Accepted to top choice (Stanford) - continue interviewing for chance of better financial offer?

[iwts]

Hey guys! Hoping you all can provide some insight 🙂

I am so fortunate to have been accepted to my top choice so early! But this also puts me in a bit of a dilemma of whether to continue interviewing.

Fit-wise, no school will beat Stanford for me. Unfortunately, from browsing the past years' Stanford threads, it seems that Stanford is usually more expensive and gives less aid than it's peer schools. Do you think it's worth it to continue interviewing at other schools I've been invited to for the chance of a better financial offer?

Pros:
Chance at scholarship (CCLCM, UMich)
Chance at better finaid
(Harvard, Yale)

Con:
Money (flight from California)
Time. I'm already pretty exhausted from flying for interviews, plus I'm almost out of vacation and sick days for work.

I'll need a fairly moderate/large difference in COA to sway me away from Stanford, do you think the chance of getting such an offer is big enough to make it worth attending these interviews?

ALTERNATIVELY, does anyone know if Stanford is open to matching financial aid offers from peer schools? (Not merit, they say explicitly they don't offer merit)

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[wiloghby]

I don't know whether you should continue to interview or not, but please go to Stanford. Please. I moved to California after graduating from MIT in 2007. One of the three of us from MIT who signed a lease together was about to start her first year as a Stanford medical student. Our apartment was 7 miles from campus, too. Years later I am now applying to medical school, and when I look back at how incredibly "normal" and well-adjusted her life as a medical student was in MS1 and MS2, I am so, so jealous. She had the time of her life and is now doing her residency at MGH.

When it comes to quality of medical education coupled with quality of life, Stanford cannot be beaten. The campus and surrounding area is paradise. As for me, I knew better than to even apply there :] But my cycle is going okay so far.

Anyway, it sounds from your post that you are definitely going to Stanford anyway. I'm glad to hear it...I just wanted to share my opinion. And of course it's just that...an opinion.

 

[Lya]

When you say "chance at scholarship/finaid," does it mean you already received interview invites from the schools you mentioned?

If I were you, I would just be happy with Stanford acceptance, keep doing your work and save money (I wouldn't take a risk to get fired from my job, since you mention you are almost out of vacation and sick days from work). You seem already happy with Stanford, and it looks like a great fit for you. I would just keep it that way and enjoy the current job.

 

[scarletgirl777]

Did you go to a school like Stanford for undergrad? Did you get good need-based financial aid then? If so, it's likely you'd get good need-based financial aid from schools like Harvard, Yale etc. Stanford definitely has a lot less aid than it's peers, but if you'd need a free ride or something in order to not go to Stanford then it's unlikely that would materialize. Although apparently Columbia in the past has given out free tuition and free housing as well (because they have their own apartments). But there can be as much as a 10 or 15 k difference per year in cost of attendance even among schools that give good financial aid. Part of that is generosity of scholarship, part of that is differences in tuition or projected cost of living. A $300 flight to the east coast is nothing when we're talking about an acceptance that could save you tens of thousands of dollars.

 

[lobo.solo]

According to msar the average debt for stanford grads is 101,462. This is considerably less than other schools in California and one of the lowest one in the nation. so I think you're in good shape here.

 

[solitarius]

Do you have interviews scheduled already? Harvard, Yale, Michigan.
Do you think you can fake the eagerness needed at these other interviews
Are you tired of paying for interview costs for the chance at a great package?

Super congrats.

 

[scarletgirl777]

According to msar the average debt for stanford grads is 101,462. This is considerably less than other schools in California and one of the lowest one in the nation. so I think you're in good shape here.

Those average debts mean very little. What they are actually often a reflection of is what percentage of students have parents paying for med school. It was definitely assumed to be the norm at my med school.

