27 replies to this topic

[BroadwayJoe12]

I'm going to be matriculating to Albany Medical College come August and I'm looking at 52k a year for tuition. I'm trying to find the best way of going about paying for this and any financial advice, as I honestly don't know anything about it. There are military programs that will pay all your med school tuition if in turn you give them four years of service after residency. I've read that depending on one's specialty it makes more sense to just try to pay it off rather than have the military do so. I don't know if that's a better option or just having zero debt out of school, but then being paid below market for those four years.

Not at all trying to sound like a woe is me prick, I just truly respect a lot of opinions of posters on here who seem to have a very strong understanding of the financial and business side of things. Thanks on advance. Oh and I'll be living at home for the first year an possibly a little after, which would save roughly 10k a year or so. Thanks guys.

[T0mShane]

Take the military route. My uncle is a pediatrician--made his last student loan payment when he was 52 years old. The student loan is the ultimate institutionalized extortion.

[SenorGato]

Take the military route. My uncle is a pediatrician--made his last student loan payment when he was 52 years old. The student loan is the ultimate institutionalized extortion.

College/University in America is the ultimate institutionalized extortion (maaaaaan).

[billybroome]

Take the military route. My uncle is a pediatrician--made his last student loan payment when he was 52 years old. The student loan is the ultimate institutionalized extortion.

What TOm said. Serve your country, then take the benefits.

[RutgersJetFan]

If you're asking if it's worth it, the answer is yes. The priority being given to ex-military now in just about every job market will make the entire thing worth it when you're done fulfilling the commitment. The stipend you'll get throughout your med school years makes it worth it (I think you get paid as a 2nd Lt). You don't want to spend your grad years sweating your funds every day, whether or not an assistantship will get extended, or being scared to death while filling out 400 fellowship applications. Worth it. Worth it. Worth it.

It's well-worth the trade. The only way I'd suggest not doing it is if it's just not something you don't want to do.

Edited by RutgersJetFan, 24 June 2012 - 02:40 PM.

[PFSIKH]

If you're asking if it's worth it, the answer is yes. The priority being given to ex-military now in just about every job market will make the entire thing worth it when you're done fulfilling the commitment. The stipend you'll get throughout your med school years makes it worth it (I think you get paid as a 2nd Lt). You don't want to spend your grad years sweating your funds every day, whether or not an assistantship will get extended, or being scared to death while filling out 400 fellowship applications. Worth it. Worth it. Worth it.

It's well-worth the trade. The only way I'd suggest not doing it is if it's just not something you don't want to do.

I think you start as a Captain.

3771/mo.

This does not include any additional allowances (i.e. housing allowance ~900+ a month if you are single or more with dependents).


Additionally, I believe you get a monthly 'bonus' because you are a MD on top of that.

http://militarypay.d...index.html#301d

[RutgersJetFan]

I think you start as a Captain.

3771/mo.

This does not include any additional allowances (i.e. housing allowance ~900+ a month if you are single or more with dependents).


Additionally, I believe you get a monthly 'bonus' because you are a MD on top of that.

http://militarypay.d...index.html#301d

That's after. Hence the words "stipend you'll receive throughout your med school years."

[Larz]

do you know what you want to do ? I was a medical recruiter for a few years

if you have the stuff, look at ER doc. I knew a guy who worked 2 24's a week and made 250k a year. You can also do locums across the country while you are young and let someone else pay for your travel.

you could probably go to a medically underserved area and ask them to help with the loans, but that's a longshot

radiology is cool as well, these days you can set up shop in your house and read images from home without having to go in and some guys make huge dough there. especially with pet scanning

sadly, ob/gyn is becoming less popular due to insurance premiums

geriatrics is a guaranteed cash cow with the baby boomers if you can see yourself doing that

Edited by Larz, 24 June 2012 - 04:01 PM.

[PFSIKH]

That's after. Hence the words "stipend you'll receive throughout your med school years."

I am assuming you are talking about ROTC.

If he goes that route for any other speciality, once he goes Active, he would be a 2LT.

Chaplains and Doctors go in as CPTs due to the length of school.

[The Crusher]

Take the military route. My uncle is a pediatrician--made his last student loan payment when he was 52 years old. The student loan is the ultimate institutionalized extortion.

Agreed. Took me 10 years to pay mine back and the interest and ability to have forbearance without accruing interest was key. The other thing is you may get paid under scale in the military but depending on your specialty them covering your malpractice insurance in itself could make it worthwhile. My good friend David is an ER physician and he went into the Air Force and still does reserve duty but it's worked nicely for him. His wife is 20 younger than him and Swedish. Do it.

