MED SCHOOL DEBT--A $400,000 MISTAKE!? | ASK DOCTOR JAMIE 

I graduated from med school with about $250k in loans from a private school. Paid about $1k per month while in residency to chip away at the interest. Lived within my means as a hospitalist out of residency, paid off all credit card debt & car loans first. Within 5 years, I paid off all my student loans. Key is to live within your means!!!

Graduated from an expansive in-state med school in 2014 with 300K. Was in PSLF during residency, made ~30 payments after 6month of deferral. At the end of 3.5 years of payments, only 4 payments qualified, which meant that I still owed 9 years and 8 months of payments. DO NOT count on PSLF, it is one of the biggest lies told to med students. At the end of residency, I owed $380,000. I refinanced, took a private job. Now just complete 2 of 7 years of payment plan. Factored $5,000 per month of loan payment into my budget, living comfortably but well within my means. Key points: Don’t trust PSLF Never trust PSLF Never, ever trust PSLF

I'm not even a med student and this got me stressed😪

I feel very blessed for living in an European country (Italy) which allows me to study Medicine even if I’m broke because I don’t have to pay ANYTHING literally nothing apart from books but for that I have a scholarship. It’s crazy you have to go through such big debts at the age of 20.

It's so refreshing to have such a straightforward discussion about student debt and how to financially and mentally manage the burden. Thank you for the perspective! As an anthropology graduate, I of course finished with debt and entered the fairly low-wage field of museum work. It's rough, and I often find myself wishing that I had done something a bit more practical. Thanks for the reminder that all college grads have debt and the burdens that come with it - the grass may not be greener anywhere, but at least we're all in it together. Great video!

I'm a cardiothoracic surgeon and it can be done, just don't give up. Live within your means in the beginning and eventually, you will be debt free and be able to practice with a lot less financial stress.

A helpful video. Thank you for addressing real concerns and not pretending we're living in a fantasy world and also for not just regurgitating the most common top 5 things that's often regurgitated if someone were to google "how do I pay off my medical school loans?" This is a helpful vid!

You've been my role model through medical school - always jump when I see you've uploaded a new video!!

Peace be to you! Thanks for sharing this information. I don't think many students (especially singles, under 25), understand how much money you need JUST to LIVE and support a family. One study suggested $130,000 for a family of four. I can tell you that children are a BIG unknown variable which can cost thousands for health coverage and education. I am very privileged to receive an income as a Hospitalist Physician Assistant in Washington which allows me to support my wife and four children. However, as kids get older, there are more financial demands, (e.g. college, school activities, etc.). I'm glad you chose the profession about which are passionate. I REALLY admire those folks who pursue MD/DO. I wish you all the VERY best of succes in your positive endeavors!😊

I am not a medical student, I study Graphic design but I love watching your video and I admire you so much. I don't know how you do it all! You are awesome!

I remember hearing that call and I was so scared for the guy! I think the best thing you can do is prepare the most you can before you get into medical school. Choose an affordable school for undergrad- a public university, preferably one you can use an in-state scholarship for. Work as much as you can and save as much as you can! Your undergrad degree can be really flexible- you can take online classes, night classes, classes mostly on Tuesday/Thursday etc and it really is possible to work a full time job. Yes it will suck but you're in school to invest in your future and your medical degree, not for the lifestyle. You will thank yourself later if you start planning financially as soon as possible! Also don't do stupid things like getting really expensive cars. Especially don't do this as soon as you graduate! Once you do get your first medicine job keep living like you did in college and it will help in getting your debt under control. One of the big things Dave Ramsey points out is that he never goes to a doctor and asks them where they went to med school. I honestly don't even know where my pediatric cardiologist I've seen my whole life- and who has saved my life- went to med school! So remember that because you don't always have to go to the most expensive schools just for the name. If there is a reputable program at a smaller school and it feels right- and if it will save you tens- if not hundreds- of thousands, it might be the best choice! You can still get amazing residency and fellowship placements all the same! You'll build your career, achievements, and reputation from there. Don't let it become too easy to write off debt as not being a big deal while you're in school. Once you start having $200K in debt you might feel like well...what's another $30k? As soon as you're out of school and making those payments, plus rent, family costs, insurance, etc etc etc it will be a VERY big deal and things will get out of control fast. That extra $30k that felt like nothing to take out could mean an extra two years of desperately paying it off. Do a lot of research on what you could be making in your first five years or so out of school in the areas you may want to live in. You won't get rich as fast as you might think. A LOT of the Dave Ramsey med school debt horror stories actually got so bad once the students graduated college and went crazy spending money like they were rich...even though they really had a negative networth because of the school debt. They graduated school, got $55K cars, $800K houses, went into $30K in credit card debt...instead of just living within their actual means. Which, a lot of the times would have been very possible with just some self-control. Try to be as financially smart as you are book smart ;)