 

[iwts]

To answer the questions posed (sorry idk how to quote on phone):

• Yes, I'm already holding invites from the schools I mentioned. Have not yet chosen dates.
• No risk of getting fired, but I personally feel bad for missing so much work.
• Yes I went to an Ivy for undergrad and got significant aid. (Stanford also offered me less in undergrad but they partially matched a higher offer when I asked)
• CCLCM has full ride, UMich has full or even half-tuition that will definitely make me pause in my decision-making. It's a lot of $$! I would be happy attending any of the schools I mentioned since I already threw out other interviews at schools that I wouldn't go to over Stanford even with a full ride. So no "eagerness faking" necessary 😛
• I'm unsure whether Harvard and Yale will offer a good amount better finaid, and would appreciate anyone's insight on this.
• Also I'm thinking that maybe there's a chance Stanford may match a higher finaid offer should I get one. Again insight appreciated on this 🙂

And yeah like scarletgirl said, Stanford has lower avg debt, but per SDN, a lot has to do with richer families paying. Those who rely on finaid tend to get less from Stanford than from peer schools.

Edit: PS though I do like the nicer Cali weather, I'm willing to live wherever for med school. BUT I am dead-set on a California residency.

 

[nemo123]

According to msar the average debt for stanford grads is 101,462. This is considerably less than other schools in California and one of the lowest one in the nation. so I think you're in good shape here.

MSAR says that, but people on last year's Stanford thread were going nuts about financial aid because they couldn't figure out why average indebtedness was so low. Stanford supposedly is ~$25,000 per quarter (3 quarters per year except for 3rd year when it's 4) and the maximum grant they award is $11K per quarter, which means approximately $40K is leftover in loans. People say that it's supplemented by research money and TA money, but no one really understands how the average indebtedness is so low even considering all of that.

OP, last year's thread said that Stanford DOES NOT match financial aid to other institutions. Harvard and Yale comparatively give much better aid according to other students. They use a unit loan system (~$25K per year, which beats Stanford's potential $40K in loans/year). However, your award amount will of course change depending on your parental income.

 

[iwts]

And thanks wiloghby for your input! I love Stanford so much, and that laid-back paradise you describe is exactly why. Plus innovation opportunities!

But these other schools are also wonderful (less wonderful than Stanford but still 😛). And no doubt that less debt will make me happier in residency so there's the dilemma 🙄

 

[lobo.solo]

Those average debts mean very little. What they are actually often a reflection of is what percentage of students have parents paying for med school. It was definitely assumed to be the norm at my med school.

Mmm... Makes sense I guess. However I thought Stanford was pretty generous with financial aid...

 

[seeinghowitgoes]

I would take the interviews at the schools where you have a reasonable chance at a lot more money. Stanford is great (though I won't throw blanket statements about quality of life because it's so dependent on the person) no doubt, but if you can get into a place like CCLCM or compete for merit money at UMich (the two I would say make the most sense to go to the interviews because they each offer a lot of people a lot of money) you'll get a great education at a fantastic institution for not only lower (or zero) tuition but also lower cost of living as well.

At the level of med school you're talking about, assuming you won't be "faking eagerness" as it's been put, I think money is the differentiator, and UMich and CCLCM sure cover a lot in that department.

Congratulations on your success to date, and good luck with it all!

 

[solitarius]

Edit: PS though I do like the nicer Cali weather, I'm willing to live wherever for med school. BUT I am dead-set on a California residency.

Well, if that's the case, then interview at Harvard and Yale. IF you get in, then compare the aid offers. Reality is that financial aid is an individual experience. Schools may be generous with aid in general, but that doesn't mean they're generous with you.

 

[calvnandhobbs68]

At the very least go to the CCLM(guaranteed full scholarship if youre accepted) and Michigan (lots of scholarship money floating around) interviews.

 

[SN12357]

Honestly in your case I would go to all of those interviews unless you REALLY want to stay on the west coast to the point where a major scholarship offer wouldn't persuade you to go elsewhere. All four of those schools you have invites to are amazing schools with lots of money to offer.

I also struggled with this question recently after being admitted to one of my top choices; without the actual financial offers on the table I don't feel it makes sense to turn down the schools with deep pockets.

