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How much debt do you have?


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I know it's a sensitive topic, but most people in my program don't talk about how much debt they have. I sometimes feel like the only one who has anxiety about how big my debt load is already.

I had a modest amount of undergraduate student debt before starting med school, and now I almost have 50k (LOC and loans combined), after just my first year. I live on such a tight budget and I always question my purchases. It's not like I have an extravagant life style. But from moving costs, travel home, modest amounts of furniture, a computer, etc things add up really quickly. I've never received help from my parents, but I know people in the same positions who don't seem to have as much debt as me.

I guess I just want to know that I am not alone, and if I am, tips and tricks on how to cut back and not be so anxious about things?

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My total debt finishing medical school was about 147k counting LoC and student loans.  I've paid off about 17k over the course of the first two years of residency and am now down to about 130k.  I'll probably pay off another 12k in PGY3 - not quite sure thereafter due to tuition tax credits running out, but I expect to make a significant dent in it during residency.  And I live in downtown Toronto, which is probably about as bad as it gets in terms of cost of living.

You could meet with an MD Financial advisor and do some projections with them?  That helped with my anxiety.  Also making a written budget so I can see where my money is going and that I'm sticking to it.

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