Defer for 1 year+2 years full tuition scholarship?

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KLycos

KLycos

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So the school I plan on attending has over-accepted. Our class is given the unique opportunity to defer for a year and get the first 2 years of med school paid for. I am hoping to get some advice on this matter.

Pros: 2 years free money, most likely totaling a total value of 140k

Cons: One year of high $ earning potential lost.
Possibility that this money might be considered taxable and the full effect of the savings might be dampened.

Others: weight in plz.What would you do?
 
KLycos said:
So the school I plan on attending has over-accepted. Our class is given the unique opportunity to defer for a year and get the first 2 years of med school paid for. I am hoping to get some advice on this matter.

Pros: 2 years free money, most likely totaling a total value of 140k

Cons: One year of high $ earning potential lost.
Possibility that this money might be considered taxable and the full effect of the savings might be dampened.

Others: weight in plz.What would you do?
Click to expand...

This sounds incredible. I would take the offer if I were you. You cut your cost of attendance approximately by half, so you have less to worry about in the way of finances while in school, and when you graduate you pay off loans in half the time, potentially. Out of curiosity, which school is this?
 
NonTraditional3 said:
This sounds incredible. I would take the offer if I were you. You cut your cost of attendance approximately by half, so you have less to worry about in the way of finances while in school, and when you graduate you pay off loans in half the time, potentially. Out of curiosity, which school is this?
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Agreed!

Well, I would mostly be excited because I have so many things I would love to do in another gap year. 👍
 
If you are analyzing this from a monetary perspective, consider the following:

Getting 2 years free is equal to the cost of the tuition itself plus interest payed while in school (greatest impact made by not taking loans till you near the end) and the money thrown down a hole more or less just paying down interest while it still accrues as a resident.

The direct monetary gain from the deferral would depend on whether or not you can slide into a job for the year.

Monetarily, if you start now, you'll have one more year of taxed attending salary before you die, assuming retiring/dying at the same age either way.

However, non-monetarily, you'll be a year younger when you start, vs having a year of your youth spent in reckless abandon outside of med school.

Tough call, depends on priorities.
 
So you'd have a year off with a guaranteed acceptance and you'd get over 100k to do it. That sounds incredible.

Go do what you want to do for an entire year and not worry about the rat race of being accepted places. Go ski in Colorado. Go gamble (safely) in Vegas. Go to Germany.

Go swim in the waters of Lake Minnetonka.

And a better way to think of it isn't losing a year of wages, think of it as you're cutting your med school debt in half. Loans accrue interest and the amount you'll save not having to pay back those loans far outweighs the lost wages for a year.
 
KLycos said:
So the school I plan on attending has over-accepted. Our class is given the unique opportunity to defer for a year and get the first 2 years of med school paid for. I am hoping to get some advice on this matter.

Pros: 2 years free money, most likely totaling a total value of 140k

Cons: One year of high $ earning potential lost.
Possibility that this money might be considered taxable and the full effect of the savings might be dampened.

Others: weight in plz.What would you do?
Click to expand...

No brainer. Take the deal.

Spend the year abroad doing something cool.
 
NonTraditional3 said:
I'm still dying to know what school this is coming from....
Click to expand...

Not gonna name it, but come on...post history.

To OP, take the deferment for sure. Two years of tuition with interest would be a lot more than one year's salary.
 
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I'd take the opportunity in a heartbeat.

Med school ain't cheap, man!
 
Guaranteed spot in medical school + $140k savings.

This would be the one situation where I say you've got the rest of your life to make attending physician salary (while working attending physician hours).

Enjoy your year off as if it were the last vacation you would ever have!
 
Wolverine Fan said:
You're forgetting quite a few cons...

You'll potentially be pushing back meeting your future wife, starting a family, and buying your first home. You'll work one less year in a job you'll hopefully love, and you'll help fewer people over the course of your life.
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Easier to meet a future wife with a year off than as a medical student/resident/attending.

And to the previous poster, don't forget 4th year - the most expensive vacation you will (probably) ever take.
 
DOCBERT said:
It would be very helpful if we knew which school this was so those applying next year would have a heads up that the class is already partially filled (i.e. lower acceptance rate than reported in MSAR). If you can, please let us know!
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By his post history, it looks like Penn State
 
Take that year off and enjoy it. Medical school is rough and the loans with the interest on top of it will make things more complicated when you do become a Physician. I would take this as not only a paid vacation but a dream come true. I think anyone in their right mind would defer in a heart beat. Good luck with your decision.
 
Wolverine Fan said:
You're forgetting quite a few cons...

You'll potentially be pushing back meeting your future wife, starting a family, and buying your first home. You'll work one less year in a job you'll hopefully love, and you'll help fewer people over the course of your life.
Click to expand...

You can't really plan all that; when you try, it rarely works out the way you intended.
 
Ansar said:
By his post history, it looks like Penn State
Click to expand...