Jamie! I've been watching your videos since I was in college (almost 3 years ago). I'm starting my first day of med school tomorrow and will be sure to frequent your channel throughout my time here. Just wanted to say thanks so much! :)

I actually watched that yt episode few days back on Dave Ramsey's, my heart sank. 😭💔

Just subbed I respect your honesty! I went to culinary school years ago. Graduated in 2010 with a culinary &service management from a private college. I had some scholarships but my total debt (not including living expenses) is $80,000. . Not including a car payment, health insurance. Still paying off the loans. 9 years later (2019) I’m able to put a dent more into my loans this year with my current employer. If anyone wants to be a chef.. you don’t do it for the money. Schooling is not required, you can work under a great chef & work your way up! Back to the medical field, I had no idea how expensive medical school is!! Great tips in this video!! Living frugal is key. Don’t forget putting money aside for Roth 401k and Roth IRA.

currently in my first year of undergrad and I am just so overwhelmed with everything that goes into trying to become a doctor. Thank you so much for all of your videos!

Medical education in my country is almost free. Having seen this video, I will never take it for granted. I will definitely work harder to be a good doctor.

Also I wanted to add, my dad has been a doctor for 35 years, he’s 60 this year and he’s still stressed about money. We’re in Ontario, where his wage is steadily DECREASING with government cutbacks. Obviously providing your own retirement fund takes discipline and also running your own practice is very expensive (rent, nurses and staff wages, licenses). So although it seems like doctors make a lot of money, family doctors (in Canada any way) isn’t all that lucrative anymore. My dad has never felt financial freedom despite his frugality, so definitely don’t become a doctor for the money.

I would suggest coming to Europe, the cheapest tuition fees are in Italy (around 2500€ per year), with an average 12.000€ per year in central Europe. There are even study loans system for studying in Europe (monthly expenses are around 400-500€)

I've been a staff specialist physician for almost 4 years. You need to live cheap, and you pay your loans back VERY fast. After a few years, money isn't the issue, it's your quality of life. I work 11 hours a day and already feel burnt out, and I am only 43, single and have no life...pretty much your job is your life...it's the sad truth. If you think you'll be able to keep all your hobbies while you practice think again. I am in the process of trying to get my hours cut back for less pay. It's all about trying to find the right work-life balance.

Your videos are wonderful. Thank you so much for continuing to put out high quality content 💛

We missed you so much! 😍😘

your videos really help this undergrad who's trying to get into medical school. Thanks a lot Jamie!

Go to a medical school in a third world country. It is 5 years after a Bachelor's degree. My cousin took this route after graduating from UC Irvine and left the U.S to attend the University of Guadalajara Medical school. It is very easy and a lot less money. Then come back to the states and take your board exam. She has a dual citizenship therefore she did not pay international fees and her total cost of medical school was 7,000. She also lived in her grandparents home which was a great help. So many third world country degrees are coming over to the states.

Thanks for being so transparent when I see these debt averages that are like 135K my heart always sinks it’s nice to know that you aren’t alone

I’m so happy that you finally made it as a resident! I remember watching you as a student for studying tips! :)

Thank you very much for posting this video! I recently checked in on the amount of debt I've accrued during medical school - and it was a staggering number! Thank you for discussing your experiences with money and finances from a medical student/resident perspective :)

Hey Jamie, you inspired me to start my own channel about surgery residency - really happy that I'm almost at 1000 subscribers!

It's always so refreshing to hear you, Jamie, and this was such an interesting and useful video! We've missed you 😊

For those in Canada if you agree to work up north for x years the government will pay your tuition. And there’s a major doctor shortage in rural areas so there are some communities that will agree to pay for school so they can ensure they will have a community physician. Just a thought for some people!

