Home > Uncategorized > Want to be the US Govt’s Doctor Bitch?

Want to be the US Govt’s Doctor Bitch?

I am sick and tired of hearing about older docs telling premeds how “most doctors pay off their student loans in ten years”.   These old timers have no idea how the student loan landscape has changed.   Physicians who graduated in the past had MUCH lower student loan debts. It is like comparing apples to PIGSH!T. This 10 year figure no longer applies when many entering med students for 2010 will be graduating with 250K+ debt loads upon graduation. Also the interest you guys will be paying is mere INSANITY! 7.5% interest (avg of Staffords and Grad Plus) on a 300K debt load on graduation adds 21K a year to your principal. So someone doing a five year surgery residency or a five year IM-fellowship track will see that their debt has ballooned to 400k when they finish!!! Pay that off over 30 years and you are easily paying back a million dollars. Actually $1,006,000 but whose counting. You will be paying $2800 a month for 30 years (basically over your entire professional career). This is like being taxed 30% for 30 years IF you are able to NET 8-10K a month (assuming this number does not tank too much further because of Obamacare)!!!!!! You will be the US govt’s doctor bitch for sure.
You’ll be tied to the hospital as much as the 45 year old homeless drunk in delirium tremens who you admitted the night before whose now tied to the bed in four point restraints on a one to one watch. As if this weren’t enough, you may just find yourself suffering even more!

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Categories: Uncategorized
  1. November 24, 2009 at 8:08 pm

    Great post. It’s a sad fact that old-timers often have this attitude. Luckily, I’ve found that not everyone thinks in these terms. Can you think of any conversations with older doctors who are sympathetic? Just curious. Also, did you see hear the NPR story about student loan debt in general? http://www.npr.org/templates/story/story.php?storyId=120455239&ps=cprs

    The comments are sickening and so out of touch. People in school or soon to finish are saying, “take responsibility. You took out the loans!” That’s not the problem. Most people who are struggling to pay off their student loans and are at the risk of going into default WANT to pay their loans off. There’s something not right about a lot of these loans. There are a slew of cases that show how students have been misled, how financial aid officers received kickbacks to push borrowers into private loans, etc. We’re talking about countless cases of shady AND illegal activity. On top of that, they’ve bought out people in power who OUGHT to be helping students.

    Basically, these people don’t realize that they are defending a bunch of legalized loan sharks. I mean, would these people have the same reaction if a bunch of loan sharks in another industry were put out of business for running rackets? Probably not. But then again, I could be wrong. Maybe they’d be mad as hell, and they’d say, “let those loan sharks continue swindling people!”

  2. medicinesux
    November 27, 2009 at 11:20 pm

    I will confess that not all older docs downplay it. Some do realize how exorbitant tuition and fees have become since they have children who maybe thinking of going to college or med school. Others just shake their head and openly confess that they don’t know how new grads are going to make it. With declining reimbursements, increasing workloads, higher student loan debt loads only those willing to take a vow of poverty or the hopelessly foolish naive will be entering medicine in the future.

  3. CeeCee
    December 6, 2009 at 11:40 am

    I quit 18 months into my med school career. I failed most of my first year classes due to Extreme Miserableness, as I like to call it, and went through every channel possible to try to improve things for myself. In the end, though, it turns out I just hated being there and no academic counseling or therapy or study techniques were going to help me. I feel lucky that I didn’t last any longer, because then my student debt would be harder to repay.

    My student dean proposed to me that I should elongate med school and take 2 years instead of one to complete my second year. That was on top of the 1st year I was already repeating, making medical school a whooping 6 years for me. I immediately squirmed and told him I was concerned about the extra debt I would be incurring, and he said not to worry, I’d be making good money and paying it back in no time.

    But…BUT. Those 2 extra years were adding on more than 60K in student loans to my already existing loans, so instead of say, 150K, I would have graduated owing almost a quarter million. Not to mention that given my grades at that point, I had an inkling that I would end up doing primary care whether I wanted to or not. After taxes and student loan payments, I’d be lucky if I saw 50K or 60K per year. That is after 10 years of college education and 3-4? years of residency.

    Sometimes I feel like I dodged a missile (forget bullets) there.

  4. medicinesux
    December 7, 2009 at 12:04 am

    No, I’d say you dodged a nuclear bomb. Thanks for sharing your story. I must say I envy you for getting out so early. The further you get in, the harder it is to get out.

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