How do people pay for medical school?

[westjones]

My DD's BF is in pre med and wants to be a doctor. His parents are paying for his undergrad degree, and last night he told my DD he will probably look at going into the Navy to pay for medical school.

How do people usually afford medical school (if parents don't pay). Is the military the only option if you don't want to take out huge loans?

I was curious about the Coast Guard. Will they pay for a medical degree? And don't they usually stay stationed here in the USA instead of going overseas? (Sorry I don't really know much about the Coast Guard other than I know they are there for you if your cruise ship sinks and they make me feel much safer when I am out on our Disney Cruises).

Anyway....what options have you heard of people using to pay for their medical degree?

 

[Jennasis]

Loans...and lots of them.

There is also a program where doctors go and practice medicine for weeks/months at a time in rural communities in exchange for their med school bills being paid. I cannot remember the name of the program though.

 

[badblackpug]

My DD's BF is in pre med and wants to be a doctor. His parents are paying for his undergrad degree, and last night he told my DD he will probably look at going into the Navy to pay for medical school.

How do people usually afford medical school (if parents don't pay). Is the military the only option if you don't want to take out huge loans?

I was curious about the Coast Guard. Will they pay for a medical degree? And don't they usually stay stationed here in the USA instead of going overseas? (Sorry I don't really know much about the Coast Guard other than I know they are there for you if your cruise ship sinks and they make me feel much safer when I am out on our Disney Cruises).

Anyway....what options have you heard of people using to pay for their medical degree?

My husband is a physician. Honestly, I only know 2 docs who did the military route. One did med school on the GI bill, he was about 40 when he finisher his residency. The other joined the reserves after he finished his residency to help pay off some of the loans.

Most people I know either take out loans (I sold my soul to Sallied Mae) or have families who could afford to pay for their education.

The good new is, depending on your area of specialty, there are some hospitals/medical groups that offer loan forgiveness if you sign a mutli year contract with them. The caveat in that is that these jobs are usually in "areas of need." Meaning poor or rural areas.

 

[GS for life]

My husband is a physician. Honestly, I only know 2 docs who did the military route. One did med school on the GI bill, he was about 40 when he finisher his residency. The other joined the reserves after he finished his residency to help pay off some of the loans.

Most people I know either take out loans (I sold my soul to Sallied Mae) or have families who could afford to pay for their education.

The good new is, depending on your area of specialty, there are some hospitals/medical groups that offer loan forgiveness if you sign a mutli year contract with them. The caveat in that is that these jobs are usually in "areas of need." Meaning poor or rural areas.

Same here. I paid back almost $350,000 over 15 years. You go into medicine to see patients and compromise on some of the lifestyle issues. For me, it was worth it to mortgage myself to Sallie Mae rather than potentially end up in a war zone. My husband was active duty Navy while I was in school and I did have friends who did the Navy med program. For the bonus of no loans you must expect your career choices to be dictated in part by the military. I feel it is a fair trade as long as you enter it with eyes wide open and know what to expect.

 

[westjones]

I hope the undergrad college he is at now gives them some suggestions/advice when they are Juniors or Seniors to help them figure this out. If he wanted to go in the military that would be fine, but he thinks it is his only option for medical school.

I really don't know much about all of this stuff...but I have to wonder.....wouldn't it be easier to get a nursing degree and then get a job and then pay to continue studies for a medical degree? Or is that a whole other path (sorry, I hope that doesn't sound stupid....I really don't know if that is possible). And maybe you can't study part time for a medical degree.

 

[momto2girls]

The doctors I know all took out oodles of loans. Most of them regret the choice to become doctors now (not because of the loans, but because of how the medical environment has changed in recent years).

 

[westjones]

Same here. I paid back almost $350,000 over 15 years. You go into medicine to see patients and compromise on some of the lifestyle issues. For me, it was worth it to mortgage myself to Sallie Mae rather than potentially end up in a war zone. My husband was active duty Navy while I was in school and I did have friends who did the Navy med program. For the bonus of no loans you must expect your career choices to be dictated in part by the military. I feel it is a fair trade as long as you enter it with eyes wide open and know what to expect.

He said he is looking at the Navy because he thinks he will have a better chance of being stationed here in the US, but I don't know that he is correct in that assumption.

 

[tinatark]

I have a friend whose daughter was considering medicine... the physicians she talked to said although the loans are huge, once you are practicing medicine, the income makes it worth it.

 

[EdiePA]

I really don't know much about all of this stuff...but I have to wonder.....wouldn't it be easier to get a nursing degree and then get a job and then pay to continue studies for a medical degree? Or is that a whole other path (sorry, I hope that doesn't sound stupid....I really don't know if that is possible). And maybe you can't study part time for a medical degree.

Well, my son graduated from Dental School two years ago. There is no way to go to medical school "part-time" and with all of the studying and practical experiences, there would be no time. Plus, you'd still come up short with paying for your schooling, even with a nursing degree.

Most students take out loans, loans and more loans. My son's financial adviser had him come home and say, "Thank you," to me. He lived with me for two of his four years and saved over $30,000. So, he's only a quarter of a million dollars in debt.

It's daunting,
Edie

 

[westjones]

Same here. I paid back almost $350,000 over 15 years.

Are you saying a medical degree used to cost $350,000? (I am guessing a lot more now).

Oh my! I had no idea! My DH has a PhD and I have an MBA but we didn't have to pay for either (my company paid for my masters and he was a grad assistant and that paid for his PhD).

I am floored at this dollar amount. I had NO idea! I hope he really gives this a lot of thought.

 

[badblackpug]

I hope the undergrad college he is at now gives them some suggestions/advice when they are Juniors or Seniors to help them figure this out. If he wanted to go in the military that would be fine, but he thinks it is his only option for medical school.