Hi Jamie!!! I just wanna let you know that I got into medical school. Thank you so much for all your videos. I’ve been watching your videos for years now and they’ve kept motivated. I can’t believe that I’m gonna start med school this year. Thanks

I don't understand why your government doesn't take care of these payments. That must be incredibly huge pressure on students. We all know med school is stressful on its own, and with this debt burden, that must be overwhelming! I really admire that you are on this path anyways. ♥️ Take care!

it is definitely scary with debt...especially when you fail// midst of trouble and not sure if you should continue school or just go into work..

You can kiss your youth goodbye once you decide to go to medical school. Plus you only start to see cash flow without massive amounts of debt once you reach your 40’s. Not an ideal life, but someone’s gotta do it.

Missed you doc!

Glad to have you back Jaymie!!

Med schools be like: go into primary care. Med schools also be like: You’ll have 400k+ debt so you want to be in high paying specialties (non-primary care)

I’m about to start medical school. I’ve been practicing law for 10 years with no student loan debt.....I couldn’t imagine doing anything else even with the loan burden for medical school.

Thanks Jamie, it made me realize i should appreciate more that i don't have to pay for medical school in my country

Hey ! You're awesome Jamie- literally g top RU-vid-Doctor role models! I'm a senior in high school and tbh I'm already stressing about all the debt. A lot of my cousins are already in the medical field and they had to take out so many loans. It's scary, especially bc debt is one of my biggest fears. Feels like you'd be digging a hole for yourself you know? But I mean I know that it's what I definitely, 100% want to go into. There's no doubt I'll get there- just the amount of time and money and overall huge sacrifice it'll take to get there. But yeah I'm starting college this fall so it's pretty exciting- taking it one step at a time and trying not to stress too much about med school right now! Thanks!

Doc Jamie I remember I first watch you way back 2016...I was in engineering back then and I hate every second of it because I was just forced to...therefore I wasnt enjoying at all...I didnt know who I am anymore but deep down I always wanted to wear that white coat with a sthetoscope....after a few years of praying..I finally had the guts to tell my parents...suprisingly..they said ok though I know it must be hard for them but now we are all okay and they giving me a chance and their support....Im preparing for my entrance exam for my pre-med this May and crossing fingers that I'll pass. Thanks for your videos doc! You inspired me a lot.

You always look happy! I enjoy watching your videos, you are such an inspiration

The RU-vid Med Queen has returned 👏👏👏

I currently got to University of New Mexico! Haha glad to see we made an appearance! I expect to be around $150k in debt by the time I am done so hopefully I can pay them off FAST!

It happens. I went to law school, did very well and got a great job as I went into practice. But I hated it. Life happens. Unfortunately, you just have to use your best judgement. But do NOT spend your life in work that you hate. Even if it hurts to get out of it.

This is very informative and encouraging.

Thank you so much for this video! ❤️The amount of loans that we have to take out for med school is so insane and can seem really daunting for prospective med students, but you made some good points and gave great tips in this vid.😊

Because we love helping our parents and couldn’t imagine what else we could do...💪

Hi Jamie, I am an undergrad on the pre-med track and it is extremely difficult. However, your videos really make me work harder and inspire me! As you already know it is a very long journey and I’m happy that you’re apart of mine! Please keep up the great content...love your videos

Welcome back, I missed your videos!

Hii jamie please keep posting videos i missed you soo much😢😢 you are my inspiration such a strong woman and a doctor too😍😍 i want to become a doctor like you one day😇😇

In Australia, any sort of payments made for educational purposes are covered by the government and no interest rates are applied to any students no matter if they are domestic or international students.

Thank you so much from a current Post Bac student

I was a banker for a neurosurgeon.. He made 25-50k a week. But paid over 30k a month in taxes.. So there's money In the field, depending where you want to work in.

