BCOM vs LUCOM vs Caribbean

[mathnerd88]

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I agree 100%. I think student diversity is really important because it brings you in contact with people from different cultures and upbringings than you. I feel that having a diverse student class will help you deal with diverse patients. Diversity is important for me personally and one of the biggest factors in helping me choose a school

From what I've been told, people generally study in groups, or by themselves. In the end, you'll probably either study by yourself, or work with people whom you interact well with, regardless of diversity.

I'm not saying diversity doesn't matter, but it isn't something to be overly excited/impressed about. In college, I worked with and studied well with many groups who I interacted well with, minority or not.

When you're stuck hours a day studying from a book, you're not going to have time to really "experience" the diverse culture of another student. You're all going to be reading textbooks and teaching each other.

 

[AwayFromReality]

Hmm, in NYC, I see listings for FP that are being paid at $90/hour, which translates to $163,800 annually. I guess we can never really know. Salaries fluctuate depending on the area.

Correct me if my math is wrong here: $90/Hr * 40hr/Week * 52weeks/year = $187200. Sure a FP might not work all 52 weeks and maybe do less than 40 hours a few weeks here and there but it still wouldn't account for the $163,800 figure you mentioned.

 

[RTchill]

Interesting, because RowanSOM claims to be #1 in diversity. I'm not sure if that's something to be super impressed about. Yes, diversity is good, but it isn't going to affect my medical education, or anyone else's, for that matter, when most of it is independent study. What I care about, (and most students would) is what can the school offer me that other schools cannot? That's the key difference for those who are comparing schools.

http://www.rowan.edu/som/about/

RowanSOM is ranked #1 of all U.S. osteopathic medical schools in diversity.

• Underrepresented minority student enrollment (18%)
• Total minority student enrollment (56%)
• Pipeline and articulation programs support the school’s diversity commitment

The BCOM report doesn't claim for be #1 in diversity (unless I just missed it) so I'm not sure why the comparison to Rowan? You don't need to be impressed by the diversity, but it is something I care a lot about, especially as a Native student. When you are URM the diversity of your peers (both racial/ethnic and life experience) can certainly affect your education, and I just think it is nice and encouraging for there to be a large proportion of Native and Hispanic or Latinx students at a school that will be serving a large Native and Hispanic population. I never said I cared MORE about diversity than what the school could offer me, that'd be silly, it is just an added bonus that would make me feel more comfortable and engaged in the community. Frankly, this school can offer me (personally, not everyone) a lot because I am very passionate about and plan to pursue a career in American Indian and Alaskan Native healthcare.

Sorry if I sound defensive (not trying to be), it is just pretty annoying when people tell me what I should or should not care about or be impressed by...ya know, since I'm not trying to speak for anyone other than myself.

 

[mathnerd88]

Correct me if my math is wrong here: $90/Hr * 40hr/Week * 52weeks/year = $187200. Sure a FP might not work all 52 weeks and maybe do less than 40 hours a few weeks here and there but it still wouldn't account for the $163,800 figure you mentioned.

Oh, the listing only says 35 hours per week, not 40.

 

[AwayFromReality]

Oh, the listing only says 35 hours per week, not 40.

Ah ok, makes sense

 

[mathnerd88]

The BCOM report doesn't claim for be #1 in diversity (unless I just missed it) so I'm not sure why the comparison to Rowan? You don't need to be impressed by the diversity, but it is something I care a lot about, especially as a Native student. When you are URM the diversity of your peers (both racial/ethnic and life experience) can certainly affect your education, and I just think it is nice and encouraging for there to be a large proportion of Native and Hispanic or Latinx students at a school that will be serving a large Native and Hispanic population. I never said I cared MORE about diversity than what the school could offer me, that'd be silly, it is just an added bonus that would make me feel more comfortable and engaged in the community. Frankly, this school can offer me (personally, not everyone) a lot because I am very passionate about and plan to pursue a career in American Indian and Alaskan Native healthcare.

Sorry if I sound defensive (not trying to be), it is just pretty annoying when people tell me what I should or should not care about or be impressed by...ya know, since I'm not trying to speak for anyone other than myself.

I agree with you. I apologize if it came out that way. I would like to believe all medical students are considered equal and we all help one another, no matter where they're from and background they were raised. I like the sense of family that some schools create, not competition. I'm not sure about BCOM, but if it indeed has a sense of "family," then it would be very beneficial for its students.

I would choose that over another school where they make students compete with each other with grades.

