<p>Hey guys, I plan on going to medical school so I have to be very cognizant of the debt I incur during my undergraduate years.</p>
<p>If I were to graduate from the University of Chicago with 40-50k debt, is that way too much? I'm just trying to get some perspective. I mean, relatively, that is equal to about one years worth of tuition... but it is still a lot of money!</p>
<p>From NYTimes [Tackling</a> the Problem of Medical Student Debt - NYTimes.com](<a href=“http://well.blogs.nytimes.com/2012/12/13/tackling-the-problem-of-medical-student-debt/]Tackling”>Tackling the Problem of Medical Student Debt - The New York Times)
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<p>Do you want to add another 40-50k debt to that?</p>
<p>If this student will be borrowing for all of med school and goes to a private SOM, then he’ll be borrowing about $300k for med school.</p>
<p>From amednews.com [Medical</a> students still burdened by high debt loads - amednews.com](<a href=“http://www.ama-assn.org/amednews/2012/08/27/prsb0827.htm]Medical”>http://www.ama-assn.org/amednews/2012/08/27/prsb0827.htm)
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<p>$25,000 is the absolute max debt you should take for undergrad and even that is too much, especially if med school is in the plan.</p>
<p>It really depends on the person as to how much debt is too much. THe person and their situation. Will you be getting help to pay this debt? What is your family situation? What if you don’t get in to medical school; how would this impact your debt paying abilities? I know too many UCh former premeds who didn’t make it to med school. That school is not exactly conducive for premeds. , don’t look at the % of those applying to med schools getting in, it’s the number who started out premed and had to scratch that count. </p>
<p>i don’t agree with Iron Maiden that $25K is the absolute max under grad debt that anyone or you should take out because it varies. Just be aware if your family is not going to be able to of much financial assistance and/or if they are under the financial gun thenselves, what the load is.</p>
<p>If you’re serious about med school and want to have ANY quality of life after you graduate, your undergrad debt should be zero, or as close to that as you can get! </p>
<p>Yes, U. Chicago would be wonderful, and it sounds like you’re anticipating a fantastic aid package . . but you can’t accrue that much debt without a significant portion of it being unsubsidized. That means interest that will be accumulating the entire time you’re in school. That’s significant . . . and will greatly increase your total debt load when you finally finish med school. Figure that the trade-off is four years at your dream school vs. another six years (or more) of your adult life burdened by debt repayment - above and beyond the med school debt! How long are you willing to wait before buying a home, having kids . . . or even being able to afford a new car?</p>
<p>Sorry CPT I stand by my statement. If more than $25,000 in debt is needed the family needs to send the child to a cheaper school. From where you get your undergrad degree really does not matter. It is a checkbox on an app. I am a hiring manager of 30 years. Grad school name is a different story. </p>
<p>Anything over $25,000 in the student’s name is financially crippling and irresponsible. There is no need for it.</p>
<p>No sorry needed. I just disagree. What about $26K? or $27K? I would not draw the line under a certain dollar amount. I know plenty of families where the kids borrowed the absolute maximum Stafford because that 's what it took to go away for program not obtainable locally.</p>
<p>Just think that about every 10 years the actual amount you will have to pay back is double what you took out. And you can’t declare bankruptcy</p>
<p>I also disagree with Iron Maiden’s firm line in the sand. My DS’s package includes 7500 of loans in his name per year, and we decided that 30K (plus interest on some of it) was reasonable for him given his career plans. (We are not co-signing for any of it – some if it is loaned directly to him by his school, with no interest until after he is out of school though it will ultimately be at a higher rate than subsidized Staffords.) Since he had a good job last summer he was able to take out less than the full amount this year, and will almost certainly continue to be able to take out less than the full amount going forward as he is able to earn more than his expected student contribution during the summers. I would have strongly discouraged him from doing it if he were planning on med school, but he’s not. He’s studying computer science, getting nice paid summer internships between years, and will most likely go to work straight out of school or after a 1-year MEng for which good financial support is available.</p>
<p>Iron maiden’s “line in the sand” is pretty good…although maybe it could be upped a bit for those not going to med school, but will be in high paid careers. She’s more concerned about those intending to go to MED SCHOOL. That is a whole different scenario. No one needs to go to a certain school for a “special program” if the goal is med school. </p>
<p>Anyway…she’s pretty much right. No one who is med school bound should borrow more than about $25k (plus or minus a tiny bit…but preferrably LESS).</p>
<p>If the student needs to work more during the summer or whatever to keep that undergrad debt down, then so be it.</p>
<p>That $25k in debt will be quite a bigger number by the time the student is thru medical studies and begins repayment along with his med school loans. :eek:</p>
<p>If Iron Maiden only meant that advice for med school students than I’d agree, but I don’t read it that way since she says “especially” if med school is planned.</p>
<p>Franstar, where are you getting $40-50k in loans? You are ordinarily only going be able to borrow $5500 Freshman year, unless your parents are declined from PLUS or you get a PERKINS or other loan from the school or if you get a cosigned loan private loan with your parents. Or is this an “in the family” loan where a family member is lending you the money?</p>
<p>Uh for the record I’m male. </p>
<p><a href=“http://en.m.wikipedia.org/wiki/Iron_Maiden[/url]”>http://en.m.wikipedia.org/wiki/Iron_Maiden</a></p>
<p>I know of the band, but I guessed that an individual using that userid would be female. Sorry ;-)</p>
<p>Not necessarily. :)</p>