Current students, some $ questions for you

[Ochem Love]

I've been looking at the cost of attendance for a few DO programs, and I'm trying to figure out if ~$15000/yr savings (based on info from school websites) is significant enough to sway my decision of where to attend, or if those amounts are even accurate. So, I was hoping some currently enrolled students would be able to enlighten me on two topics...

How close do your yearly bills and expenses (tuition, transportation, personal, etc.) come to the estimated yearly amounts on schools' websites? Is it close? Higher? Lower?

For those of you financing 100% of the cost of your medical education, how much are you/do you expect to be in the hole upon starting your residency?

Thanks everyone!

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[Moose A Moose]

Look to spend 20k a year easy.

 

[AnatomyGrey12]

Disclaimer: I have a family and kids

My COA is higher than the school estimated and I have to take our additional money. I expect to be in the hole ~300k when all is said an done. Also want to add my school is not in a high COL area so if I went to like NYCOM or something like that I would easily be over 100k a year for total COA.

 

[IntheClouds4ever]

15k a year = 60k after 4 years+ compounding interest through school and residency. That’s two new cars or a new higher end car, or even a down payment for new house, etc.. if there’s a choice in the matter, it would definitely sway my decision.

If you pay your own bills, have a car payment, and have any debt or family.. the COL estimate for your school will probably be have you scraping by or requesting a cost of living increase. If you are fresh outta college with no family, debt, and can find roommates, you’ll be good with their estimates (generally speaking)

I expect to be 210K in debt starting residency with undergrad loans included.

 

[It's lupus!]

The school I'm attending is 57k a year I'm anticipating with a wife and dog to pull an extra 25-30k for living expenses. I'll be North of 300k all said and done. Unless the school has a terrible reputation I'd go where it's cheapest.

Sent from my Pixel XL using SDN mobile

 

[hallowmann]

I've been looking at the cost of attendance for a few DO programs, and I'm trying to figure out if ~$15000/yr savings (based on info from school websites) is significant enough to sway my decision of where to attend, or if those amounts are even accurate. So, I was hoping some currently enrolled students would be able to enlighten me on two topics...

How close do your yearly bills and expenses (tuition, transportation, personal, etc.) come to the estimated yearly amounts on schools' websites? Is it close? Higher? Lower?

For those of you financing 100% of the cost of your medical education, how much are you/do you expect to be in the hole upon starting your residency?

Thanks everyone!

1. Yes, it would absolutely (and it did) sway my decision of which school to attend. This is a pretty personal question though, because there are other factors like proximity to family, if you have an SO that needs to find a job and can get one more easily in the city with the more expensive COL, etc.

$15k/yr is pretty significant and translates to about $70k extra when its all said and done. I mean graduate med school. I'm not counting the compounding interest accrued in residency, which for a 3 yr residency is closer to $83k and with a 5yr residency is closer to $93k.

2. If you're single, it will be close. At the cheapest, maybe you'll save ~$5-$8k some years, but you'll probably spend more other years. If you have a family without additional income, you'll need all of it if not more.

3. Currently, those graduating from med school with any kind of debt (which includes those not funding entirely from loans) are in the $200k+ range. I knew people graduating with >$300k in debt. It depends where you attend as well. I went to one of the least expensive schools. If I was paying $60k/yr for just tuition and $15-$20k/yr for living expenses, I would graduate with ~$360k in loans. If you're talking about a $45k/yr tuition and $15k-$20k for living expenses, its more like ~$290k.

Keep in mind as well that tuition will increase while you're there. At my school it was almost set to increased by like 1.5% a year. At others, I saw rates of increase of as much as 4-5%/yr. At the higher end of that rate, your $45k/yr school will cost $50k/yr by your 4th year, and your $60k/yr school will cost closer to $67k/yr by your 4th year.

 

[atomheart]

The cost estimates are usually wrong, but I still recommend taking out the full loan package including plus loans unless you have a good source of income during school. The cost considerations start to creep upwards during 3rd and 4th year when you need to figure out housing, travel, and board testing costs. The yearly cost of attendance inflation mentioned above is real, and will eat into your plus loans a little bit every year by something like 1-2k. I've had to make up for 3rd year costs by saving some from my first two years.

