He's in Tally not Gainesville.That's Florida State not University of Florida. Seminole not Gator. Big difference. Surprised he didn't care enough to correct that. GO GATORS!
Quintilin Jackson You are completely right, unfortunately I was pretty nervous getting the opportunity to talk to Dave and didn’t correct him. Go Noles!
I understand Andres Smith. Talking to Dave would have made me nervous too. But u were brave enough to do it, awesome. And God bless on getting med school paid for.
Med student here - DO NOT go MD/PhD just because it's free. It's a waste of time and NIH funding. That's an extra FOUR years of school just to not pay for it. That's FOUR years of attending salary. Go to a state MD school. I am also part of a 3 year MD program (there aren't many, but they're there), which is another year of attending salary. Do NOT go into the military because it's free med school. You will owe 4-7 (depending on residency length) years in the military. During that time, you will make MUCH less than if you were a community physician. As the white coat investor says - live like a resident for 2-5 years after med school to pay off your loans. Refinance your loans to a low rate. Do not rely on PSLF.
If you join the military. It's a MINIMUM 4-7 years. Afterward you join the reserves. It's a no way out kinda thing. If you have 300k+ loans, and you end up with primary care, its RIP. You're better off becoming a NP or PA
Joshua you can make 200-250k in primary care, just not in major cities. Primary care in NYC/LA pays the worst and has the highest living expenses. Move to Texas with your own practice and you’re off to the races!
I was the caller, I don’t think he understands the competitiveness of med schools but I still think it’s a good idea to go to the cheapest place you get accepted. I’m hoping that graduating undergrad with no debt will help me in the future, but only time will tell.
@@andressmith1414 Hey, so I'm a reconstructive plastic surgeon, just take out the loans, if you get accepted to a decent medical school I'd go to that, it will only help your chances when applying for residency programs. Residency programs are EXTREMELY political and many don't take people from certain schools. As long as you don't plan on doing something low paying like family medicine. Also if you're confident you'll do well on your STEP exams you'll be fine. I feel student loans are only a burden on people that study useless degrees and overpay for said useless degrees. If you're smart you can pay off your student loans during your residency making 50 to 60k a year and be debt free come fellowship. I agree though don't do the MDPhD program it will not benefit you much and you'll be 45 years old before you're an attending.
MD (and Dave fan) here. His advice on this subject is impractical at best. First, the MD/PhD program is an extremely limited number of spots (5/150 at my med school). Also, it is an 8 year program plus residency as opposed to the MD, which is 4 years plus residency. Finally, it is geared toward training medical scientists/researchers not clinicians (MD/PhDs can choose to become clinicians, but that isn’t what the programs are designed to do). So, there is a 4 year opportunity cost to become an MD/PhD...4 years of an MD attending salary can be well over $1 million depending on the field, so that’s a very high cost to avoid med school debt. The military isn’t for everyone. There’s also a high opportunity cost on this choice because the military doesn’t pay what the private sector does. Scholarships are great, but they’re rare for medical school. Also, I’m unaware of health care systems that will sign up med students and offer to cover their med school debt, but maybe that’s a possibility. Med school debt is good debt. For anyone considering med school, GO TO YOUR STATE SCHOOL AND LIVE LIKE A POOR STUDENT. Medical school (and the debt that came with it) is the best educational decision I’ve made. I graduated with around $160K of debt over a decade ago, and I wouldn’t change a thing.
Yeah I don't think most people realize that the military hardly pays well until you've moved up several ranks and been in quite a while. The counter to that is that they take care of your basic living expenses and the benefits are good, so if you have no debt going in, you can actually bank quite a bit and come out of it in really good financial shape if you are smart. I remember my buddy telling me what he was making and thought it wasn't bad for a paycheck but then he told me it was for the month and I was shocked at how low they are actually paid.
I was the caller, I don’t think he understands the competitiveness of med schools but I still think it’s a good idea to go to the cheapest place you get accepted. I’m hoping that graduating undergrad with no debt will help me in the future, but only time will tell.
Andres Smith Try your hardest to get into your state school and then keep your living expenses down as much as possible. You’re not going to have much free time anyway in medical school, so live simply, keep your loans as low as possible, and choose your specialty wisely. Read the white coat investor website and books for more targeted information on personal finance for docs. He does a really good job. Best of luck to you. It’s a long road, but it’s worth it if you have what it takes to get through and the passion to help those in their times of need.
Even with Dave's answer it seems like the vast vast vast majority of people have to borrow money to go to med school. It is just way too expensive. Sure there is some small percentage of people that can figure out some combination of scholarships and work study or some other deal - but the reality is that it is nearly impossible to get through med school without substantial debt.
Dave changed my life. I ve been adhering to his snowball strategy since 2 years and now am debt free. Forever grateful. Always recommending you to my friends. Love from INDIA.
You really don't get to choose where you go Med School. The acceptance rates for most schools is tiny. 60% of Med School applicants year after year get rejected from all schools. 60"% DO NOT GET IN. The average applicant applies to some 25 - 35 schools. You take your acceptance wherever you get it.
Yep. Took 3 times for me to get in to a medical school, and after applying to quite a few, finally got into ONE. Not cheap, but it’ll pay off. Another aspect is when primary care is in need but debt:income ratio is just not appealing for primary care, but we need good primary care docs. I’m happy (and fortunate) that I was able to pay off all other debts before starting med school though.
This was actually one of the reasons I wound up not pursuing law school after college. My LSATs were good, but grades were on the lower end and I was basically told I'd have to apply to at least 10-15 schools at a minimum. Each application was $50+ and then you had all the additional essays and interviews, etc. and I already had a good job coming out of undergrad and after looking at the application process and financials of it all I just decided to start working after college. In hindsight it seems like a small amount of money, but in early 20s as a poor college student that was working to pay for classes and rent, it was a big deal back then. Fun to think about now, but life worked out ok.
I was the caller, I don’t think he understands the competitiveness of med schools but I still think it’s a good idea to go to the cheapest place you get accepted. I’m hoping that graduating undergrad with no debt will help me in the future, but only time will tell.
@@andressmith1414 Thank you for calling in. While I enjoy listening to Dave this is one area I don't agree with him on. If one of my kids was wanting to be an MD I would say it isn't realistic to expect to do it for free. More power to you if you are able to accomplish it.
Dave- I should have corrected you and said that I go to Florida State, but if I’m being honest I was pretty nervous. Anyways, I’m thankful for the great advice and I plan on going to the cheapest med school I get acceptance into.
Hey Andres :) My daughter is a RN in California. She went to public schools and is making 130K a year working for Providence Hospital. They pay your way to become a doctor as you work for them. There are also RN to MD programs through state universities with a connected hospital if you work at their hospital for two years they pay for your school. I never knew this 10 years ago when I became a doctor and am saddled with 300K debt. GOOD SUCCESS⛑📿👝👘
I'm going to school for counseling and psychology and I have found creative ways to pay for it. I will be done with my masters in late 2022-early 2023 with no debt. I completely agree with Dave, I would rather take an extra year or two to graduate debt free than graduate on time and pay back loans for 20+years. I'm working on getting more scholarships right now to help with the final stint of my education. I commend this young man for being willing to do it.
Master VS med school is completely different. I think dave is underestimating how difficult medical school is, there is no working a side job. When they are in residency they get paid to work at hospitals and that is a full time job, the money they do make covers cost of rent /etc and they arent ranking in big dough as if they were in the doctors. working 15 hour days leave no time for side job when you need and require sleep to function properly as a doctor. I only agree with school loans for medical field careers.
