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thesupreme

Debt level after each year of med

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Can people comment on their general debt level progressing through medical school? Aggregate debt (LOC + government loans and other loans) $ please.

I have heard to aim for debt level of $25K per year: so $25K total debt in M1; $50K in M2; $75K in M3; and $100K in M4. 

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I mean maybe if you’re wealthy or had a ton of savings, sure. That’s pretty much tuition alone, so if you’re not wealthy and don’t have savings, that’s not gunna happen. Think the average was around 150, but some can be higher and some lower. I had savings for first year, with no gov debt anymore, but that’s it, all LOC and gov loans/grants from here on out. Just don’t live well beyond your means e.g most expensive place + eating out often, and you should come out okay :). Can always talk to a financial advisor to make a plan too.

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It's also definitely not the same each year. Flights, hotels, application fees etc. are a huge hit as you're trying to match, especially if it's for something competitive

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I finished with about 150k total - no debt from undergrad and living quite frugally (never travelled, no car, paid about 700/month in rent). Didn’t apply super broadly for CaRMS (only went to one out of province elective and one out of province interview). Bursaries help but it definitely adds up and 100k without any family support (financial or practical) would be very very difficult to achieve. 

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4 hours ago, thesupreme said:

Can people comment on their general debt level progressing through medical school? Aggregate debt (LOC + government loans and other loans) $ please.

I have heard to aim for debt level of $25K per year: so $25K total debt in M1; $50K in M2; $75K in M3; and $100K in M4. 

That would be below average so not bad at all. 

The average now probably about 150K.

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Lived alone in a condo during medical school, minimal savings, some minor help from bursaries and scholarships for 4 years (few K/year), no money from family, small income for 1/2 summers, couple small vacations, new laptop. Finished with approx. 180K debt (after using LOC to pay off OSAP). Financial advisor told me average was between 150-200K so I'm not stressing about it.

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On 6/16/2019 at 3:56 PM, IMislove said:

I mean maybe if you’re wealthy or had a ton of savings, sure. That’s pretty much tuition alone, so if you’re not wealthy and don’t have savings, that’s not gunna happen. Think the average was around 150, but some can be higher and some lower. I had savings for first year, with no gov debt anymore, but that’s it, all LOC and gov loans/grants from here on out. Just don’t live well beyond your means e.g most expensive place + eating out often, and you should come out okay :). Can always talk to a financial advisor to make a plan too.

My brothers class had <50% of students using a LOC paying for med school. Most people had parents funding it completely. On the other hand, the rest of the class had a LOC with a total debt being close to 175k. All i remember was those who had parents fund their education still qualified for OSAP grants (~10k per year) and would use it for personal luxuries without their parents knowledge...when it could have been better off given to those who actually needed the grant.

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1 hour ago, Compton said:

My brothers class had <50% of students using a LOC paying for med school. Most people had parents funding it completely. On the other hand, the rest of the class had a LOC with a total debt being close to 175k. All i remember was those who had parents fund their education still qualified for OSAP grants (~10k per year) and would use it for personal luxuries without their parents knowledge...when it could have been better off given to those who actually needed the grant.

Not surprised at all. 

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