[RutgersJetFan]

I am assuming you are talking about ROTC.

[Bugg]

In most states you can get a state tax deduction of up to $5K per year if you pay part of your tuition from a state-run 529 program. If you put the $5K in on Monday and withdraw it on friday to pay your tuition, in most states you get the deduction. You also can get a federal and state credit for med school tuition of up to $2K off on your tax bill federally and a few hundred depending on your state. It's too klate now but suspect SUNY Downstate as a SUNY med school might be more...reasonable.

[Bugg]

In most states you can get a state tax deduction of up to $5K per year if you pay part of your tuition from a state-run 529 program. If you put the $5K in on Monday and withdraw it on friday to pay your tuition, in most states you get the deduction. You also can get a federal and state credit for med school tuition of up to $2K off on your tax bill federally and a few hundred depending on your state. It's too klate now but suspect SUNY Downstate as a SUNY med school might be more...reasonable.

[JetsFanInDenver]

If you join the military program after 4 years of service your loan is paid.

If somehow you become military contractor you can pay off your student loan in 4 minutes.

[PatriotReign37]

How long is school and residency?

[BroadwayJoe12]

Thanks guys, I actually have a phone call with an Air Force recruiter and a Naval recruiter in the next week, so I'm gonna have to try to weigh my options.

If you're asking if it's worth it, the answer is yes. The priority being given to ex-military now in just about every job market will make the entire thing worth it when you're done fulfilling the commitment. The stipend you'll get throughout your med school years makes it worth it (I think you get paid as a 2nd Lt). You don't want to spend your grad years sweating your funds every day, whether or not an assistantship will get extended, or being scared to death while filling out 400 fellowship applications. Worth it. Worth it. Worth it.

It's well-worth the trade. The only way I'd suggest not doing it is if it's just not something you don't want to do.

Thanks. It's so hard to try to find actual advice online at any of the student doctor networks, they're always so damned bipolar and completely biased. Either one person hates it for this reason and another person is the opposite spectrum saying how amazing it is for the other reason; it's like reading the ****ing reviews on amazon.com or something. I think the military route does offer a lot, including a sign on bonus, I think the next step is to see which branch to look at. From what I've read, it seems as though the Air Force is the most coveted, but I really haven't done much research into it ie. If deployed, which branch will put you on the front lines or which branch will require x amount of years of the reserves even after the four years is up etc.

do you know what you want to do ? I was a medical recruiter for a few years

if you have the stuff, look at ER doc. I knew a guy who worked 2 24's a week and made 250k a year. You can also do locums across the country while you are young and let someone else pay for your travel.

you could probably go to a medically underserved area and ask them to help with the loans, but that's a longshot

radiology is cool as well, these days you can set up shop in your house and read images from home without having to go in and some guys make huge dough there. especially with pet scanning

sadly, ob/gyn is becoming less popular due to insurance premiums

geriatrics is a guaranteed cash cow with the baby boomers if you can see yourself doing that

I was pretty fortunate to go to an undergrad that offered a lot of opportunity for paid first-hand experience. Northeastern University had the co-op program and I was able to work in a hospital, research center and private practice for three separate 6 month stretches. So I've shadowed and worked with a lot of different types of physicians and for for know I definitely do not want to go into pediatrics, ob/gyn or family practice and am pretty interested in ER and rads, but that could easily change.

In most states you can get a state tax deduction of up to $5K per year if you pay part of your tuition from a state-run 529 program. If you put the $5K in on Monday and withdraw it on friday to pay your tuition, in most states you get the deduction. You also can get a federal and state credit for med school tuition of up to $2K off on your tax bill federally and a few hundred depending on your state. It's too klate now but suspect SUNY Downstate as a SUNY med school might be more...reasonable.

Thanks a lot Bugg, but I'm not too familiar with what a 529 program is. Unfortunately i'm fairly ignorant when it comes to the financial sector, something I have been meaning to read up on a lot more now that I've figured where I'm going to be in school and everything. I applied to Downstate and Upstate and they were great schools, but my Ma is from the Albany area and since my Dad passed when I was younger, I wanted to be closer to home help her out as much as I could. Plus the home cooked meals every now and then wouldn't be the worst thing in the world. But you're right, for an in-state resident, tuition for Downstate is roughly 29k...out of state would be 53+. I figured living down in Brooklyn I would probably have to spend something like 12k+ for rent/utilities/food/travel etc. So living at home the first year or so wouldn't put me too much more in debt than being at one of the state schools.

How long is school and residency?

