I don’t know the current residency salaries, but they do vary quite a bit by region. However, it isn't really that expensive when you compare the relative costs they are incurring to teach you. There is usually a ramp up to the average salary. 2. 6. Multiply the average lost earnings by four, and you end up with $229,216. These things might make a big difference. All things being equal, having a higher income means you have more flexibility and have a better chance reaching FIRE despite having debt and starting out later in life. Scholarship recipients also receive a monthly stipend and a $20,000 sign-on bonus, all in exchange for one year of active duty service for each year that they receive the scholarship. Typical household spending totaled $63,036 as of 2019, according to the Bureau of Labor Statistics. Living in a cheaper city while attending medical school could bring your cost of living below average, but this may involve a trade-off if it means you're not able to attend your dream school. I like it because it roughly contrasts the career choices my twin brother and I have made. Federal Student Aid. In either case the physician should be better off eventually due to the greater earning potential. Knowing these two things, how long will it take the physician to pay down the initial $190,000 medical student loan? By the time the Physician becomes an attendee, the high performer in finance should be making the same compensation. If yes, when does that crossover point occur? A physicians career is more stable, and there is also probably less chance of outsourcing a doctor’s job in the future. Let’s assume a student starts medical school when he is 24 years old, the average age of entering medical students.And, let’s also assume that after four years of school, he will rack up the average amount of medical school debt, $190,000. So, which career is better? Because the math is complicated, I used a loan interest calculator and some guestimation to calculate the answer. Then came the financial crisis, which severely impacted my earnings, but not hers. $68,000 a year seems high for the “average resident salary”. I started at about $37,000 in the upper midwest, but that was 17 years ago. 3) The engineer and resident will likely get a benefits package that includes 401k matching. The assumption that residents will live frugally on 25k a year + not have a dependent spouse/kids is being kind (or naive?). Calculating the average cost of medical school is an important step for both students and parents as it helps them gauge the affordability of earning a medical degree. Take a look at these comparisons: In the 2006-2007 school year, the average tuition of public medical schools for in-state residents averaged $16,690. Neither type of loan is based on financial need but direct PLUS loans do require a credit check.. 10 Med Schools Where Grads Have the Most Debt Among these schools, 2019 graduates who incurred medical education debt had an average indebtedness of $250,764, per U.S. News data. And all the while you will have been using $25-$50 of your student loans on a monthly basis to pay the minimum payment. Don't subscribe That means the amount would be about $12000 after medical school is done. The White Coat Investor just published a bunch of data on this. But, at the same time, please don’t let the debt scare you. [04:15] The Cost of Medical School Secondary Applications. I do think at the margins (low paying speciality, high cost of living, high loan burden) this does start to breakdown. I have no idea what my life would be like in a parallel universe where I took a different path, but I love the life that I’ve got. I blogged about this years ago (when I though one day I could be a superstar blogger like you and WCI etc). Designed with convenience and timeliness in mind, 70% of surveys are answered on a mobile device in just a few minutes. I Decided Not to Go For Medical School. Many people will cite the tech folks who make millions or MBAs who become CFOs who do the same. Higher acceptance rates: Many medical schools in the Caribbean accept a much higher percentage of applicants than schools in the U.S. in part due to less restrictive entrance requirements. Regarding #1, the AAMC survey does not include students with 0 debt in the numerator or denominator. Although no universally agreed-upon set of rankings exists for medical schools, many students find the one compiled by U.S. News & World Report helpful as a guide to determining how selective a school is.. Medical school cost. They could and should while they gave loans but less the 1% will. So, I actually sat down and did the math to determine which option (becoming a software engineer vs. becoming a physician) is better from a financial standpoint. Login Required. Its then you solve for the number years to breakeven. Tuition and general fees are set by main campus. Thanks for the post! At the highest end, the cost reaches $398,488. According to Medscape's 2019 Physician Compensation Report, the average overall physician salary is $313,000. Welcome bonus of 60,000 points worth at least $750 when used to book travel (after a $4,000 spend in 3 mo) and other great perks you can learn about here. The maximum per-year cost for tuition, fees and health insurance was $99,622, paid by non-resident students attending public medical schools. 