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Knowing I will be in debt, how long would it take to get out of debt after medical school?

I was to pursue in being a Pediatrician, maybe a surgeon, but I want to take in consideration of the time and money I am going to spend. #doctor #pre-med #doctorate-degree


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Richard’s Answer

If you can keep your expenses down (live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution etc) debt doesn't have to be out of control. However the typical student does not do everything they can to decrease expenses then has to be stressed during their first years of practice.

Another unfortunate consequence of debt is limiting the student's choices after graduation. If a student has a passion for pediatrics, but crippling debt, they may be forced to apply to residencies with higher future earning potential.

A typical experience would be to complete residency and become an employee of a group. You aren't able to pay down your debt much because you are saving to become a partner. You buy into the group and then start making partnership money. That's when you are able to really tackle that debt.

So the answer depends on 1) how much debt 2) what specialty and 3) how long it takes to become partner.

But typically you are looking at 10-15 years to pay back your student debt.

On a side note, watch this video which compares a UPS driver to a physician. It makes a lot of assumptions about debt and saving/investment, but concludes that the average primary care physician doesn't become financially better off than a driver until age 53.

https://www.youtube.com/watch?v=2503XQU1feE

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phillip’s Answer

Hello Phillip the time and money depends on how long and how much student loan you will need. If you can take as much class as you can through your local community college. Not sure what part of Dallas you are in, I know there are several great community colleges near you like Collin county and Dallas County. If you are going to be a surgeon, you should not have to worry about money. You can get scholarship and student loan to cover you while you are in school. After you graduate, you can start paying them off slowly. Most of the interest on your loan will be a tax write off. Good luck.


HI thank for this answer Janaranjini T.

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Rachel’s Answer

The best advice I received to limit debt was to "live like a resident" for a few years after finishing training. This means to live well below my means until debts are paid off. The White Coat Investor website has excellent advice on how to limit and pay off student debt.

https://www.whitecoatinvestor.com/what-to-do-if-you-have-monster-debt/

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