cost a factor?

[Chankovsky]

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Should you consider the cost of a school when applying. I mean, does it make that much of a difference paying 20,000 vs. paying 30,000 a year. I presume you end up borrowing most of it anyway.

 

[Pinkertinkle]

State schools have tuitions significantly lower than private schools, more than 10K I believe. I'll take a 13K a year UC tuition.

 

[Gleevec]

40,000 in loans adds up quickly due to interest (4 years of 10,000 cost differential)

Im choosing my state school because its about 25000 cheaper than a regular private school, but I still think a 10000 difference is enough to warrant some consideration. Plus in terms of applying, it doesnt really matter since the choice might be made for you. Id apply to schools regardless of cost, but then choose schools with cost as a condition once youve been accepted.

 

[lane]

at this point i anticipate having to choose between a state school (ranked ~56 by USNews...but whatever) and a private school (top 25...i have connections there), but besides the difference in reputation and proximity to home the cost will be a huge factor

$40k a year --> $160k in debt
$10k a year --? $40k in debt

that's HUGE...and i dont want cost to be that big of a factor because obviously you cant put a price tag on a great education but i'm wondering if it's really worth that much more trouble

 

[NC_Powerlifter]

If you want to be an academic the higher ranked school will help you...

...but for crying out loud go to the cheaper school.

Organic chemistry is organic chemistry wherever you go.

As is anatomy. State school all the way.

 

[jlee9531]

Originally posted by lane
at this point i anticipate having to choose between a state school (ranked ~56 by USNews...but whatever) and a private school (top 25...i have connections there), but besides the difference in reputation and proximity to home the cost will be a huge factor

$40k a year --> $160k in debt
$10k a year --? $40k in debt

that's HUGE...and i dont want cost to be that big of a factor because obviously you cant put a price tag on a great education but i'm wondering if it's really worth that much more trouble

yes that is a HUGE difference....but then again it all depends on what you plan to do with the higher ranked school if you go there....like the above poster said if you want to go to academia then i guess you might have to hold you breath and take the hit....but if not....damn.....having only 40K in debt is something to brag about....

 

[pika7]

While the tuition is considerable lower at state medical schools compared to private, you also have to factor in financial aid packages. A lot of private medical schools have so much money to throw around that they are able to offer better overall packages, despite having higher tuitions. For instance, i know that the average debt for Hopkins grads is ~ 78,000. Correct me if I'm wrong, but I thought that the average debt for state school grads in the US was $ 90,000? While this is only one example (it certainly doesn't apply to BU and Tufts), it illustrates the point that you should base your decision on the financial aid packages of schools rather than just whether they are public vs. private.

 

[hale-bopp]

for me, cost is a huge factor, and tuition at my state school (UMass) is about $8000/yr (with living expenses, I would estimate 20k/yr in loans).

that said, unless you or your parents/spuse are wealthy, it is worth waiting for financial aid packages, because from what some "big name" schools have said, they are in the position to only make you take out 15-20k a year in loans and give the rest as scholarship. (which for me would mean about 80k in debt either way) some schools have merit scholarships too.

I think my cutoff is going to be 30k/year in total loans (50% more than I would pay at my state school), and it would have to be for a really awesome school. anything over that, and I don't care what the school is, I won't go there over my state school.

 

[DW]

just wait until you get all your financial aid packages before deciding. i go to a private top 15 school, and with its deep pockets it turned out being the cheapest option i had even over two state schools.

 

[spumoni620]

apply regardless of cost. also apply to schools with generous financial aid programs and scholarship assistance. some schools give scholarships to out-of-state students; at other schools, you can become a state resident in a year and then pay instate tuition. so like dw said, you might be surprised which schools will end up being cheaper in the long run.

 

[TheFlash]

Originally posted by DW
just wait until you get all your financial aid packages before deciding. i go to a private top 15 school, and with its deep pockets it turned out being the cheapest option i had even over two state schools.

I second this. If you truly love an out-of-state school, hold onto that acceptance and wait to see what kind of financial aid package they are willing to give you in March. That being said, don't mindlessly ***** acceptances at places that you aren't interested in. IMHO, hold on to the 2-3 where you really want to matriculate and let the financial aid help you out from there.

TF

 

[No Egrets]

some MD's i know have advised me that what matters to people in the medical community is where you did your residency. one woman told me that people ask where you "did your training," and by that they mean where you were for residency/fellowship. apparently people don't ask where you went for med school. but the whole "if you want to go into academics" argument seems to hold water. if that applies to you, then i think a useful exercise would be to glance through the bios of faculty at schools of the caliber you picture yourself working at, and see where their MD's are from.

if you just picture yourself practicing, then my opinion is that cost could play a major role in your decision. especially if you picture yourself in family practice or peds where your income won't be so high to make $200,000 debt seem easy to pay off, you know? another consideration might be where you picture yourself settling down--going to your state school might be affordable, but if like 0 graduates of State U Med School end up getting residencies in your Dream Town, then maybe the private school would be worth it.

 

[Rendar5]

screw money. I'm going to go to the school I'll be happiest at. Hell, I live on a $30K a year salary, end up with money saved at the end of each month, don't live frugally, have a few expensive tastes (fine dining and cooking) which I indulge every now and then, and I am really happy.

If I become a doctor, in 7 years when I'm earning more than I would as a resident (who knows, I'll guess 100K a year?), I live on my 30K a month and pay off my debt in 2.5 years. But then again, I don't really care about having a lot of money.