Wut? Posted December 12, 2008 Report Share Posted December 12, 2008 lol you are the typical med student who thinks that just because banks throw you 150k that you will pay it off no problem... cause you will be rich right?? anyway personally I dont work but there are many students in my class who do albeit I would say a MAX of 10 hrs a week. If I worked, my marks and general sanity would suffer so that why I choose not to... but it is definitely doable. Just dont expect to pull off 20 hrs+ you will never make it. And take everything the banks tell you with a grain of salt. Having 100K in debt, even at "low interest" which right now is around 4% is no laughing matter ---- say you have 20K after first year, that is an interest charge of 800$ a year... lets say you let that interest accrue so if you take 20K per year + interest that adds up to 88326$..... or in other words 8300$ in interest. The bank is happy I know that a line of credit is the best option for most of us cause lets face it... the interest could be WAY worse... but if you have the chance to work a few hours and still have time for everything else I say why not chip away at that debt right away? When you start making the big money you want to pay for a new BMW, not pay 100K in student debt. Easy with the stereotyping. You DO realize that interest is only accrued on the amount you use, right? Nobody is telling you to go out and throw around your LoC cash like it isn't costing you anything. From anecdotal evidence from several physicians, ranging from surgeons to family practitioners, it seems that nobody has taken longer than around a year to a year and a half to fully repay their principle+interest. In my class there are a few people working. Some of them hold jobs that are relatively flexible which works fine for them, while some are struggling with the fact that the hours that they have to work aren't completely compatible with the amount of time that we need to spend reviewing and preparing lecture materials. Link to comment Share on other sites More sharing options...
BDog Posted December 12, 2008 Report Share Posted December 12, 2008 I know that a line of credit is the best option for most of us cause lets face it... the interest could be WAY worse... but if you have the chance to work a few hours and still have time for everything else I say why not chip away at that debt right away? When you start making the big money you want to pay for a new BMW, not pay 100K in student debt. No way. Unless you have a viable career prior to medicine that will let you work 1/4 time (which is highly unlikely), you'll be working for ~$20/hr. So you'll make $800/mo if you're consistent. Most people by their 3rd year will not even be able to manage the 10 hours. So with an income of two years, theoretically, $20 * 10hrs * 52wks * 2yrs = ~$20000. Your accrued interest over that time frame at $2000/mo in expenses + $500/mo in stuff you don't account for - $800 revenue = $1700/mo (I'm too lazy to figure it out, let's say around $300) leaves you with ~$40000 after two years. By working 1040 hours over that time period, you're loan will now only be $20000 going into clerkship and residency. Because the interest is compound and you won't have an income to make even those payments, you'll graduate your MD with about $100,000. Residency doesn't pay you enough to live both comfortably and make principle payments on your loan while paying the compound monthly interest. When you're staff and you make about $150/hr, you'll be able to make an equivalent principle payment of $20,000 in 130 hours, i.e., in 10% of the time it took you during your first two years of medical school. Are you serious that you'd recommend adding 10 hours of lame ass work onto a > 50 hour work week in medical school for two whole years when you could do this 3 weeks as staff doctor? That's crazy! Link to comment Share on other sites More sharing options...
justletmein Posted December 12, 2008 Report Share Posted December 12, 2008 No way. Unless you have a viable career prior to medicine that will let you work 1/4 time (which is highly unlikely), you'll be working for ~$20/hr. So you'll make $800/mo if you're consistent. Most people by their 3rd year will not even be able to manage the 10 hours. So with an income of two years, theoretically, $20 * 10hrs * 52wks * 2yrs = ~$20000. Your accrued interest over that time frame at $2000/mo in expenses + $500/mo in stuff you don't account for - $800 revenue = $1700/mo (I'm too lazy to figure it out, let's say around $300) leaves you with ~$40000 after two years. By working 1040 hours over that time period, you're loan will now only be $20000 going into clerkship and residency. Because the interest is compound and you won't have an income to make even those payments, you'll graduate your MD with about $100,000. Residency doesn't pay you enough to live both comfortably and make principle payments on your loan while paying the compound monthly interest. When you're staff and you make about $150/hr, you'll be able to make an equivalent principle payment of $20,000 in 130 hours, i.e., in 10% of the time it took you during your first two years of medical school. Are you serious that you'd recommend adding 10 hours of lame ass work onto a > 50 hour work week in medical school for two whole years when you could do this 3 weeks as staff doctor? That's crazy! Lol 3 weeks... are you going to stop paying your bills for 3 weeks and give every cent to your LOC? anyway all I said was it would help chip away some of the debt. OF COURSE you can pay it off faster as a staff doctor. But I hope to have a house, a car, a family... with those responsibilities you may not be able to afford HUGE principal payments right away. .... Working 10 hours a week during M1 and M2 will not make a substantial difference in terms of your overall debt, you are right. The point I was trying to make is that too many people think "oh well the bank is loaning me 100K that I will have NO PROBLEM paying off in like, a year or less once I am a staff doctor" ... which is not always the case. Or should I say VERY RARELY the case. I dont work because I want to focus my energy on school.. but I am also fortunate enough to have financial support from my parents... so I dont rely on the bank for every penny I spend. A financial aid officer once said to me "If you live like a doctor while you're a student, then you will have to live like a student when you're a doctor." Bottom line, use the LOC cautiously. It is a great thing but also a very dangerous thing. And dont buy into the theory that 80 or 100K will be EASY to pay off. Link to comment Share on other sites More sharing options...
