Doctors Fire up the Obamacare Waaambulance

[TulipsAndSunscreen]

This is the reason we are aggressively paying off our debt even though it is very difficult financially. We went to med school, incurred all the debt, and because they don't reset student loan rates every year, our interest rates are 7-8% or about the stock market rate of return except in outlier years even though he was there in the depths of the recession. So, for us, education isn't "good debt" as they say.

Reimbursements will drop and we don't want to defer the debt and end up paying more in the long run on a smaller salary. I know it's not a choice that everyone can/wants to make but it's been our rationale.


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[spaz]

[QUOTE=spotty_dog;678053]
I'm also not seeing any factual support for your claims that "a lot of people are just racking up the debt thinking that once they are a doctor the whole thing will be solved" or that "once you start practice with this kind of a mindset, then you think you have to live in the big mansion and have the fancy cars that all the other docs have and I'm not sure you ever catch up on the debt".

QUOTE]

That part is actually from other boards like college confidential. All these parents and kids are posting about going into massive debt so they can go to the best private school, but it will be ok because they will be a doc. Prestige is everything . To me, going to a more affordable choice would be better. But THOSE are the kind of people that think they need that million dollar mansion. I know that those of you in the midst of it know better. You guys sound much more reasonable.

Sorry. I'm on multiple boards

[Vishenka69]

For many specialties compensation is cyclical. This year will be good for us because in the past couple of months DH's hospital has been seeing a record of procedures. Many people are uncertain about their coverage for next year and scheduling all their surgeries now. Next year, I expect the volume to drop significantly while ACA mess is being sorted out.

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[spotty_dog]

[QUOTE=spaz;678110][QUOTE=spotty_dog;678053]
I'm also not seeing any factual support for your claims that "a lot of people are just racking up the debt thinking that once they are a doctor the whole thing will be solved" or that "once you start practice with this kind of a mindset, then you think you have to live in the big mansion and have the fancy cars that all the other docs have and I'm not sure you ever catch up on the debt".

That part is actually from other boards like college confidential. All these parents and kids are posting about going into massive debt so they can go to the best private school, but it will be ok because they will be a doc. Prestige is everything . To me, going to a more affordable choice would be better. But THOSE are the kind of people that think they need that million dollar mansion. I know that those of you in the midst of it know better. You guys sound much more reasonable.

Sorry. I'm on multiple boards

OK, I'm glad that isn't your perception of our members. And yes, I also cringe at the idea that such a large amount of educational debt gets justified by the general public -- especially undergrad debt, when you have no idea of the field the student will enter after school or whether the degree will improve their earning prospects, but also graduate debt, when people don't fully understand the range of careers and salaries and opportunities available for lawyers or doctors or even PhDs.