@@shutupandeatasmr4498 everyone is different but I know people who paid their way though med school and graduated with no debt. Each person has to decide for themselves but it is very possible to do it without the assistance of loans, it's just a little more difficult. I will likely be going for my PhD and will cash flow and scholarship that as well.
Living In My Now As someone who worked in Houston med center for 6+ years, the only doctors and med students I met who had no debt leaving school did not pay for it themselves and had parents/family who were rich enough to pay. I’d be intrigued to find a doc who had no loans
I paid for tuition & fees at a CA community college with a part time, minimum wage job, transferred to a state school and had most of the tuition waived by Cal veteran fee waiver, paid for the rest with hourly waged internships and graduated in 6 years total with 0 debt, I mostly lived at home. Now I'm 5 years into a fully funded PhD (earned an M.S. along the way). I will finish my PhD before age 30 with thousands in the bank, even more invested and 0 debt.
The problem with the education system today is they don't tell you the downside for taking out FAFSA loans. In fact, they oftentimes discourage any discussion, by demanding you take out FAFSA before sitting down and even discussing a future. It's ludicrous and I wish I would've known. My guidance counselor never told me anything about interest rates or costs.
Yes they do. Before you even get the loan money deposited to your bank or sent to your school, you have to take an educational seminar online and it makes you sign and agree to repayment, it makes you fill out a budget, and it even tells you how to spend less for college. You’re delusional lol
I did exactly what this guy did and graduated debt free. I’m so glad I don’t have to worry about debt like my friends who graduated from the same school with over 100k+ in debt, just do exactly what Dave says, go in-state, live with your parents, and work a decent $13-15/hr job and you can pay your way through most in state colleges.
Dave’s plan to get through college debt free is possible for the average 20k a year degree, but its kind of unrealistic to go to med school totally debt free only people that already have wealthy families it is possible no matter how many grants and scholarships you get it won’t cover 100% , that is why he never has a clear cut answer for this specific question, even when he was on Ben shapiros show when Ben asked the same thing about med school his answer was only philosophical, i get it , borrowing goes against his principles and he also won’t tell the guy straight up don’t go to med school if you can’t pay for it, but deep down he knows going through medschool debt free unless you are rich is very unlikely
military pays for someone to go to med school and gives you a job when you graduate. no job hunting. though medical professionals probably are in high demand
I heard the National Guard helps pay for college. My cousin joined the National Guard then went on to become a nurse. The NG paid almost every penny. He now makes bank being a travel nurse.
That’s how I’m going to med school for free. Insurance company is paying for my full ride. This is a blessing. My opinion is go to a state school if you can get in and live with parents, don’t do a MD/PHD unless you love research.
Out of everything to become debt free on school is definitely the most challenging. I have to say I was not very impressed with debt free degree. I have applied for over 100 scholarships and have not one a single one. I have had my mom who is an English teacher for 30 years proof read them and she told me she thought they were good essays but I still have not won any yet. There are other good applicants out there that are also giving it there all to win scholarships. Once winter break comes back I will apply for more but I have lost the drive after not winning a single scholarship so far.
Going to med school debt free unless your parents pay for it is really not possible. Its a huge risk though bc you may not graduate/pass boards/want to be a doctor.
My daughter got through undergrad debt free by getting full-tuition scholarships from the closest university and living at home. Now she's in med school and there are no scholarships but she's still home and commutes. I think that's the best we can do. There will be a load of debt at the end but she will also have great earning power in a respected field. Her dream is worth it. It's not all about money, all the time!
Medical school is tough since many people will need loans due to the cost. Try to get as much scholarships ls and grants, fill out that FAFSA and see how much the medical school will cost at certain universities.
There is also the Health Professions Scholarship program (HPSP) through the Navy, Air Force, or Army in which they will pay for you to go to med school in the US plus a stipend for living expenses with a commitment to 4 years of active duty after you graduate.
It's a free medical degree, how is that a poor deal? Sure you trade 4 years of service, but it's only four years. It's not like you're joining the military for life
Same. Household income is 155-160k couldnt find an apartment that our income qualifies for cheaper than 1550 a month. No car loan but 3k a month in student loans... we literally have no life at all and are knocking out these school loans. We could afford a 500k house easily if these loans did not exist and yet we are in a 100sq ft apartment with twins on the way.
Debt is a method for a better future. If you don't see it that way then you're too emotional and you should stick to being afraid of debt. Some of the biggest companies in the world use debt, the USA was actually founded on debt, and many economists agree that debt is fundamental to a healthy society.
@@bobbysanchezlive659 They own you because you make payments? Yeah I don't think you understand what ownership means. There's nothing wrong with using debt to have a better life, more education, and more money, as long as you're somewhat intelligent with debt and minimize it when you can. You're looking at it the wrong way. I'm glad I can use debt for a better future, and both the consumer and the banks benefit. You're just a Dave Ramsey fanboy who has zero idea about the concept of leverage.
People absolutely do care where their doctors, lawyers, CPAs and other professionals go to school. It might not be fair, and it very likely doesn't have much correlation to actual outcomes, but yes it absolutely matters for acceptance into practices and how many patients prefer to see you.
He’s probably at FSU. I went to FIU and FAU. My hubby is a invasive cardiologist and went to University of South Florida Med School, he’s doing pretty well
Your are completely right, I’m at FSU now. I got a little nervous talking to Dave and did not correct him about the school. The cheapest med school I get into is where I will go. Go Noles!
Dave's advice is great for treating the symptom. the disease is medical school being so ridiculously expensive. people in the medical profession are a huge help to society. why does it cost so much to be helpful to society, and how do we reduce those costs?
How does any of that help the guy calling in? It doesn't. He needs advice because he's going to medical school, not to discuss the policies and the educational/societal structure.
@@BadMannerKorea not saying it does, but it is still a relevant point. broaden your horizons BMK. Dave is great, but his services should not even be needed. heck, medical services should not be needed nearly as much as they are. they're only necessary for the very young, the very old, accidents, routine checkups, and pregnancies. that's it. if people took care of themselves, which is not very difficult, most diseases and illnesses disappear. that reduces the amount of medical professionals needed, reduces the cost associated with disease care (health care is a misnomer), which leads to more money for other things, and greatly reduces the costs of medical school. don't focus on one corner of the picture. stand back and take it all in
@@sumobowler3790 Yeah maybe you should broaden your horizons and quit peddling the nonsense Dave Ramsey promotes, and it appears here you're going off the deep end, non Dave Ramsey advice, and basically being anti medical. You sound ridiculous. The caller asked for advice about paying for medical school, not to hear the nonsense you posted about.
