Should $50,000 matter?

[redruby]

I'm trying to decide between my state school, where I'll be in a rural area with a class of 50 and Jefferson, where I'll be in Philly with a class of about 250. I think I'd probably be happier in Philly, but the difference in tuition over four years is about 50,000k.

I plan on paying for school mostly through loans. Is that amount of money really going to make a difference? Am I going to really feel that extra 50 grand when I have to start paying back the money?

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[Changaroo]

I'm trying to decide between my state school, where I'll be in a rural area with a class of 50 and Jefferson, where I'll be in Philly with a class of about 250. I think I'd probably be happier in Philly, but the difference in tuition over four years is about 50,000k.

I plan on paying for school mostly through loans. Is that amount of money really going to make a difference? Am I going to really feel that extra 50 grand when I have to start paying back the money?

In my humble opinion, no, it won't matter. You are going to med school to be the best doctor you can be. Your primary concern should not be about money, it should be about quality of education. You really only get one shot at your training, so don't leave yourself wondering "what I could've been" 10 years down the road.

 

[trouta]

One thing to keep in mind is by the time you pay back that 50k you will have paid about 100k (the general rule of thumb is to double your loan amount).

All things being equivalent it makes sense to make a decision based on money. If for some reason you really like one school more than the other or if the education at one is much better than it will likely be worth the extra money.

No one but you can make that decision though.

 

[Blue Scrub]

All depends on what's more important to you...sounds like you may have a more quality experience by going to Philly, however, you'll be paying for it obviously, but at your state school, you'll be saving a lot of money, but maybe at the price of having less of a good time....I dont think either choice is the wrong one, but it just comes down to what is more important to you....no matter what, you'll be able to pay off all your loans, may just take longer with that extra 50k....good luck!!

 

[kimney]

Congrats with your acceptances! 50K isn't that bad because the avg debt for med grad is over 100K. You've worked so hard to get into med school that money should not be the deciding factor. It should be where you think you'll be happier.

 

[redruby]

Thanks for the input guys. I just wanted to clarify that when I said there was a difference of $50k, I meant the difference between paying back $180,000 vs.$230,000. I wish I would only have $50,000 in loans by the end!!

I think Jefferson is probably a better school and program than my state school (UIC on the Urbana/Rockford track). I'm just trying to figure how much the quality of the med program affects things like getting good residencies, etc. I know that a lot of people on SDN think that it doesn't really matter if all you want to do is graduate with an M.D. and practice medicine.

However, people around here often say that where you go for undergrad doesn't matter either, as long as you work hard and whatnot, but I went to a pretty prestigious undergrad and I think it has definitely made a positive difference in the application process as well as getting jobs and stuff like that.

Anyway, thanks again!