So here's the deal, I got accepted to one MD program this cycle but it's also one of the most expensive in the country. I would be looking at around ~320K in loans to a school I'm not too sure about. I am thinking of turning down the acceptance and reapply this upcoming cycle in the hopes of attending a school with lower tuition and possibly in my home state. What are your opinions?
Accepted but thinking about reapplying...
- Thread starter boomshark
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If you were only accepted to 1 MD program how can you be sure you'll be accepted again?
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Depends on your MCAT/GPA and on why you did not get in anywhere else this year (whether it is something that can be fixed within a year or not). This is why people should not apply to school they have absolutely no intention of matriculating.
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What is your new score?
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How much cheaper would your state school be? I'm in sort of a similar position, but realized I'd only be paying about twenty thousand less at my state school. Is that really worth a year of physician salary?
30 to 35. My state school has 7 schools but I felt like I got my apps in late, some people were already accepted when I was filling mine out. Also I had lacked some community service but I've been doing that and would possibly do americorp or find some other job.
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No.
My top choice tuition is around 28k, AND I could live at home. Cutting costs majorly.
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Then I guess if you have a decent GPA, and you turn in your app ASAP, I'd think it actually might be a risk worth taking. You would probably get into a state school at least.
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seems like you already made your choice. 30 - 35 is not very helpful because those numbers go from below average to above average.
yea I certainly know its a major risk, but I felt like I didnt get love from my state schools because of my timing.
And I am a hispanic with an engineering degree and a 3.6+gpa.
Also if I withdraw my acceptance prior to April 1st no medical school I reapply to can see correct?
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I'm not sure about the withdrawing rules. But given your case, I'd think it would be worth it for you to reapply. Someone who wants the spot will get it, and you'll most likely go where you want. Just check on those rules to make sure withdrawing after an acceptance won't hurt you. I'm not sure if schools would even be able to know. Unless they've accepted you, right now they don't know where else you've been accepted.
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Well, back to the old "one year of attending salary" argument.
Option 1: Start this year, go $320k in debt.
Option 2: Reapply and maybe start next year, go $100k in debt.
If you do anything besides primary care, you'll be making more than $220k as an attending.
Your choice.
Option 1: Start this year, go $320k in debt.
Option 2: Reapply and maybe start next year, go $100k in debt.
If you do anything besides primary care, you'll be making more than $220k as an attending.
Your choice.
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I'm not so sure about that. It is a significant difference with a couple deviations difference, so it will look alot better than the 30. He's also Hispanic and according to AAMC stats a Hispanic with a 35 has pretty good odds on being accepted.
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Oh, well that should make a big difference. If you really think you would be unhappy, you should reapply. Will schools be able to see you had been accepted this cycle? Declining an acceptance may be awkward to explain during an interview.
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The salary is a good point. You would most likely make up for the debt in that extra year of salary. Something to think about if money is your only reason. If you like the school's location better than home, I 'd say it's worth it keeping your acceptance. It's good to branch out, and money should not be a factor in this decision.
yea, I'd just prefer less debt from a psychological standpoint. Plus I hear every dollar of debt I go into now I payback basically 2 dollars.
basically I ran the 10 yr standard repayment plan with the school and id be paying back 655k all in all.
with 100k I could nip it pretty quick I think.
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It depends on how long it takes you to pay it off. If you live like you live now, you could pay off your debt in a few years. But we ALL know that's not going to happen.
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That's great assuming you get in, which you might not.
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good luck in your premed goals of 2014.
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Really?
http://toptennation.blogspot.com/2008/11/top-10-most-expensive-dental-schools-to.html
Looks about the same.
If your concern is only based on money, I'd suggest you stick with the school that you're accepted at. There aren't any guarantees in this crazy process and I'm guessing it would feel pretty terrible if you weren't successful next cycle for whatever reason.
But to allay some of your debt fears, just be especially frugal your first year or two as an attending. To provide a quick example, let's assume that you are 21 years old today. Let's say you go to your expensive school this year and make $50k in the last year of your residency at age 28 and then you make $200k in your first year as an attending at age 29. If you budget your first attending year like you are still a resident you can take that $150k difference and pay down the principle of your debt, so now you're sitting on about $170k (plus interest accrued over school/residency).
In your other uncertain route (in which you may not even be accepted next cycle), you would start a year later at age 22 and you'd be an attending at 30 w/ about $120k (plus interest) in debt. In both cases you're living like a resident until you're 30 years old, but the second scenario is a lot less certain.