Dang, I already applied there.
:/
Hopefully I didn't waste my money. I will have to think hard about filling out that secondary when it comes (which I will probably still do and send off).
 
take the money and run!

...and then come back in a year.
 
Get paid 2 year's tuition to take a 1 year vacation... I wish all life decisions were this hard.
 
KLycos said:
So the school I plan on attending has over-accepted. Our class is given the unique opportunity to defer for a year and get the first 2 years of med school paid for. I am hoping to get some advice on this matter.

Pros: 2 years free money, most likely totaling a total value of 140k

Cons: One year of high $ earning potential lost.
Possibility that this money might be considered taxable and the full effect of the savings might be dampened.

Others: weight in plz.What would you do?
Click to expand...

I'll echo everyone else and say take it. Enjoy a year doing whatever the hell you want.

I highly doubt the money will be taxable. Unless it goes above billed school tuition and fees (e.g. a stipend) it shouldn't be taxable.
 
KLycos said:
So the school I plan on attending has over-accepted. Our class is given the unique opportunity to defer for a year and get the first 2 years of med school paid for. I am hoping to get some advice on this matter.

Pros: 2 years free money, most likely totaling a total value of 140k

Cons: One year of high $ earning potential lost.
Possibility that this money might be considered taxable and the full effect of the savings might be dampened.

Others: weight in plz.What would you do?
Click to expand...

Unless your family is fortunate enough to have the money to pay for your entire medical school, this is a no brainer. You won't even really notice the year of potential lost wages over the course of your life, but you will definitely notice the dramatically decreased monthly loan payments when you get done with residency and first start working as a doctor.
 
I'm so jealous of you right now.....

I would 100% defer and get the two years free.
 
KLycos said:
So the school I plan on attending has over-accepted. Our class is given the unique opportunity to defer for a year and get the first 2 years of med school paid for. I am hoping to get some advice on this matter.

Pros: 2 years free money, most likely totaling a total value of 140k

Cons: One year of high $ earning potential lost.
Possibility that this money might be considered taxable and the full effect of the savings might be dampened.

Others: weight in plz.What would you do?
Click to expand...

140k seems a bit high, are they covering housing as well?
 
Out of curiosity what happens if you don't accept the offer?
 
DOCBERT said:
It would be very helpful if we knew which school this was so those applying next year would have a heads up that the class is already partially filled (i.e. lower acceptance rate than reported in MSAR). If you can, please let us know!
Click to expand...

Thank you, presumptive moderator! I'll be sure to let all of the moderators know how helpful you are! 👍 :idea: 👍

:zip::zip::welcome::welcome::welcome::zip::zip:
 
tantacles said:
I say you should wait. EVERYONE should wait. Do not make this decision until after July 1. If enough people DON'T make the decision, they may offer something even better.

Also, guys, it's Penn State.
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Probably a bad idea. People are going to jump on this opportunity and the available deferral slots are going to go quick.

Sent from my HTC Glacier using Tapatalk 2
 
This just sounds to good to be true!! If it is true then this is like literally winning a small lottery, I would have been the first person to defer.
 
tantacles said:
I say you should wait. EVERYONE should wait. Do not make this decision until after July 1. If enough people DON'T make the decision, they may offer something even better.

Also, guys, it's Penn State.
Click to expand...

What if everyone goes for this package and they reach their enrollment goal? Then you can't take the offer 🙁
 
OMG DO ITTTTTTTTTTTTTTTTTTTTT!!!!! Not even a question. Plus, in the end, you will love having a year off (I did, and most others I know did, as well).
 
I would do it. It's a no brainier and you can use this time to get a head start on studying for Step I.
 
someone said it's on a lottery basis so i'm guessing that that doesn't mean guaranteed full tuition for those two years.
 
MDschoolorbust said:
So you'd have a year off with a guaranteed acceptance and you'd get over 100k to do it. That sounds incredible.

Go do what you want to do for an entire year and not worry about the rat race of being accepted places. Go ski in Colorado. Go gamble (safely) in Vegas. Go to Germany.

Go swim in the waters of Lake Minnetonka.

And a better way to think of it isn't losing a year of wages, think of it as you're cutting your med school debt in half. Loans accrue interest and the amount you'll save not having to pay back those loans far outweighs the lost wages for a year.
Click to expand...

I really appreciate this haha.

I would defer too-the total amount of money saved when you count loans (1.5-2 times total payback for your loans if you would have taken out loans for that full amount) is a lot. Plus you can get a job (part-time, w/e you want) next year and make even more money to help defray the cost.

If you were a non-trad and like 28 than I'd say it might be a little harder to wait (just on a personal level). If you're recently graduated, I'd do it. It can be tough to temper the enthusiasm for another year but I think it's worth it, congrats.
 
