Becoming a psychiatrist: how long until my debt is payed off?

Question

i know that a good college like Vanderbilt and med school and internship and all that is very costly, and i know that psychiatry is a lucrative vocation (though that's not why i'm doing it, i have interest in both medical and psychological study), how long will it take to pay of my debts (how much will that be, by the way? the debt amount?)

thanks =]

Answer 1

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Answer 2

First of all, psychiatry is a lucrative field and if you have the talents to make it in the profession, by all means use your talents to make a good living with all the privileges it implies.

How long it takes to pay off student loan debt depends on many factors: how much debt? what kind of position will you take when you complete your residency? will you be able to pay on the notes before they come into full repayment? subsidized or unsubsidized loans? are you willing to participate in one of the programs that offers loan forgiveness?

You can't answer these questions right now, certainly. And to worry about it is putting the cart way out in front of the horse.

So here's what you do: take it one step at a time. Get into a good college and make every day count in your quest to get into medical school. Get into medical school and move forward. Then get a good residency in a field in psychiatry that appeals to you. Perhaps then move on to a fellowship. Then decide if you want to start with a practice, stay with a hospital, start your own practice, join Physicians Without Borders, work in a deprived area, etc.

There are a lot of options and a lot of decisions. You will cross each bridge when you come to it.

This site is really helpful: http://www.studentdoc.com

Given the amount borrowed and the career path you take, you can pay off loans generally in five to ten years. But again, that's the least of the issues right now.

Good luck to you.