Myth #1 - Medical School = Eternal Debt

A lot of people are put off into pursuing medical school simply because they believe they cannot afford it; this belief is only partially accurate.

The amount you pay for medical school really can vary tremendously on whether you can obtain in- or out-of-state tuition. For in-state tuition, you can pay as little as $13,000 - $20,000 for your medical school tuition. Unfortunately most medical schools aren't so generous in their in-state discount. On average, you can expect to pay (per per) anywhere from 30K to 40K if you're in-state and 40K to 50K if you're out-of-state. To make matters worse, this doesn't account for anything other than your tuition. You still have other costs of living, such as rent, a car, groceries/food, etc. For the average medical school graduate, you should expect to be in the hole by 100K to 200K. 

So if I don't have 100K, I shouldn't even bother, right? Wrong. You may not have the money, but through scholarships and loans (e.g. financial aid - FAFSA), you will be able to cover your expenses. You may not be able to pay off your loans within 5 years of graduating from medical school, but that's ok! After you complete your residency, you can potentially be making 200K fairly easily. Over the next 10 years, that would be $2,000,000. Paying off loans worth 100K to 200K with interest is definitely doable if you play your cards right. By that, I mean pay off your loans in large sums as opposed of choosing the lowest payments. The faster you pay off your loans, the less you pay in interest.

I realize that I've greatly simplified the financial burdens and salary opportunities. But in the end, it's totally manageable. The debt you accrue from medical school is not to be taken lightly. On the other hand, you should dismiss this idea that paying back loans for medical school is near impossible.