 

[NBLogical]

Not really familiar with private loans to give a good answer. I would think you start paying them during residency, not sure how deferment works after school is completed. The real killer is that the interest starts incurring will in school, unlike subsidized federal loans.

Fed loans > Private loans because of repayment programs (IBR) such as ICR/PAYE. However, if you also work at a non-profit (like a hospital), you can work towards something called PSLF. PAYE is 25 years repayment and any left over, it adds on as income for that year. When you pay taxes on that, it's known as the "tax bomb". However, PSLF is for 10 years, and the remaining gets extinguished (thanks Uncle Sam). (Sidebar: There are current discussions on whether PSLF will be capped at 57k, which would mean any left over after 57k is removed would probably be added as additional income.

Why is this important?
When you're a resident, you're not in school. When you're not in school, repayment begins 6 months after you're out. 200k loan, let's say, will have a hefty payment in the thousands (maybe 2-3k). But as a resident, you make $50k, meaning your monthly salary before taxes is around $4k. I can't afford that, so with fed loans, you apply for IBR programs and pay 10% (ICR) or 15% (PAYE) [percentages might be switched] of your salary. Each payment counts as a monthly payment towards your 10 years in PSLF. Also, there is deferment and forbearance if you can't pay.

With private loans, there are no IBR programs. So that 200k loan with 2k payment that's due? Tough luck, you'll have to pay somehow.

It's not the interest that's bad, it's how flexible you can be with your repayment options.
I also know banks have certain loans for med students/doctors. I think there's one called a doctor mortgage loan for when you're ready to buy a house. Again, great option to have, but who's in the driver's seat? You or the banks?

 

[RTchill]

I agree with you. I apologize if it came out that way. I would like to believe all medical students are considered equal and we all help one another, no matter where they're from and background they were raised. I like the sense of family that some schools create, not competition. I'm not sure about BCOM, but if it indeed has a sense of "family," then it would be very beneficial for its students.

I would choose that over another school where they make students compete with each other with grades.

cool, I definitely think everyone in med school should be considered equal regardless of their background, but there is a lot to be said (and plenty of literature) for minority students being able to see faces that look like theirs and people that come from similar backgrounds (racially or socioeconomically) in high achieving areas. I think it could possibly cut down on some of the imposter syndrome that we know all med students feel but that can be particularly heightened for some minority students.

Anyway, I think we should just encourage everyone to reach their highest potential and go to the school that they think they will be most likely to succeed at (and leave it up to the individual to define success for their own lives) 🙂

 

[mathnerd88]

cool, I definitely think everyone in med school should be considered equal regardless of their background, but there is a lot to be said (and plenty of literature) for minority students being able to see faces that look like theirs and people that come from similar backgrounds (racially or socioeconomically) in high achieving areas. I think it could possibly cut down on some of the imposter syndrome that we know all med students feel but that can be particularly heightened for some minority students.

Anyway, I think we should just encourage everyone to reach their highest potential and go to the school that they think they will be most likely to succeed at (and leave it up to the individual to define success for their own lives) 🙂

Well said

 

[Booster_Gold]

From what I've been told, people generally study in groups, or by themselves. In the end, you'll probably either study by yourself, or work with people whom you interact well with, regardless of diversity.

I'm not saying diversity doesn't matter, but it isn't something to be overly excited/impressed about. In college, I worked with and studied well with many groups who I interacted well with, minority or not.

When you're stuck hours a day studying from a book, you're not going to have time to really "experience" the diverse culture of another student. You're all going to be reading textbooks and teaching each other.

As a a minority who grew up in a predominately white neighborhood, I never realized on some of the things I was missing out on when I came to college. It may not be important for you, but it really is for me. I do totally see what you are saying. and will probably be the case, but for me, it's important to be in a diverse environment to grow as a person and eventually a physician. Different strokes for different folks haha

 

[soccermac42]

Well now that you cannot read any real opinions because of all the unnecessary conversations I hope you see this. LUCOM is not the best, but you will be a doctor. I have two friends who go there. They like it and do not complain about the religion aspect. If you apply to a religious school and get mad over the religion, you should not be a doctor because of poor judgement skills. I was accepted at BCOM and had an interview at LUCOM, turned both down. I think BCOM may have the draw of the "newest and best school" and the populations support, but LUCOM is a safer bet. Either school in the end is a toss up right now because they have no graduates or numbers as other schools do. Just for the love of all things holy do not go to the Caribbean. Good luck.