@@BadMannerKorea what is non sensical about being debt free? the caller got good advice, and continues to get some in this thread. what i posted still ties in. you make it sound like i posted about The Wizard Of Oz being a better, or worse, movie than Pulp Fiction. if you are older than 12 you seriously need to broaden your horizons, grow up, and understand how the real world operates. if you are 12 or younger you still need to do those things, but at that tender age i could understand your confusion
sumo bowler No your comments are irrelevant. I’ve already debated you before and you lose every time because claiming that one should avoid debt period is so extreme it’s not a sustaining argument to uphold. Even in the medical school example it is not feasible nor logical to save up before medical school, or join the military, or find some way to help pay that may not even be an option, so taking on debt is the only method to becoming a doctor in most cases. And even if you could do these things or be debt free, there are still negatives. The reality is you utilize debt as leverage to get to that doctor salary which the debt is easily dealt with considering said salary. Debt is not some inherently evil thing. Sure reduce debt when possible, but to peddle the idea that debt is wrong or whatever nonsense you like to go around saying, is just ridiculous and flat out incorrect. This country was built on debt, the biggest companies in the world utilize debt, brokers who manage from small to large portfolios tell clients to keep that money in there and continue having debt because it is financially sound advice, and many economists agree that a healthy economy includes debt. Even Dave Ramsey himself made his first millions on leveraging debt before he became irresponsible and went bankrupt....
Seriously, once I asked about paying for college and I was told 'no one has the money, you need loans for all of your education.' Glad I didn't take that advice.
My late mother was the first African-American PHD graduate at Brown University. They named the fellowship after her for students in the PHD program. You don´t hear much on the Dave Ramsey show about scholarships or fellowships, but it is free to you money that will help you graduate from college debt. free.😎
Christopher Park Nothing to be angry about. I have no debt. I saved/invested through high school and worked while in aeronautics school and getting my aerospace metallurgical engineering degree. The Air Force covered the rest but I still had to work for it. Figured you’re a anime nerd still in high school since “be rich” is the best you can do.
Joshua wrong. One of the programs dave is referring to, they take you from bachelor to full medical degree with full salary and benefits along the way while you pay nothing. You work as a military officer when you graduate, basically a doc for active duty troops, for 7 years and youve repaid the government for financing your degree.
mauvemarlyse you don’t have to be in the military to get ptsd. Also most soldiers don’t. You couldn’t be saying things like that. What a disgusting comment
Medical Military school is an option , it’s free if you get accepted... but if you are interested in other stuff , then approach the school and staff a year in advance, just to have a better hold of any assistantship or scholarship available.
I watch fave a lot and I always hate when he says go shopping for med school. No they shop for you. I still don’t think he grasp the concept on how competitive professional degrees can be for admission.
As Dave has said many videos. If you can work at the place or volunteer at the place that would be helpful . You can get a big discount or maybe go there for free. Get all the grants and scholarships that you can. Job cash flow much as possible. I say get your associates at community college then transfer to get your bachelor's at an in-state School.
@Mr.Carroll Ware I don’t think you even understand how graduate/professional school works. You don’t get grants for grad degrees, you don’t work in med school, med school is a doctorate degree not a bachelors. Student/caller already was graduating with he’s bachelors and applying to med school. You don’t cash flow med school at 50k per year tuition.
@@agustino42491 well Dave claims that if you work at a college or volunteer at college that you can get a big discount or go there for free. So take it up with him.
@@zachwalters8001 well Dave claims that if you work at a college or volunteer at college that you can get a big discount or go there for free. So take it up with him.
Mr. Carroll Ware yeah the thing is you don’t work in med school. It’s a 60+hour a week commitment between class, labs, and studying. Then you have your rotations too later on. And there is no such thing as volunteering at the college to get a discount. Now they do have an MDPhd which is what Dave mentions however, it prolongs med school to 8 years at least and it’s only for people who want to be a clinical scientist.
Best is to go in state. Work as much as physically possible during summer and do not throw your money away. Get with local hospitals, rural hospitals and look at those which pay for schooling. The college you went through at the University of Florida is the resource that should be helping you with those options. That is part of what your tuition pays for. They are a resource for all that information.
Clouded Colour naturally you’ll have to go through the selection process with the ASVAB, PT test, Physical exam, background check, etc... I’m just saying it’s a good option. Also, they probably do Officer basic after, which in the Army is generally easier than what enlisted personnel go through.
UF is a great choice for medical school. Shands hospital is considered to be a great med center for med students. I didn’t go to UF nor get a degree in medicine so I can’t speak from experience but I know someone who transferred to UF while in med school. I hope he had a high SAT or ACT score and got the bright futures scholarship. That scholarship is the best one in Florida. I was one point off on my ACT to get the 75% bright features scholarship. Best of luck Andres.
The only thing I might disagree with is that I sometimes look at a doctor's degree for a more specialize procedure. Gen physician I usually don't care.
Haha I go to UF (we’re in Gainesville, not Tallahassee, that’s where the enemy is) and actually we’re one of the rare exceptions where it’s easy to go here and graduate debt-free because the state of Florida has a Bright Futures program where we get 100% of our tuition covered by the state if we have certain grades and test scores from high school. So most of my friends and I get our tuition paid for through that. Also our state has a program where parents can purchase a Florida Prepaid plan when their child is born and they can pre-pay for 4 years of tuition and some years of housing, etc at the price that it was the year their child was born and it will apply at any public school in Florida. I was born in 2000 and my parents did this with the 2000 prices. I will graduate from UF debt free and have money left over to help pay for grad school. I am blessed but most are not in this situation and most states don’t do this
I didnt go to med school but I did go into a graduate program for a skilled position. Dave's advice is very blind. Maybe this is how it was in the 50s 60s 70s... but I think in the 80s we saw a shift and the 90s was kinda the nail in the coffin. now it's just not realistic to do what dave says for med school
Uh, they educate you before you take out loans. It's required. And student loans are awesome. Where in the world can you pretty much guarantee an education which is financially beneficial over a lifetime compared to not having a degree? Where can you go study engineering, computer science, business/economics, nursing/medical, or other well paying careers, and get financial help for doing so? So you want it to all be free? Okay, then everyone's taxes is going up. I'm glad the system is the way it is because if done right, you can increase income and be educated. You're just a Dave Ramsey fanboy with no logic.
if I was you I would just go to a cheaper school. U can do what he suggested but remember it is not easy getting into those programs especially for me school you must be a top notch student.
Dave MD advise is not that helpful. Hospital corporations are not willing to cover tons of money. 1yr in medical school cost me the same as my 4yrs in undergrad.
Exactly Everytime he gets a caller who calls in about med school, dental school, pharmacy school it’s really grinds my gears. Dave doesn’t understand professionals degrees and it’s like he has such cognitive dissidence that he doesn’t want to because he knows it’s one area he’s principles won’t apply to.
I've always thought about calling in and asking Dave this: I figure that your reasoning for being okay with folks taking on mortgages is that mortgages are unrealistic to pay in cash. Assuming that is the logic (I could be wrong), why doesn't this same logic extend to medical school and law school? You can tell Dave always goes to great pains to avoid outright saying, "You have to pay for med school in cash," because he probably subconsciously knows how ridiculous that sounds. But at the same time, he can't say the converse of that because it would go against his principles. I think Dave needs to make exceptions for reasonably sound decisions on professional schools. Also Dave is way wrong about law school. He doesn't care where you get your law degree from, but virtually every other employer of lawyers does care. Prestige really does matter. Yale Law at $150k debt is a much, much better deal than low-tier state law school for free.
@@sumobowler3790 That's a decent argument for med school (which I think has an attrition rate of 10-15%), but what about law school? A good quality law school (the non-predatory kinds that also give you a 70%+ chance of passing the bar) has about a 2-4% attrition rate. Your point that stands that the risk is there, but I wouldn't weigh that so heavily as to outweigh the underlying logic of med school and law school being expensive but good investments. In fact, the return on investment from a med or law degree is much better than real estate. I think Dave lacks a lot of nuance out of either an ignorance as to how these fields operate in the real world or out of a horse blinders desire to make his steps work in all situations.
