Is it worth the loans to become a doctor? Would it be wise to consider the military?

Many rural hospitals will pay your loans in return for you practicing there for your first few years after residency.

I wouldn't join the armed forces for essentially the same deal with worse pay.

If you are 100% committed to it and know it’s what you want from life, then yes. Elsewise no. I dropped out first semester from a top law school because I realized I wasn’t committed to it.

You should first and foremost become a doctor because it is your passion. If it is your passion I would not worry about the loans. All of my doctor friends are ballin

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o to Med school because you want to be a doctor

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I agree with this sentiment. Don’t do it for the money, do it because you’re interested in it.

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If you are planning on going into primary care, it might be worth it

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I certainly am not ruling out that route, mainly because of my personality. I like the interaction that primary care doctors can provide. However, as we all know, those are often the lowest paying specialties. It may make sense to consider the military more if that's my main interest, because I'll have the same debt load as a neurosurgeon but less income to pay it.

If you're called to service and this will work for you, financially, as well - go for it. But, if you are crudely mercenary (and this is America - nothing inherently wrong with that) - don't go into the service solely or even primarily for the money.

Now - I'm not going to lie - finances were a big part of the equation when I finally joined at age 20 - but I had been considering joining for about 7 years at that point - my mother's reservations were the prime deterrent up to that point.

Even with service, I racked up a bunch of debt, so it isn't the be all/end all to your financial challenge, but I have to say that joining was one of the best professional decisions I ever made.

(ETA - I'm an attorney, not a doctor - and I was never an attorney for the Army, but I figured I'd chime in anyway )

My cousin is a doctor and paid back his loans in 2 yrs. Granted, he opened his own practice and has done really well for himself. I think an average DR at a hospital makes like 250k. That's still easily worth 200k in loans compared to most other fields imo

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Is it worth the loans to become a doctor?

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No.
It almost certainly is not.
Is that simple enough?

It may be "worth it" for folks who'd eventually benefit from your care

For you, it may be "worth it" if you choose to pursue a career in medicine with the same attitude you would in pursuing a career in the Peace Corps.

Otherwise, "no" it is probably not worth it.

The ONLY basis for pursuing a career in medicine in the current environment is the good you'll do for others. That's it. Period.

There is no reasonable financial argument for the choice.
There is only the good of your potential contributions to others' well-being, albeit at great personal sacrifice.

Do NOT make the choice for money.
If making money is anywhere on your decision screen, choose another field.
If money is a goal, you'll almost inevitably regret the choice.

Money may come, but almost assuredly not to the extent it would if you set your goals on a Wall Street, Corporate, or Consulting position.

Here is the problem:
Medicine is going through a paradigm shift 2° to Obamacare.

Over the years, some of us have done extremely well in the field. Extremely well. But we did that against the odds. Inevitably we did it vis-a-vis smart business decisions rather than via isolated medical care, no matter how good.

Long story short after Obamacare, many many physicians, who in the past would have been self-employed and self-directed, will for the next decade or more be relegated to working for administrators with limited or nonexistent medical backgrounds. Meanwhile the same admins will make 5-50 fold more than the physicians they employ. No exaggeration.

Though I don't see such a bottom-up hierarchy as sustainable, it will remain lay-of-the-land in many specialties for the next decade or two.

If you will be okay working for folks who were academically well behind you in HS and college simply for the love of patient care and well-being, then medical school may be for you. If you will not be frustrated working for folks who were academically well behind you, yet are making shocking sums compared with your income, medical school is probably a reasonable option for you.

Just go into it for the right reasons. Do it for altruism. Do it because you can. Do it because if you don't, there will be a void others cannot fill. It's too long, too hard, and far too demanding a haul for you to find yourself looking back with regret if/when your income underperforms your financial potential.


ETA: HPSP/TheMilitaryOption is a decent option . . . especially if you choose a "high demand" surgical field. If not, you might get pulled into GMO (general practice) duty, deferring your residency until after you've completed your military time. I went the HPSP route FYI. Great choice for me. Completed Residency/Fellowship outside, then served my my 4 for 4.

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Just realize for like an orthopedic surgeon you would be giving up 300k or more in salary for like a 65k salary. Most doctors can pay off their loans after a few years without tring to

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I'd guess an ortho MD would pull closer to $120-150K in the military.

But relative to your point, you are actually "giving up" income in your peak years, not straight off.
E.g., If one starts off $500K-$1M in start up practice debt, yet 15yrs later peaks at clearing $1.5M/yr income, the time spent in the military could be said to cost much more than you claim . . . i.e., $1.35M/yr of military service. Four fewer "peak" years.

OTOH, the military route is no where near an obligatory static loss. Administrative/leadership opportunities can far outstrip anything one would experience at similar experience levels in private practice. So it may contribute to post-military financial opportunity.