Usually these considerations are more important before starting and after finishing school.

 

[Ochem Love]

Disclaimer: I have a family and kids

My COA is higher than the school estimated and I have to take our additional money. I expect to be in the hole ~300k when all is said an done. Also want to add my school is not in a high COL area so if I went to like NYCOM or something like that I would easily be over 100k a year for total COA.

What is the process like for doing this? Is it as simple as sending an email to the financial aid office? Or do you mean you'll be taking out a private load on top of the federal loans?

 

[Ochem Love]

The school I'm attending is 57k a year I'm anticipating with a wife and dog to pull an extra 25-30k for living expenses. I'll be North of 300k all said and done. Unless the school has a terrible reputation I'd go where it's cheapest.

Sent from my Pixel XL using SDN mobile

Thank you, one of the schools has the COA minus tuition as low as $20,000.... That school is in a low cost of living area, but I still don't see how 20k is possible haha.

 

[Ochem Love]

1. Yes, it would absolutely (and it did) sway my decision of which school to attend. This is a pretty personal question though, because there are other factors like proximity to family, if you have an SO that needs to find a job and can get one more easily in the city with the more expensive COL, etc.

$15k/yr is pretty significant and translates to about $70k extra when its all said and done. I mean graduate med school. I'm not counting the compounding interest accrued in residency, which for a 3 yr residency is closer to $83k and with a 5yr residency is closer to $93k.

2. If you're single, it will be close. At the cheapest, maybe you'll save ~$5-$8k some years, but you'll probably spend more other years. If you have a family without additional income, you'll need all of it if not more.

3. Currently, those graduating from med school with any kind of debt (which includes those not funding entirely from loans) are in the $200k+ range. I knew people graduating with >$300k in debt. It depends where you attend as well. I went to one of the least expensive schools. If I was paying $60k/yr for just tuition and $15-$20k/yr for living expenses, I would graduate with ~$360k in loans. If you're talking about a $45k/yr tuition and $15k-$20k for living expenses, its more like ~$290k.

Keep in mind as well that tuition will increase while you're there. At my school it was almost set to increased by like 1.5% a year. At others, I saw rates of increase of as much as 4-5%/yr. At the higher end of that rate, your $45k/yr school will cost $50k/yr by your 4th year, and your $60k/yr school will cost closer to $67k/yr by your 4th year.

That break down helps, thank you! It seems that even just a few thousand dollars can get really out of hand by the time residency is done.

 

[AnatomyGrey12]

What is the process like for doing this? Is it as simple as sending an email to the financial aid office? Or do you mean you'll be taking out a private load on top of the federal loans?

You just fill out a form and the financial office approves it

 

[It's lupus!]

I should add: I haven't actually started school yet. I stumbled on your thread because I'm doing research myself. Some things to think about with loans though, the pay as you earn program will help ease some of the interest. If you're willing to pay on your loan while in residency. I think it's a pretty good option if you can afford to do it. Use the aamc loan calculator to see your own numbers.

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[001002154]

Disclaimer: I have a family and kids

My COA is higher than the school estimated and I have to take our additional money. I expect to be in the hole ~300k when all is said an done. Also want to add my school is not in a high COL area so if I went to like NYCOM or something like that I would easily be over 100k a year for total COA.

Personal question, feel free to not reply or pm me. Does your spouse work?

 

[Espressso]

I'm an out of stater at an expensive OOS school. My biggest expense is obviously tuition and housing. But the COL here is dirt cheap, which was one extra reason why I was thrilled upon this acceptance.

in terms of budget matching with the schools budget for year 1s.. mine is lower. Still take out loans for tuition and rent. hoping to graduate at around ~200k give or take.

 

[AnatomyGrey12]

Personal question, feel free to not reply or pm me. Does your spouse work?

No she doesn’t. If you have a spouse that will work that will greatly lower how much loan money you would have to take out.