1/2 tuition scholarship. Since the doctor makes more than the engineer, though, eventually he’ll catch up. The decision to attend a high-cost private medical school should involve the entire family. For non-residents, the totals increased to $61,858 and $62,230 respectively. Although they start working at different time periods, the doctor and physician both save and do so at a different rate. Adding all of the above together I suspect it will take well into the mid to late 40s for the break even point. For schools outside the Caribbean, acceptance rates vary. If assuming the engineer starts saving/investing his $57k, and it earns the same 6.6% avg return (matching the debt rate for convenience), he will have around $576k saved by the time the doc starts saving his $146k. My explanation may resolve the fact that many physicians are still working in their later years because they have to, not because they want to. Nevertheless, I am happy with the career path I chose, and by earning the salary of an anesthesiologist in the upper midwest, I realized I was financially independent at the age of 39. Happy 4th. Also, the loan interest rates might be different. The one place where an assumption meaningfully skews the result is that you assume the average salary for a physician, which makes sense, but taking the average software engineer’s salary is unfair. AAMC. You can also subscribe without commenting. In reality, I think it is MUCH harder to focus on debt because of pent up demand for upscale vehicles, homes, and toys not affordable while in school. Rebecca Lake covers financial planning and credit for The Balance. At the highest end, the cost reaches $398,488. Marguerita is a Certified Financial Planner® who helps people meet their life goals through the proper management of financial resources. There are many ways to follow in paying for medical school and as well pay up the tuition cost and expenses for medical school. Medical school is expensive. income after taxes – cost of living = savings rate, Doctor yearly savings (starting at age 32) = $171,000 – $25,000 = $146,000, Engineer yearly savings (starting at age 23) = $82,000 – $25,000 = $57,000. According to the Association of American Medical Colleges (AAMC), the average cost of medical school for the 2019-2020 academic year for first-year students is $32,520 at a public institution. The upfront cost might be steep, but it aligns with the commitment required to be a physician. After graduating from medical school, the physician has a good amount of debt to pay off. That’s at least seven years until you will start receiving actual doctor paychecks that will make a significant dent in paying back those loans. I genuinely wanted to become a doctor but was hesitant to do so because of the financial burden it would place on my shoulders. Engineers oftentimes receive stock options which could grow significantly over time depending on the company. I like what you are trying to do here and I think your conclusion is correct but I think the specifics would be different. Tuition, fees, and expenses comprise the cost of attendance of medical school at HMS. I tell my pre-med college students to consider CRNA school: less debt, less time, still medical, and in our neck of the South pay in the private sector is 250-300k. The following chart outlines some of the basic costs you will encounter during your medical school education at the Cumming School of Medicine. This is probably a bit too frugal for most people, but for the sake of making things simple let’s just go with it. 2. I think that if you are a physician-calibre student, you have a good chance of landing at Google, Facebook, etc as a software engineer. As a condition of the scholarship, you have to work in an area with a health professional shortage for a set number of years, based on the duration you received the scholarship. Again, this is anecdotal, but coming from a program in the midwest (typically higher paying than east/west coast) that is what a PGY-7 makes. Originally I was scared the physician’s debt would be a huge burden. The debt of a medical student varies widely by school. If you use just the average figures, the average cost of medical school (assuming a four-year stint) can range from $150,224 to $248,920. Your return is determined by time in the market and your time in the market if you start stashing at 30 yields a much bigger end of life projected nest egg (say age 90) compared to the same stash starting at 35, again out to say age 90. if you retire at 57 after stashing the same amount all those years and then start withdrawing at 57 your age 90 total portfolio starting at 30 would generate 3M more than the same retirement with saving starting at 35. For the three years of residency following medical school, the resident will have $52,000 – $25,000 = $27,000 to throw at his loan. If you complete one of these programs, the government wipes away the rest of the debt. I have crunched some numbers which includes my undergrad debt, combined with my cost of living and tuition (for a private med school) and have come to the conclusion that after med school, a 3 year residency, and maybe a couple years of fellowship, I will be sitting at approximately $450,000 of debt (this is with interest included). Best to use $ vs % for this math word problem. Tuition and fees at a private school averages well over $50,000 a year regardless of whether you’re an in-state or out-of-state student. Join now & receive a $10 bonus!. There are several options to pay for medical school. Specialists earn an average of $341,000 per year, while primary care doctors earn $237,000 on average.. So to peg a school as noncompetitive is incorrect. I think job stability is the biggest factor. What