Next Steps???

[nellubee]

I just currently received my 2nd masters which puts me at currently $65000 in student loans. I have $2500 in consumer debt. I am applying for jobs where my salary will be $100,000 per year. y husband is a design engineer who is currently out of work but should find work in the next 2 months. We currently live in the upstairs of my parents' 2 family house and pay only $600 in rent per month. I am deciding whether or not to go to medical school... if so I would accumulate close $150,000 or more in debt. Should I maintain my $100,000 job so we can buy a house in the next 5 years or should I take on the additional debt, continue with my current living situation, and hope that it would be well worth it when I am a cardiologist? What do you guys think?

[Mr Nice Guy]

I'm not sure this is a good question to ask us, because it basically appears that you are asking us to decide your career for you, which none of us here are qualified to do. I believe you are the only one who can answer that.

Also, I would never count on an income until you have it locked down.

I know that probably didn't help, but think about what you dream of doing and make it happen. It all boils down to opportunity costs. Line up the pros and cons of each option on paper or something, and see what appears to be the best course of action.

Good luck!

[snshijuptr]

One caution I would add to Mr Nice Guy's sage advice is to consider whether you are getting addicted to education. I know a lot of young people that have come to believe that if they get just one more degree then they will be happy and have the perfect job. I don't know your work history so this is just food for thought.

[DebbieL]

We call them "professional students" up here. Yes, it does happen (especially since education is "reasonably" affordable still here).

To OP, I don't know how to answer you - only you can know what's right for you.

[jpg7n16]

consider whether you are getting addicted to education.

Agreed.

Think back and ask yourself: 'why was I getting the 2nd masters?'

It was likely along the lines of: 'well once I get this degree, I can get a $100k job.'

Now you have it and want another degree. When will it end?


So can we ask, what are your degrees in? And what were your plans for getting them?

[snshijuptr]

We call them "professional students" up here. Yes, it does happen (especially since education is "reasonably" affordable still here).

I've heard this term before, but there is a difference between "professional students", who are willing to live off $20K a year salary, and education addicts, who turn to education to fix their professional goals.

Right now I am a professional student (PhD student), but I don't want to live off a $20K a year salary forever.

[buildmybudget]

Why not see if you've first plan works out first? That is: see if you can indeed land that $100k job before making a decision to go back to school. I mean, once you have an income you'll be faced not only with if/when to buy a house, but how you will service your debts and what kind of life you can have outside the parents house. I just finished my MBA degree(I have 7 years professional experience) and there are plenty of students who go straight from their undergrad to their MBA expecting a $100k job that I highly doubt will materialize based upon a simple conversation with them.

[Phineas]

No one can give advice on this as you are asking about choosing your career . It is you , who to decide your career . And as far as debt is concerned , you can pay it by your efforts but the time will never came back if you go five years in future and want to be a doctor or whatever medical related .

[nellubee]

My 2nd masters is in Education Administration and my first was in science education.

[disneysteve]

Have you worked your way through school or were you just a student? If you weren't working, consider this: Take that 100K job. You have had no income and have managed to get by without one. Work for a year or two and put 100% of your income into savings. Then go to med school if you still want to and pay cash.

[Robert742]

I am concerned when you say you HOPE it will be worth it when you are a cardiologist. If you are going to take on that type of debt, you need to KNOW it will be worth it when you are a cardiologist.

Seek out and talk to as many cardiologists as you can -- students, recent med school grads, and experienced doctors in the field -- and find out what is the day to day job like, how easy was it to get a job, what type of pay for entering the field if you did not go to a top med school, any regrets about choosing the field, what is the future for the field, how is it being affected by outsourcing (I understand this can be an issue with radiologists), etc. Research, research, research! You need to know you have what it takes to make it in cardiology and that you will be able to get a job and be properly compensated for the time and debt it takes to become one.

I know the income for doctors in general practice has been squeezed for years. People go to law school hoping to be well-paid lawyers and wind up having to take jobs as paralegals once they graduate.

As others have told you, only you can make this decision. Make sure you know all the important facts before you go further into debt.

[facebookdigg123]

i hope you realize the path it takes to become a cardiologist: after med school you have to do an internal medicine residency (it also costs money to apply and interview for spots). After residency, you have the cardiology fellowship, which can last longer if you want to specialize to be interventional or whatever. only after then will you start making the salary of a cardiologist. its a long road