 

[knv2u]

First off, congratulations on your acceptance and interview invitations. You have a "problem" that most pre-meds would love to have.

Unless you know the financial affairs of the students receiving those financial aid packages, then I think a comparison of financial aid packages for other candidates across institutions is pretty much worthless. Each school has its own formula and policy for determining institutional aid, and your experience may very well differ. If there is a chance you would choose the other schools, then I would interview provided that it would not create a financial burden on you. If it is unlikely that you would choose other schools over Stanford unless there was an substantial difference (please define substantial for us), then you may be better off to enjoy the rest of your time and save the money for medical school.

Edited to add: I do think a full scholarship offer or potential offer would be worth interviewing for; I'm referring to the Ivies.

 

[jw3600]

I'm assuming that you have a stellar application based off the impressive schools which have extended you interview invitations and your acceptance at Stanford. I personally would rather go to a "less competitive" (in my opinion this is mainly arbitrary and if significant, very subjective) private school with a full ride than attend Stanford, Harvard, Yale etc. at sticker. I feel that obtaining a full scholarship, or at the very least a massive one, at a great school is a very realistic possibility for you. To me total cost of attendance is no joke. Quarter millions dollars is a hell of a lot of money. Unless you are independently wealthy or have family money I personally think it is the top priority. This was always my biggest concern and most older physicians have advised me of the importance, even with their tuition being considerably lower and with great rates (2-4%), deferred until after residency. I'm sure you have considered all of this. Just wanted to put my 2 cents forward, in case you hadn't and for others reading. You ultimately will have to wait until you see all your financial offers because Stanford may be reasonable. I do feel that average debt is not very informative because all that matters is your debt. I would not be surprised if Stanford's was lower because of people with more well off parents, as you alluded.

 

[Great White Buffalo]

Yes, go for the best deal you can get. Then, please please please drop your University of Michigan spot so I can have it!! Ha ha ha. Doesn't work that way, I'm instate and you're OOS. Best of luck in getting a good financial package!! It is a long road, and the less debt you have, the more you can follow your dream without as much financial consideration out of the gate.

 

[iwts]

Thanks everyone for your input! A lot of you are saying to go for the schools since they give lots of $$ - I completely agree and am leaning towards attending at least a couple more! BUT it's only a small chance that I (1) get accepted AND (2) get a lot of $$. Just because I attend doesn't mean I'll get it.

So yeah I do want the best financial offer, but I'm just worried that I'll spend $$ & time attending these interviews, and then fail to get better offers / acceptances.

Knv2u asked to me to quantify the difference I'd need - that's really hard gauge but if I HAD to say, I'd guess somewhere in the 50-100k range. Or 12.5-25k/yr. Is that reasonable?

 

[deleted526486]

Hi iwts.

I interviewed at Stanford recently and the during the financial aid presentation, they said that Stanford does not match offers from other schools.

However, they have a lot of financial aid opportunities that would definitely lighten your loan burden. Firstly, they offer their own institutional loans which are 0% interest through medical school and residency (there is a limit on how much you can take, though). They also have a middle income assistance program for students who do not receive a lot of grant aid. Through this program, Stanford matches a student's or parent's contribution up to 5500 dollars per quarter in grants. Also, they have the medical scholars, which provides tuition help and a stipend for those doing research. You can do 100% medical scholars during the summer (which is ~40 hrs/week) and you can also do 50% or 25% (20 or 10 hrs/week) during the school year. You can also become a TA for a medical school or undergraduate class, which we were told pays ~30,000 for two quarters of work.

 

[calvnandhobbs68]

Thanks everyone for your input! A lot of you are saying to go for the schools since they give lots of $$ - I completely agree and am leaning towards attending at least a couple more! BUT it's only a small chance that I (1) get accepted AND (2) get a lot of $$. Just because I attend doesn't mean I'll get it.

So yeah I do want the best financial offer, but I'm just worried that I'll spend $$ & time attending these interviews, and then fail to get better offers / acceptances.

