Choosing between two schools

[Allygator89]

How do you choose between two schools?

Do you choose by the money factor? One is a state school, one is not (ex/$30K a year compared to $50K/year)

Do you choose by facilities? Location?

How do you justify the extra $80K in loans over four years?

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[Moneyless]

depends on the person you ask?

 

[SolidGold]

You take a hard look at both schools and pick the one that you feel will give you the best opportunities to get the best residency and the best chance to become the best doctor you can be. Unless you are extremely considereing cost, cost should not be a major factor. My philosophy is that you will always ask yourself if you made the wrong choice if you decide on a school based on cost.

 

[Mutterkuchen]

Originally posted by SolidGold
You take a hard look at both schools and pick the one that you feel will give you the best opportunities to get the best residency and the best chance to become the best doctor you can be. Unless you are extremely considereing cost, cost should not be a major factor. My philosophy is that you will always ask yourself if you made the wrong choice if you decide on a school based on cost.

I respectfully disagree. Cost should always be a primary consideration. You may choose a more expensive school for personal reasons, reasons of prestige, or the fact that you hate the cheaper school, but cost should always weigh heavily.

Debt from private medical schools is a crippling burden, and though you will eventually be able to pay for it, it will be challenging. Make SURE that it is worth it before shelling out the extra dough.

 

[carrigallen]

Originally posted by JBJ
I respectfully disagree. Cost should always be a primary consideration. You may choose a more expensive school for personal reasons, reasons of prestige, or the fact that you hate the cheaper school, but cost should always weigh heavily.

Debt from private medical schools is a crippling burden, and though you will eventually be able to pay for it, it will be challenging. Make SURE that it is worth it before shelling out the extra dough.

I second this. I think some students tend to overestimate their grad & postgrad salaries, in addition to underestimating the burden of debt. I think debt may in no small way influence a student's future lifestyle. I believe that many of those who suggest that debt should not be a primary consideration would do well to reevaluate their knowledge of a resident's income, which does range from 37k (pgy1) to 41k (pgy8).

 

[Jeffy]

Carrigallen-

By the way, this might be a idiot question but I have no clue what the pgy(1) deal was that you mentioned. What is that referring to? Residency year?

 

[mws99]

pg refers to your residency after you graduate from medical school, but there aren't many specialties where you would do an 8 year residency.

You can look at salaries for residents depending on specialty and hospital here:
http://www.ama-assn.org/ama/pub/category/2997.html

 

[SolidGold]

Medical school debt can be defered during your residency years.

 

[Allygator89]

Thanks everyone. I keep going back and forth. I really love the school I was accepted to, and want to go there more than anything. But if I do come off the waitlist at a state school (that I don't like nearly as much) then I am torn between having to decide if it is worth the extra $20k a year.

Not the easiest decision.

 

[evescadeceus]

I have to say that I "third" the response on cost (depending on your social class background, I suppose - in no way implying that you are a rich kid).

Even though I'm just getting ready to take the april mcat, this is a question that I've been giving a lot of thought to lately. I'm carrying about $30000 worth of undergraduate debt, an average amount for someone whose folks do not have deep pockets (i'm the oldest of six children). I figure an instate school will cost me another $100,000 to $120,000 in loans. Yes, there might be some grant or scholarship money as well, but I'm not holding my breath. Even assuming that I can lock those loans in at a super low interest rate, and definitely assuming that I amortize over 25 years to lower the monthly payment, I'm still going to be looking a monthly payment of at least $1500 a month. I should mention, in fairness, that my folks may be able to help a little by the time I'm done, say around $30000 or $40000 (what they've tried to do for my siblings in terms of mortgage downpayments).

Now u might be thinking, $1500 a month, no big deal. Yes, u can defer during residency. But consider, malpractice payments and taxes should be calculated as a monthly expense, and I have no idea how much this is going to cost. I'd like to own a home once residency is over, and that could cost $2000 to $3500 a month, depending on where I end up. N I know I'm gonna need a new car - my current set of wheels is already ten years old, and will be close to 20 years old by the time I finish residency. Figure $400-600 a month (after all these years of ancient wheels, I'm gonna want nice ones). N I know I'm gonna want a kid once residency is over, and kids cost a fortune (my folks will never let me forget it). How much discretionary income is left each month after all this? I'm hoping, n I mean hoping, $2500 to $3000 a month. (If u all disagree, would appreciate some constructive criticism on my numbers.)

It?s a pretty compelling argument for the state school. The private school may hand out more in terms of scholarships and grants, but even then, the cost could come in higher than the state school.

 

[SolidGold]

Originally posted by Allygator89
I really love the school I was accepted to, and want to go there more than anything.

It's not an easy decision, but I think the statement you made above is a very strong one. If you end up going to USF (which I'm sure is the school you are waiting on) you will always end up asking yourself if you would be happier if you went to Jefferson since you have an very strong feeling about the school already. Cost should be factored into your decision, but don't let it make you stray from your own gut feeling because you may second guess yourself all the time.

 

[Allygator89]

Yup, yup yup. Waiting on USF. I do like a lot of things the school has to offer. I almost don't even want to have to make the decision though about where to go. I have already turned down two acceptances elsewhere (approx same price as the one I am holding now) but still much more expensive than USF.

What to do, what to do.

Thanks for all your help guys. It really puts it into perspective.

 

[Jalby]

I would say go to Jefferson. I think that you will preform a lot better at a place that you really like than a place you went to because of the $$$. Let's say you go to Jefferson, and are able to score 10 points better on the boards because you actually liked being there (not to unreasonable). Instead of being an internal medicine, you could do radiology and make ~30K more a year, or you could do internal medicine where ever you want in the country, and I'm sure the happyness of living where you want would be worth 100K extra rather than living in Iowa or somewhere like that (No offense to the red states)

Just my .02.