School is four years and residency is very dependent on the field you go to. For Radiology ex: 1 year intern, 4 years Radiology Residency and then the optional 1-3 year fellowship. Internal medicine, Pediatrics and Family practice is 3 years following an intern year, Orthopedic surgery is 5 years plus 1 year of gen surg, Anesthesiology/Dermatology/Neurology are 3 years following transition/prelim year. I could never do it as I'm just not interested in it, also you have to be a complete baller to get in, but Derm is the cushiest job ever.

[RutgersJetFan]

Thanks. It's so hard to try to find actual advice online at any of the student doctor networks, they're always so damned bipolar and completely biased. Either one person hates it for this reason and another person is the opposite spectrum saying how amazing it is for the other reason; it's like reading the ****ing reviews on amazon.com or something. I think the military route does offer a lot, including a sign on bonus, I think the next step is to see which branch to look at. From what I've read, it seems as though the Air Force is the most coveted, but I really haven't done much research into it ie. If deployed, which branch will put you on the front lines or which branch will require x amount of years of the reserves even after the four years is up etc.

Doctorate level grad school advice: Hope for the best but plan for the worst. When in doubt, assume the point of view of the longest, costliest outcome of the decision you're making. Then make your decision accordingly. Because that option is not a longshot.

[Larz]

I was pretty fortunate to go to an undergrad that offered a lot of opportunity for paid first-hand experience. Northeastern University had the co-op program and I was able to work in a hospital, research center and private practice for three separate 6 month stretches. So I've shadowed and worked with a lot of different types of physicians and for for know I definitely do not want to go into pediatrics, ob/gyn or family practice and am pretty interested in ER and rads, but that could easily change.

ER and rads is probably the best lifestyle/earnings combo field that I had dealings with. if you don't want to deal with patients too much go with rads

[Maxman]

WOW -- a wealth of information in this thread. Amazing stuff.

[Bugg]

Thanks guys, I actually have a phone call with an Air Force recruiter and a Naval recruiter in the next week, so I'm gonna have to try to weigh my options.



Thanks. It's so hard to try to find actual advice online at any of the student doctor networks, they're always so damned bipolar and completely biased. Either one person hates it for this reason and another person is the opposite spectrum saying how amazing it is for the other reason; it's like reading the ****ing reviews on amazon.com or something. I think the military route does offer a lot, including a sign on bonus, I think the next step is to see which branch to look at. From what I've read, it seems as though the Air Force is the most coveted, but I really haven't done much research into it ie. If deployed, which branch will put you on the front lines or which branch will require x amount of years of the reserves even after the four years is up etc.



I was pretty fortunate to go to an undergrad that offered a lot of opportunity for paid first-hand experience. Northeastern University had the co-op program and I was able to work in a hospital, research center and private practice for three separate 6 month stretches. So I've shadowed and worked with a lot of different types of physicians and for for know I definitely do not want to go into pediatrics, ob/gyn or family practice and am pretty interested in ER and rads, but that could easily change.



Thanks a lot Bugg, but I'm not too familiar with what a 529 program is. Unfortunately i'm fairly ignorant when it comes to the financial sector, something I have been meaning to read up on a lot more now that I've figured where I'm going to be in school and everything. I applied to Downstate and Upstate and they were great schools, but my Ma is from the Albany area and since my Dad passed when I was younger, I wanted to be closer to home help her out as much as I could. Plus the home cooked meals every now and then wouldn't be the worst thing in the world. But you're right, for an in-state resident, tuition for Downstate is roughly 29k...out of state would be 53+. I figured living down in Brooklyn I would probably have to spend something like 12k+ for rent/utilities/food/travel etc. So living at home the first year or so wouldn't put me too much more in debt than being at one of the state schools.




School is four years and residency is very dependent on the field you go to. For Radiology ex: 1 year intern, 4 years Radiology Residency and then the optional 1-3 year fellowship. Internal medicine, Pediatrics and Family practice is 3 years following an intern year, Orthopedic surgery is 5 years plus 1 year of gen surg, Anesthesiology/Dermatology/Neurology are 3 years following transition/prelim year. I could never do it as I'm just not interested in it, also you have to be a complete baller to get in, but Derm is the cushiest job ever.

Probably correct about the cost of lving. Further SUNY Downstate is located in an "interesting" (no hipsters yet) area. Most states have similar programs; this is NY's assuming youa re a Ny resident. If not, Would suggest you go to your resident state's website and plug in 529. Good luck!

https://uii.nysaves.s.upromise.com/

Edited by Bugg, 27 June 2012 - 12:30 PM.