@@ashermitchell2794 Dave is all about avoiding debt. debt always equals risk, and it always goes against biblical financial teachings, which Dave teaches and follows. while all debt is bad and unnecessary, some is worse than others. are law and medical degrees better investments than real estate? well, that depends. Dave has said some of his real estate deals on commercial buildings netted him seven figures each after only a few years, but commercial real estate is at another level than residential. if you know early enough in life you want to be a lawyer, granted not everyone does, start saving and planning as soon as you decide you're going to law school. maybe there is a law firm that will pay for law school if you agree to work for them for X number of years after graduation. i don't know if those exist, i'm just saying that sort of out of the box thinking may open some debt free doors. it can be difficult going to medical or law school debt free, but it is also difficult repaying large debt after you graduate. it is going to be difficult either way. isn't it better to deal with the difficult before than after?
@@sumobowler3790 If all debt is bad then why do the biggest companies in the entire world use debt as leverage, why do many economists agree that debt is good for a healthy economy, and why was the USA founded on debt? If debt is bad why did Dave Ramsey earn his first millions utilizing debt...before he became irresponsible? Answer these big questions for me, thanks.
You could save up from applying for grants. Like there's this agency that pays people $10000 for running their community work programs. I've saved up about $40000 so far from it. I could direct you if you want.
I like Dave’s response but the question was dumb. Becoming a physician has a great ROI. Minimize your debt by considering the DO route (if it suites you) and you’ll be able to pay off the debt in two years. Not many investments allow you to do so
Imma be honest I disagree with Dave as thought patients may not ask where you went to school with usmle 1 and 2 being pass fail residency’s are more selective and what school you went to plays a role in it
If he can get in to the New York school of medicine it’s all free! A benefactor just donated $500 million to the school so that anyone capable of qualifying to go to the school will not have to pay a tuition so 100% free.
He's in Tally not Gainesville.That's Florida State not University of Florida. Seminole not Gator. Big difference. Surprised he didn't care enough to correct that. GO GATORS!
Do not join the military, it is not cheaper and you can be deployed. If you fail or don’t like it you still owe time and the military will reassign you. Deployment sucks, you come back with worst problems.
That doesn't work for med school. Tuition at even cheap schools runs 40 K per year plus living expenses for four years. Where can you work for about 100 K per year to save up those sort of bucks? Plus you are looking at four years of residency after medical school before you can become a board certified doctor. You may be well into your thirties at that rate. They no longer pay residents poverty wages and work them 80 hours per week, but still ...
Hahahahaha. Where are you going to save up 300k in 2 years? And even if you could you're giving up 2 years of future doctor income on the backend. You're delusional. How do you survive in real life being so illogical?
MD/phd programs are not a ticket to financial freedom. That degree is targeted to someone who wants to primarily do research. All due respect Dave, but going to a prestigious med school is worth the cost. You will get opportunities and residences that no one else will. Full stop. Blessings, - a premedical student
This is med school. It's night and day from most other degrees. Your head really needs to be in your studies and not doing much else. Anyone who has gone to med school would agree.
yea, some people don't understand that for advanced degrees its nearly impossible to work. many of your school days are 8 hrs then you still have to study the material.
That also hurts people who otherwise qualify for financial aid. I only worked one year in high school and work study my first year in college. When my FAFSA used that year I ended up losing more money than I earned and even my work study was used against me. It would have taken me four years to get the money vs six months tops to pay off the debt.
This is not realistic for med school. Med schools have prereqs, and an MCAT requirement to get in. These things have an expiration date on them. In other words, if he graduatees with his bachelors and chooses to work 2 - 3 years to save money for med school, there's a solid chance he'll have to then retake his prereqs and MCAT.
Get life-changing financial advice anytime, anywhere. Subscribe today: ruclips.net/user/TheDaveRamseyShow
He's in Tally not Gainesville.That's Florida State not University of Florida. Seminole not Gator. Big difference. Surprised he didn't care enough to correct that. GO GATORS!
Quintilin Jackson You are completely right, unfortunately I was pretty nervous getting the opportunity to talk to Dave and didn’t correct him. Go Noles!
I understand Andres Smith. Talking to Dave would have made me nervous too. But u were brave enough to do it, awesome. And God bless on getting med school paid for.
Med student here - DO NOT go MD/PhD just because it's free. It's a waste of time and NIH funding. That's an extra FOUR years of school just to not pay for it. That's FOUR years of attending salary. Go to a state MD school. I am also part of a 3 year MD program (there aren't many, but they're there), which is another year of attending salary.
Do NOT go into the military because it's free med school. You will owe 4-7 (depending on residency length) years in the military. During that time, you will make MUCH less than if you were a community physician.
As the white coat investor says - live like a resident for 2-5 years after med school to pay off your loans. Refinance your loans to a low rate. Do not rely on PSLF.
If you join the military. It's a MINIMUM 4-7 years. Afterward you join the reserves. It's a no way out kinda thing. If you have 300k+ loans, and you end up with primary care, its RIP. You're better off becoming a NP or PA
Joshua you can make 200-250k in primary care, just not in major cities. Primary care in NYC/LA pays the worst and has the highest living expenses. Move to Texas with your own practice and you’re off to the races!
I was the caller, I don’t think he understands the competitiveness of med schools but I still think it’s a good idea to go to the cheapest place you get accepted. I’m hoping that graduating undergrad with no debt will help me in the future, but only time will tell.
@@andressmith1414 Good luck dude.
@@andressmith1414 Hey, so I'm a reconstructive plastic surgeon, just take out the loans, if you get accepted to a decent medical school I'd go to that, it will only help your chances when applying for residency programs. Residency programs are EXTREMELY political and many don't take people from certain schools. As long as you don't plan on doing something low paying like family medicine. Also if you're confident you'll do well on your STEP exams you'll be fine. I feel student loans are only a burden on people that study useless degrees and overpay for said useless degrees. If you're smart you can pay off your student loans during your residency making 50 to 60k a year and be debt free come fellowship. I agree though don't do the MDPhD program it will not benefit you much and you'll be 45 years old before you're an attending.
Do NOT do the MD PhD programs unless you want to do research, please
MD (and Dave fan) here. His advice on this subject is impractical at best.
First, the MD/PhD program is an extremely limited number of spots (5/150 at my med school). Also, it is an 8 year program plus residency as opposed to the MD, which is 4 years plus residency. Finally, it is geared toward training medical scientists/researchers not clinicians (MD/PhDs can choose to become clinicians, but that isn’t what the programs are designed to do). So, there is a 4 year opportunity cost to become an MD/PhD...4 years of an MD attending salary can be well over $1 million depending on the field, so that’s a very high cost to avoid med school debt.
The military isn’t for everyone. There’s also a high opportunity cost on this choice because the military doesn’t pay what the private sector does.
Scholarships are great, but they’re rare for medical school. Also, I’m unaware of health care systems that will sign up med students and offer to cover their med school debt, but maybe that’s a possibility.
Med school debt is good debt. For anyone considering med school, GO TO YOUR STATE SCHOOL AND LIVE LIKE A POOR STUDENT. Medical school (and the debt that came with it) is the best educational decision I’ve made. I graduated with around $160K of debt over a decade ago, and I wouldn’t change a thing.
