Bucket List | #95 | Paying Off (some of) My Medical Student Debt! | Living Listed
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- Опубликовано: 16 сен 2024
- In this video, I talk about #95 on my bucket list, paying off my medical school debt. As of today, I owe $436,150.16 in student loans, and this is the start of my debt-free journey.
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Government Loan Forgiveness Programs (U.S.A.):
1. Health Professions Scholarship Program - covers FULL tuition +$2,000 stipend + or - Sign on bonus of $20,000! Must join BEFORE starting medical school. Requires military service. More information: www.goarmy.com...
2. NHSC Students to Service Loan Repayment Program - Up to $120,000 in student loan forgiveness, in exchange for service. Apply during medical school. For people entering primary care. More information: nhsc.hrsa.gov/...
3. Public Service Loan Forgiveness: Forgiveness of all loans after 120 payments on an income-based repayment program while working at a non-profit. Cons: Only 1% of applicants are accepted. More information: studentaid.gov...
More Comprehensive List of Government Student Loan Forgiveness Programs:
www.aafp.org/m...
State Loan Forgiveness:
1. CalHealthCares - Must be licensed physician/dentist/dental student or resident in the state of California. Up to $300,000 loan forgiveness. In exchange for service. More information: services.aamc....
More extensive list of State Programs: services.aamc....
Also, do your own research (there are scholarships, as well). This is, by no means, a comprehensive list. Good luck :)
you madd cute any one in your black book is lucky!!! enjoy the day and keep making videos
Good information it is big sacrifice to help other hope something help
Good luck.
Thank you!
I know youre trying to go for PSLF but given that such a small % get it, have you considered refinancing?
I have considered that, but the monthly payment would be a bit high for me, and I would be paying primarily interest. I prefer to do it this way, because I'm paying a similar required amount, but I feel like I'm paying a similar amount with most of the money targeting the principle. Also the necessary monthly payment is less. So, if for whatever reason I'm unable to pay more than that for the month, it's more financially manageable for me. It works for me for now :). I think it's wonderful that people have been taking advantage of the recent super low interest rates, but since this video was posted, I've been taking a different approach to loan repayment and decided against repaying my loans aggressively.
Thanks for sharing your journey! We just started ours and have it on our list to do as well!
Road to FIRE thank you for watching! I checked out your channel. Achieving FIRE, working from anywhere and earning enough passive income as you mentioned in your video would be a DREAM. I checked out some of your videos. With your last budget video, you’re saving a great amount. Very impressive. Wish you success. Hope you get there soon :)
@@LivingListed Thank you!!!
Just came over from your comment on my channel...This is a great perspective. More people should talk about the reality of medicine, its very glorified and a lot of people don't realize until it's too late!
Income Over Outcome Thank you! Glad to have you over here. :) That’s how I feel as well. While I enjoy what I do now, I wish I would have known before getting into this field just how many hoops I would have to jump through and how many difficulties I would (and we as docs, in general) face. It would have saved me a lot of frustration amongst many other emotions. :)
Income Over Outcome I love your channel, btw! I found it on a subreddit for small RUclipsrs. Really glad I did :).
It's absurd that it costs that much money to get into such an important field.
It is nuts to me, too. I wasn't really aware of the loans and the gravity of owing that much money until I was well into my studies. Frustrating to know now, but hopefully will pull through :)
Just seeing this. Hope your debt payoff journey is going well.🙌🏽🙌🏽
Aww thank you 😊
Really nice video, and thanks for bringing us up to speed on your debt free journey! I can't wait to see the progress you can make! Keep it up, can't wait to see more!
moneybee hey, thanks :). Yea, it’s a long road! I plan on giving annual updates. I hope I can eliminate the debt fast and focus more on investing after that :)
Thank you thank you for the transparency. I decided against Med school after 2yrs of practicing Respiratory therapy. I decided to go into healthcare management and now grad school for Public Administration. Working a debt free journey...working to pay off my car in 2 yrs then tackle student loans. My loan is $138k and that is a result of my Respiratory degree, bachelor's and master's.
