SMP or Research - chances without SMP?

[greysloan14]

I have been accepted to BU's MAMS program, but I am currently agonizing over whether or not to do the program due to financial concerns.

I have ~$14,000 in loans from undergrad, and $4,000 in credit card debt. The program requires I borrow upwards of $100,000 (~$80,000 from a private lender at a 9.5% interest rate...oh boy), and then I will have the expenses of medical school (considering mostly state schools, but still ~$280,000) to add to my bill. My parents have no way of helping me with any of it, so I will be taking out loans to cover everything ($400,000 in total + interest).

To make matters worse, I would like to become a primary care physician, so my future salary will be on the low end for physicians (the irony of the PC physician shortage is not lost on me here). I'm beginning to wonder if this Master's program is just too much of a burden financially.

I graduated in May with a degree in neuroscience from a top liberal arts school with a 3.33 uGPA and 3.33 sGPA (which is a big weakness). During undergrad I worked a lot (25+ hours/week) and struggled with some mental health issues that I have since overcome. I haven't yet taken the MCAT, but I scored a 496 on a diagnostic test without any preparation whatsoever and feel I could get around a 510 with a good study plan (again I haven't taken the exam for real, so maybe this is just naive of me haha). I am planning to take the exam early next summer.

I have a good amount of clinical experience: ~100 hours volunteering in hospital/medical environments, ~50 hours of clinical shadowing, work as an activities assistant at a nursing home, work as a pharmacy technician

In terms of ECs I served in leadership/editorial positions on the staff of an international relations publication for 2 years and served as the president of a peer health organization during my senior year. I also worked the duration of my undergrad career at a restaurant and coffee shop.

Unfortunately I never had a chance to conduct research, which is another weakness in my application for both med school and research assistant positions. Since I never conducted research, there is a lingering thought in my head that I just might like it... But obviously I don't know for sure.

I am also low-income and a first-gen college student

The Pros of the SMP:
good structure to prepare for MCAT/get into med school
~70% acceptance rate to med school
research aspect in 2nd year

The Cons:
adding over 100k to my debt
high stress over financial burden

The Pros of research:
fill in the research gap in my application
potentially explore research career path
earn money to pay off existing student debt/save up for med school

The Cons:
more difficulty finding a position due to lack of research experience
more difficulty in studying for the MCAT while balancing work
do not show improvement in GPA (unless I were to take some advanced science UG courses alongside work)

My pre-medical advisor urged me to consider SMPs/post-baccs OR research to strengthen my application to medical school, but I wanted to see what you all think. If I did choose not to pursue the SMP, I would apply for a clinical research position lasting 1-2 years and perhaps supplement it with some UG science courses.

Objectively, is it a foolish financial decision for me to pursue the SMP considering the total debt I will be taking on? Maybe it's silly of me to think so far into the future, but I worry that having so much debt will be difficult to manage alongside goals of buying a car/house, having a family, saving up for kids' college tuition, etc.

Do you think my application would be strong enough just by conducting research?

I feel like I'm really at a cross-roads here. The SMP would be a really great opportunity for me to show my grit to med schools, but I just don't know if the financial burden will be worth it in the grand scheme of things.

Any advice or direction would be greatly appreciated!

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[238460]

so this is what I think...first of all ..IN LIFE ITS ALL ABT TAKING RISK.

with that said...i think ur stats are ok for DO schs depending on how well u do on the MCAT. Even if you get a 496 or 500 with research you should be fine for DO schools unless you want MD then the post bacc is the way to go.

Your pre-medical advisor is right in terms of you not taking out too many loans and the advise will get u into a DO school.

 

[DrMidlife]

Talking about private loans for BUMAMS only makes sense if you lack US citizenship or permanent residency. The first M in BUMAMS means you're in a grad program, with full cost of attendance covered by US federal loans. (If you're not a US citizen or permanent resident, or you're otherwise ineligible for US federal loans, then your whole story needs to be put to the side while you deal with that situation.)

