Going to Medical school is a huge commitment both in time and finances and the decision should not be taken lightly. A large and often overlooked part of making the decision is if medical school will be financially worth it to you. To help you gain a better understanding of the costs let's run through a normal scenario.
The weekly pay of the average person who has attained a college education is almost twice as much as the weekly pay of a person who has not gone to college. That difference is astronomical, and as you consider funding your own college experience, you will find that the benefits will outweigh the costs, especially in the long run.
The first thing that you should do is acknowledge that you have personal needs. While your first priority should be your schooling, it is unrealistic to assume that your needs can continue to take a backseat. Managing college is not about strangling your desires for sleep, food, or fun; it's about learning to incorporate everything into your schedule. So don't feel guilty for going out with friends and having a good time, just make sure that you do so responsibly and that you are in control over your schedule.
There are three main types of financial aid, the first is scholarships, the second is grants, and the third is loans. Each of these types of aid can be extremely helpful to individuals seeking a college education, but understanding the differences between them can help you to understand their purpose more fully.
While there is nothing wrong with taking a well-deserved break every once in a while, you should also be ready to sacrifice your enjoyment when something threatens your priorities. Although there may be a number of parties or social events that you are able to take part in throughout the semester, there will also inevitably be one or two occasions where you will have to choose between going out with friends and writing a paper which is due the next day. The best way to combat this is to decide ahead of time that you will always turn in great work to your professors. That way you can hold yourself to a high academic standard, which will prompt you to schedule out your week in advance so you can have your assignments done before party time.
After college and residency we will say you are making $170,000 a year (rough average from the different medical specialties you can choose from). After federal and state taxes of around 35 percent combined leaving you end up with $110,500 for each year which is not a bad yearly salary. If you plan on paying off your debt over ten years expect to pay $5,314 monthly and if stretched over 20 years $ 3,663.61. If you opt for the ten year plan your monthly income minus debt will be $3894 for a yearly income of 46, 732. If you do the same thing for the twenty year plan your yearly income would be $66,544. Quite a difference from the 100k+ you may have been anticipating.
One of the most frustrating things that can happen during college is forgetting about deadlines or tests. Nothing is worse than showing up to class and realizing that you simply forgot to write your research paper over the weekend. Not only can this lower your grade by a huge percentage, but it is so easily avoidable. Ensure that you organize your life, keeping careful track of your classes and assignments. Not only will this help you in college, but it will also assist you throughout the rest of your life.
So does becoming a doctor make fiscal sense? The answer is more than likely no. There are many other ways to make more money with less investment. However, the financial benefits of becoming a doctor are not he reasons to seek this profession. There are many more things to consider such as the joy of helping individuals heal. There are also other downsides like limited amount of time with your family. The decision is up to you, but now you have a better understanding of the debt you will face as you choose a medical profession. Better to step into the future with your eyes open.
The weekly pay of the average person who has attained a college education is almost twice as much as the weekly pay of a person who has not gone to college. That difference is astronomical, and as you consider funding your own college experience, you will find that the benefits will outweigh the costs, especially in the long run.
The first thing that you should do is acknowledge that you have personal needs. While your first priority should be your schooling, it is unrealistic to assume that your needs can continue to take a backseat. Managing college is not about strangling your desires for sleep, food, or fun; it's about learning to incorporate everything into your schedule. So don't feel guilty for going out with friends and having a good time, just make sure that you do so responsibly and that you are in control over your schedule.
There are three main types of financial aid, the first is scholarships, the second is grants, and the third is loans. Each of these types of aid can be extremely helpful to individuals seeking a college education, but understanding the differences between them can help you to understand their purpose more fully.
While there is nothing wrong with taking a well-deserved break every once in a while, you should also be ready to sacrifice your enjoyment when something threatens your priorities. Although there may be a number of parties or social events that you are able to take part in throughout the semester, there will also inevitably be one or two occasions where you will have to choose between going out with friends and writing a paper which is due the next day. The best way to combat this is to decide ahead of time that you will always turn in great work to your professors. That way you can hold yourself to a high academic standard, which will prompt you to schedule out your week in advance so you can have your assignments done before party time.
After college and residency we will say you are making $170,000 a year (rough average from the different medical specialties you can choose from). After federal and state taxes of around 35 percent combined leaving you end up with $110,500 for each year which is not a bad yearly salary. If you plan on paying off your debt over ten years expect to pay $5,314 monthly and if stretched over 20 years $ 3,663.61. If you opt for the ten year plan your monthly income minus debt will be $3894 for a yearly income of 46, 732. If you do the same thing for the twenty year plan your yearly income would be $66,544. Quite a difference from the 100k+ you may have been anticipating.
One of the most frustrating things that can happen during college is forgetting about deadlines or tests. Nothing is worse than showing up to class and realizing that you simply forgot to write your research paper over the weekend. Not only can this lower your grade by a huge percentage, but it is so easily avoidable. Ensure that you organize your life, keeping careful track of your classes and assignments. Not only will this help you in college, but it will also assist you throughout the rest of your life.
So does becoming a doctor make fiscal sense? The answer is more than likely no. There are many other ways to make more money with less investment. However, the financial benefits of becoming a doctor are not he reasons to seek this profession. There are many more things to consider such as the joy of helping individuals heal. There are also other downsides like limited amount of time with your family. The decision is up to you, but now you have a better understanding of the debt you will face as you choose a medical profession. Better to step into the future with your eyes open.
About the Author:
The Stevens Henager Idaho Falls branch campus is designed to facilitate educational activities, social events, and career services. This location offers Internet access, tutors, and a supportive staff to assist students.
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