My grandson is going to dental school in San Francisco and had no idea how much everything is going to cost him. So, we took the liberty to help him understand just how much it is going to cost to establish his own practice, after serving his first few years working and learning the ropes as an employee of another established Dentist.. By the time he does start his own practice he will have put in almost $1,000,000. Just the cost of setting up your business can be mind boggling. That, added to the cost of his dental education he won't be left with much disposable income to purchase a home or start a family because he paying off huge bank loans. College is being outed as being no more than a scam that they use in conjunction with banks to suck as much money out their student body as they can, knowing full well that many of their degrees will not be able to afford their graduates jobs that will pay enough to repay their loans. I am heartened that those practices are being outed for the fraud they are. You must understand that student loans are now sitting at over a trillion dollars, much of which will never be paid back. Apprentice programs are far better than college or universities. By the time a man puts in eight years learning his trade on the job, he can be considered an expert in his field. That could also be considered for the those looking to become doctors. Working with a specialist as an apprentice will teach you just as much or more than that college graduate who must now figure out how to pay back those hundreds of thousands of dollars. The apprentice by the way, already bought his first home, got married, and has two children, while that college grad is sniveling in his beer, because he can't afford any of the niceties he expected. Either the university and college systems change or they will find that more and more capable young men and women will not be going to college, just because those college and universities have priced themselves out of the market and no longer offer an education worthy of what is being paid for it.

You have a gift for narration. Thank you.

Loved your vid Jamie,btw love the comment section, nice discussion going on.

I've missed you so much, Jamie. Don't feel pressured to make videos, I might be interested in ER medicine. I want to try being no debt, I love you~

You are awesome! Thank you for taking time to do these videos.

Missed you Jamie ❤❤

So glad you are back!

Emergency Doctor/Side Hustle Entrepreneur, I see. Love it

she's back! i've missed your vids jamie!!

Jesus I cry just hearing that poor man

It felt like forever since we last saw you. Take care Jamie!!

Great video. I just wanted to add how i hate the misconception that “friends” will automatically get a great paying job right out of college. People are struggling regardless of majors now because even in STEM, it’s over saturated and about who you know. So many factors go into this like location, health, etc. you aren’t safe, regardless of what career path you take. Even nurses can’t find jobs sometimes because many hospitals want nurses that have experience and I make more than some nurses and all i have is a biology degree

Thank you for posting this! ❤️

You‘re back 😍🙏🏼❤️ Wishing you the best for 2019 🤗

I'm a medical student in Thailand. Here, we got straight into medical college for undergrad without a required pre-med bachelor, then go into medical school with the partnered hospital. It's 6 years for me here, living expenses in Thailand is cheap, and tuition is not expensive. I'm planning to go to US or UK for an additional degree in PhD because I love research, I'm more passionate about research than being a physician, and I would love to become a faculty member here. Also, if I decide to not be a DPhil candidate then I would do Fellowships instead. It's easy here because we're getting a doctoral level degree in just 6 years after high school and it's not too challenging. Then, I can go to the US after getting my MD to get my fellowship. I do know the US does not acknowledge MD degrees from other countries as much, but it's still a medical degree and I plan to practice as a doctor or do research here in Thailand at my own homeland country. It's easier to get high GPA here as well. I'm so excited to go to Stanford after I finish, with my high GPA and not be in debt from all these years of saving.

OMG JAMIE WELCOME BACK WE MISSED YOU SM 😭❤️

I love you Jamie🤩🤩 I missed ur videos 😭😭Welcome back😍

FYI, the Public Service Loan Forgiveness also requires individuals to sign up for the correct the income based loan repayment program. People were being denied for this reason, so definitely do the research. I wish I could find the Dave Ramsey debt free scream video that had an ER doctor. I believe she paid her loans and her mortgage off in 3 years by taking on non stop overtime shifts. It's a risk for you guys I'm sure, but we need quality doctors who are passionate about what they do. Best!

I like that in Russia I can study medicine for free, actually everything you can study for free if you have good school grades and exam grades. And I didn’t care about money. Just money to live in Moscow.

Thank you for sharing these wise advices. All my best regards, I admire you. Jesús

If you live in a tech city, the average starting software engineering salary can be from 90-150k, and management positions + stock options can raise that to over 200k after 5 years. With the upward trend of technology jobs, its important to consider the career software engineering offers if you want the best return on investment from your degree.

Thank you for the comprehensive response! You targeted the most important questions from the email about med school student loans :)

Another great video Jamie! I hope all is well with you! I think it’s very important to consider cheaper medical schools that provide the same quality of education as top tier medical schools.