You got this! New subbie #HappyDebtFreeJourney
I think it’s important that doctors are more transparent about what goes on in medicine and the financial situation that most docs experience. I am not sure what public administration really entails, but lots of luck!! :). And educational loans are just awful. It’s really quite unfair in my opinion. Paying off debt is def a struggle; good luck on your debt free journey :). I do want to ask: what made you decide against, medicine if you don’t mind me asking? Also, thanks for the kind words and for subbing! :)
@@LivingListed Master's in Public Administration basically the MBA version to work in any public office local, state or federal. You can specialize in Healthcare policy, public finance, Global Affairs and Human Securities ( which is what I'm focusing on), public policy or non-profit organization.
I decided against medical school when I was covering of our trauma ER in DC one night...a very busy night and I found myself just tired of the bureaucracy and the many restrictions when it came to making decisions on care delivery. Especially when it came to patients from social and economical disadvantaged background. I got tited of seeing the same patients over and over due to lack of adequate home health set up. I got tired and quickly realized that doctors don't have the autonomy to treat their patients. So, I asked one of the physicians " who tells you what to do?" And he was gracious enough to tell be CEOs, health care insurances and politicians. I also did not want to come out in So much debt because I come from a single mother household after my step father passed. So I made it my goal to be in a field that will allow me to affect the formation of policies and give back the treatment of patient care to the doctors and the healthcare team. Not to say that we don't regulations, absolutely we do but regulations that does not allow an MBA CEO who has never worked the floors to determine why we have such a small Respiratory Department and with 1 to 15 patient ratio in an ICU. And one RT covering a whole trauma ER like many hospitals in this country. I will be graduating next year and we will see what opportunities awaits me.
Naturalbeauty_abena I see. That sounds awesome. Thanks for vying for us docs and, of course, for the patients. It’s crazy how a lot of people are vested in the field of medicine, and basically try and dictate patient care, for money, and it basically leaves us docs in the dust. Hopefully we can get things to change :). Best of luck in your future :). I’m excited for you.
@@LivingListed thanks and good luck as well. Looking forward to see your progress. Stay blessed
Naturalbeauty_abena Thanks, and you too ❤️
WTF that is insane. I am so sorry. I paid only 700 dollars for one semester at my Swiss university and I think in Germany they pay only 330 dollars per semester. So in total med school for us is around 5000 or 6000 dollars in total. Why the heck do you have to pay half a million. For what?????
That's a great price for medical school! Congrats on being a physician :). Yea, in general, it's pretty expensive for education here in the US. I believe I graduated with about $350-$370,000 of student loans [this is above the average medical school debt]. My debt grew after graduating, even though when we're in the process of post-graduate training (a.k.a residency) where we earn a lower salary. So, it grows that high because of interest, which is why I owe so much. It will likely get larger than this number.
To answer your question, I don't know why the cost is so high. The universities will say that it is because the cost of training a physician in the States is very high. I'm a bit skeptical of this answer, but I haven't really looked into the reasons why medical school is so expensive and haven't looked into the numbers in regards to overhead.
@@LivingListed I think a lot of it may be from the fact that it is so highly sought after as a career. If you’re not willing to pay $500,000 for a career in medicine, there’s probably someone else who will pay. So the price of medical school doesn’t necessarily depend on how much it costs to educate people, but what people are willing to pay. As soon as it’s too expensive that there aren’t enough people applying to schools, the price will continue to rise. Plus, essentially no one gets rejected from getting a loan so there’s a ton of people with the “money” to pay these crazy prices. A system that was supposed to give greater access and affordability for college has basically turned into runaway inflation of tuition costs.
Thank you for sharing! I’m not a physician but my boyfriend is, and we have had a lot of conversations regarding his student loan debt. I have a lot of respect for those in medicine who have made such large commitments to do what they love and to help others. Wishing you the best.
Yea, it’s quite an investment. Thank you for the kind words ☺️❤️
Wow, ohh my God. I wanted my new born daughter to be a doctor but after watching this I'm scared. She told the truth and nothing but the cold hard truth.
