What do med schools think of students who take a leave of absence?

[ZeroTouchMeNot]

Hi all. I might take a leave of absence this coming fall, because COVID hit my family's source of income. Will this affect my med school application later on?

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[yokiguz]

Hi all. I might take a leave of absence this coming fall, because COVID hit my family's source of income. Will this affect my med school application later on?

I don't think it would. As long as you make it clear the reason for it and demonstrate it to be true by working/supporting your family in other ways. You could also get some research/volunteering if you have time.

I couldn't even imagine being in this situation, I really hope it works out for you and the year off doesn't harm you in anyway. Good luck with everything!

 

[Goro]

Hi all. I might take a leave of absence this coming fall, because COVID hit my family's source of income. Will this affect my med school application later on?

There is a pre-med delusion that medical schools want people to go through undergrad in 4 years straight. I hope we could put a stake in the heart of this.

Taking a leave of absence is actually a sign of wisdom.

 

[EdgeTrimmer]

There is a pre-med delusion that medical schools want people to go through undergrad in 4 years straight. I hope we could put a stake in the heart of this.

Taking a leave of absence is actually a sign of wisdom.

I agree that schools don't care about how long you took to finish undergrad. They only care about GPA and MCAT and not too many Ws and P/Fs.

I disagree on "Taking a leave of absence is actually a sign of wisdom." gap years and age won't make everyone more mature.

 

[gyngyn]

I disagree on "Taking a leave of absence is actually a sign of wisdom." gap years and age won't make everyone more mature.

OK, a sign of good judgement, then.
Wisdom and judgement are not the exclusive domain of the mature.

 

[EdgeTrimmer]

OK, a sign of good judgement, then.
Wisdom and judgement are not the exclusive domain of the mature.

Given that becoming a doctor is already a long and costly affair compare to any other field, I don't understand the strong advocacy for gap years by some adcoms.

 

[gyngyn]

Given that becoming a doctor is already a long and costly affair compare to any other field, I don't understand the strong advocacy for gap years by some adcoms.

"Gap" years can decompress what could make the college experience entirely devoted to one aim, thus promoting wellbeing.

 

[EdgeTrimmer]

"Gap" years can decompress what could make the college experience entirely devoted to one aim, thus promoting wellbeing.

I agree not every premed can handle all the requirements and have time to do other activities for wellness in 4 years and require gap year(s).

 

[gyngyn]

I agree not every premed can handle all the requirements and have time to do other activities for wellness in 4 years and require gap year(s).

One is not a better pre-med because they do manage in 4 years.
They are not necessarily a worse one either...

 

[EdgeTrimmer]

One is not a better pre-med because they do manage in 4 years.
They are not necessarily a worse one either...

I am also not claiming one is better or worse than other. My only issue is that some are claiming gap years are essential.

 

[gyngyn]

My only issue is that some are claiming gap years are essential.

For many, they are.

 

[LindaAccepted]

Hi all. I might take a leave of absence this coming fall, because COVID hit my family's source of income. Will this affect my med school application later on?

A leave of absence to help support your family will be admired and respected.

What you do during a leave of absence determines how it is viewed, not the fact that you took one.

 

[dabears505]

What will you do during that gap?

 

[ZeroTouchMeNot]

A leave of absence to help support your family will be admired and respected.

What you do during a leave of absence determines how it is viewed, not the fact that you took one.

That's reassuring.

 

[ZeroTouchMeNot]

What will you do during that gap?

I will be working, as I have previously, but with longer hours.

 

[YCAGA]

For one reason, the matriculation data as below. The majority of successful applicants take gap years.
https://www.aamc.org/media/50081/download
https://www.aamc.org/media/9641/download
https://www.aamc.org/media/8411/download

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Coming in hot with the facts. Cool to see that the talk of "more people actually have a gap year now" is backed up by the stats.

 

[dabears505]

That's a tough break man. I'm sorry to hear that. Obviously you are much better off in the long run getting through faster as your medical income will far surpass whatever else you do. Especially without a degree in hand, the wages you make will not be that that high. Don't listen to these people encouraging a gap year Especially during undergrad. But also, you gotta do what you gotta do. If you need the money, you gotta work.

