Deposits. Wow.

[StringerBell]

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I have been reading up on deposits for osteopathic schools, and I'm actually somewhat scared. I read that the deposit for TUCOM-NV is $2000, and that they expect it pretty fast. I'm on the waitlist at another school, which has monthly waitlist movement, and I really don't feel like throwing $2000 away if I'm accepted at TUCOM NV and then subsequently accepted at the other school.

I've also noted that deposits for osteopathic schools are significantly higher than for allopathic schools.

$2,000 is a little mind-blowing in my book.

 

[Onstarr]

gotta pay to play...

 

[Nickelpennykid]

Their deposit, like alot of new (and old) osteopathic schools are that high because they want to make sure that students are not using them as a backup plan while they wait to hear from other schools, both allo and osteo. Not that this stops people that have the money to hold a spot, but I think WVSOM is around the same.

 

[HarveyCushing]

KCUMB is $2k as well.

 

[TerpDO]

I have been reading up on deposits for osteopathic schools, and I'm actually somewhat scared. I read that the deposit for TUCOM-NV is $2000, and that they expect it pretty fast. I'm on the waitlist at another school, which has monthly waitlist movement, and I really don't feel like throwing $2000 away if I'm accepted at TUCOM NV and then subsequently accepted at the other school.

I've also noted that deposits for osteopathic schools are significantly higher than for allopathic schools.

$2,000 is a little mind-blowing in my book.

No offense to you personally but if you look at the last 20-30 threads in this forum you will see several that ask questions about the large deposits that certain D.O. schools seek. If you read even some of the responses you will keep hearing the same things over and over again. Let me see if I can spit those out real quick:

1) placing a deposit down at any school that has accepted you is better than
not placing anything down if you are currently only on a waitlist or waiting for more interviews. Let me RESTATE this in another way, it is only after you are GUARANTEED a spot at a medical school (likely by putting down a deposit) can you semi-relax and further consider other offers down the road, do not take the first acceptance for granted and assume that you will get one at another or a better school later on. If you do this and end up with no place to go you have no one to blame except yourself.

2)$2000 (which I think is the largest deposit schools ask for) is a DROP IN THE BUCKET if you are going to make at least $90,000 per year as a doctor. You may think wow, $2K that is like 3 months rent, (or 10 pairs of Air Jordans, or 10 weeks of food and going out to bars or whatever), it is nothing compared to sitting on your butt for another year and not making the $90,000 or TWICE that amount that you would make if you went to med-school one-year earlier and graduated one-year earlier, and worked as a licensed Dr. one year earlier. If you can't come up with the deposit money after spending close to that amount on application and traveling to interview fees then consider how much it would suck to reapply again and have to spend that money again next year. Beg your parents for the money, borrow it from a bank, whatever, the investment of that deposit fees is pretty much priceless.

I hope this puts it in somewhat of a better perspective for you. If you listen to the people who say: "if you really don't think you will like this or that particular school then don't put the deposit", then you are really listening to people that are saying: "please be dumb enough to risk losing your seat so I can maybe take it from you."

Sorry to sound so uptight but you guys should stop thinking so short term and think of the long term impacts of this process.

P.S. I used to collect Air Jordans so I know their value and that is why I used that as an example.

P.P.S . If you have a spare $9,000 lying around, put it into a IRA account immediately (you have to split it between 2 years as there is a limit on how much you can put in per year) and assuming a 9-11% historical interest rate, when you withdraw the money when you are 59.5 years old that $9K will be close to or more than $200,000 which will pay for your entire medical education. Think about that. Good night!

 

[StringerBell]

No offense...

2)$2000 (which I think is the largest deposit schools ask for) is a DROP IN THE BUCKET if you are going to make at least $90,000 per year as a doctor. You may think wow, $2K that is like 3 months rent, (or 10 pairs of Air Jordans)

Sorry to sound so uptight but you guys should stop thinking so short term and think of the long term impacts of this process.

First of all, no offense taken. It's actually a lot of good information. Of course I'm not sitting around for another year doing nothing - as a matter of fact, I've been out of school entirely too long, working in a hospital, not making nearly $90K.

And I am not really thinking short-term, but rather just trying to plan appropriately. Because of the nature of this process, I've frankly thrown a lot of darts at the board, and seeing what will hit. (ie, applying broadly.) I know $2000 is not a lot in the long run, but at the end of the day...it's still $2000.

And I was taken aback that you mentioned Air Jordans (before I read your post-script), because I also favor them myself. I'm not a collector, but I've bought a few pairs. I wore my Mars IV's today.

 

[TerpDO]

well, if you want to talk about throwing darts, this is my third cycle applying and I got over 25 rejections under my belt from the last 2-3 years so my advice is not from someone who is under-experienced in the med-school application process. And if you notice I also threw a stab (or a dart) at the Jordans reference as it is a common way many of us young people think of money and wealth and where it could possibly be put towards (although it should not be, or only a minority of the time).

in the end I do wish you the best and if you are bold enough to ask questions on this board then I hope that you are also bold and wise enough to invest in yourself and your own future.

to the many other recent accepted, pls. read this and other past threads before seeking advice on whether or not to pay a deposit!! much appreciated

 

[StringerBell]

well, if you want to talk about throwing darts, this is my third cycle applying and I got over 25 rejections under my belt...to the many other recent accepted, pls. read this and other past threads before seeking advice on whether or not to pay a deposit!!

Ahhh, now I see wherein the difficulty lies.
I'm sorry, I never meant to imply that I wasn't going to pay the fee. I definitely will, particularly if I am still waitlisted (ie, not accepted) at an allopathic school. Believe me, I am going to shed tears of joy to be accepted anywhere, and I would never consider not paying a fee. It was more just my own grumbling at how much it is.