 

[crazyboi1993]

Even though I dont care much for BCOM, I wouldve chosen that over the other 2.. but all 3 i dont care much for tbh

 

[ahawke100]

bcom incoming class stats are 3.5 and 25 average, their tuition is lower than the average tuition of DO schools, and their student body is really diverse, I read online (someone post link I can't find it) that they have like X times more minority students than the national average

Interesting! Where did you get the stats info?

 

[Dustbowl12]

http://www.lcsun-news.com/story/new...-announce-launch-research-institute/78818550/

""The institute is part of BCOM’s charitable foundation, the Southwest Foundation for Osteopathic Education and Research. The annual operating budget of approximately $600,000 will be provided by the Burrell Group until the institute becomes self-sustaining through grants and service funding, which is expected to occur within five years, Burrell said."

They have already launched a research institute. Ahead of the curve

 

[Dustbowl12]

Interesting! Where did you get the stats info?

Stats and diversity captured in link below

"To date, BCOM has admitted 10 times the national average of Native American students, 4 times the number of Hispanic and 4 times the number of African American students to its class. A substantial number of BCOM’s students are from low socioeconomic backgrounds."
http://www.burrellgroupmtpfs.org/BCOMatNMSU.pdf

 

[Dreamstoo]

From my research of DO schools, BCOM really surprised me of how promising it looks. I would go BCOM > LUCOM > Carib (although, I honestly do not know much of LUCOM besides the poor reputation it seems to have on SDN).

 

[FutureDO08]

http://www.lcsun-news.com/story/new...-announce-launch-research-institute/78818550/

""The institute is part of BCOM’s charitable foundation, the Southwest Foundation for Osteopathic Education and Research. The annual operating budget of approximately $600,000 will be provided by the Burrell Group until the institute becomes self-sustaining through grants and service funding, which is expected to occur within five years, Burrell said."

They have already launched a research institute. Ahead of the curve

This

 

[mathnerd88]

I would just go with whatever school fits you best. BCOM offers more resources, but if you don't fit well with the culture of that school, it will be hard to succeed. There's no use of a school offering so many resources if you're unhappy there.

For example, as a Northeasterner, I would probably not get used to the south and it will be a huge adjustment. It may be more difficult for me to adapt to a school like BCOM instead of a school like UNECOM, PCOM, NYIT, etc.

For me, fit trumps anything else. I would gladly pay more to go to schools that I feel fits my personality best- whether that's location, curriculum, etc. Every school has its pros and cons. Find the school that has the most pros to you and go with that school. Nobody on here can really make that determination to which school fits you best.

 

[68PGunner]

Hmm, in NYC, I see listings for FP that are being paid at $90/hour, which translates to $163,800 annually. I guess we can never really know. Salaries fluctuate depending on the area.

I'm going to correct you so you can drop this 158k for FP bs. I can get a job as a FP in any VA hospitals in the country including Seattle, San Fran, San Diego, NYC, Boston, etc... for about 160k a year net by only seeing about 10 pts a day. That's on top of retirement benefits, 30 leave days, 15 sick days, and 10 federal holidays. Therefore, I expect the private sector pay to be closer to 200k.

Your concern is not factual. EOD.

 

[68PGunner]

Hi everybody!

Longtime lurker here and I'm currently at a huge crossroads in my life and I am just trying to get more opinions and get a feel of different opinions. I have been accepted at BCOM, LUCOM, and Saint George a while ago. Out of these which one do you do you think is the best school to go to and why? I have been putting down deposits for all of them but it has simply been too much money wise, so now I have to pick a school. Here is some of my pro's and cons.

A little about me: I have lived in South eastern USA all my life. Family is important to me and I have a significant other at home also in graduate school in the area, whom I can see spending the rest of my life with. Going away for four years is going to be very difficult as we will have separate lives. This makes me very afraid, but I'm going to be a doctor no matter what.

BCOM

+ good rotation sites
+residencies placed up
+ curriculum better, in my opinion.
+/-diverse student body, who are very excited. Will this cause over-competitive people?
+/- new school. I know it will have new school problems, but I also get to make the school my own.
-FAR away and different area than I am used to. I will have to uproot my life and start new and live without my family and sig. other. Being close to them is very important to me, but my dream comes first.


LUCOM
+closer to my loved ones. While still far, I can still drive for longer weekends.
+ established class, older than BCOM, but still new. Will not have difficulties of being the first class.
+/- student body seems less diverse than the other two looking out, but not completely sure.
? religious aspect. I consider myself liberal and somewhat atheist. I do not mind this and feel like I will get along regardless. That being said I have read about incidents where this might collide with my education.
-rotation sites don't seem that great IMO, but I could be wrong.