BDog Posted December 12, 2008 Report Share Posted December 12, 2008 Point taken. Sorry, it's exam time and I'm stressed. Nothing like procrastinating on the ol' bulletin board. Link to comment Share on other sites More sharing options...
BrendanJ Posted December 13, 2008 Report Share Posted December 13, 2008 lol you are the typical med student who thinks that just because banks throw you 150k that you will pay it off no problem... cause you will be rich right?? I was sharing my opinion, and saying that banks offer 150-200k isn't suggesting that you should borrow even a quarter of that. My point was that working a lot isn't worth it (which you may notice is the same point you had). You could probably hold back on being an insulting idiot. (a) Thanks for the financial tip. I'll be sure to adjust my portfolio accordingly ( You have no idea what my financial situation is, but I can pretty much promise you that I have more knowledge surrounding physician income than you. © I plan to graduate with less than 10k borrowed from banks with no help from my extremely not rich family. (d) keep your misplaced lolling to yourself. Link to comment Share on other sites More sharing options...
justletmein Posted December 13, 2008 Report Share Posted December 13, 2008 I was sharing my opinion, and saying that banks offer 150-200k isn't suggesting that you should borrow even a quarter of that. My point was that working a lot isn't worth it (which you may notice is the same point you had). You could probably hold back on being an insulting idiot. (a) Thanks for the financial tip. I'll be sure to adjust my portfolio accordingly ( You have no idea what my financial situation is, but I can pretty much promise you that I have more knowledge surrounding physician income than you. © I plan to graduate with less than 10k borrowed from banks with no help from my extremely not rich family. (d) keep your misplaced lolling to yourself. a) You're welcome. Typical doctor who cant take a suggestion You're right I dont know your situation. But you dont know my knowledge about salaries, so thanks for assuming idiot. c) Congratulations your gold star is in the mail d) Nothing like being a hypocrite When you get a minute, go fish that stick out of your a$$. p.s. im not going to respond anymore so dont bother trying to turn this into a war of words. Tell it to someone who cares. Link to comment Share on other sites More sharing options...
BrendanJ Posted December 13, 2008 Report Share Posted December 13, 2008 (a) miss u Link to comment Share on other sites More sharing options...
Wut? Posted December 13, 2008 Report Share Posted December 13, 2008 a) You're welcome. Typical doctor who cant take a suggestiond) Nothing like being a hypocrite See (a) and (d). Have a good night! Link to comment Share on other sites More sharing options...
Swift Fox Posted December 13, 2008 Report Share Posted December 13, 2008 Good job messing up an interesting thread with a pointless pissing match... Link to comment Share on other sites More sharing options...
BrendanJ Posted December 13, 2008 Report Share Posted December 13, 2008 . . . anyway, back on topic . . . I suppose it's all about priorities. I know of a student that made playing varsity sports during first year work, so if you have your heart set on a part time job you could probably design your lifestyle around it and find a way to make it work. For me, I care about personal relationships and school most so that's what I spend my time on. Everyone's different! Link to comment Share on other sites More sharing options...
zenitron25 Posted December 13, 2008 Report Share Posted December 13, 2008 I apologize, I didn't mean to make it controversial... I was just curious to know how you guys balance out your studies and work; if it is the case. how do you make some time to review, study and keep up with the material. I guess this should be in a different thread, because I indeed pop out randomly with the question. In addition, why am I even worrying about it right now? I'm not even in an undergrad program yet. But I'm trying to absorb as much information as I possibly can, so that it sticks in my head and stays there until the day when I hopefully start my first day in med school in the future. For now, I should get completely out of my shell, learn to learn, and start working real hard. I know, I lack motivation sometimes, laziness often takes over me, procrastination invades me, and just the thought of having to finish an English assignment makes me sick. God bless everyone, David. Link to comment Share on other sites More sharing options...
aKGDH Posted May 26, 2010 Report Share Posted May 26, 2010 ---------------------------------------- Link to comment Share on other sites More sharing options...
Guest viscous Posted May 27, 2010 Report Share Posted May 27, 2010 At U of O, our weeks go like this: Monday - Lectures 8:30-12:30 Tuesday - CBL and lectures 8:30-12:30 Wednesday - Lectures 8:30-12:30 Thursday - Anatomy, radiology, and histology labs 8:30-12:30, PSD (physician skills development) 1:30-4:30 Friday - CBL 8:30-11:30 what about other activities? How much time each week students spend in ECs? Is there an ideal number of Ecs to be involved in? In undergrad, I had limited but interested EC involvements. I'd like to participate in ECs which are interesting to me yet add value to my CaRMS. Any suggestions? Link to comment Share on other sites More sharing options...
resumedocket Posted July 31, 2010 Report Share Posted July 31, 2010 This is true.. although some areas are more "doing" vs more "thinking," each area has its own intricacies that you discover only on delving into it more deeply.. Resume Writing Link to comment Share on other sites More sharing options...
caseycolin Posted August 2, 2010 Report Share Posted August 2, 2010 should get completely out of my shell, learn to learn, and start working real hard. I know, I lack motivation sometimes, laziness often takes over me, procrastination invades me, and just the thought of having to finish an English assignment makes me sick. Resume Writing Service Link to comment Share on other sites More sharing options...
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