Obviously the numbers and scenarios are just a quick/simplified example and not exact by any means (I'm not about to bust out a calculator), but they're meant to provide an example. The debt we're all about to accumulate is indeed daunting, but as long as we are smart about it it shouldn't be unbearable. Good luck with whatever decision you end up making!
But to allay some of your debt fears, just be especially frugal your first year or two as an attending. To provide a quick example, let's assume that you are 21 years old today. Let's say you go to your expensive school this year and make $50k in the last year of your residency at age 28 and then you make $200k in your first year as an attending at age 29. If you budget your first attending year like you are still a resident you can take that $150k difference and pay down the principle of your debt, so now you're sitting on about $170k (plus interest accrued over school/residency).
In your other uncertain route (in which you may not even be accepted next cycle), you would start a year later at age 22 and you'd be an attending at 30 w/ about $120k (plus interest) in debt. In both cases you're living like a resident until you're 30 years old, but the second scenario is a lot less certain.
Obviously the numbers and scenarios are just a quick/simplified example and not exact by any means (I'm not about to bust out a calculator), but they're meant to provide an example. The debt we're all about to accumulate is indeed daunting, but as long as we are smart about it it shouldn't be unbearable. Good luck with whatever decision you end up making!
Wouldn't lots of students at private schools have a near 300k debt? 55K/year tuition seems to be the norm, plus 15k/year for living, that adds up to almost 300k. If so many other people can do it (somehow), you should be fine under only slightly worse circumstances.
Considering the proportion of private schools and OOS students at public schools, probably half of all medical students had to pay almost 300k for medical school.
Considering the proportion of private schools and OOS students at public schools, probably half of all medical students had to pay almost 300k for medical school.
Those numbers are outdated ... I would know since I interviewed at those schools this cycle. For each school on that list ADD another 15k-20k.
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don't get too cocky now...
consider yourself lucky and just go to medical school while you still can.
consider yourself lucky and just go to medical school while you still can.
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If you just applied late then make sure you apply on day 1 next year if you're reapplying
If you applied early and only got one invite then either improve your stats or go with what you have available
Doctors have high income, so don't worry about loans
If you applied early and only got one invite then either improve your stats or go with what you have available
Doctors have high income, so don't worry about loans
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You stand a good chance of being accepted if you apply again, but
don't ever apply to schools you have no intention of attending. You're taking away an interview spot from someone who may actually want to attend. Consider the school carefully before submitting an app.
don't ever apply to schools you have no intention of attending. You're taking away an interview spot from someone who may actually want to attend. Consider the school carefully before submitting an app.
If someone offers you a honda civic do you turn them down and hope they'll eventually offer you a bmw? Attending medical school isn't some sort of right or entitlement...something you may find out next cycle when other medical schools see you're been accepted to a program and turned them down. You should be grateful this school wants you as a student.
says who? if I withdraw prior to april 1st how can other schools know?
and im completely aware of this now. I think I could caught up in applying to schools around my stats instead of schools around my stats in locations I would enjoy.
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Don't do it. You can't guarantee an acceptance next cycle.
and then multiply it by 4 years, and you easily have 400-500k in loans. 300k is the new normal.
I would kill for 100-150k in loans... 😀
Also, if you re-apply, there is a question on the AMCAS that asks if you've been accepted to MD, DO schools in the past both in the U.S and internationally. So even if AMCAS doesn't have you on record as receiving and turning down an acceptance, you will have to answer that question truthfully. Also, I agree with the other poster that once you get an acceptance, it's in the system no matter when you withdraw. Have you filled out background check info already? Also, the school you have gotten into might have a super high tuition, but you might get scholarships/very good financial aid. Acceptances are hard to get by, and I would just go if I were you and not risk not going to med school at all...
Glad someone else noticed this too.
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Don't do it imo
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Have you gotten financial aid information yet? My school has a COA of 70K per year, but I only need to take out about 40K in loans.
Cost is something you should certainly look at, but at this point, you need to decide whether or not you want to be a doctor, because there's no guarantee that you will be accepted again, especially if you've already been rejected by your state school.
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Take the offer, foo.
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I think realistically you're stuck. You're in an awesome situation to be in. But applying to a school you don't really want to attend is first day stuff man.
I wonder if you can defer for a year and apply elsewhere. You'll still have to check a box that you've been accepted though. Matriculate and be happy.
I wonder if you can defer for a year and apply elsewhere. You'll still have to check a box that you've been accepted though. Matriculate and be happy.
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I think most schools allow you to defer on the contingency that you will not apply to any other schools.
