sure expeinsive! The cost is scaring me away as the following calc. shows..

    $57K for 4 yrs. = $200K - $240K per financial aid's packet. Add some interest and get $380K for 4 years loan. Payback for 20 yrs. gives almost $20K yearly in just repayment!

    I'm 33 going on 34 so I have kids to feed. Can someone tell me what the takehome earning is for primary care docs? From what I know it's $120K gross - $40K tax/malpractics = $80K. $80K - $20K repayment amount = $60K. This comes to $5K a month disposable income after everything said and done.

    I'm really wondering if I can suport my entire family on this in New York. Rents alone is up to $2.5K in medium size house in queens.

    Comments?
    Do not froget about your living expenses? In a very conservative calculation, you are going to need some where about 40k for 4 years to live cheaply on an island.
    With an income of 100k, the tax bracket should be some where aroud 40-50%
    Last edited by eastern2western; 07-29-2006 at 01:05 PM.

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    MYung is offline Member
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    Quote Originally Posted by MustafaMond
    $57K for 4 yrs. = $200K - $240K per financial aid's packet. Add some interest and get $380K for 4 years loan. Payback for 20 yrs. gives almost $20K yearly in just repayment!
    How did you come up with these numbers? I made an earlier post on this topic. I believe you calculated the interest yearly instead of monthly. That underestimates the true cost of the loan. I estimated a repayment schedule for a 200k loan:

    5 years - 5620.67
    10 years - 3544.8
    15 years - 2914.46
    20 years - 2639.60
    25 years - 2501.44
    30 years - 2427.01

    Here's the link, it explains how I got to these figures. http://www.valuemd.com/st-georges-un...-students.html

    Factor in also the income that your spouse might have. This may help you in using a shorter repayment term and minimizing interest costs. Its impossible to determine take home pay as there are way too many factors (state tax policy, tax refunds that you qualify for, health insurance costs, retirement funds, etc).

    It looks daunting, but I'm sure that you'll be able to pay off the loan while supporting a family. Just don't expect to live extravagantly until the loan is paid off.

    Marco

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    eastern2western is offline Senior Member 46 points
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    What if u do not make it?

    200K in loan repayment is like 2k per month and I do not think there is a lot of jobs outthere that allows u to carry a 2k monthly payment.

  8. #8
    MustafaMond is offline Junior Member 510 points
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    Quote Originally Posted by MYung
    How did you come up with these numbers? I made an earlier post on this topic. I believe you calculated the interest yearly instead of monthly. That underestimates the true cost of the loan. I estimated a repayment schedule for a 200k loan:

    5 years - 5620.67
    10 years - 3544.8
    15 years - 2914.46
    20 years - 2639.60
    25 years - 2501.44
    30 years - 2427.01

    Here's the link, it explains how I got to these figures. http://www.valuemd.com/st-georges-un...-students.html

    Factor in also the income that your spouse might have. This may help you in using a shorter repayment term and minimizing interest costs. Its impossible to determine take home pay as there are way too many factors (state tax policy, tax refunds that you qualify for, health insurance costs, retirement funds, etc).

    It looks daunting, but I'm sure that you'll be able to pay off the loan while supporting a family. Just don't expect to live extravagantly until the loan is paid off.

    Marco
    Okay so don't explect to live extravagantly for 20 years since $31K per yr. will go into repaying the loan alone. At $31K per yr. the total loan repayment is $633K according to your figures. That's an obscene amount of monies to pay back.

  9. #9
    RussianJoo's Avatar
    RussianJoo is offline Ultimate Member
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    mustafa, I am pretty sure u're right about the fact that family practice pays about $120K and that taxes will be about 33% or more. So you'll be lucky to take home $80K a year. also if you plan on repaying your loans at $20K a year it will take you a long time to repay $250K probably around 15-20 years with the crappy intrest rates that are out there right now. also, prices on everything are going way up rent in queens on a two bedroom apt is around $2.5K a month. With kids you will have to think about college and all that stuff. So you have to either think of a different specialty that pays you more money or go to a cheaper/worse school like AUC or a number of other less known schools. Those schools are a lot cheaper than SGU and if you want to be a primary care doc than you don't have to go to a well known university like SGU or Ross.
    Hollywood Upstairs School of Medicology, Class of 2010
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    pstone09's Avatar
    pstone09 is offline Junior Member 510 points
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    yeah, if u dont think u can afford it, dont go. i, on the other hand, plan to specialize my ***** off (anesthesia, surg, something imgs can realistically get into from SGU), but even if i dont thats what 30 year loans are made 4. oh and if u dont like the rent in queens, why live there? you cant live 1/2 hour away?? queens is your only option??? yeah...

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