What comes after dropping out of a surgical residency?
July 29, 2013 12:21 PM Subscribe
What are the future employment options / career trajectory for someone who has just completed their third year of a surgical residency and who has passed their third-year boards, but who has dropped out of the program?
Unwisely, I co-signed an extended family member's student loans, but am no longer on speaking terms with them. I recently learned that they dropped out of their surgical residency program after completing their third year (in other words, shortly after starting PGY-4), and after receiving a passing score on their third-year boards.
I understand second-hand that they are "moonlighting" now, and that the money they're making from moonlighting is significantly higher than their take-home pay as a resident. And I also understand that historically, the dropout rate in general surgery is pretty high (20%).
For my own peace-of-mind, I am trying to figure out what the short-term and long-term financial implications of their decision to drop out of their residency program may be, especially with respect to how it would impact their ability to pay off their student loans. I've gotten some (positive) impressions from doctors whose information about the job market is a few decades out-of-date, so in particular I'm looking for what the current market offers.
(There's not much of anything I can do to influence any outcomes, and I am painfully aware that co-signing the loans was a huge mistake on my part.)
Unwisely, I co-signed an extended family member's student loans, but am no longer on speaking terms with them. I recently learned that they dropped out of their surgical residency program after completing their third year (in other words, shortly after starting PGY-4), and after receiving a passing score on their third-year boards.
I understand second-hand that they are "moonlighting" now, and that the money they're making from moonlighting is significantly higher than their take-home pay as a resident. And I also understand that historically, the dropout rate in general surgery is pretty high (20%).
For my own peace-of-mind, I am trying to figure out what the short-term and long-term financial implications of their decision to drop out of their residency program may be, especially with respect to how it would impact their ability to pay off their student loans. I've gotten some (positive) impressions from doctors whose information about the job market is a few decades out-of-date, so in particular I'm looking for what the current market offers.
(There's not much of anything I can do to influence any outcomes, and I am painfully aware that co-signing the loans was a huge mistake on my part.)
I have another friend who dropped out of med school after two years. She later went on to get her MBA and works in health care management. She's not wealthy, but she does quite well for herself and still manages to pay off her loans.
Even if you don't go into the practice of medicine, an MD is a valuable enough degree that you can use it to do something with your life that will allow you to support yourself reasonably comfortably. Unless this relative's goal is to let the loans go into default and live on the salary from a menial job, that family member will have more than enough resources an income such that the creditors will go after him rather than you.
posted by deanc at 12:40 PM on July 29, 2013 [1 favorite]
Even if you don't go into the practice of medicine, an MD is a valuable enough degree that you can use it to do something with your life that will allow you to support yourself reasonably comfortably. Unless this relative's goal is to let the loans go into default and live on the salary from a menial job, that family member will have more than enough resources an income such that the creditors will go after him rather than you.
posted by deanc at 12:40 PM on July 29, 2013 [1 favorite]
There are no "third year boards"; there is a general surgery annual inservice exam, which is similar to the written boards taken after completing residency. They are intended as self assessment (determine where you need study up before the real boards), and can be a big deal within the residency itself (part of annual review, in your permanent file,etc). Scores on the inservice exam have no bearing on employment after residency.
Your relative presumably took and passed the third part of the USMLE (US medical licensure exam); first part is after year 2 of med school, second is during fourth year, and third part is towards end of internship (regardless of type of residency). Completing the USMLE allows you to get a state medical license, which is necessary to moonlight/practice outside of a training environment.
It is not uncommon for people to switch gears to another specialty after starting surgery residency. He could apply for a slot in another residency program; should be able to enter as at least a PGY-2. This may be difficult at this point in the academic year (though maybe not- maybe he has a counterpart who just left a family practice or emergency medicine program). His med school could be a resource for info on available spots, or his surgery program if he left on good terms. Finding a new residency is what most people in your relative's position do.
Those loans are going to come due, though; once he is no longer a resident he can't defer forever. I agree that he will have enough options that default is unlikely.
posted by maryrussell at 2:36 PM on July 29, 2013 [1 favorite]
Your relative presumably took and passed the third part of the USMLE (US medical licensure exam); first part is after year 2 of med school, second is during fourth year, and third part is towards end of internship (regardless of type of residency). Completing the USMLE allows you to get a state medical license, which is necessary to moonlight/practice outside of a training environment.
It is not uncommon for people to switch gears to another specialty after starting surgery residency. He could apply for a slot in another residency program; should be able to enter as at least a PGY-2. This may be difficult at this point in the academic year (though maybe not- maybe he has a counterpart who just left a family practice or emergency medicine program). His med school could be a resource for info on available spots, or his surgery program if he left on good terms. Finding a new residency is what most people in your relative's position do.
Those loans are going to come due, though; once he is no longer a resident he can't defer forever. I agree that he will have enough options that default is unlikely.
posted by maryrussell at 2:36 PM on July 29, 2013 [1 favorite]
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I had an old college classmate who dropped out of surgical residency. You can always do a different residency. That guy just did another residency and is training as a psychiatrist.
There is basically little conceivable way that anyone with an MD and any desire to live above the poverty line will make less than a six digit salary once his career gets going. For you to get stuck with the bill for the loans, he would have to act in a deliberately malicious way towards you and towards his own economic well-being.
posted by deanc at 12:29 PM on July 29, 2013