Reply to With med schools going debt-free.. expansion into other fields?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Money rolls in for med students, enough for them to pay off their loan. Not sure of the wisdom of subsidizing a relatively lucrative profession. We would all be better served by subsidizing starving artists/musicians and/or other creative professions. [/quote]

I can't agree with you here.  My nephew just started his residency in a major city.  He's 300,000 in debt with a young son and his wife is a teacher.  He makes $56,000 a year working round the clock plus a mortgage.  Point is, the level of debt is crushing for a couple with advanced degrees in two noble professions..  Another anecdote is my husbands law partner's daughter is $500,000 in debt after med school (a combination of undergrad and med school).  She is choosing to work in a low income area in the South for a number of  years (10?  not sure exactly)  in order to be eligible for debt forgiveness.  Those that sign up for the medical profession are not in it for the money - maybe someday - but it is a very long road if your parents are not able to shell out an additional $300 K.  [/quote]

There are always exceptions. Money can rolls in for artists, too - but generally speaking, no. Generally speaking, physicians are one of the highest-paying professions there is. Your nephew and your family friends’s D will have plenty of opportunities in their career to pay back the loan. [/quote]

Physicians made a median salary of $192,930 in 2017. The best-paid 25 percent made $208,000 that year, while the lowest-paid 25 percent made $109,280. -- So a primary care in a metro area may well be making <150. Hard to pay back that amount of debt on that. Oh, and you have pretty much no income until you are 28 and don't finish training until around 35. Just because you have met a couple of rich radiologists doesn't mean that is how medicine is these days. [/quote]

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