I try and be as honest as I can in my videos, and I hope for anyone who comes across them to hold me accountable to the things I say :). Being is a physician is for people who want to get in medicine who have a deep passion and want to practice in the way a physician does (PAs and NPs have a lot of the same practice rights as physicians and less responsibility, in terms of liability and of course, less pay, at least for now. So, that may be an avenue to get into, if you know of someone who may be interested in that.). I’m proud of being a Doctor, but I would recommend it only to people who have a significant passion, those who can’t see themselves being happy doing anything else other than it. I don’t know if I mentioned all of that in the video, but I hope that sheds a little more light on the subject :)
maybe she can become a nurse practitioner?
I hope she gets to be whatever she likes, and she’s happy ☺️❤️
And people wonder why there is a shortage of doctors
Now i know why people regret trying to be a doctor
It’s quite a road :)
I’m a high school junior, I used to be want to be an anesthesiologist, then I was looking into PA, but I couldn’t justify racking $100k+ in student loans for 2-3 of schooling. I’m thinking of becoming a nurse (bsn) you can be an rn with 2-4 years of schooling straight from high school. There’s lots of nurses that make good money, plenty make 100k or more.
That’s good insight into yourself :). Good luck to you.
Hey, I loved how informative and transparent you were. I am a fellow FP who recently graduated from the residency. I also received no financial supports from my family so I also have a quite of student loans as well. I considered IBR for 20 years and forgiveness vs. PSLF vs. paying off quickly.
1. IBR x 20 years and forgiveness (taxable): I quickly decided against it. I do not want to get hit w/ enormous tax bomb. Thinking about it makes me anxious haha. This might work for others tho.
2. PSLF: I filed it and got certified every year during my residency. But as you mentioned, I do not know if I can rely on this. I know that the majority of those got rejected did not have accurate documents or not qualified from the first place. It seems like a lot of my peers (especially those in FM, psych, no high salary IM specialties) are banking on PSLF while working for public sectors. Don't you wish to know now how this will be unfolded in the future?
3. Paying off quickly - as for now, this is what I decided to do. My personality fits. I'm living like a pre-med college student again but w/ healthier meal choices and regular sleep schedule. I'll keep up for the next few years.
It is tough. Our daily tasks are not glorious as it is often portrayed in medical drama. We spend most of our time w/ refilling meds, filling out paperwork (e.g. FMLA), checking labs, etc. Watching my non-medical professional friends moving on with their lives makes me feel like I'm just trying to catch up (feel like Tom Hanks in that movie catch me if you can). BUT, I'm still grateful. Each time I get to tell my diabetic patient that he/she reached her HbA1c goal and watch his/her smile, it makes me to go another day. I'm pretty sure you and other PCPs feel the same way as well. We got to celebrate each little victory. I heard that Chicago/Illinois is a tough place to practice medicine in. I hope you get to enjoy your job at least. Let's stay positive. We will soon have our opportunity to scream "freedom" like Mel Gibson did in the movie Braveheart. G'luck!
BTW, how do you earn your CME credits mostly?
Please correct me if any above information is wrong
Hello, there, fellow FP! Congrats on graduating!
I'm glad you're doing what works best for you. Yes, I hope PSLF for all of us goes through. I would love to know the end result as to whether or not I'll be forgiven through that program now, rather than having to wait over 10 years, as well :). The combined loan amount that people who have applied for PSLF is so exorbitant that I can't imagine the government paying it off without a fight.
I understand. I think a lot of docs feel the same way (frustrated by paperwork and bureaucracy). I definitely feel the same--in regards to trying to catch up.
It does feel like a blessing, doesn't it? When there is a good outcome/when you've changed someone's life for the better :).
I do like my job, thank you :). It's hard, but it's nice as well. I hope that you enjoy yours, as well :).
I am a D.O. So, I can't attend all of the allopathic conferences--which I find very unfortunate, since I find them better organized and more informative than the corresponding Osteopathic conferences (I feel terrible for saying that, but that's my opinion). That being said, I get most of my credits from attending said conferences (I attended one virtually last year), and I also complete AFP [American Family Physicians] journal quizzes and sometimes I listen to Audio Digest. It used to be that you could get CME from reading UptoDate, which I read quite a bit of, but last year, I didn't get any of the credits from using UpToDate--which was a way I would guarantee myself completing my CME in the past. I hope that helps. What about you?