St George
+much more established than the other two
+ I know people here. This makes life easier to adjust for me, gives me an established support system, and able to live without my loved ones during this time.
+/-MD, but I know this does not matter
-Yes I know all the carib horror stories.

In your opinion, what would you choose and why? Will my education be the same no matter where I go? This is the most important aspect for me when choosing my school And please do not turn this into an angry thread, I just want a proper discussion.

If any current students can chime in that would be great. Also if anyone has pros or cons I did not think of please post them here.

Thank you!

Take a gap year and reapply. These three choices are disgusting. It's comparable to how do you want to die:

1) Die immediately with a bullet through your head
2) Bleed to death with a vertical cut to your artery
3) Drown to death in a pile of cow dung

 

[AnatomyGrey12]

Take a gap year and reapply. These three choices are disgusting. It's comparable to how do you want to die:

1) Die immediately with a bullet through your head
2) Bleed to death with a vertical cut to your artery
3) Drown to death in a pile of cow dung

You usually have decent advice but this is absolutely horrible...

 

[68PGunner]

You usually have decent advice but this is absolutely horrible...

When it comes to a medical school education which will cost about $300k-400k, you need better choices. I'm not a buyer of Caribbean schools or those disguised as DO schools.

 

[soccermac42]

You usually have decent advice but this is absolutely horrible...

Yeah I agree that advice was just plain rude and negative. The only schools you can even judge at the moment are the Caribbean ones. The DO schools are just getting started.

 

[Dustbowl12]

The biggest enemy to DO perception are overly dramatic DO students.

 

[mathnerd88]

Take a gap year and reapply. These three choices are disgusting. It's comparable to how do you want to die:

1) Die immediately with a bullet through your head
2) Bleed to death with a vertical cut to your artery
3) Drown to death in a pile of cow dung

Interesting train of thought. This "MIGHT" work, and that's a big "IF," if the OP's stats are 3.7+ with a 30+ MCAT. I'm assuming since the OP only got into BCOM, LUCOM, and the Caribbean, that his or her stats are not competitive enough to get in schools that have higher averages.

In order to improve stats to the "caliber" of DO school acceptable to you, the OP has to take another year, pay more for tuition to boost his/her GPA, AND pay for another round of MCAT exam as well as going through more stress and studying. It is also a possibility the OP might not even improve his/her MCAT and/or GPA, thus ending up in the same situation as now.

Also, OP would be considered a reapplicant...

In conclusion, your advice to the OP is not going to help, and only makes it worse.

 

[68PGunner]

Interesting train of thought. This "MIGHT" work, and that's a big "IF," if the OP's stats are 3.7+ with a 30+ MCAT. I'm assuming since the OP only got into BCOM, LUCOM, and the Caribbean, that his or her stats are not competitive enough to get in schools that have higher averages.

In order to improve stats to the "caliber" of DO school acceptable to you, the OP has to take another year, pay more for tuition to boost his/her GPA, AND pay for another round of MCAT exam as well as going through more stress and studying. It is also a possibility the OP might not even improve his/her MCAT and/or GPA, thus ending up in the same situation as now.

Also, OP would be considered a reapplicant...

In conclusion, your advice to the OP is not going to help, and only makes it worse.

A drop in the bucket when it can boost your chances of being a board certified physician by 10-15%. The only name on that list that could potentially be a winner is BCOM. However, I don't gamble 300K away on an ok chance. The additional stress and financial burden is nothing in comparison to medical school. What's your point?

If OP can't muster enough effort to get better choices, he/she needs to reevaluate his/her drive and motivation.

 

[mathnerd88]

A drop in the bucket when it can boost your chances of being a board certified physician by 10-15%. The only name on that list that could potentially be a winner is BCOM. However, I don't gamble 300K away on an ok chance. The additional stress and financial burden is nothing in comparison to medical school. What's your point?

If OP can't muster enough effort to get better choices, he/she needs to reevaluate his/her drive and motivation.

I don't understand. What you can say can be applied to anyone going to DO school. Might as well try harder and go MD right? It will boost your chances by 10-15% in getting into a good residency program. The additional stress and financial burden is nothing in comparison to medical school.

What you're saying is a slippery slope argument. You can even apply it to yourself.

 

[Dustbowl12]

COCA has made making new schools harder, they now require creation of GME and 98% match rate, publishing of board scores, etc.

Look at DO GME expansion in 2015 it is massive and impressive. This is GME being made for ACGME accreditation. Oh btw, our residency training is the same as MDs now.


Everyone needs to
 
calm the hell down.