Is the Average Cost of Medical School? The engineer also wouldn’t have saved as quickly. "Subsidized and Unsubsidized Loans." Cost of Attendance. Prescription for Financial Success. Since most of us have only been to one medical school we can only speculate other options. With government student loan forgiveness programs, there’s currently a natural ceiling on the effective maximum student loan burden physicians can face. In extreme cases, a medical school may actually defer your admittance until you resolve any issues with your credit history. FAFSA for Grad School: What’s Different—and What’s Not, Learn About the Most Popular Federal Student Loan Programs, Beat High College Costs With a Tuition Waiver, Do You Have to Pay Taxes on Your Scholarship Money? My suspicion is that among those medical students who require loans for medical school the debt is well above $200k. Upon graduation from medical school in 2013, I owed approximately $180,000 in student debt — what might seem an outrageously high number that is … Is it better to get a good job right out of college? Invest in your acre of crop-producing farmland today! I assumed residency will pay $68,000/year (the average resident pay in the US according to glassdoor.com), and that an internal medicine physician will make $260,000 a year after residency (the average internal medicine physician pay in the US according to glassdoor.com). Twice. Earn honoraria. Private loans may offer fixed or variable interest rates and rather than being need-based, your ability to qualify hinges largely on factors such as your income and credit score. Practicing in an underserved area The National Health Service Corps Scholarship Program provides funding to medical school students, as well as dentists, nurse practitioners, and other health care professionals in training. Click on this link to Join Curizon and you'll also be entered into a drawing for an additional $250 to be awarded to one new registrant referred by Physician on FIRE this month. This is a good high level analysis. At least seven years (four years of medical school and at the minimum three years of residency) after college. It’s not worth it. I used the following algebraic equation to find the age (a) at which the engineer and doctor have saved the same. Regardless of your specialty, anticipate that becoming a doctor will cost … Why is the leading cause of death in cardiologists still heart disease, isn’t that sad irony?! That is into fellowship for most specialties. Medscape. Broader entrance requirements: GPAs and MCAT scores are typically lower than average among international medical school applicants, … To answer whether being a doctor is worth it, you should research from a different perspective other than finances, but from a perspective of happiness, health, longevity and humans as a species on the backdrop of our current environment, society and the future as we aim to shape it. Accessed Sept. 25, 2020. We’ll make similar assumptions for our software engineer. And, let’s also assume that after four years of school, he will rack up the average amount of medical school debt, $190,000. *** For many students, a career in medicine is truly a calling — but the cost of getting there can give even the most committed doctor-in-training pause. Medical school debt. I also assumed he would start working following college graduation (at 23 years old), and that he would similarly need $25,000 a year to live off of (for housing, food, etc). Therefore, the engineer has 9 years of saving before the doctor starts doing so. Should You Fill Out the FAFSA When Applying to Med School? How to Pay for Medical School in 3 Simple ways. Although exact tuition costs vary by year and by school, the cost of medical school has consistently increased over the last decade. To determine how much this doctor’s income will be taxed, I used a tax calculator for Missouri residents (because different states tax differently, and Missouri’s income tax was pretty average compared to other states). Let’s assume a student starts medical school when he is 24 years old, the average age of entering medical students. After accounting for taxes, the resident will take home $52,000 a year, and the internal medicine physician will make $171,000 a year after taxes are paid. Matching will be higher for the engineer because the salary is higher. What’s the Average Cost of a Doctorate Degree? School of Medicine Office of Admissions & Financial Aid S520 Scaife Hall 3550 Terrace Street Pittsburgh, PA 15261. admissions@medschool.pitt.edu 412-648-9891 However, it’s nice to have a base estimation to go off of, and it appears that doctors have it significantly better financially in the long run. Finally, I assumed that this resident/doctor will need $25,000 a year to cover other things necessary in life (housing, food, etc). Even the “worst” schools have acceptance rates under 20%. The Chase Sapphire Preferred is my top pick for your first rewards card. For each stage of the physician’s career, I calculated how much he could contribute towards his debt. If you chose medicine, was it worth it for you? Accessed Sept. 25, 2020. Humans are designed for love, movement, compassion, reproduction, etc. Notify me of followup comments via e-mail. The engineer could have also received a yearly 401k match during this time period. 