Yeah I don't think most people realize that the military hardly pays well until you've moved up several ranks and been in quite a while. The counter to that is that they take care of your basic living expenses and the benefits are good, so if you have no debt going in, you can actually bank quite a bit and come out of it in really good financial shape if you are smart. I remember my buddy telling me what he was making and thought it wasn't bad for a paycheck but then he told me it was for the month and I was shocked at how low they are actually paid.
Medical student 🙋🏾♀️, thanks for confirming this road is worth it
I was the caller, I don’t think he understands the competitiveness of med schools but I still think it’s a good idea to go to the cheapest place you get accepted. I’m hoping that graduating undergrad with no debt will help me in the future, but only time will tell.
Andres Smith
Try your hardest to get into your state school and then keep your living expenses down as much as possible. You’re not going to have much free time anyway in medical school, so live simply, keep your loans as low as possible, and choose your specialty wisely. Read the white coat investor website and books for more targeted information on personal finance for docs. He does a really good job.
Best of luck to you. It’s a long road, but it’s worth it if you have what it takes to get through and the passion to help those in their times of need.
@@googleuser8660 yes, they forget to tell you that the living expenses for new York City are essentially equal to tuition 😩
Even with Dave's answer it seems like the vast vast vast majority of people have to borrow money to go to med school. It is just way too expensive. Sure there is some small percentage of people that can figure out some combination of scholarships and work study or some other deal - but the reality is that it is nearly impossible to get through med school without substantial debt.
Pretty lazy excuse to borrow and not pay. Plenty of people work and go to school, all kinds of them.
@@whiteknob7944 I wasn’t saying that people shouldn’t pay back what they have borrowed. I was just saying that Dave’s advice isn’t very practical.
Dave changed my life. I ve been adhering to his snowball strategy since 2 years and now am debt free. Forever grateful. Always recommending you to my friends. Love from INDIA.
You really don't get to choose where you go Med School. The acceptance rates for most schools is tiny. 60% of Med School applicants year after year get rejected from all schools. 60"% DO NOT GET IN. The average applicant applies to some 25 - 35 schools. You take your acceptance wherever you get it.
Yep. Took 3 times for me to get in to a medical school, and after applying to quite a few, finally got into ONE. Not cheap, but it’ll pay off. Another aspect is when primary care is in need but debt:income ratio is just not appealing for primary care, but we need good primary care docs. I’m happy (and fortunate) that I was able to pay off all other debts before starting med school though.
This was actually one of the reasons I wound up not pursuing law school after college. My LSATs were good, but grades were on the lower end and I was basically told I'd have to apply to at least 10-15 schools at a minimum. Each application was $50+ and then you had all the additional essays and interviews, etc. and I already had a good job coming out of undergrad and after looking at the application process and financials of it all I just decided to start working after college. In hindsight it seems like a small amount of money, but in early 20s as a poor college student that was working to pay for classes and rent, it was a big deal back then. Fun to think about now, but life worked out ok.
I was the caller, I don’t think he understands the competitiveness of med schools but I still think it’s a good idea to go to the cheapest place you get accepted. I’m hoping that graduating undergrad with no debt will help me in the future, but only time will tell.
@@andressmith1414 Thank you for calling in. While I enjoy listening to Dave this is one area I don't agree with him on. If one of my kids was wanting to be an MD I would say it isn't realistic to expect to do it for free. More power to you if you are able to accomplish it.
Dave- I should have corrected you and said that I go to Florida State, but if I’m being honest I was pretty nervous. Anyways, I’m thankful for the great advice and I plan on going to the cheapest med school I get acceptance into.
Proud of you! Be encouraged & maybe even look for a practice to shadow a dr in a field ur interested in. Your gifts will lead u to many opportunities!
Hey Andres :)
My daughter is a RN in California. She went to public schools and is making 130K a year working for Providence Hospital. They pay your way to become a doctor as you work for them.
There are also RN to MD programs through state universities with a connected hospital if you work at their hospital for two years they pay for your school. I never knew this 10 years ago when I became a doctor and am saddled with 300K debt. GOOD SUCCESS⛑📿👝👘
Good luck Andres! Congrats on getting ur BS debt free
Love to hear update on your journey after 3 years
I'm going to school for counseling and psychology and I have found creative ways to pay for it. I will be done with my masters in late 2022-early 2023 with no debt. I completely agree with Dave, I would rather take an extra year or two to graduate debt free than graduate on time and pay back loans for 20+years. I'm working on getting more scholarships right now to help with the final stint of my education. I commend this young man for being willing to do it.
Master VS med school is completely different. I think dave is underestimating how difficult medical school is, there is no working a side job. When they are in residency they get paid to work at hospitals and that is a full time job, the money they do make covers cost of rent /etc and they arent ranking in big dough as if they were in the doctors. working 15 hour days leave no time for side job when you need and require sleep to function properly as a doctor. I only agree with school loans for medical field careers.
I'm studying counseling as well! Best wishes!
@@shutupandeatasmr4498 everyone is different but I know people who paid their way though med school and graduated with no debt. Each person has to decide for themselves but it is very possible to do it without the assistance of loans, it's just a little more difficult. I will likely be going for my PhD and will cash flow and scholarship that as well.
@@TheJanayWellsShow Yay, what kind of psych are you going into?
Living In My Now As someone who worked in Houston med center for 6+ years, the only doctors and med students I met who had no debt leaving school did not pay for it themselves and had parents/family who were rich enough to pay. I’d be intrigued to find a doc who had no loans
I paid for tuition & fees at a CA community college with a part time, minimum wage job, transferred to a state school and had most of the tuition waived by Cal veteran fee waiver, paid for the rest with hourly waged internships and graduated in 6 years total with 0 debt, I mostly lived at home. Now I'm 5 years into a fully funded PhD (earned an M.S. along the way). I will finish my PhD before age 30 with thousands in the bank, even more invested and 0 debt.
The problem with the education system today is they don't tell you the downside for taking out FAFSA loans. In fact, they oftentimes discourage any discussion, by demanding you take out FAFSA before sitting down and even discussing a future. It's ludicrous and I wish I would've known. My guidance counselor never told me anything about interest rates or costs.
Yes they do. Before you even get the loan money deposited to your bank or sent to your school, you have to take an educational seminar online and it makes you sign and agree to repayment, it makes you fill out a budget, and it even tells you how to spend less for college. You’re delusional lol
I did exactly what this guy did and graduated debt free. I’m so glad I don’t have to worry about debt like my friends who graduated from the same school with over 100k+ in debt, just do exactly what Dave says, go in-state, live with your parents, and work a decent $13-15/hr job and you can pay your way through most in state colleges.
Medical school? Also not everyone has a family to go home to.
Your parents got you thru debt free broide u just wore the bac pack lmao
@@dominicmccullough9837 nope , no parents help, all paid for through my own work
Dave’s plan to get through college debt free is possible for the average 20k a year degree, but its kind of unrealistic to go to med school totally debt free only people that already have wealthy families it is possible no matter how many grants and scholarships you get it won’t cover 100% , that is why he never has a clear cut answer for this specific question, even when he was on Ben shapiros show when Ben asked the same thing about med school his answer was only philosophical, i get it , borrowing goes against his principles and he also won’t tell the guy straight up don’t go to med school if you can’t pay for it, but deep down he knows going through medschool debt free unless you are rich is very unlikely
military pays for someone to go to med school and gives you a job when you graduate. no job hunting. though medical professionals probably are in high demand
@@sumobowler3790 Might be free for the individual but hardly "free" - tax payers are footing the bill for all these military benefits.