Outside of a handful of SDN DO students, DO perception is booming. Strides are being made, improvements continue to happen. New schools are affiliating themselves with major state Unis for research (VCOM Auburn, NYIT Arkansas State, BCOM New Mexico State, CUSOM Campbell, etc etc). 

Averages are hitting 30 MCAT and above for many DO schools. 

New schools also being required to create an OPTI.

 CHILLLLLLL.



COMLEX is now accepted for ALL ACGME institutions.
Every year more DOs are breaking the barriers to certain residencies

 

[Dreamstoo]

COCA has made making new schools harder, they now require creation of GME and 98% match rate, publishing of board scores, etc.

Look at DO GME expansion in 2015 it is massive and impressive. This is GME being made for ACGME accreditation. Oh btw, our residency training is the same as MDs now.


Everyone needs to
 
calm the hell down.

Outside of a handful of SDN DO students, DO perception is booming. Strides are being made, improvements continue to happen. New schools are affiliating themselves with major state Unis for research (VCOM Auburn, NYIT Arkansas State, BCOM New Mexico State, CUSOM Campbell, etc etc). 

Averages are hitting 30 MCAT and above for many DO schools. 

New schools also being required to create an OPTI.

 CHILLLLLLL.



COMLEX is now accepted for ALL ACGME institutions.
Every year more DOs are breaking the barriers to certain residencies

Some not many.

 

[Dustbowl12]

Some not many.

Sure, some. The rest of the post still stands as fact. Averages climbing every year. The ship is not sinking, it is getting stronger.

 

[68PGunner]

I don't understand. What you can say can be applied to anyone going to DO school. Might as well try harder and go MD right? It will boost your chances by 10-15% in getting into a good residency program. The additional stress and financial burden is nothing in comparison to medical school.

What you're saying is a slippery slope argument. You can even apply it to yourself.

I don't understand. What you can say can be applied to anyone going to DO school. Might as well try harder and go MD right? It will boost your chances by 10-15% in getting into a good residency program. The additional stress and financial burden is nothing in comparison to medical school.

What you're saying is a slippery slope argument. You can even apply it to yourself.

If my options were DOs with crappy clinical rotations forcing me to live in a suitcase for 3rd year, I would seriously consider taking a gap year. Thankfully, my options were decent.

 

[chizledfrmstone]

Lets keep this thread professional and on track please.

 

[Dreamstoo]

Sure, some. The rest of the post still stands as fact. Averages climbing every year. The ship is not sinking, it is getting stronger.

I agree. At least in the Northeast, I've talked to a few MDs and DOs that have said the stigma DOs used to get has definitely started to disappear. Some patients even prefer to be treated by a DO.

 

[IslandStyle808]

@Dustbowl12

I need to interject here, for the sake of other members.

COCA has made making new schools harder, they now require creation of GME and 98% match rate, publishing of board scores, etc.

As mentioned in another thread, the "placement rate" has to be at 95%. They may require GME, but schools are creating a very low amount of them. Most of which are in family med, internal med, and psychiatry. This would cover 1/3 of core rotations with GME, which is a low amount. A school that has an exemplary amount of rotations with GME will have the following: surgery, OBGYN, pediatrics, internal medicine, family medicine, and psychiatry at a bare minimum. There are schools that are 20 years old, that are not even at that level yet.

Look at DO GME expansion in 2015 it is massive and impressive. This is GME being made for ACGME accreditation. Oh btw, our residency training is the same as MDs now.


Everyone needs to
 
calm the hell down.

It is impressive, but it first needs to be accredited by ACGME (which the vast majority will). Now remember just because a residency is ACGME accredited doesn't mean is will be excellent. There are some really crappy programs out there also. It is just that the AOAs floor is worse than the ACGMEs floor in terms of quality.

Outside of a handful of SDN DO students, DO perception is booming. Strides are being made, improvements continue to happen. New schools are affiliating themselves with major state Unis for research (VCOM Auburn, NYIT Arkansas State, BCOM New Mexico State, CUSOM Campbell, etc etc). 

Averages are hitting 30 MCAT and above for many DO schools. 



They are affiliating with universities which is a good thing (Campbell is not a state university). However, the point of being associated with a university is to also get research going. DO schools need to improve radically in this area. I believe that being apart of could help in terms of basic science research, but the schools really need to be more progressive with clinical research. This means the clinical faculty needs to really want to do research so that more grants are gained and more research opportunities are available to students. There needs to be more a push here.

New schools also being required to create an OPTI.

 CHILLLLLLL.




Or be apart of an existing OPTI, I think MUCOM is apart of MSUs OPTI.

