Hello everyone! My name is Jamie and I’m a first year emergency
medicine resident. Welcome back to the channel and happy new
year! I hope you guys had a good winter break. This year, I want to add a new series to my
channel where I answer some of the harder questions from you guys that usually don’t
make it into the regular Q&A session because it needs a more in-depth answer. Let’s jump right into it! Today’s question comes from Kimia and she’s
worried about taking loans to fund her medical school education: Hi Jamie, Thank you for your YouTube videos!!!. Now, as an incoming medical student, I am
expecting to take out loans and I can’t believe how high the interest rate is…. I’m afraid I won’t be able to go into
a general medicine speciality because of the high investment going in to medical school
:/ Can you offer any advice? IIs it possible to pay off loans by living
really frugally for a few years? What about starting a family? Thanks for the question Kimia! Let me address two quick things. First, you mentioned you won’t be able to
go into general medicine specialty because of the high investments of medical school.. I’m assuming you’re worried that you won’t
be able to pay off your loans with specialities in primary care like family medicine, pediatrics,
internal medicine since they have lower salaries compared to other specialties And number two, you mentioned the video I
made about the costs of medical school. I’ll link it up
here if the rest of you haven’t watched already but in summary, the total average
cost of attending a public medical school including living expenses is $224,000 and
$312,000 for a private one. That’s a lot of money and it’s really
daunting to make that kind of investment especially when you’re in your early 20s. It’s understandable why you would second
guess if you’re making the right decision. Sometimes it doesn’t pay off! It’s scary because it doesn’t always work out! So I can totally understand why you’re worried I’m sure people always say you shouldn’t
become a doctor for the money. But I think there is still a lot of misconception. You guys can hear more about this in my cost
of medical school video but basically there is still a lot missed opportunity when going
to medical school. Think about your average friend who has graduated
college and has gotten a job for let’s say a salary of $60,000. If they work straight through, that’s $240,000
for the next four years. And that’s 240,000 dollars that you’re not
making while you’re in medical school. And on the other hand, you might actually
be in debt for 240,000 thousand dollars or more for the medical school costs that I talked
about in the video. You can’t go into medicine and think that
everything is going to work out and you don’t ever have to worry about money because obviously
there is a huge upfront cost of going to medical school and becoming a doctor. And it may take years and years to pay off
that loan. When it comes to payment–all federal loans
have an option for income based repayment–and this allows medical residents to cap student
loan payments at about 10-15% of your income. So you shouldn’t feel that you can’t practice
the specialty of your choice because of salary reason. There is also public service loan forgiveness
program and if you work at a non-profit hospital for 10 years, your loans will be completely
erased. Now there is of course a caveat to this. Public service loan forgiveness program is
relatively new in the world of medicine. So I believe it was started in 2007 so the
first group of people who became eligible for loan forgiveness was in 2017. So in order to do something like public service
loan forgiveness program, you need to be filling out paperwork every year, documenting and
having your employers or the hospital fill out the paperwork for you as well. So it’s something that you really need to
stay on top of for it to actually happen. It also means that you have to work at a public
hospital or a certain institution even after residency and I think depending on what your
residency is, I think there will definitely be a lure to going into private practice and
possibly making more money that way. So just know that not everyone sticks with
a public hospital for 10 full years. That said, you should look to minimize the
loans you need to take way before you start paying your loans! Some of the ways you can minimize your loans
are by considering which medical school to attend. I think the biggest cost you will incur is tuition
and some med schools are cheaper than others while providing a similar quality of education
. You can also further minimize your loans by lowering your cost of living. The average cost of living for a medical school
student is $25,000 a year. This includes rent and food, healthcare, transportation
costs, books and fees for board exams. While books and the costs of board exams fees
are fixed, you CAN lower the cost of living by living in a cheaper apartment or getting
roommates and learning how to cook instead of eating out and by taking public transportation. And now going back to your question about
paying off loans while living frugally for a few years. Realistically speaking it won’t be possible
to pay off your ALL your loans on a resident’s salary because the average resident makes
between $50-60,000 a year. But once you become an attending physician
your salary jumps to $150,000-$300,000 a year so if you maintain the same broke resident
lifestyle you can aggressively pay down your loans within a few years. And that’s definitely what I would recommend doing As far as starting a family, I can’t say
I have any personal experience– but from what I’ve seen with my co-residents and
friends, the only thing consistent is that there is no one right way to do things. I have co-residents who are married to partners
not in medicine and have their own source of income. I also know of couples where both are in residency
and still making it work with babies in the picture. I even know residents who’s the only breadwinner
of the family. Everyone has varying degrees of help from
family and people do make it work. Residency and the medical school debt that
most of us carry is no joke- but like most things in life, it’s not forever. Most of us chose this job because we love
helping our patients and we can’t imagine doing anything else. even with the crazy schedule, and
even with the daunting mountain of loans. I hope that answers your question Kimia! Thanks again for the question. If you guys have any questions you would like
for me to answer feel free to e-mail or DM me on Instagram at THESTRIVETOFIT. Before I go I would like to thank HomeChef
for sponsoring this video. HomeChef is a meal kit delivery service and
the way it works is: they will send you a cooler box with all the ingredients and recipes
each week right to your door. They will send you the exact proportions so
nothing is wasted from unused ingredients. So this is pretty convenient if you’re really
busy and don’t have time to go to the groceries. Meals come out to about $10 per serving. Each week there 18 different recipes to choose
from. For this meal, I’m making the Mongolian
Fried Portobellos and Peppers. If you guys are interested in trying out HomeChef,
you can click the link in the description box and and save $30 off your first order. So this is the final product–it came out
really good. Thanks again for tuning in! If you haven’t already you can follow me
on social media at the strive to fit on instagram and on twitter. And you can visit thestrivetofit.com for some
merchandize. If you like to check out more videos by clicking
here and I will you guys next time! Byeeee 🙂