@@wwbaker3 yes. "tuition free" is more accurate
I heard the National Guard helps pay for college. My cousin joined the National Guard then went on to become a nurse. The NG paid almost every penny. He now makes bank being a travel nurse.
That’s how I’m going to med school for free. Insurance company is paying for my full ride. This is a blessing. My opinion is go to a state school if you can get in and live with parents, don’t do a MD/PHD unless you love research.
Agreeing to work for a specific doctor/hospital is also a debt, just not a financial one. You are still indebted to someone else.
Better to do that for a few years rather than pay student debt for 10.
Out of everything to become debt free on school is definitely the most challenging. I have to say I was not very impressed with debt free degree. I have applied for over 100 scholarships and have not one a single one. I have had my mom who is an English teacher for 30 years proof read them and she told me she thought they were good essays but I still have not won any yet. There are other good applicants out there that are also giving it there all to win scholarships. Once winter break comes back I will apply for more but I have lost the drive after not winning a single scholarship so far.
Going to med school debt free unless your parents pay for it is really not possible.
Its a huge risk though bc you may not graduate/pass boards/want to be a doctor.
Dave is just out of his element on this one lol
Yes.
My daughter got through undergrad debt free by getting full-tuition scholarships from the closest university and living at home. Now she's in med school and there are no scholarships but she's still home and commutes. I think that's the best we can do. There will be a load of debt at the end but she will also have great earning power in a respected field. Her dream is worth it. It's not all about money, all the time!
Medical school is tough since many people will need loans due to the cost. Try to get as much scholarships ls and grants, fill out that FAFSA and see how much the medical school will cost at certain universities.
There is also the Health Professions Scholarship program (HPSP) through the Navy, Air Force, or Army in which they will pay for you to go to med school in the US plus a stipend for living expenses with a commitment to 4 years of active duty after you graduate.
It's a free medical degree, how is that a poor deal? Sure you trade 4 years of service, but it's only four years. It's not like you're joining the military for life
Kind of unrealistic with trying to be debt free with a medical degree which racks up too much debt . 💀💀💀
household income: $150k /year
rent: $1000/mo
car loan: none
school loans... still too much. debt sucks, always.
Same. Household income is 155-160k couldnt find an apartment that our income qualifies for cheaper than 1550 a month. No car loan but 3k a month in student loans... we literally have no life at all and are knocking out these school loans. We could afford a 500k house easily if these loans did not exist and yet we are in a 100sq ft apartment with twins on the way.
@@Hallowsaw Keep your head up! You got this. Once your debt is paid off, it'll all be worth it, and your twins' future will be set! :)
Debt is a method for a better future. If you don't see it that way then you're too emotional and you should stick to being afraid of debt. Some of the biggest companies in the world use debt, the USA was actually founded on debt, and many economists agree that debt is fundamental to a healthy society.
BadMannerKorea yea but then the banks own you.
@@bobbysanchezlive659 They own you because you make payments? Yeah I don't think you understand what ownership means. There's nothing wrong with using debt to have a better life, more education, and more money, as long as you're somewhat intelligent with debt and minimize it when you can. You're looking at it the wrong way. I'm glad I can use debt for a better future, and both the consumer and the banks benefit. You're just a Dave Ramsey fanboy who has zero idea about the concept of leverage.
Florida tuition was 6200 dollars though your government grant covers that! Med school is a lot more
Even if he borrows some, he could pay it off real quickly, living like a poor broke guy, and then have a great career and lifestyle.
People absolutely do care where their doctors, lawyers, CPAs and other professionals go to school. It might not be fair, and it very likely doesn't have much correlation to actual outcomes, but yes it absolutely matters for acceptance into practices and how many patients prefer to see you.
He’s probably at FSU. I went to FIU and FAU. My hubby is a invasive cardiologist and went to University of South Florida Med School, he’s doing pretty well
Your are completely right, I’m at FSU now. I got a little nervous talking to Dave and did not correct him about the school. The cheapest med school I get into is where I will go. Go Noles!
Dave's advice is great for treating the symptom. the disease is medical school being so ridiculously expensive. people in the medical profession are a huge help to society. why does it cost so much to be helpful to society, and how do we reduce those costs?
How does any of that help the guy calling in? It doesn't. He needs advice because he's going to medical school, not to discuss the policies and the educational/societal structure.
@@BadMannerKorea not saying it does, but it is still a relevant point. broaden your horizons BMK. Dave is great, but his services should not even be needed. heck, medical services should not be needed nearly as much as they are. they're only necessary for the very young, the very old, accidents, routine checkups, and pregnancies. that's it. if people took care of themselves, which is not very difficult, most diseases and illnesses disappear. that reduces the amount of medical professionals needed, reduces the cost associated with disease care (health care is a misnomer), which leads to more money for other things, and greatly reduces the costs of medical school. don't focus on one corner of the picture. stand back and take it all in
@@sumobowler3790 Yeah maybe you should broaden your horizons and quit peddling the nonsense Dave Ramsey promotes, and it appears here you're going off the deep end, non Dave Ramsey advice, and basically being anti medical. You sound ridiculous. The caller asked for advice about paying for medical school, not to hear the nonsense you posted about.
@@BadMannerKorea what is non sensical about being debt free? the caller got good advice, and continues to get some in this thread. what i posted still ties in. you make it sound like i posted about The Wizard Of Oz being a better, or worse, movie than Pulp Fiction. if you are older than 12 you seriously need to broaden your horizons, grow up, and understand how the real world operates. if you are 12 or younger you still need to do those things, but at that tender age i could understand your confusion
sumo bowler No your comments are irrelevant. I’ve already debated you before and you lose every time because claiming that one should avoid debt period is so extreme it’s not a sustaining argument to uphold. Even in the medical school example it is not feasible nor logical to save up before medical school, or join the military, or find some way to help pay that may not even be an option, so taking on debt is the only method to becoming a doctor in most cases. And even if you could do these things or be debt free, there are still negatives.
The reality is you utilize debt as leverage to get to that doctor salary which the debt is easily dealt with considering said salary. Debt is not some inherently evil thing. Sure reduce debt when possible, but to peddle the idea that debt is wrong or whatever nonsense you like to go around saying, is just ridiculous and flat out incorrect.
This country was built on debt, the biggest companies in the world utilize debt, brokers who manage from small to large portfolios tell clients to keep that money in there and continue having debt because it is financially sound advice, and many economists agree that a healthy economy includes debt. Even Dave Ramsey himself made his first millions on leveraging debt before he became irresponsible and went bankrupt....
Having the money
Seriously, once I asked about paying for college and I was told 'no one has the money, you need loans for all of your education.' Glad I didn't take that advice.
My late mother was the first African-American PHD graduate at Brown University. They named the fellowship after her for students in the PHD program. You don´t hear much on the Dave Ramsey show about scholarships or fellowships, but it is free to you money that will help you graduate from college debt. free.😎
He's in Tallahassee. He's probably at FSU. I'll bet he's a Nole.
Be smart, promising, and charming enough that the school pays you to come there.
Listen to this show everyday...its a prescription.
Mmmm as a medical student, good luck with this advice....
Meaning?
