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[quote=Anonymous]Here's a blog post from a successful ER doctor..who did not go to an ivy league. If your DD really wants to be a doctor she'll be wise to take note.

http://whitecoatinvestor.com/get-out-of-undergrad-without-debt/

"Imagine a $20K loan you take out at age 18.  Let’s say you matriculate to medical school at 24, graduate at 28, finish residency at 31, and finish fellowship at 34.  At 6.8%, that loans is now $57K.  Multiply that by 4, 5, or even 6 depending on how many years it takes to finish undergraduate school.  Now imagine if the student was borrowing more each year, perhaps $30K, $40K, or even $50K.  Just the tuition at Ivy League schools now averages about $40K.  Now tack on medical school expenses.  I’ve had advisors tell me that they’ve already seen student loan debts in the $600K-700K range.  It’s easy to see where that comes from.  Take an expensive undergraduate education, add on an expensive medical school education, let compounding work it’s magic for a few years, and voila….$700K."

It’s really hard to avoid debt in medical school.  The tuition is so high, most families can’t afford to cover much of the cost.  There are precious few scholarships, and the programs that trade time for money (military, public health, MD/PhD) are unattractive to the vast majority.  There is little time to work during the year, and you really only get one very short summer off.  Unless you are lucky enough to have a high-earning spouse, or fairly well-to-do parents, you’re not going to get out of medical school these days with less than $100-200K in debt.  Many medical students will easily be in the $300-400K range.  There isn’t a lot you can do about it.  Choosing the cheapest school you can get in to is probably the most important thing.[/quote]

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