Another med school finances thread

[hqt331]

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I just recently graduated undergrad and will be entering med school in the fall. I am lucky enough to already have acceptances at one state school + a highly ranked school, am I will probably get a few more. I think it is very likely that I will be looking to get a competitive residency after med school, although I don't know for sure.

My parents can afford to pay for at least part of my med school costs. However, I would much prefer not to receive any more money from them. I will probably not receive any financial aid, and am hoping for merit scholarships at the private schools but not expecting them.

My question is this: should I look to minimize costs as much as possible during med school (ie, go to my state school/pick cheaper locations even if I prefer them less) if I do not receive money from my parents? A lot of the private schools claim to have avg debt of less than $200k, but I don't see how this is possible unless people's parents are paying. Would it be financial suicide to take on like $300k in debt from med school? Or would it be ok if I'm looking at relatively high paying specialties (not sure right now, but I do like neurology as well as ophthalmology, for example)?

Overall, I do not spend too much money on frivolous items, but I do spend a decent amount on two things: rent (paid ~600/mo during undergrad) and food. I would of course cut back if needed, but would prefer not to have to do that in med school if possible.

 

[Drrrrrr. Celty]

minimize debt, but at the same time go to a place you'll feel comfortable with if you can choose.

 

[hqt331]

minimize debt, but at the same time go to a place you'll feel comfortable with if you can choose.

Of course, but assuming going to the private school I prefer puts me ~250k in debt (its roughly $40k a year in tuition like most private schools), is it still worth it?

 

[Barcu]

minimize debt, but at the same time go to a place you'll feel comfortable with if you can choose.

This is good.

I get a little wary when people say, "go cheap, go cheap, go cheap." I mean, I know med school debt seems crazy. And I know there are sure to be examples of people who struggle mightily with med school debt (not living within their means for this mostly). But, it does not seem like there are a ton of people really suffering due to high debt, no matter how much or what they do. So, taking on more debt seems to be okay if you really do want to go to the private school.

Still, there are a few questions you have to ask yourself. Would taking on more debt affect your specialty choice? Would taking on more debt be worth it because the private school may provide more opportunities than your public school?

If you don't want to move out of your state, there really is no reason to not go to your public school (edit: if it is cheapest and you would be happy there). Some public schools are really good. My public school is ranked better than pretty much every private I applied to (rankings aren't perfect, I know).

Cost should be a factor. But I don't think it should be the deciding one. You might spend less at a private, wait for financial aid to come out. You may spend more, but have a better chance of getting into a competitive specialty at a private. You have to weigh these factors.

 

[Drrrrrr. Celty]

Of course, but assuming going to the private school I prefer puts me ~250k in debt (its roughly $40k a year in tuition like most private schools), is it still worth it?

Eh depends really. I mean if I got into Uni of Rochester or Weil( Schools I personally adore) I'd probably go there and say screw the debt. But if its deciding between University of Maryland ( In-state tuition) and another school that I like but am not super wowed by. Well then I'll probably be enrolling in UMD. But that's my personal opinion and you should really do a Pro's & Con's chart and think for yourself.

 

[hqt331]

Eh depends really. I mean if I got into Uni of Rochester or Weil( Schools I personally adore) I'd probably go there and say screw the debt. But if its deciding between University of Maryland ( In-state tuition) and another school that I like but am not super wowed by. Well then I'll probably be enrolling in UMD. But that's my personal opinion and you should really do a Pro's & Con's chart and think for yourself.

Lol dont worry I won't let some SDNer make my decision for me. But I would like some input, especially from people who are in med school, are residents, or ever had debt or a "real" job before.

 

[Kevin Baker]

I don't have much advice to give on the subject, but know that 200k in loans, at the 6.8% number many use, being paid off over 30 years, comes out to 460k in total payment whereas a 10 year loan comes out to about 275k. And thats only a $900 a month difference in your payment.

Regardless of where you go or what you spend, it will be the interest, not the principle, that gets you.

 

[fahimaz7]

You'll soon find out that a lot of your classmates have very wealthy parents, who not only pay for their tuition/fees/living expenses, but they also pay for monthly trips to the carribean, europe, etc.

I attend one of the cheapest medical schools in the country, and our average debt is just shy of 90k. What is the range of debt? $0 if your parents pay for it and up to $200k if you have to pay for it yourself.

With our tuition and fees being ~24k/year... most students will take out 40-45k/year if they are using loans to survive.

 

[hqt331]

Oh yeah, one more thing. I've always assumed that the army/air force scholarships are better for primary care-oriented people, and may constrict your choices if you are looking for competitive specialties. Am I generally right about this?