@@ricardozk I think he’s saying it sounds unrealistic
Short answer: Be rich or get scholarships
Would expect that from someone with an anime picture.
BlackWorldTraveler imagine being angry over a RUclips comment.
Christopher Park
Nothing to be angry about. I have no debt.
I saved/invested through high school and worked while in aeronautics school and getting my aerospace metallurgical engineering degree.
The Air Force covered the rest but I still had to work for it.
Figured you’re a anime nerd still in high school since “be rich” is the best you can do.
Don’t quickly dismiss that military idea. The vast majority refuse to do it but it pays off massively.
Because you're in the military for life🤔🤔🤔🤔. After the required 4-8 years you transfer to the reserves. Its no way out lol
Not if you come out with ptsd
Joshua wrong. One of the programs dave is referring to, they take you from bachelor to full medical degree with full salary and benefits along the way while you pay nothing. You work as a military officer when you graduate, basically a doc for active duty troops, for 7 years and youve repaid the government for financing your degree.
@@Jay-om8gr so if you joined the military (active duty)and not honorably discharged, dont you transfer to the reserves🤔🤔🤔🤔
mauvemarlyse you don’t have to be in the military to get ptsd. Also most soldiers don’t. You couldn’t be saying things like that. What a disgusting comment
For undergrad, dual enrollment is a huge hack.
NurturingTalents totally awesome. A great shortcut!
Medical Military school is an option , it’s free if you get accepted... but if you are interested in other stuff , then approach the school and staff a year in advance, just to have a better hold of any assistantship or scholarship available.
As someone who’s gonna graduate debt free my advice is to go to community, get scholarships and transfer and get more scholarships.
Or make money online
I watch fave a lot and I always hate when he says go shopping for med school. No they shop for you. I still don’t think he grasp the concept on how competitive professional degrees can be for admission.
He also says find a company to work for that will pay for it. No company does that.
As Dave has said many videos. If you can work at the place or volunteer at the place that would be helpful . You can get a big discount or maybe go there for free. Get all the grants and scholarships that you can. Job cash flow much as possible. I say get your associates at community college then transfer to get your bachelor's at an in-state School.
@Mr.Carroll Ware I don’t think you even understand how graduate/professional school works. You don’t get grants for grad degrees, you don’t work in med school, med school is a doctorate degree not a bachelors. Student/caller already was graduating with he’s bachelors and applying to med school. You don’t cash flow med school at 50k per year tuition.
@@agustino42491 well Dave claims that if you work at a college or volunteer at college that you can get a big discount or go there for free. So take it up with him.
@@zachwalters8001 well Dave claims that if you work at a college or volunteer at college that you can get a big discount or go there for free. So take it up with him.
@@zachwalters8001 if you work I don't see why you can't work and help cash flow some of that school.
Mr. Carroll Ware yeah the thing is you don’t work in med school. It’s a 60+hour a week commitment between class, labs, and studying. Then you have your rotations too later on. And there is no such thing as volunteering at the college to get a discount. Now they do have an MDPhd which is what Dave mentions however, it prolongs med school to 8 years at least and it’s only for people who want to be a clinical scientist.
Best is to go in state. Work as much as physically possible during summer and do not throw your money away. Get with local hospitals, rural hospitals and look at those which pay for schooling. The college you went through at the University of Florida is the resource that should be helping you with those options. That is part of what your tuition pays for. They are a resource for all that information.
60% of people who apply to med school don't get in. Every year. You don't really get to choose where you go. You get accepted somewhere, you go there.
fantastic advice.
I hope I can go to law school at U Montana and it's tuition is only $11k per year.
I’m pretty sure the military has its own medical school too. Uniformed Services School of Health Sciences I believe. It’s an option....
IF you can get through boot camp which is a big if
Clouded Colour naturally you’ll have to go through the selection process with the ASVAB, PT test, Physical exam, background check, etc... I’m just saying it’s a good option. Also, they probably do Officer basic after, which in the Army is generally easier than what enlisted personnel go through.
UF is a great choice for medical school. Shands hospital is considered to be a great med center for med students. I didn’t go to UF nor get a degree in medicine so I can’t speak from experience but I know someone who transferred to UF while in med school. I hope he had a high SAT or ACT score and got the bright futures scholarship. That scholarship is the best one in Florida. I was one point off on my ACT to get the 75% bright features scholarship. Best of luck Andres.
The only thing I might disagree with is that I sometimes look at a doctor's degree for a more specialize procedure. Gen physician I usually don't care.
Just what I needed this morning
Haha I go to UF (we’re in Gainesville, not Tallahassee, that’s where the enemy is) and actually we’re one of the rare exceptions where it’s easy to go here and graduate debt-free because the state of Florida has a Bright Futures program where we get 100% of our tuition covered by the state if we have certain grades and test scores from high school. So most of my friends and I get our tuition paid for through that. Also our state has a program where parents can purchase a Florida Prepaid plan when their child is born and they can pre-pay for 4 years of tuition and some years of housing, etc at the price that it was the year their child was born and it will apply at any public school in Florida. I was born in 2000 and my parents did this with the 2000 prices. I will graduate from UF debt free and have money left over to help pay for grad school. I am blessed but most are not in this situation and most states don’t do this
There are lot of companies offering part time jobs paying for school if you get B grade or better... Atleast in Houston medical center
Do Not end up with primary care. You'll end up with with 300k+debt making 180k max... you wont even touch the interest
I didnt go to med school but I did go into a graduate program for a skilled position. Dave's advice is very blind. Maybe this is how it was in the 50s 60s 70s... but I think in the 80s we saw a shift and the 90s was kinda the nail in the coffin. now it's just not realistic to do what dave says for med school
Student loan crisis is an education problem. It's a lack of financial education problem.
Uh, they educate you before you take out loans. It's required. And student loans are awesome. Where in the world can you pretty much guarantee an education which is financially beneficial over a lifetime compared to not having a degree? Where can you go study engineering, computer science, business/economics, nursing/medical, or other well paying careers, and get financial help for doing so? So you want it to all be free? Okay, then everyone's taxes is going up. I'm glad the system is the way it is because if done right, you can increase income and be educated. You're just a Dave Ramsey fanboy with no logic.
If you get into med school and can’t finish. That’s on you. You messed up, so pay up.
This is good info for any college situation.
Finishing school without any debt would be a blessing!
decent advise
if I was you I would just go to a cheaper school. U can do what he suggested but remember it is not easy getting into those programs especially for me school you must be a top notch student.
Dave MD advise is not that helpful. Hospital corporations are not willing to cover tons of money. 1yr in medical school cost me the same as my 4yrs in undergrad.
Exactly Everytime he gets a caller who calls in about med school, dental school, pharmacy school it’s really grinds my gears. Dave doesn’t understand professionals degrees and it’s like he has such cognitive dissidence that he doesn’t want to because he knows it’s one area he’s principles won’t apply to.
I've always thought about calling in and asking Dave this: I figure that your reasoning for being okay with folks taking on mortgages is that mortgages are unrealistic to pay in cash. Assuming that is the logic (I could be wrong), why doesn't this same logic extend to medical school and law school? You can tell Dave always goes to great pains to avoid outright saying, "You have to pay for med school in cash," because he probably subconsciously knows how ridiculous that sounds. But at the same time, he can't say the converse of that because it would go against his principles. I think Dave needs to make exceptions for reasonably sound decisions on professional schools.
