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Student loans: blessing or curse?

So, you want to wear a white coat for the rest of your life, have your acceptance letter to your first choice medical school, but something is still missing. Oh yes, medical school is extremely expensive and you need money! Well, you probably don’t have any of your own money to spend, and parents are either unable to help or can’t meet the burden all by themselves.

The reasonable answer to your current number one problem is to of course apply for a student loan. Before you do however, be sure to consider a few very important (maybe life-changing) issues before choosing to do this:

• Are you sure you are capable of going the distance? Not trying to insult anyone’s intelligence or anything but really ask yourself if you are capable of going the distance. After all, you will have to successfully complete four years of medical school, two very difficult board exams, and give up just about anything important in your life and miss family event after family event, because you are studying. Medical school is tough. Boards are tougher. Getting into a residency position is tougher than the two combined.
• Know what you are getting yourself into before hand. Most medical students who end up financing their medical school only with student loans end up borrowing around $220,000 for the four years. Considering this amount accrues interest while you are in residency, taking time off, studying for your boards and other events, it will be at least seven years from the date of your first loan before you can start making payments. Federal loans or private loans aside, interest is going to keep adding to your loan. Let’s assume the interest loan increases your loan to $300,000 before you are ready to repay. At that level, get ready to pay close to $2,000 minimum payment every month for the life of that loan! How long the life of the loan is you ask? 25 years!
• If you must borrow, borrow only what you need. As explained above, don’t borrow any more than you need. It is tempting to give money back with the new iPhone and Zune looking so pretty and shinny. But, calculate how much more you’ll have to pay back if you don’t manage your money properly now.