<p>Guiltguru's experiences may be typical, but they aren't universal, I'm afraid. </p>
<p>Here's an excerpt from a 4-year-old article from AMNews with some additional info on physician debt:</p>
<p>"Physicians in their first years of practice face a myriad of money matters as they juggle the desire for middle-class trappings of success with the obligation to pay back student loans, now averaging about $93,000. </p>
<p>"If they don't juggle wisely, they risk losing their license or facing other disciplinary actions in a small -- but growing -- number of states that are stepping up their efforts to collect delinquent state and federal loans. </p>
<p>"'The last five years the number of states that discipline physicians for failing to pay student loans has been increasing,' said Dale Austin, interim chief executive officer of the Federation of State Medical Boards. 'In some cases the loan amounts are so huge that authorities look for some effort to pay. We have to figure out some way to help these folks pay their loans, not just punish them.' </p>
<p>"This year, legislators in Texas and Georgia passed laws, joining Minnesota, Washington, Virginia and California, to discipline physicians for failure to pay federal student loans or fulfill such service obligations as practicing in underserved areas in exchange for loan forgiveness. The type of discipline can range from fines in California to license revocation in Minnesota. Florida and Alabama also tie discipline to state loan defaults; Maryland disciplines doctors for failing to complete service obligations. Of the 94 doctors disciplined for these issues by medical boards in 2000, most worked out payment schedules to avoid losing their licenses, FSMB said."</p>
<p>Greybeard, these sorts of stories run every year and have done so for at least the 20+ years since I graduated. 94 physicians out of the tens of thousands who graduate each year from med school is a pretty miniscule number and probably represents slackers, not physicians who can't pay. The reason that that physicians can pay off when lawyers have a more difficult time is that, after residency, early salaries are much higher for MD's than JD's. My sister, a JD, made considerably less than I do as an MD, even when I was on active duty in the military, until just this past year when she became VP of a national company. Even first year out of residency, MD's (except for perhaps pediatricians, FP's, and internists) make >$100K/year.</p>
<p>And dentists make more. My relative(through marriage of course) is a dentist in Las Vegas(under 30) already made so much money that they are thinking of investing in duplexes, etc.., on top of owing his home that worth .....(rich)
Hey that If you don't mind looking at people teeth all the time!</p>
<p>I also think Brown would be an awesome experience. But I would also look down the road for the next few years in terms of financial aid. As a junior and a senior don't most schools expect you to take the maximum of $5500 for each of those years? I'd be interested to know if any schools tell you up front what the subsequent packages will include.</p>
<p>My point is that not quite "everyone" pays off their debt in ten or thirteen years, and to point outthat paying off that sort of debt may be relatively easy for most physicians, it's difficult for some, and not quite painless for many.</p>
<p>I wouldn't assume that every physician who runs into debt problems is a slacker. A few have trouble passing their boards. Some have unexpected health issues.</p>
<p>Parents, thank you very much for the great advice you've given. I've taken in consideration all the issues brought up by all of you and made a decision. This couldn't have happened without your help.</p>
<p>I didn't want to disappoint those who expected a different result. So I hoped this question wouldn't come up. I knew it was foolish of me to hope so, but definitely worth a try. Anyway, if you must know, I have officially declined a full ride to Rice University, the Thomas Eliot Scholarship to Washington University, and University of Pennsylvania (from whom I haven't found out about F.Aid) to accept Brown's offer of admission and its fairly competitive scholarship. At Brown I think I'll have more opportunities to become well-rounded, to develop more diverse interests, and to grow into a unique individual. As a person who would like to take risks and get out of his shell to explore other parts of the world, I decided to leave Texas - my comfort zone - for a place I've never been to. My family are supportive of my decision, and that's important. But mostly it's my support I was seeking. Again, thank you very much for your help.</p>