I'm an international student that will be taking out private loans to pay for his medical school education (DO). After 4 years, not including interest (anywhere from 7-9%), I will be ~220k in debt. I am getting a bit of family help, which is the only reason I'm still considering doing this, because otherwise I'd be after four years 280k in debt. After interest (assuming 8.5%) I'm looking at 270k in debt. After ~4 year of residency that will balloon to 330k.
Suffice it to say, I'm genuinely concerned and I dislike the situation that I'd have to take on in order to become a physician, even if I think its a great career choice for me. I hardly believe the advice of practicing physicians since their loan amounts and interests where very different when they were in school. Not too many people will be taking out this loan at this interest rate without government assistance.
What to do? How do I justify this decision? No matter how strongly I feel about medicine, the thought of being broke until I'm 35 (I'm in my mid 20s) does not appeal to me in any way. I'm envious of those not coming out with debt, as ideally, I'd like to live a normal life as a resident and not be having to put everything into loans right away. I've lived on resident salary and it's more than enough for me. With 330k in debt? not so much.
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Medical School Debt Concerns
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