Also Dave is way wrong about law school. He doesn't care where you get your law degree from, but virtually every other employer of lawyers does care. Prestige really does matter. Yale Law at $150k debt is a much, much better deal than low-tier state law school for free.
because many people start med school, don't finish, and still have the debt. most people don't get a mortgage and walk away from the house
@@sumobowler3790 That's a decent argument for med school (which I think has an attrition rate of 10-15%), but what about law school? A good quality law school (the non-predatory kinds that also give you a 70%+ chance of passing the bar) has about a 2-4% attrition rate. Your point that stands that the risk is there, but I wouldn't weigh that so heavily as to outweigh the underlying logic of med school and law school being expensive but good investments. In fact, the return on investment from a med or law degree is much better than real estate. I think Dave lacks a lot of nuance out of either an ignorance as to how these fields operate in the real world or out of a horse blinders desire to make his steps work in all situations.
@@ashermitchell2794 Dave is all about avoiding debt. debt always equals risk, and it always goes against biblical financial teachings, which Dave teaches and follows. while all debt is bad and unnecessary, some is worse than others. are law and medical degrees better investments than real estate? well, that depends. Dave has said some of his real estate deals on commercial buildings netted him seven figures each after only a few years, but commercial real estate is at another level than residential. if you know early enough in life you want to be a lawyer, granted not everyone does, start saving and planning as soon as you decide you're going to law school. maybe there is a law firm that will pay for law school if you agree to work for them for X number of years after graduation. i don't know if those exist, i'm just saying that sort of out of the box thinking may open some debt free doors. it can be difficult going to medical or law school debt free, but it is also difficult repaying large debt after you graduate. it is going to be difficult either way. isn't it better to deal with the difficult before than after?
@@sumobowler3790 If all debt is bad then why do the biggest companies in the entire world use debt as leverage, why do many economists agree that debt is good for a healthy economy, and why was the USA founded on debt? If debt is bad why did Dave Ramsey earn his first millions utilizing debt...before he became irresponsible? Answer these big questions for me, thanks.
Amazing clip. I work in healthcare (not md, PhD) and this is a super helpful clips for young students. Great job Ramsey and co
Dave be a realist bro
This is my exact question
You could save up from applying for grants. Like there's this agency that pays people $10000 for running their community work programs. I've saved up about $40000 so far from it. I could direct you if you want.
I like Dave’s response but the question was dumb. Becoming a physician has a great ROI. Minimize your debt by considering the DO route (if it suites you) and you’ll be able to pay off the debt in two years. Not many investments allow you to do so
Also most doctors would not go into medicine if they had the 200k in tuition prior to admissions.
DO is not a cheaper alternative. There are plenty of DO schools that are far more expensive than MD schools.
Daniel Boatright My bad. My local DO school is cheaper than most of my other state MD schools.
But having more choices also helps!
DO schools are not much cheaper by and large.
Go to Berea College. You don't pay tuition.
Could also look for a new program, some schools starting can have free or 50% tuition that are trying to get started.
This future doctor needs to know some matters, thank you, please. Etc. He is 20
Years old and he is taking with and older
Person.
Just google 'cheapest medical schools' and apply to them.
Imma be honest I disagree with Dave as thought patients may not ask where you went to school with usmle 1 and 2 being pass fail residency’s are more selective and what school you went to plays a role in it
How to pay for pt school. Realistically with a student that has undergraduate debt
Become a PA, make bank & pay less tuition
I already know, Deliver Pizzas baby.
😂😂🤣
If he can get in to the New York school of medicine it’s all free!
A benefactor just donated $500 million to the school so that anyone capable of qualifying to go to the school will not have to pay a tuition so 100% free.
He's in Tally not Gainesville.That's Florida State not University of Florida. Seminole not Gator. Big difference. Surprised he didn't care enough to correct that. GO GATORS!
I love my alma mater. Go Gators! 🐊🐊🐊
Private college he had his parents pay for it.
Misguided and tone deaf response.
Cancel
7:09 I took that route :) graduated debt free
Med school?
Join the military. Great opportunities in the medical field. Full disclosure: I'm retired US Army.
Imagine having to pay for university
Listening to this was the biggest waste of my time !
Yeah you go do it boy!!
Go Gators!
As someone who went to FSU I take offense to him saying the caller is from UF when he’s calling from Tallahassee where FSU and FAMU are located 😂
I’d be more offended that someone knew I went to school in Florida 🤷🏻♂️
Ok?
Nomad's Homestead nah just school pride lol I’m not THAT offended sometimes I’m dramatic for effect
Jay 🤷🏼♀️
Alex Marcus we have some pretty good top rated schools also they’re half the cost than other in state schools so less debt coming out if college
Students: I'm going for a Masters or PhD because higher salary.
Work for it!
go gators!!!!
Or 500k
Do not join the military, it is not cheaper and you can be deployed. If you fail or don’t like it you still owe time and the military will reassign you. Deployment sucks, you come back with worst problems.
Not everyone has parents 🙄
The Mendez brothers!
that would be a medical miracle
@@sumobowler3790 u sound stupid...its a figure of speech
Go to work for a couple of years and start med school after you save up enough for tuition.
That doesn't work for med school. Tuition at even cheap schools runs 40 K per year plus living expenses for four years. Where can you work for about 100 K per year to save up those sort of bucks? Plus you are looking at four years of residency after medical school before you can become a board certified doctor. You may be well into your thirties at that rate. They no longer pay residents poverty wages and work them 80 hours per week, but still ...
Hahahahaha. Where are you going to save up 300k in 2 years? And even if you could you're giving up 2 years of future doctor income on the backend. You're delusional. How do you survive in real life being so illogical?
There are plenty of schools that have low tuitions. If you're looking for lower cost look at online university
Lol aint no medical school online
I went to a community college online and went to medical school. I is smart.
MD/phd programs are not a ticket to financial freedom. That degree is targeted to someone who wants to primarily do research. All due respect Dave, but going to a prestigious med school is worth the cost. You will get opportunities and residences that no one else will. Full stop.
Blessings,
- a premedical student
Answer your family had money.
Answer: Work
Four letter word that America is allergic to.
Exactly. I recently got a degree with no debt simply by working.
It's hard to work when you are in med school.
This is med school. It's night and day from most other degrees. Your head really needs to be in your studies and not doing much else. Anyone who has gone to med school would agree.
yea, some people don't understand that for advanced degrees its nearly impossible to work. many of your school days are 8 hrs then you still have to study the material.
@@Gabster1990 and many other advanced degrees, students can defiantly work in undergrad tho.
Work for a year or two, store up cash and pay for it that way.
Um where are people supposed to live or eat during those years 🤔 😳 😐. Not everyone has family to go back home too
Terrible idea. That’s two years of future income that he’s giving up. And two years of experience after medical school.
That also hurts people who otherwise qualify for financial aid. I only worked one year in high school and work study my first year in college. When my FAFSA used that year I ended up losing more money than I earned and even my work study was used against me. It would have taken me four years to get the money vs six months tops to pay off the debt.
This is not realistic for med school. Med schools have prereqs, and an MCAT requirement to get in. These things have an expiration date on them. In other words, if he graduatees with his bachelors and chooses to work 2 - 3 years to save money for med school, there's a solid chance he'll have to then retake his prereqs and MCAT.
Work hard and make money
#2,#2,#4
Daddy. Boi
This guy on the phone is so bull-💩 tho lmao