@@LivingListed Oh my! we have a lot in common. I'm also a D.O. I haven't attended any conference yet. I would like to attend FMx conference tho. I've been doing UpToDate and AFP quizzes. I also attend the local lectures/seminars. Do you work in inner-city?
@@seank3597 we do have a lot in common. I didn’t know you could get Aoa credit for FMx. I work in the suburbs, actually:). What about you?
@@LivingListed suburbs
@@seank3597 very cool
Thats a huge loan...you ok? Liked how informational this video was.
Shanavaz Ajmeri It is. Yes, I’m ok. Thanks for asking :)
thank you for this!!!!! I think being a physician is worth it. Good luck to you
I hope some people find it helpful. It’s one of the reasons I’ve posted it. :) thank you for the kind words 🥰
@@LivingListed yes of course! I plan to apply to medical school and have the same fears... (Minority Female) but more reason to pursue it and shatter glass ceilings ^_^
Huge congrats on your degree! Best of luck with residency and onwards :)
@@sabirasolaiman thank you. I’m actually finished with residency and have been an attending for 4 yrs. much better than residency 😊 I wish you sooo much success in applying. It’s a tough road, but you sound very motivated
@@LivingListed That is awesome! You have reached top of the totem pole haha and appreciate your encouraging words xoxo
@@sabirasolaiman Thank you ❤️😘
I think you should get a different job and tackle your student loans. Better to grind for 3 years and get this over with. I don't even think the government will bail us physicians out.
Kay Cee I hope that the government will bail us out with PSLF, but I’m not banking on it. I have a good urgent care position, currently, but they are doing a lot layoffs (even for docs). So, I’m looking at Urgent Care positions as well as FP. What other jobs do you suggest? I’m not really sure of any others that’ll help me get rid of some of these loans quicker.
If I may ask you a question how long does it take to pay all the students Loans?
Yes, of course you can ask a question! :D
A long time, haha :). With me paying as much as I am each year and with the interest growing, I suspect it will take over 15 years. I am hoping the government will approve my application and payments for public service loan forgiveness and forgive my loans after 10 years of repayment, (that process could take longer than 10 years, however, as you have to be still fulfilling criteria for PSLF until the application is approved).
@@LivingListed wow
@@LivingListed Be careful with those public service agreements and 10 year loan forgiveness. My sister is a family medicine resident about to graduate and one of her attendings was duped into thinking she would be forgiven under her public service agreement. Only to have the lawyers of the feds find loop holes that negated the 10 year loan agreement. It was as if she worked 10 years for nothing. The government will do everything in their power to not pay a quarter of a million for a single individual. If you know anyone who has received that 10 year loan forgiveness, I highly recommend making sure you learn as much as possible from them.
That is crazzzyyyy. That’s what I heard from quite a few financial gurus-to not rely on PSLF. I still hang on the hope that they forgive my loans. :)
@@LivingListed Best of luck to you. Watching my older sib do the whole doctor thing, I can kinda sympathize how stressful these massive loans can be. But last thing you would want is to be scammed by the “ its too good to be true” scenarios. But congrats on being a doctor :) Not many people have the strength, endurance and brains to do what yall do. And I think you will make a good living.
azizam glad to see you're doing well! out of curiosity have you got fb? it be nice to follow your journey if you're on there!
Hey, Aidan! From where do we know each other?
@@LivingListed cousin says she went uni with you
@@archillious Hey! Sorry, I don't add people to my socials unless I know them personally. I'm not very active on my socials, anyways. So, you're not missing much. :) I do have my insta listed, though.
It’s so crazy and its ridiculous you want to help ppl in this world but at the same time you are having to pay up to a million back …which is honestly quite sad u can’t sit back and actually enjoy all your hard work you have put into your career …listening to you talk I feel your stress …no one talks about the negative all you see is the title of “doctor” in the media