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!