 

[voxveritatisetlucis]

Given that becoming a doctor is already a long and costly affair compare to any other field, I don't understand the strong advocacy for gap years by some adcoms.

Actually, the backtests that I have run show that certain economic shifts make it financially advantageous for some to work for a couple years before. Since remote work has become commonplace, it is not impossible for somebody to save high five low six figures before matriculating. Borrowing against these holdings for tuition can be done at an a dramatically lower rate. On Interactive Brokers, the margin rate is 1.5% (assuming pro, not lite. Former involves commision, latter does not). Federal plus loans are already like 6.5% and will raise to at least 7.5% when QE slows down). If one borrows 220,000 over four years (making the pv ~213,000)

Assume that the loan accrues interest until the end of residency and no payments are made.

213,000 at 7% for 8 years is 390,000
213,000 at 1.5% for 8 years is 240,000

If only considering the debt, then 1 or 2 extra years as an attending would be worth the difference. However, equity on which the loan was borrowed grows much faster than 1.5%. Assume that 7% (3% lower than historic return on SP500 ) was earned on the 150,000 equity used to secure the loan. In 8 years this would be ~260000. Enough to pay of the loan in full and then some. Of course, it would be smart to extend the loan and pay monthly premiums of the equity-fixed income spread remained favorable.

and the difference is actually much larger considering that most attendings don’t pay off the loan for 15 years allowing it to compound further.

 

[dabears505]

Ok nobody is getting loans at 1.5%. You will always lose spending time making much less money than you would as an attending physician. Most people coming out of undergrad will get for the most part 50k-70k tops that are trying to go into medicine. Most aren't getting jobs at Google making 100k. Good luck saving more than 10k to 20k a year on that income.

Financially, get through as fast as possible. Start earning attending money. Don't waste years.

 

[yokiguz]

Actually, the backtests that I have run show that certain economic shifts make it financially advantageous for some to work for a couple years before. Since remote work has become commonplace, it is not impossible for somebody to save high five low six figures before matriculating. Borrowing against these holdings for tuition can be done at an a dramatically lower rate. On Interactive Brokers, the margin rate is 1.5% (assuming pro, not lite. Former involves commision, latter does not). Federal plus loans are already like 6.5% and will raise to at least 7.5% when QE slows down). If one borrows 220,000 over four years (making the pv ~213,000)

Assume that the loan accrues interest until the end of residency and no payments are made.

213,000 at 7% for 8 years is 390,000
213,000 at 1.5% for 8 years is 240,000

If only considering the debt, then 1 or 2 extra years as an attending would be worth the difference. However, equity on which the loan was borrowed grows much faster than 1.5%. Assume that 7% (3% lower than historic return on SP500 ) was earned on the 150,000 equity used to secure the loan. In 8 years this would be ~260000. Enough to pay of the loan in full and then some. Of course, it would be smart to extend the loan and pay monthly premiums of the equity-fixed income spread remained favorable.

and the difference is actually much larger considering that most attendings don’t pay off the loan for 15 years allowing it to compound further.

My friend:

"Assume that 7% (3% lower than historic return on SP500 ) was earned on the 150,000 equity used to secure the loan."

This is a huuuuuuuuuuuuuge IF. You're banking on the SPY not stagnating/crashing over that time period. Look a bit further than the past 10Y and you'll see how risky this is.

 

[voxveritatisetlucis]

Those returns would be an added bonus … particularly risk averse individuals could put a chunk of 150 into high grade corporate bonds, long expiration in the money bear put spreads, or sell covered calls. Or just most of it in cash.1.5% is much better than 7.5%…I’ve seen rates as high as 11% for some loans offered to med students, which I can’t fathom considering the rate banks are borrowing at.
I’ve read some papers claiming that a 130/30 long/short portfolio is the best way to guard against extreme loss.

 

[gyngyn]

Let's try to stay on topic, please.