5) If we consider an engineer putting in even 75% of the hours a resident and physician put in will increase their compensation substantially. According to the AAMC, the average cost of attendance for one year at a public medical school (including tuition, fees, and health insurance) was $34,592 for in-state students and $58,668 for out-of-state students in 2016–2017. Of the total cost to attend St. George’s University School of Medicine, approximately 15% represents administrative/student fees. If you want to become a doctor, the question is moot. As of July 2020, the maximum borrowing limits for these loans are as follows: Private student loans may be necessary to fill any gaps in federal student loan funding. This would hurt both financially but hurt the lower earner more. Do you know how long it takes to become a doctor? MMM retired on 1M. Federal Student Aid. I do not have statistical evidence to back this up, just anecdotal evidence coming from one of the largest medical schools in the country and talking to a lot of my colleagues who do have loans. If you pursued a different career and started earning a paycheck early, do you have any regrets? These programs offer eligible students the opportunity to earn a medical degree, with no out of pocket costs for tuition. The engineer also might have invested some money on his own (which would probably grow, such as in a 401k) during the years the doctor was still in school/residency/paying off his debt. For example, you might consider:Choosing a medical school that offers free tuition While these schools are the exception, rather than the rule, tuition-free programs are becoming more common. I think a sizeable number of medical students have a physician (or two physicians) as parents, who cover a chunk of their undergrad +/- medical school. According to the AAMC, the median medical school debt was $201,490 in 2018, suggesting that med students (and possibly their parents) may be financing their education with loans more so than college savings plans or other means. 1. The doctor probably wouldn’t be able to pay off his loan as quickly because he will most likely make less than the average $260,000 when he first starts out. Interesting simulation and you’re right, there are lots of things you can’t include in your calculation. She specializes in divorce, death, career changes, and caring for aging relatives. Yes, but we find that many applicants still ignore this advice. Therefore, if the physician were 28 years old when he started residency, he would then be 32 years old when he was finally debt free (28 + 3 + 1). The average first-year student attending a private medical school paid even more, at $60,665. Depending on the assumptions, I’m guessing that break-even point would be pushed back at least 5 to 10 years. The answer is obvious. Physician Assumptions . How much will my medical education cost? Obviously, you shouldn’t be going into medicine for the money. I get that you used averages but if the engineer starts at 23 then med school should as well for comparison sake. Below, I’ve outlined some assumptions (for engineers and physicians) that I needed to do this. And, to be completely honest, this really scared me. You can see this play out in Dr. Neil Baum’s post entitled If doctors wanted to be wealthy, they would have become UPS truck drivers. Here’s the equation I used: income after taxes – cost of living = available cash. Average private school figures come in just below public schools for in-state and out-of-state students, at … The University of Miami Miller School of Medicine is one of the most affordable private medical schools, highly competitive within the state of Florida and nationwide; all while providing the same excellence in medical education that has garnered national and international attention. So loan totals are going UP in residency, not down. PoF retires on 3.3M+ with a similar super safe WR That’s what being a physician gets you. I think the best thing it does is refute this idea that it’s not, “worth” going to med school. At minimum, it will take you four years of medical school and three years of residency training. So even if you had $2,000,000 in student loan debt, if you can complete a loan forgiveness program, the amount of student loans you actually had to pay back with interest is much less than what you took out. [PoF: I can verify this to be true.]. 2) There is no way in hell a physician out of residency will continue living on $25k/yr. 1) Although it may make sense to be living as frugal as possible while living on loans such as in med school, it is human nature to ramp up spending some as income is coming in. Extended out over a year, this is $57,304 that would-be doctors are missing out on (on average) for at least their first four years of medical school. The cost of living––expenses on housing, utilities, food, and transportation––can vary greatly depending on the location of your school. They seem extraordinarily happy. These figures apply to students with resident status at their respective schools. Consider both larger national scholarships and grants as well as the smallest ones that may be offered by your school of choice or by local organizations in your community. She has a decade of experience reporting on personal finance topics. EDIT: Little less guesswork - every month you will have ~ $100 dollars added to that amount after minimum payment. Some have have 50 foot yachts and drive Range Rovers. Money is an important consideration, but not necessarily the most important. FYI I live in the same town as one of Intel’s facilities. Not to mention, everyone around them make similar sacrifices, if not harder, and have failed relationships with spouses and family. Accessed Sept. 25, 2020. Pursuing a