meus intuitus

fuck you, pay me

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I have expressed this sentiment before, but I need to remind myself.  With the massive cost of medical school and interest to almost double it, I am going to be over a quarter million dollars in debt by the time I start to pay off my loans.  Furthermore, I will be about 36 before I pay off my medical school loans and even begin to accumulate any positive net worth.

The price tag of medical school stated by U.S. News is extremely misleading.  The upfront debt is only a small piece of the true cost of medical school.  Add in interest, life-years in training, and life-years paying off debt and you have almost a million dollars as the cost of medical school.

Assume a 21 year old college grad and finds a job making $33,500 a year after taxes.  By the time that graduate is 36 (the age at which the most diligent physician debtors will have only just finished paying off their debts), he/she will have made $500,000 in after-tax income assuming no promotions and pay raises—that is $500,000 that physicians miss out on.  Add an after-interest medical school debt of $240,000 and the crude, but more realistic cost of medical school is approximately $740,000.

A base loan of $140000 with 6.8% interest per year and eight years for medical school and residency: $140000*1.068^8 = $237,000

This is why your relatives in West Virginia don’t have a family doctor within 100 miles of them.  This is why your parents can’t find a geriatrician to help them manage their three chronic illnesses.  This is why I am not going into primary care.


Written by meusintuitus

December 1, 2010 at 3:46 pm

Posted in expression

Tagged with , , ,

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