COMLEX is now accepted for ALL ACGME institutions.

Accepting the COMLEX doesn't mean all PDs will automatically be proactive about understanding scoring. There are competitive ACGME programs where they so many extremely good applicants that they have no need to make their lives harder by looking at COMLEX scores. So it is better to also do the USMLE and have the PDs be able to compare apples to apples. Best to assume the status quo for now.

Every year more DOs are breaking the barriers to certain residencies

This I agree with, but better to say we are breaking into better programs. However, the quality of DO programs need to improve all together before we are on equal ground with MD applicants for residency placement.

 

[Dustbowl12]

@Dustbowl12

I need to interject here, for the sake of other members.

COCA has made making new schools harder, they now require creation of GME and 98% match rate, publishing of board scores, etc.

As mentioned in another thread, the "placement rate" has to be at 95%. They may require GME, but schools are creating a very low amount of them. Most of which are in family med, internal med, and psychiatry. This would cover 1/3 of core rotations with GME, which is a low amount. A school that has an exemplary amount of rotations with GME will have the following: surgery, OBGYN, pediatrics, internal medicine, family medicine, and psychiatry at a bare minimum. There are schools that are 20 years old, that are not even at that level yet.

Look at DO GME expansion in 2015 it is massive and impressive. This is GME being made for ACGME accreditation. Oh btw, our residency training is the same as MDs now.


Everyone needs to
 
calm the hell down.

It is impressive, but it first needs to be accredited by ACGME (which the vast majority will). Now remember just because a residency is ACGME accredited doesn't mean is will be excellent. There are some really crappy programs out there also. It is just that the AOAs floor is worse than the ACGMEs floor in terms of quality.

Outside of a handful of SDN DO students, DO perception is booming. Strides are being made, improvements continue to happen. New schools are affiliating themselves with major state Unis for research (VCOM Auburn, NYIT Arkansas State, BCOM New Mexico State, CUSOM Campbell, etc etc). 

Averages are hitting 30 MCAT and above for many DO schools. 



They are affiliating with universities which is a good thing (Campbell is not a state university). However, the point of being associated with a university is to also get research going. DO schools need to improve radically in this area. I believe that being apart of could help in terms of basic science research, but the schools really need to be more progressive with clinical research. This means the clinical faculty needs to really want to do research so that more grants are gained and more research opportunities are available to students. There needs to be more a push here.

New schools also being required to create an OPTI.

 CHILLLLLLL.




Or be apart of an existing OPTI, I think MUCOM is apart of MSUs OPTI.

COMLEX is now accepted for ALL ACGME institutions.

Accepting the COMLEX doesn't mean all PDs will automatically be proactive about understanding scoring. There are competitive ACGME programs where they so many extremely good applicants that they have no need to make their lives harder by looking at COMLEX scores. So it is better to also do the USMLE and have the PDs be able to compare apples to apples. Best to assume the status quo for now.

Every year more DOs are breaking the barriers to certain residencies

This I agree with, but better to say we are breaking into better programs. However, the quality of DO programs need to improve all together before we are on equal ground with MD applicants for residency placement.

Agreed

 

[OrdinaryDO]

Fed loans > Private loans because of repayment programs (IBR) such as ICR/PAYE. However, if you also work at a non-profit (like a hospital), you can work towards something called PSLF. PAYE is 25 years repayment and any left over, it adds on as income for that year. When you pay taxes on that, it's known as the "tax bomb". However, PSLF is for 10 years, and the remaining gets extinguished (thanks Uncle Sam). (Sidebar: There are current discussions on whether PSLF will be capped at 57k, which would mean any left over after 57k is removed would probably be added as additional income.

Why is this important?
When you're a resident, you're not in school. When you're not in school, repayment begins 6 months after you're out. 200k loan, let's say, will have a hefty payment in the thousands (maybe 2-3k). But as a resident, you make $50k, meaning your monthly salary before taxes is around $4k. I can't afford that, so with fed loans, you apply for IBR programs and pay 10% (ICR) or 15% (PAYE) [percentages might be switched] of your salary. Each payment counts as a monthly payment towards your 10 years in PSLF. Also, there is deferment and forbearance if you can't pay.

With private loans, there are no IBR programs. So that 200k loan with 2k payment that's due? Tough luck, you'll have to pay somehow.

It's not the interest that's bad, it's how flexible you can be with your repayment options.
I also know banks have certain loans for med students/doctors. I think there's one called a doctor mortgage loan for when you're ready to buy a house. Again, great option to have, but who's in the driver's seat? You or the banks?