And yes, it's too expensive to do BUMAMS. However, that program covers your needs in 2 years. So it's option A out of many options: 2 years, $100k, hopefully a pub or two out of the 2nd year, hopefully just one MD app cycle. Option B is to just do the 1st year and do a paying gig the 2nd while you apply.

The research gig does little to help you get into med school when you're sitting on a 3.33. Your academic prowess is in doubt; lab work doesn't touch that. Meanwhile, without a high probability of getting pubs out of a research gig, there's nothing there to prioritize such a gig over other options. The only way the research gig makes sense is if you get pubs and if it's combined with more undergrad or maybe grad work.

Other things to consider:
1. 2nd bachelors
2. rigorous grad work with pubs
3. on-campus job with tuition/registration perks, for extra undergrad
4. DO

Sorry, none of the options for GPA redemption are going to fit a preferences list that would otherwise be quite reasonable.

Best of luck to you.

 

[greysloan14]

Talking about private loans for BUMAMS only makes sense if you lack US citizenship or permanent residency. The first M in BUMAMS means you're in a grad program, with full cost of attendance covered by US federal loans. (If you're not a US citizen or permanent resident, or you're otherwise ineligible for US federal loans, then your whole story needs to be put to the side while you deal with that situation.)

And yes, it's too expensive to do BUMAMS. However, that program covers your needs in 2 years. So it's option A out of many options: 2 years, $100k, hopefully a pub or two out of the 2nd year, hopefully just one MD app cycle. Option B is to just do the 1st year and do a paying gig the 2nd while you apply.

The research gig does little to help you get into med school when you're sitting on a 3.33. Your academic prowess is in doubt; lab work doesn't touch that. Meanwhile, without a high probability of getting pubs out of a research gig, there's nothing there to prioritize such a gig over other options. The only way the research gig makes sense is if you get pubs and if it's combined with more undergrad or maybe grad work.

Other things to consider:
1. 2nd bachelors
2. rigorous grad work with pubs
3. on-campus job with tuition/registration perks, for extra undergrad
4. DO

Sorry, none of the options for GPA redemption are going to fit a preferences list that would otherwise be quite reasonable.

Best of luck to you.

I'm not sure where that information is coming from, but as a U.S. citizen the federal aid available to me in the form of the Stafford loan is capped at $20500. From there you have the option of taking out a PLUS loan or private loans, which have pretty comparable interest rates.

Those are good points to consider. Thanks for your advice

 

[DrMidlife]

Stafford: federal aid
PLUS: federal aid
Stafford + PLUS = COA on federal aid

There's a whole lot more to this than interest rate.

If you choose to do private loans, you have to a) do the work to understand specifics of repayment, b) preferably also do the work to understand federal repayment so that you can compare what you lose, and c) be the grownup in charge of how the tiny fine print affects you in situations you don't yet have any basis to understand.

For instance, if a private loan doesn't allow you to defer/forbear or limit payment amounts by income level, you literally can't make payments during residency.

At a minimum, find out what PAYE, REPAYE and PSLF are. 2 out of those 3 are sure things, the other might be too good to be true for long.

The student loan reform initiatives, which are getting a lot of press in this election, which hope to offer fed loan refinancing and interest rate reduction, will have exactly no impact on private loans.

There's a financial aid forum on SDN where you can get more info.

 

[DrMidlife]

PS there are maybe 2 med schools left in the US that have COA under the Stafford limit. PLUS is just how it's done unless your parents are paying.

 

[PossibleDOC?]

I agree that gpa redemption is needed but if you are a URM then I suggest studying for the MCAT and taking it first. As a URM with a 3.3 and say a 508 or so on the MCAT you basically walk into med school.....URMs historically and to this day have an easier time getting into med school

 

[owlegrad]

Posting more than once is bad manners. Closing duplicate.