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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with the cost of becoming a doctor.
You have just graduated residency and now get to see you income jump several fold as a new attending.
However there is still weight on your shoulders from all the loans you had to take to get you to this point.
You have a couple of options that lie before you.
Should you just carry on payments as outlined or should you try and refinance them, perhaps getting better terms/monthly payments?
Ryan Inman, of Financial Residency, helps you make an informed decision with his post, “15 Things To Consider Before You Refinance Student Loan Debt.”
Education is important.
That was drilled in my head at quite an early age and I took it to heart, completing 27 years of training before I became an attending radiologist.
But how much education do you really need to become financially successful?
We all know that college graduates typically earn more than high school graduates in the work force.
But does this earning difference make up for the 4 year delay in earnings plus student loan debt burden?
Sport Of Money provides a great analysis addressing this very question in, “College Should Only Be A Financial Decision- Don’t Get Crippled Under Student Debt For Nothing.”
Speaking of debt, it is staggering to actual see actual numbers of what the next generation of physicians will be dealing with.
I graduated medical school in 1997 with approximately $350k worth of debt and to make matters worse I delayed repayment for years (finally paying it off 22 years later).
With educational costs far outpacing tuition, I do not think I could have done the same thing if I graduated just a decade later without some serious financial repercussions.
Credible gives an excellent synopsis of data collected on the plight of medical school debt in, “Average Student Loan Debt For Medical School.”
With medical education getting more and more expensive and reimbursements declining for most specialties, I would not blame young adults starting to get concerned about pursuing a career in medicine.
Add to that the intense training to become a physician and there may be a few potential medical students that choose greener pastures.
Debt Free Doctor addresses this situation in, “Is Becoming A Doctor Worth It? Why Doctors Don’t Get Rich.”
Okay, you have decided that becoming a doctor is still worth the early sacrifice of money and time.
Even though most people do not go into medicine purely for the money (trust me there are far easier ways to make money than medicine), it does not hurt to try and get paid the most for your efforts.
Wealthy Doc has got you covered in, “How To Choose A Wealth-Building Medical Specialty.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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