I really don't know much about all of this stuff...but I have to wonder.....wouldn't it be easier to get a nursing degree and then get a job and then pay to continue studies for a medical degree? Or is that a whole other path (sorry, I hope that doesn't sound stupid....I really don't know if that is possible). And maybe you can't study part time for a medical degree.

He said he is looking at the Navy because he thinks he will have a better chance of being stationed here in the US, but I don't know that he is correct in that assumption.

It is a whole different path. Oddly enough, I am a nurse. Also, it is very, very difficult to work while in med school.

The issue with the military is than once you enlist you are at their mercy. You go where they want you to. There are no guarantees. In addition, he will owe whatever branch he joins a contract after he finishes. The military will again make the choice as to where that will happen.

 

[westjones]

Well, my son graduated from Dental School two years ago. There is no way to go to medical school "part-time" and with all of the studying and practical experiences, there would be no time. Plus, you'd still come up short with paying for your schooling, even with a nursing degree.

Most students take out loans, loans and more loans. My son's financial adviser had him come home and say, "Thank you," to me. He lived with me for two of his four years and saved over $30,000. So, he's only a quarter of a million dollars in debt.

It's daunting,
Edie

I didn't know if medical school could be part time, but I guess that makes sense that it can't be. I know here they offer a doctorate in nursing (to become a nurse practitioner, some some nurses do that while working full time as a nurse...at least I know one mom who did it). But I suppose that is a different type of medical doctorate degree.

 

[MichelleinMaine]

He said he is looking at the Navy because he thinks he will have a better chance of being stationed here in the US, but I don't know that he is correct in that assumption.

Ah, I would say incorrect in that assumption. He may be less likely to be STATIONED overseas (though most military folks I know, my family included, liked being stationed overseas.) Navy, though, does alot of sea tours- nature of the beast.

 

[badblackpug]

Are you saying a medical degree used to cost $350,000? (I am guessing a lot more now).

Oh my! I had no idea! My DH has a PhD and I have an MBA but we didn't have to pay for either (my company paid for my masters and he was a grad assistant and that paid for his PhD).

I am floored at this dollar amount. I had NO idea! I hope he really gives this a lot of thought.

Depends on where you go to school. The better or more prestigious the school, the higher the bill.

I'm not saying that the prestigious schools make better docs, but coming highly recommend from an ivy or a highly ranked med school makes it a lot easier to match for residency.

 

[westjones]

It is a whole different path. Oddly enough, I am a nurse. Also, it is very, very difficult to work while in med school.

The issue with the military is than once you enlist you are at their mercy. You go where they want you to. There are no guarantees. In addition, he will owe whatever branch he joins a contract after he finishes. The military will again make the choice as to where that will happen.

This is why I really hope he finds other options. If the military is the life he wants that is fine, but to just join to pay for medical school but not want to be in it......I don't think that is good.

 

[GS for life]

Are you saying a medical degree used to cost $350,000? (I am guessing a lot more now).

Oh my! I had no idea! My DH has a PhD and I have an MBA but we didn't have to pay for either (my company paid for my masters and he was a grad assistant and that paid for his PhD).

I am floored at this dollar amount. I had NO idea! I hope he really gives this a lot of thought.

No, my total education cost ~$150,000 then you have interest. I went to an expensive school, but knew that up front. I actually had less loans because I was married and I did not take out living expenses. Med school is expensive but I have a great lifestyle and have a comfortable income.
My advice to your child would be to weigh the risks/benefits of the military before joining, the Navy can put you on a ship. I have friends who just did their time and left for civilian practice and who stayed in and loves it. She and her family lived in Japan for 4 years and she will retire from the Navy.
State schools are cheaper too!

 

[westjones]

No, my total education cost ~$150,000 then you have interest. I went to an expensive school, but knew that up front. I actually had less loans because I was married and I did not take out living expenses. Med school is expensive but I have a great lifestyle and have a comfortable income.
My advice to your child would be to weigh the risks/benefits of the military before joining, the Navy can put you on a ship. I have friends who just did their time and left for civilian practice and who stayed in and loves it. She and her family lived in Japan for 4 years and she will retire from the Navy.
State schools are cheaper too!

Oh, OK. Yes private schools do cost more. And it isn't 'my' child. It is my DD's boyfriend. My DD was just telling me about what his plans are at the moment (but this is all new). I am just hoping he is able to look into other options before deciding, to make sure it is the right decision for him.

 

[doxdogy]

The one advantage to joining the military to pay for medical school (not sure how long he would have to remain after he completes), is that he would be paid a stipend while he is in school. Even though once he finishes, he would probably be paid less than his civilian counterparts. However, he would receive BAH while he is in the military and if he has dependents he would also receive BAS. Of all the branches, I would probably check out the Air Force first.

 

[westjones]

The one advantage to joining the military to pay for medical school (not sure how long he would have to remain after he completes), is that he would be paid a stipend while he is in school. Even though once he finishes, he would probably be paid less than his civilian counterparts. However, he would receive BAH while he is in the military and if he has dependents he would also receive BAS. Of all the branches, I would probably check out the Air Force first.

I don't know what BAH or BAS is I really hope someone at the college gives the pre med students a lot of information for them to consider before making such a huge decision.

 

[Pugdog007]

My husband did research that paid for his Phd, then did a "Phd to MD" program where he committed to teaching at the medical school for 3 years and in return got his MD paid for in full. He went to a Caribbean medical school. No one cares "where" you go to medical school, the Step 1,2,3 that you have to pass for licensing in the US is the same regardless of the school you attend. Keep that in mind.