Eh, I just want to clear some things up here about these "scary" private loans everyone keeps bringing up. In comparison to federal loans (with respect to ONLY the BCOM established private loan system in mind): The interest rates for Wells Fargo and Sallie Mae loans run between 4% and 10% - If I remember correctly, the Federal Unsubsidized Loans maxes out at $40k per year with a 5.8% interest rate, which you will then have to compliment with a Graduate Loan that runs around 6.8%, so I think unless you just get the crap end of the deal you are going to have pretty competitive loan rates from your private loan companies with respect to the federal loans. Secondly, Wells Fargo (haven't checked Sallie Mae) has a plan set up for all DO/MD students that specifically states each student can take up to 5 years post-graduation, during residency, to defer payments towards their loans. So, your biggest fear of not having money as a resident is now abolished. Lastly, Wells Fargo has a policy that states if the lean holder dies or is permanently disabled, then the loan is forgiven in full. Private loans may SEEM scary, but they most certainly can be more advantageous than federal loans if you play your cards right. So, let's stop this fear mongering and do some due diligence for our respective programs.

*Note - I focused more on Wells Fargo, as this is the loan program I will most likely go through if I matriculate into BCOM.

 

[68PGunner]

Eh, I just want to clear some things up here about these "scary" private loans everyone keeps bringing up. In comparison to federal loans (with respect to ONLY the BCOM established private loan system in mind): The interest rates for Wells Fargo and Sallie Mae loans run between 4% and 10% - If I remember correctly, the Federal Unsubsidized Loans maxes out at $40k per year with a 5.8% interest rate, which you will then have to compliment with a Graduate Loan that runs around 6.8%, so I think unless you just get the crap end of the deal you are going to have pretty competitive loan rates from your private loan companies with respect to the federal loans. Secondly, Wells Fargo (haven't checked Sallie Mae) has a plan set up for all DO/MD students that specifically states each student can take up to 5 years post-graduation, during residency, to defer payments towards their loans. So, your biggest fear of not having money as a resident is now abolished. Lastly, Wells Fargo has a policy that states if the lean holder dies or is permanently disabled, then the loan is forgiven in full. Private loans may SEEM scary, but they most certainly can be more advantageous than federal loans if you play your cards right. So, let's stop this fear mongering and do some due diligence for our respective programs.

*Note - I focused more on Wells Fargo, as this is the loan program I will most likely go through if I matriculate into BCOM.

The point isn't about the interest rate. The interest rate of these private loans is very competitive with federal loan. The major advantage of federal loan is that the loan is going to be erased tax free 5-7 years after residency if you decide to work in the public sector for a few years.

Everyone at this point should be maxing out their federal loans regardless of your needs because it's free money lying on the table. Eventually, there will be some laws to stop this loophole. However, knowing the process of politics and laws, all loans taken before this law change will be exempted.

 

[OrdinaryDO]

The point isn't about the interest rate. The interest rate of these private loans is very competitive with federal loan. The major advantage of federal loan is that the loan is going to be erased tax free 5-7 years after residency if you decide to work in the public sector for a few years.

Everyone at this point should be maxing out their federal loans regardless of your needs because it's free money lying on the table. Eventually, there will be some laws to stop this loophole. However, knowing the process of politics and laws, all loans taken before this law change will be exempted.

You can utilize those same programs with private loans, also...there are THOUSANDS of opportunities to work for loan relief. I plan on doing it myself - you sign a contract to serve "x" number of years in return for payment towards your loan. Now, I realize the federal government has options available for their loans, but there are many more that aren't government programs. So, even with that being said I still see no major disadvantage of private loans.

 

[68PGunner]

You can utilize those same programs with private loans, also...there are THOUSANDS of opportunities to work for loan relief. I plan on doing it myself - you sign a contract to serve "x" number of years in return for payment towards your loan. Now, I realize the federal government has options available for their loans, but there are many more that aren't government programs. So, even with that being said I still see no major disadvantage of private loans.

No you can't especially with PSLF.

 

[NBLogical]

You can utilize those same programs with private loans, also...there are THOUSANDS of opportunities to work for loan relief. I plan on doing it myself - you sign a contract to serve "x" number of years in return for payment towards your loan. Now, I realize the federal government has options available for their loans, but there are many more that aren't government programs. So, even with that being said I still see no major disadvantage of private loans.

First line/sentence is wrong.
Please provide some sources for second sentence. I would like to read about those relief opportunities.

 

[CoomassieBlue57]

First line/sentence is wrong.
Please provide some sources for second sentence. I would like to read about those relief opportunities.