I've been accepted at the same school as the OP. The deal covers tuition for two years, which is either ~40k/year or ~50k/year, depending on in/out of state. Factoring interest on the same amount of loans, this offer is worth ~150k on standard repayment, depending on how long residency takes - i.e., not 150k initially, then building interest through school/residency. The offer will be selected by lottery of those who choose to participate, so there are no guarantees that you will receive the scholarship.

I'm a 29 year-old non-trad. While the offer is enticing, it's not sweet enough for me to take it. It would have to be 3-4 years scholarship for me to consider postponing another year. But if my situation was different - if I was 22 and had something fun to do for the next year, I'd definitely take the offer. Good luck with the decision-making, OP.
 
ARE83 said:
I've been accepted at the same school as the OP. The deal covers tuition for two years, which is either ~40k/year or ~50k/year, depending on in/out of state. Factoring interest on the same amount of loans, this offer is worth ~150k on standard repayment, depending on how long residency takes - i.e., not 150k initially, then building interest through school/residency. The offer will be selected by lottery of those who choose to participate, so there are no guarantees that you will receive the scholarship.

I'm a 29 year-old non-trad. While the offer is enticing, it's not sweet enough for me to take it. It would have to be 3-4 years scholarship for me to consider postponing another year. But if my situation was different - if I was 22 and had something fun to do for the next year, I'd definitely take the offer. Good luck with the decision-making, OP.
Click to expand...

Did it mention how many people will get the scholarship or did it just say it would be selected "by lottery" with no mention of actual numbers?
 
tantacles said:
Did it mention how many people will get the scholarship or did it just say it would be selected "by lottery" with no mention of actual numbers?
Click to expand...

You got it - no mention of actual numbers. Signed paperwork must be received in admissions office by June 28 to be part of the lottery. My gut says there's maybe 5-10 scholarship offers out there. No indication of what happens if not enough people are willing to take the deferment.
 
ARE83 said:
You got it - no mention of actual numbers. Signed paperwork must be received in admissions office by June 28 to be part of the lottery. My gut says there's maybe 5-10 scholarship offers out there. No indication of what happens if not enough people are willing to take the deferment.
Click to expand...

Don't take it. ABSOLUTELY don't take it. There could literally be ONE scholarship that you're all vying for.
 
tantacles said:
Don't take it. ABSOLUTELY don't take it. There could literally be ONE scholarship that you're all vying for.
Click to expand...

LOL. I think there's more than one, but I don't know how many more. I think they'd be able to accommodate one extra student and I really don't think they'd go to all this trouble for just one student, but maybe I'm wrong. Also, I get the feeling that if you enter the lottery but aren't selected, then you just start in August with everyone else who didn't enter the lottery. It doesn't sound as though you have to take the deferment whether you get the scholarship or not. I would make sure to call to double check that though if I thought I wanted to take the offer.
 
If this is a lottery for a deferment AND a scholarship take it. If its for deferment and then the scholarship is a lottery do NOT take it. I would be calling the school to clarify this before I signed any paperwork.

And I agree with ARE83, if you are a nontraditional student I would probably not take it, but if you are 21-24ish I would definitely take it.
 
So is it that, if you defer you could possibly get the scholarship, or you sign up for the lottery and if you get it you can defer with the scholarship?

Definitely contact the school for more exact information. Don't leave anything to chance.

Edit: Two posts above me said the same thing. HA It must be good advice!
 
Just got more info from the school. It's 10-15 slots - so my guess was low!! And the deferment will not be imposed upon anyone should they not receive the scholarship. Again, if I were 22, I'd probably jump at this offer, but that is not my situation. Also, that means 10-15 slots will be taken before the applicants in this cycle even begin interviewing...
 
ARE83 said:
Just got more info from the school. It's 10-15 slots - so my guess was low!! And the deferment will not be imposed upon anyone should they not receive the scholarship. Again, if I were 22, I'd probably jump at this offer, but that is not my situation. Also, that means 10-15 slots will be taken before the applicants in this cycle even begin interviewing...
Click to expand...

10-15 isn't a lot.
 
tantacles said:
Thank you, presumptive moderator! I'll be sure to let all of the moderators know how helpful you are! 👍 :idea: 👍

:zip::zip::welcome::welcome::welcome::zip::zip:
Click to expand...

I swear I thought he/she was a mod.



OP- Assuming you're a traditional applicant, you really only get once chance to live young, and although you miss out on potential high earnings for a year, you can't really put a price on living and doing whatever you want when you're young.
 
It's a good thing Penn State has a fairly large class (140-150?), otherwise 10-15 deferments would take up a large chunk of next year's acceptances.
 
Jaqen Hghar said:
It's a good thing Penn State has a fairly large class (140-150?), otherwise 10-15 deferments would take up a large chunk of next year's acceptances.
Click to expand...

To be honest, in any case, it's only 10-15 PEOPLE, meaning it doesn't have a huge impact on who will and won't be accepted to medical school next year.
 
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