 

[Allygator89]

Originally posted by Jalby
I would say go to Jefferson. I think that you will preform a lot better at a place that you really like than a place you went to because of the $$$. Let's say you go to Jefferson, and are able to score 10 points better on the boards because you actually liked being there (not to unreasonable). Instead of being an internal medicine, you could do radiology and make ~30K more a year, or you could do internal medicine where ever you want in the country, and I'm sure the happyness of living where you want would be worth 100K extra rather than living in Iowa or somewhere like that (No offense to the red states)

Just my .02.

Funny thing. I got accepted to a school in Iowa, and prior to the Jeff acceptance, that was where I planned to go!

I think you are right. I definitely think I will be happier at Jeff (I am from PA) so I guess the money shouldn't even be an issue.

It is amazing how much people know about me now in this forum!!!

 

[Jalby]

Originally posted by Allygator89

It is amazing how much people know about me now in this forum!!!

I'm glad people forgot all the stuff they used to know about me. It was freaky first day of school and people coming up to me knowing person stuff.

 

[Allygator89]

I am hoping that many, many people forget about me!

 

[florence02]

I think the financial considerations are very important. And as the previous poster wisely pointed out, those monthly payments will be a burden, especially when you take into consideration other needs in life, such as owning a home, supporting a family, etc. Having over $100,000 debt is scary (I'm probably looking at around $200,000 actually, if I choose the private school), and it is true that as tuition increases and doctors' salaries stay stagnant or even decease in the coming years, we're probably going to be facing a much different financial situation than what current newly-minted doctors are facing. One poster warned me to be scared, very scared...

Having said this, however, I think I would choose the better private school over my state school at this point. My reason for this is that ultimately I want to stay in academia, not as a research-scientist but perhaps through a school of public health or an institution dealing with health policy. True, one does not need an MD to do this, but I believe that the MD degree is the most flexible degree one can possess, which can lead to so many career options down the line. I want to be a clinician, but my reason for going into this profession is that medicine is so much more than curing or healing individuals, but it can be a tool improve the living conditions of people on a larger scale.

I think the private school has resources (in terms of professors, programs, departments, connections) that the state school does not have. Either school would give me a solid medical education and I will graduate in the end with a MD. It is probably true that if one works hard enough and gets high board scores he can get into a competitive residency, but the truth is someone with the same score from a higher-ranked school will probably do better. I could be wrong about this, so please correct me if I'm wrong. I do believe that the school you go to matters-- my undergrad has over 95% of premeds getting accepted into a med school every year, which is much higher than the national average. I don't have a stellar GPA (according to stats alone, I should not have been accepted at some of the schools I was accepted to...), but I do think that coming from a prestigious college matters-- to an extent of course, but it certainly did not hurt me. I also had a wonderful education over the last four years, owing to the academically enriching environment of my school. I have friends at a large state school and some have had amazing experiences-- but they had lots of intiative and those who didn't felt they were lost. Education is what you make of it, so I truly believe that anyone with the motivation and drive can achive his full potential anywhere.

Of course, I'm not completely convinced that the extra $80k or so will be justified in the end. I could be pragmatic and go to the state school, but I'm too idealistic to let go of my dreams for financial reasons. In the end, I'm sure it'll work out-- I'm not going into the profession to earn lots of money and retire early, but to make the most positive impact on society and love my job while I do it...

Sorry for a long post. I would love to hear your thoughts on this, as I'm sure others are in the same predicament. Please PM me if you have advice, suggestions, disagreements you want to share with me... I'd love to keep this conversation going. Thanks.

 

[Allygator89]

I definitely agree. The financial considerations are important. Not only do I have my financial burden from medical school to consider, but my fiance's as well (he is in prof school that is slightly less expensive, but what his schooling lacks in cost, makes up for with undergrad loans). That said, I have been involved in the business and financial world for the last few years, and money is a big issue for me.

Thinking ahead to the future also is a big concern. How are we going to pay for our loans in a reasonable time, finance a house, start a family, oh yeah, and don't forget planning for retirement? With this in mind, I start wavering by going back to the cheaper school.

I have heard from may physicians that the cost of medical school is just a drop in the bucket compared to the earning potential you gain in the long run. Are we (or am I) just too focused on the immediate future, and not looking at the long term?


I do agree with including the 'whole package' in the decision. I am really unsure of what I want to do as a physician right now so that is also hindering me. Should I go to a school that offers better opportunities in more areas, or the facility where I think I might want to go now? (something like family practice oriented)....

How do you judge the quality of a match list if this is to be taken into consideration? How do you judge the quality of the hospitals in the area? Do you judge it by exposure to various diseases, or by the quality of the physicians that will be instructing you?

All of these keep crossing my mind, and I would love for people to pass along their input... whether it be present students, others in the same situation, or ones that are completing their final years.

Thanks everyone, and good luck to all! Feel free to PM me!

 

[JM.]

This is a tough question for you, and there were quite a few well thought out replies. I was talking about something like this with my Drexel interviewer in fact, and we agreed that all medical schools in the US all provide the minumum backbone for a quality medical education. After that level is reached, what becomes of your education is up to you.

That being said, several other med schools excel and offer more than that to their student. Access to more involved and in-depth research, funding, student clubs, great teachers...ect. If you see more pros about the more expensive school - they may be worth the extra money.

I would go to Jeff given that sort of choice (but then I took HPSP - so I am speculating what it will feel like to have that much debt load and instead thinking about my service payback - which is the same if I go to state school or private school)