As far as it being your third cycle of applications, I am sorry that it is requiring so much of your time and effort (and not to mention money.) I am also in my third cycle of applications, but it has been several years since I last applied. I've been working on making myself a better applicant, which includes working full-time in a hospital to gain experience, as well as dramatically improve my MCAT scores. My weakness in GPA is the major knock against me, and there is little I can do to improve that, so I tried to improve myself in as many other ways as possible. So yes, I feel your pain, and once again, I would be ecstatic to be accepted anywhere. Good luck in this cycle!

 

[nascardoc]

I posted this on another thread but it is worth repeating here...

I agree with what has been said, in fact, I have had to pay up and lose $. It sucks, but it has to be done to assure you start school sooner rather than later.

This is one area that the MD schools really get it right and I have never understood why the DO schools don't use the same set of rules (perhaps modified a bit). According to the AAMC (I believe), MD schools are not allowed to charge more than $100 to hold your seat and the deposit is refundable up until May 15.

IMO, I think the DO schools should adopt these rules too, but with the following modifications (in order to deter students using DO programs as back-up and then leaving each school scrambling try to find students at the end of the cycle)

1) Deposits are no more than $500
2) Refundable until March 15

This still gives the DO schools the "edge" in not letting students hold multiple offers for a long time, but also allows those who have scattered interview/acceptance dates to choose schools with more freedom, rather than feeling forced to a school b/c you dropped 2K.

 

[StringerBell]

(in order to deter students using DO programs as back-up and then leaving each school scrambling try to find students at the end of the cycle)

1) Deposits are no more than $500
2) Refundable until March 15

In all honesty, I am using DO programs as a back-up. Though, again, since I have a lot of experience working for a DO, and believe in the merits of OMM, I would be more than happy to be a DO. That said, I understand the wariness of Osteopathic schools from the standpoint of filling a class. At the same time, the amount of money seems exorbitent.

Again, I'm willing to pay the $2000 deposit, but perhaps a scale would be useful/appropriate, e.g. $1000 refundable by April 15, $500 by May 15, $0 thereafter...or something like that. Interviewees report back from TUCOM-NV that the $2000 deposit is due in 14 days. Doesn't give you a whole lot of time to weigh out all your other options, especially if you still have pending interviews.

 

[Founder]

I have been reading up on deposits for osteopathic schools, and I'm actually somewhat scared. I read that the deposit for TUCOM-NV is $2000, and that they expect it pretty fast. I'm on the waitlist at another school, which has monthly waitlist movement, and I really don't feel like throwing $2000 away if I'm accepted at TUCOM NV and then subsequently accepted at the other school.

I've also noted that deposits for osteopathic schools are significantly higher than for allopathic schools.

$2,000 is a little mind-blowing in my book.

I don't see $2,000 as that much when medical school will run you over $200,000... and is $2,000 worth jeapordizing your future over? If you get accepted to say, school A but really want B but are not sure you'll get in B, I'd put the deposit in for A and then just forfeit it if I got into B.

Your future is worth a lot more than $2,000.

 

[nascardoc]

I don't see $2,000 as that much when medical school will run you over $200,000... and is $2,000 worth jeapordizing your future over? If you get accepted to say, school A but really want B but are not sure you'll get in B, I'd put the deposit in for A and then just forfeit it if I got into B.

Your future is worth a lot more than $2,000.

I don't think anybody argues that - to me it is a no-brainer.

I think the issue is the ability to come up with those kind of funds, especially if one has scattered interview dates and they like the next school better than the last. Coming up with 4-6K for some people is very difficult, especially when it is nonrefundable. I think that there should be some time frame of getting a refund b/c losing that kind of $ hurts.

 

[TerpDO]

This is one area that the MD schools really get it right and I have never understood why the DO schools don't use the same set of rules (perhaps modified a bit). According to the AAMC (I believe), MD schools are not allowed to charge more than $100 to hold your seat and the deposit is refundable up until May 15.

Just to add to the info you provided here. From my past experience I know that MD schools can take up to 2-4 months to get back to you even after an interview. That means if you interviewed in Oct. (pretty early), you may not get any decision until Feb. which is kind of late. Plus there are approx. 50 MD schools so if you are applying broadly and have good stats, then it may be possible to have to consider which school to matriculate at between dozens and not hearing responses from the ones you like until much later.

On the other hand DO schools tend to interview you right away if they like your application and so far I have received final decisions anywhere from 5-10 days after the interview. I think my average is 6 days and for two schools I heard their decision in only 4 days after I interviewed! That is within the same week. The turnaround is incredible and that is also one of the reasons they ask for the large deposit because they try to fill their classes early and towards March or April, there is a lot less likelihood of people dropping their seats if they have the large deposit down.

This info is definitely useful when applying because for DO schools you may actually want to adopt a strategy of timing your interviews so that you interview at your top choices first. On the otherhand, for MD schools you just want to interview everywhere you are invited to ASAP.

Lastly while we are on the subject, you stated that "this is one area where MD schools get it right." Now I am not sure if this is a rule set by the AAMC and is reluctantly followed by the schools, but even though they are not getting large deposits from the students who are accepted, think of the hundreds, or thousands of applicants who are asked to fill out a secondary that can cost from $50-$150. 90% of whom the admissions committee know that they have ZERO or 0.001% chance of being invited to interview. Screening prior to sending out secondaries should perhaps also be something they do but my experience has taught me that they really don't do that the vast majority of the time.

 

[MJB]

I'm just glad I'm a working stiff...

There is NO WAY I could have come up with 2K as an undergrad.