OMG I saw that Dave Ramsey show too. OMG OMG. That was scary. You can feel the trembling in his voice.

Loving your content; thanks for taking the time to share. I’m truly asking this question with the best of intentions: would you mind turning down the music volume on your videos please?😘

Hey Jamie! I'm Seerat. Your vlogs are real great and everything you do is awesome. I'm from India and a pre med student just preparing for my medical school entrance test. At times when things don't seem in place and I feel low, I watch your videos. I feel so great and inspired after watching them. You're a damn good person and are getting lots of love from India too. I'm following your vlogs for a month now and have watched every single video. You are an idol really. Thanks for everything you do. You are like a sister to me who guides and inspires me. Lots of love ❤

Hiya, I know this is very random but would you be able to do a video on they kind of things you would wear to work please to give me an idea of what sort of wardrobe I need to build up. Thank you, love your videos

One other option I'd recommend is having the military pay for medical school. They'll pay full tuition and give you a housing and subsistence allowance which will cover your cost of living.

I’m an attending now. I was able to finish undergrad and premed without debt, and I think this helped a lot. If you are looking at colleges with a thought to med school in the future, take the college deal that will leave you with the least amount of debt. Don’t start med school with a preexisting mountain of debt if at all possible.

Hey Jamie!!!!! I have a question. What website did you use to find the cost of those medical schools.....That would be super-duper helpful!!!!!

i quit med school due to the costs. got a MBA and make more than a doctor now and work less than 40 hours a week. Yes I did love medicine but I am overall much happier.

I have many pharmacist friends, some MD's that are working 2 jobs, jumping from one company to another, and most of the guys in their late 20's or early 30's have gray hair. Expect to pay 3-4K a month for a minimum of 15 years.

That's a whole lot of student loan debt... I'm so glad my friend's son got a full-ride scholarship to med school. He's got it going on.

Welcome back!! Eventho it's us-centric this helped alot with my decision :)

I worked as Respiratory Therapist graveyard shifts and weekends to offset living expenses and minimized loans. Debt free after 10 years post med school.

Excited to see new vids!!

Thankfully here in Australia, student loans, especially for medical studies, are interest free. How much you pay is adjusted to suit inflation so you pay back exactly how much you've borrowed valued to the current dollar.

None of us actually know how 'easy' it is to pay off the debt. I work around othopods and even tho they are old men the average pay starts at 500K so you WILL pay off your debt in no time if thats what you do instead of buying fast cars and a big home. some of them acutally own airplans. One guy bought a house for 700k tore it down to build a garage for his cars and bought a house next to it. the money is there its just about what you do with it and what specialty you go into. Not to mention if you spouse was into medicine as well, you have one income paying of debt and live off the other. 50-60k a month is a LOT of money people dont even see in a year. if you mess over that you are sad lol

happy to see you again

Super helpful!! Thank you!

YES YES YES. Oh Jamie, you are true inspiration

Missed you!! And I'm feeling very lucky right now. I study in a public med school in Brazil, which means I study 100% for free. We all fear what our new elected president will do regarding education, but the opportunity I have had so far seems even greater after this video. Hope to see new videos soon!!

Great video! I am not an MD, but I work for a not-for-profit organization/hospital. I have been under PSLF program for 5years in Mach(2019). My biggest concern is that this program "traps" you in a segment of work for 10years of your life (add 10years to your age and think about it). I always thought, "what if I want to work for a for- profit-organization, such as working for pharmaceutical company." I was told that I would get all the interest placed back on the loan and the number of years would be increased to 25. This would not be a good feeling. So, if I were to leave and go work for a pharmaceutical company, I would have to take this into consideration when determining my salary range. The absolute goal is to find a school with a low price and live frugally. I'm getting a second masters degree. This time around I'm getting an MBA with a concentration in data analytics and I'm paying for it out if pocket. Data, technology, AI, machine learning etc. are major players in healthcare space. I have not taken out any loans to pay for this second masters, and I live way below my means. I'm also paying my student loans while getting this degree. #nomoredebt

I dropped everything to see this ♥️ *WHOOOOT UPLOAD*

I want to be a doctor and these videos inspire me to continue pursuing my dream.

your editing is amazing!

Really missed you Jamie