Knv2u asked to me to quantify the difference I'd need - that's really hard gauge but if I HAD to say, I'd guess somewhere in the 50-100k range. Or 12.5-25k/yr. Is that reasonable?

Isn't CCLCM tuition free or has that changed since a few years ago? In that case, you'd be automatically getting the scholarship with acceptance.

Yes, 12-25K a year is absolutely reasonable for Michigan. I know for a fact they give out scholarships in that range. The Ivys are more need based, so you probably wouldn't know until they crunched your FAFSA numbers.

 

[Gauss44]

I was going to ask the same question.

Additionally, I was even thinking about talking about my financial situation in my personal statement and saying directly how much I would value a scholarship. (My financial situation resulted from events that will likely serve to make me a good doctor so it would fit right in. An example would be medical expenses and the experience of being a patient.)

 

[calvnandhobbs68]

I was going to ask the same question.

Additionally, I was even thinking about talking about my financial situation in my personal statement and saying directly how much I would value a scholarship. (My financial situation resulted from events that will likely serve to make me a good doctor so it would fit right in. An example would be medical expenses and the experience of being a patient.)

No. Your personal statement is not the place to be asking for money.

Plenty of people can't pay for medical school. Saying"I cant pay for medical school so I'd sure like a scholarship!" isn't going to be news to anyone.

 

[Amygdarya]

No. Your personal statement is not the place to be asking for money.

Plenty of people can't pay for medical school. Saying"I cant pay for medical school so I'd sure like a scholarship!" isn't going to be news to anyone.

Not to mention that asking for a scholarship before you are even invited for an interview will make you sound entitled.

 

[star230]

Congrats!

So I was deciding between Harvard and Stanford last year. Harvard requires all students to take out a loan package no matter what your income is, so your income is low, Harvard might not be a good place. However, my decision was purely based on my gut feeling. After the second visit of Stanford, I feel a strong crush with the place, and I know I will be curious for life about what Stanford can offer even if Harvard is incredible awesome. I know it's cliche, but follow your heart.

However, my personal suggestion is COMING TO STANFORD, AND BE MY CLASSMATE! (I deferred)

 

[star230]

Hi iwts.
You can also become a TA for a medical school or undergraduate class, which we were told pays ~30,000 for two quarters of work.

30,000 for two quarters! Apparently I did not take notes at that time.

 

[vc7777]

Hey guys! Hoping you all can provide some insight 🙂

I am so fortunate to have been accepted to my top choice so early! But this also puts me in a bit of a dilemma of whether to continue interviewing.

Fit-wise, no school will beat Stanford for me. Unfortunately, from browsing the past years' Stanford threads, it seems that Stanford is usually more expensive and gives less aid than it's peer schools. Do you think it's worth it to continue interviewing at other schools I've been invited to for the chance of a better financial offer?

Pros:
Chance at scholarship (CCLCM, UMich)
Chance at better finaid
(Harvard, Yale)

Con:
Money (flight from California)
Time. I'm already pretty exhausted from flying for interviews, plus I'm almost out of vacation and sick days for work.

I'll need a fairly moderate/large difference in COA to sway me away from Stanford, do you think the chance of getting such an offer is big enough to make it worth attending these interviews?

ALTERNATIVELY, does anyone know if Stanford is open to matching financial aid offers from peer schools? (Not merit, they say explicitly they don't offer merit)

Congrats on getting into the school of your dreams! However, I would strongly encourage you, if you have not yet interviewed at CCLCM to not interview here. Or program is unique and demanding for a reason. You have to enjoy the program, philosophy, mission statement, and teaching style. Not better or worse. Just different. Very different. Unfortunately it sounds like your heart is set elsewhere -at a school unlike ours.

You should come to CCLCM for the research training and not for the scholarship. Mind you, I tell this to applicants in person, so this is not just a flippant comment I make anonymously on SDN.

I take umbrage with the constant association of CCLCM and scholarship - specifically on SDN. It is the last of the reasons to come here.

 

[BurberryDoc]

No.
Top choice means the school you attend above all others.
Congratulations! Enjoy the next 7 months!