 

[Barcu]

Oh yeah, one more thing. I've always assumed that the army/air force scholarships are better for primary care-oriented people, and may constrict your choices if you are looking for competitive specialties. Am I generally right about this?

Not really.

If you go military, you will probably aim for a military residency. They have the same specialties as the civilian. However, the competition for them is a bit different. Some specialties harder, some easier. Recruiters will actually show you these numbers if you are curious.

Plus, many AF and Navy HPSP students do civilian residencies because they do not have enough residency spots for everyone (in the Army, they pretty much do, and you have to do military). You also risk having to become a GMO or Flight Surgeon (not as cool as it sounds) for a while before you do your residency. So, some people fear that. But getting into a residency right out of med school and getting into a specialty you want is very, very possible.

The reason it seems to be better for primary care is because you come out debt free, and you get paid well for a primary care doc in the military. It is for other specialties that the military does not pay as well. You do come out debt free, but neurosurgeons and primary care docs pretty much make about the same amount of money in the military. Clearly, that is not the case in the civilian world.

The military route is a good route to go to pay for school. But you have to really want to do military medicine, at least for a number of years. Financial advantages are questionable (maybe not for primary care and other lower paying specialties, definitely questionable for higher paying specialties). Some want to serve, and it's great to start debt free as opposed to working off debt during your career.

If you are at all interested, look into it. Most aren't.

 

[Barcu]

Oh yeah, one more thing. I've always assumed that the army/air force scholarships are better for primary care-oriented people, and may constrict your choices if you are looking for competitive specialties. Am I generally right about this?

Wanted to add a little bit more actually from re-reading your question.

Sometime, fellowships are hard to come by. Or you have to put them off for a few years before you can get into one. Maybe that's what you mean by less choice. Fellowships also add more time to payback (not adds years, but fellowship years don't count toward payback).

The military controls you, and you can (and will) be deployed after residency. There are some headaches in choosing your path, but they do a pretty good job from docs I've talked to.

The fact is the military needs all types of doctors civilians need. They may not need the same proportion of this specialty versus another one, but there are all types of docs in the military. And you can become any type of doc. There are challenges sure, but same with the civilian world.

 

[afob100]

I just recently graduated undergrad and will be entering med school in the fall. I am lucky enough to already have acceptances at one state school + a highly ranked school, am I will probably get a few more. I think it is very likely that I will be looking to get a competitive residency after med school, although I don't know for sure.

My parents can afford to pay for at least part of my med school costs. However, I would much prefer not to receive any more money from them. I will probably not receive any financial aid, and am hoping for merit scholarships at the private schools but not expecting them.

My question is this: should I look to minimize costs as much as possible during med school (ie, go to my state school/pick cheaper locations even if I prefer them less) if I do not receive money from my parents? A lot of the private schools claim to have avg debt of less than $200k, but I don't see how this is possible unless people's parents are paying. Would it be financial suicide to take on like $300k in debt from med school? Or would it be ok if I'm looking at relatively high paying specialties (not sure right now, but I do like neurology as well as ophthalmology, for example)?

Overall, I do not spend too much money on frivolous items, but I do spend a decent amount on two things: rent (paid ~600/mo during undergrad) and food. I would of course cut back if needed, but would prefer not to have to do that in med school if possible.

It really depends on what the schools are and the actual tuition costs/costs of living. Without hard numbers and actual schools, it's very difficult to recommend one or the other.

 

[hqt331]

It really depends on what the schools are and the actual tuition costs/costs of living. Without hard numbers and actual schools, it's very difficult to recommend one or the other.

This is what the options come down to, you might be able to figure out what schools I'm talking about just from the numbers.

top 20 school, relatively cheap location, $40k tuition
top 20 school, big city/expensive location, little over $40k tuition
top 50 school, cheap location, $26k tuition
unranked school, average priced location, $23k tuition

I haven't got into all these places yet, just 2, but in an optimistic scenario. In case you're wondering, choice #1 is my top choice.

And I fully realize rank isn't everything, since it's driven so much by research money, but just to give you an idea.

 

[45408]

Take the money from your parents and/or go to the cheaper school. Seriously.

 

[JSTAR04]

id go with the cheap school for 26 atleast its in the top 50s

 

[fizzgig]

if your parents really can do absolutely fine without the money for a while then maybe they will enter into a loan agreement with you and let you pay a friendlier interest rate than the banks or the gubmint.

if they 'can' help pay but it would require them to change lifestyle/do belt tightening, then i understand not wanting to do that.

 

[afob100]

If the tuition difference between your top choice and cheap option is $14k, I would take the top choice. ~$56k over 4 years is not much in the grand scheme of things as long as you'll be happier at the top choice. Is there a significant advantage of the top 20 in its curriculum, grading style, environment, etc.? If so, it's even easier to justify the extra money.