Just go on any medical school website. There are loads of them (although many have certain criteria such as working in a specific state, field, or hospital).

A quick google search yielded:

A. B. Morrill Fund Applicants must be from the Southern Mountain District (as defined by the foundation) with plans to return to the area to practice medicine.

Alabama Osteopathic Medical Association
Applicants must intend to return to the state of Alabama to practice medicine for a minimum of one year after completing medical school, internship and residency.

Northwest Osteopathic Medical Foundation
Consideration is given to residents of the Pacific Northwest (Alaska, Idaho, Montana, Oregon and Washington) and those who have lived, worked or attended Pacific Northwest institutions of higher education. For questions, call toll-free (888) 696-7836 or (503) 222-2841 or email [email protected].

 

[68PGunner]

Just go on any medical school website. There are loads of them (although many have certain criteria such as working in a specific state, field, or hospital).

A quick google search yielded:

A. B. Morrill Fund Applicants must be from the Southern Mountain District (as defined by the foundation) with plans to return to the area to practice medicine.

Alabama Osteopathic Medical Association
Applicants must intend to return to the state of Alabama to practice medicine for a minimum of one year after completing medical school, internship and residency.

Northwest Osteopathic Medical Foundation
Consideration is given to residents of the Pacific Northwest (Alaska, Idaho, Montana, Oregon and Washington) and those who have lived, worked or attended Pacific Northwest institutions of higher education. For questions, call toll-free (888) 696-7836 or (503) 222-2841 or email [email protected].

Did you contact them if private loan qualifies for loan forgiveness under these programs?

In most cases, state and federal loan forgiveness only apply to federal loan. The only way that private loan is forgiven is usually through a private sector employer in which it is part of your total compensation package.

Don't go on here and spout misinformation without doing your due diligence. Nothing annoys me more than some hack spouting nonsense and premeds talking those words as gospels. In the end, there's going to be some poor soul out there that thinks taking private loan is ok and is competitive with federal loan.

There's a reason why every school financial department people advise students to take stafford loan and grad plus loan despite a slightly higher interest rate for grad plus loan.

 

[RurouniKarly]

Did you contact them if private loan qualifies for loan forgiveness under these programs?

In most cases, state and federal loan forgiveness only apply to federal loan. The only way that private loan is forgiven is usually through a private sector employer in which it is part of your total compensation package.

Don't go on here and spout misinformation without doing your due diligence. Nothing annoys me more than some hack spouting nonsense and premeds talking those words as gospels. In the end, there's going to be some poor soul out there that thinks taking private loan is ok and is competitive with federal loan.

There's a reason why every school financial department people advise students to take stafford loan and grad plus loan despite a slightly higher interest rate for grad plus loan.

Pretty much all private and state specific loan forgiveness programs will forgive private loans. Maybe it's you who needs to do more research on loan payback options outside of federal programs.

 

[OrdinaryDO]

No you can't especially with PSLF.

First line/sentence is wrong.
Please provide some sources for second sentence. I would like to read about those relief opportunities.

The sources are all around you. I acknowledged that there are certain programs that only pertain to federal loan forgiveness, but there are MANY more programs that do not discriminate against the type of loan, the only thing they do is tell you how much money they will offer as loan forgiveness for a specific service and amount of dedicated time owed to them in return.

 

[Userneedmoreinfo]

I understand where there is a will there is a way. But why make it harder on yourself. Sdn always likes to debate what if scenarios. Financially the most viable option would be federal loans. Without a doubt. There are risks with private loans, it is just an uphill battle. If you have an option take the federal loans and run.

 

[68PGunner]

Pretty much all private and state specific loan forgiveness programs will forgive private loans. Maybe it's you who needs to do more research on loan payback options outside of federal programs.

Good luck. I'll look forward to hearing from you in four years when you try to get these programs to forgive your private loans. LOL.

I'm just going to recommend the noobs out there to call these programs and check the terms. Most of these programs will not even be there in the future. Of all the loan forgiveness out there, the one that has the highest chance of existing in the future is the PSLF which is backed by the U.S. government.

 

[SailorMoon1991]

I have gotten interview invites and will be holding onto my acceptances for now, until I get more news.

 

[redferrari]

BCOM. Shouldn't be a question.

At LUCOM, you'd be joining a cult.

At Caribbean, you'd be begging to forfeit your career.

 

[sizillyd]

At this time, 11 people have voted for Caribbean? Lol wut?

 

[laserzpewpew]

BCOM > Caribbean >>>>>>>>>> LUCOM