Does medical school debt ever become less anxiety-inducing?

Dear QMR, 

Medical school is a short and sweet journey. Medical school debt, on the other hand, is longer, and much less sweet. Does the debt ever become less anxiety-inducing? Were CaRMS expenses as astronomical as everyone makes them out to be? I'm not quite yet at the point where I'm pinching pennies, but as someone who relies solely on my LOC to support me, I prohibit myself from enjoying lots of activities because of my fears of debt. For example, I feel compelled to spend my last summer of pre-clerkship working, whereas I wish I could be travelling or doing something more fun. Do you have any advice for me?

Sincerely, 
$trapped for Cash

Dear $trapped,
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Your first sentence says it all. Medical school is short and sweet. You want to squeeze all of the experiences out of this unique time in your life, because let’s face it, when you become a resident, and you’re doing 24hr call (yes, even you family gunners, prepare for off-service), you’re going to wish you accumulated exciting memories instead of working to stash cash under your mattress.

I know thinking about debt can be overwhelming, but let’s put it in perspective. The average medical student graduates with roughly $160,000 in debt (or if you’re like me closer to $300k, but who’s counting?). The average take-home pay for a doctor in Ontario is $150,000 a year, or $12,500 a month. Let’s say you have $200k on your LoC, if future-you diligently pays $4000 monthly to said LOC, you can pay if off in 4-5 years. With some quick math, one can see $8500 is left for everything else that is life, and that doesn’t include the potential second income from a partner. Looking more manageable?

Now picture yourself working as a lab tech this summer, $20/hr. You’re feeling good, but then you realize, your earning potential is 1/5 of doctor-you. At this point, $10,000 takes 500 hours to make, instead of 100 as an attending. What might take a few months will soon take only a few weeks. Your time is better invested making memories and relationships you’ll cherish for a lifetime.

So, splurge on that bottle at Stages, go on that dream trip to South East Asia this summer, get extra guac on your burrito. You’ve got upwards of 30 years to pay off your debt, thank future-you for taking on that burden, and do something fun with what little free time you have left.
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Sincerely,
In Debt We Trust