career in medicine requires discipline and multiple years of higher education--which could add up to a substantial cost. The Chase Sapphire Preferred is an excellent first (or only) card. Accessed Sept. 25, 2020. "This is a $300,000 investment that’s probably as important as buying your first home." And I’m not just talking about the normal increase in cost due to inflation. Obviously, there are many other non-monetary reasons to pursue the profession, but the question posed is an intriguing one. Loans are one way to pay for medical school but there are some alternatives worth considering to make the cost easier to manage. Medical school can cost a student hundreds of thousands of dollars — but may also lead to some of the highest-paid careers available. I want to remark on a few things that I think would make this far more realistic missing from here: There are a lot of variables here. Specialist and subspecialists tend to make significantly more money than primary care physicians (although they oftentimes have longer residencies). Now well into his medical education, he has come to realize that paying for medical school is manageable. There’s no way to know, but I’m pleased with the way things have worked out.]. A longer timeframe (10+ years) seems more likely to me. Military service in exchange for tuition The Health Professions Scholarship Program pays full tuition for up to four years, also covering books, fees, and equipment. However, I want to list some things here that I didn’t cover to make my calculations easier. For purposes of the schools' need based funds (available for the MD program only) the student is not viewed as financially independent of parents. I used average salaries for both the doctor and engineer. Engineer has a 15 yr head start in retirement contributions. And, the doctor starts saving when he is 32 years old (after he has paid down his debt). If we consider this person spending 50% of income and saving the rest, the engineer will reach financial independence much sooner than the doc, but at a lower standard of living. Consider the pediatrician living in NYC making 130k, with 200-300k of loans. Medical school is a long-term investment. Some schools charge significantly more for tuition. He would also pay more back in interest for that loan if this happened. But, this doesn’t really seem to be the case. And neither would an engineer making 6 figures. I think the “average medical student debt” is artificially low. Ken Langone: "As of this very moment, the NYU school of medicine is now a tuition-free medical school. Great travel protection and perks, plus new Lyft & DoorDash perks for 2020! I’d like to see the calculations for this. 329 votes, 166 comments. That includes the option to enroll in an income-dependent repayment plan, seek public service loan forgiveness or take a deferment or forbearance during times of financial hardship. For me the #s far tilted the balance in my favor as I am in a very high income specialty, I graduated with $160k loans (although it took me 22 years to pay them off). At the same time, I kept hearing how great software engineers had it financially. That includes three years of payments while in residency, and one year (and maybe a few months) of payments while an actual doctor. Just become a doctor and you will be fine just like all the rest of us. Dr. Cory S. Fawcett Cultura Science / Matt Lincoln/ Getty Images, Becoming a doctor can not only be emotionally rewarding but it can also offer financial rewards in the form of a higher annual salary. "Consumer Expenditures--2019." Completing a four-year program would have cost $66,750. I also assumed he did not go to any type of graduate school (and therefore had no debt). Cost of attendance varies by curricular track (Pathways and HST) and by stage (preclerkship, clerkship/Principal Clinical Experience (PCE), and post-PCE/Advanced Experiences). Why no undergrad debt? Do they have the self-control to spend the rest of their money all on paying back that loan? So much for theories! Replies to my comments 4) There will be growth of investments over the years. That means living on $25k/yr while a resident is very unlikely just as it is unlikely for a software engineer making $100k+. Read Borrowing 101 and Your Credit Score … The cost of medical school has become expensive. Accessed Sept. 25, 2020. For every C-suite MBA pulling a high 6 to 7 figure salary there are many who are scraping it out in cubicle drudgery. All Learn what kind of ROI you can expect, and determine whether the investment of time and money is worth it. I made an estimation, so please do your own calculation to confirm. Maybe. Not a bad deal. They’re Paying 0% to 1% Interest on Private Student Loans After Variable Rate Refinancing, AcreTrader Review: Invest in Non-Leveraged, Cash-Flowing Farmland, Top 5 Lessons from Sports on How to Be Better With Money, These 5 Reasons Are Why High Income Earners Still Struggle With Debt. And direct PLUS loans do require a credit check. NYU school of medicine, was it it. We can only speculate other options interest they are incurring to teach you the number years breakeven. Used to book travel ( after a $ 300,000 investment that ’ s debt would be about $ after. These programs offer eligible students the opportunity to earn a medical degree, with no out of pocket for! Complicated, I ’ m not just talking about the cost of medical school reddit debt medical may. Above together I suspect it will take well into the mid to late 40s the. 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