ever turn down a scholarship

[kyauna80]

Dear future MDs,

I am in a tough spot. I have been offered a HUGE scholarship to attend a school I don't want to go to . Really the school is great, but I don't think its the best fit for me. I haven't revisited, I don't know anyone in the area and I don't remember what the city or campus looks like. I believe I would be a healthier medical student at another school where I have met faculty and other students in the entering class and where I have spent a summer doing research. I also have friends/family the area of this other school. BUT.. is it CRAZY to turn down money???? Has anyone else turned down huge scholarships to attend schools the just plain liked better????? Please understand this isn't a matter of rankings or prestige, both are great schools. Its about adjustment and comfort.But is that worth sacrificing thousands??

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[exmike]

I think the bottom line is you should go where you feel the most comfortable. After all, you'll be spending four years there. I chose to go to a school over my public school which was the same thing as turning down a 20k a year scholarship. I felt strongly enough about my choice to do it. How strongly do you feel? What is that money really worth in the long run?

 

[kmjannie]

I have a friend who turned down a full ride at her in-state school to go to school in the state where she went to undergrad. What the other school did is end up giving her a break on tuition...even though she was considered a non-resident, they gave her in-state tuition. I believe she may have actually called them and explained that she really wanted to go to their school, and then talked about the offer from her in state school.

G'luck.

 

[ZekeMD]

Sorry to hear you don't want to attend Rochester. Regardless, I think you should go to the school where you got the best feeling from and think you would enjoy. I personally turned down 2 state schools to attend Rochester with a much higher tuition because I absolutely loved the school.

edit:

Another thing to mention is that if you did attend Rochester you will meet many people just like at Case. So you may feel more comfortable since you know people there, but when you think about it, you'll meet lots of people wherever you attend and feel comfortable. My point is, after time you'll be comfortable anywhere. The fact that you have previous experience at the other school may have you leaning that way. I guess what I'm saying is not to let that fact cloud your judgement. It could turn out that you'll feel very comfortable in Rochester, all while saving thousands of dollars.

 

[SoCalOrBust]

I think the bottom line is you should go where you feel the most comfortable. After all, you'll be spending four years there. I chose to go to a school over my public school which was the same thing as turning down a 20k a year scholarship. I felt strongly enough about my choice to do it. How strongly do you feel? What is that money really worth in the long run?

Ive done the same with a school that offered me a scholarship and another that had cheaper in-state tuition. I'm now going to a very expenisive school but like exmike is saying: I think I'll be much happier those 4 years at USC. Think of it this way too: those are very important 4 years, the years that will have a profound effect on the type of doctor you become. Personally, I think that it is vital to be happy with the environment that you will learn in during this critical time. That's something I have a hard time putting a price tag on.

It's not crazy to turn down money like that either- you aren't the only one doing it!

G'luck

 

[mentoz]

i don't think it's crazy .. i think it all depends on how much you'll let money affect your happiness .. and this is neither good nor bad .. if it makes you happier to know that you'd be in less debt or no debt (and if you have family to support and/or other deciding factors, this would make a difference), then by golly take advantage of the full scholarship .. if it makes you happier to be at a school where you feel more comfortable, then turn down the scholarship .. if money was my #1 factor, i would've stayed in TX, but i feel that i need to move away (though it'll be hard to leave friends and family) for the experience and opportunity for growth .. if it was my #1 factor, i would've abused getting into MSTPs .. money is a factor for me, i have to admit, just not the most important .. now i'm faced with an opportunity to go to a great school outside of TX (which i'm not sure will fit me, but i'll see this wkend) with a 25K/yr scholarship ... if money didn't come into play, i wouldn't be considering this .. but this school offers a lot of great things ... what it came down to was that although i think i'd be happier in SF and won't worry so much about debt, i might not be as happy merely because i feel that i may have to make ends meet, worry about how much i spend each month, etc (things i don't want to have to worry about) ....... so in your case, see what other things are more important to you than money .. or how much money plays into your happiness ... it's a good time to learn about what your feelings are on this ..

 

[kyauna80]

Sorry to hear you don't want to attend Rochester. Regardless, I think you should go to the school where you got the best feeling from and think you would enjoy. I personally turned down 2 state schools to attend Rochester with a much higher tuition because I absolutely loved the school.

Its not that I don't want to go to Rochester per se but that I don't have the proper information to feel comfortable with that decision. I know you know the history of my posts so you understand. I am sorry.. Rochester is an EXCELLENT school, it just may not be the school for me. Plus I can't deal with 95 inches of snow a year and being isolated from everyone I know!! LOL... I'll keep you posted.

 

[exmike]

a.n. if you turn down ucsf i am going to fly down there and dropkick you.

 

[ZekeMD]

Its not that I don't want to go to Rochester per se but that I don't have the proper information to feel comfortable with that decision. I know you know the history of my posts so you understand. I am sorry.. Rochester is an EXCELLENT school, it just may not be the school for me. Plus I can't deal with 95 inches of snow a year and being isolated from everyone I know!! LOL... I'll keep you posted.

haha no reason to be sorry... I'll still love the school regardless of what you say. If you'd like any information about the school or the area just let me know, I've lived here my whole life (except undergrad).

Good luck with whatever school you choose.

 

[mentoz]

a.n. if you turn down ucsf i am going to fly down there and dropkick you.

can always count on you to dropkick some sense into me

i'll be calling you this weekend after my "revisit" ..............

 

[kyauna80]

Thanks for your comments. My decision has been made. I know in my heart where I want to be. Money wasn't ever a factor (i didn't think I'd qualify for a scholarhip anyways) so I shouldn't let it be one now. I have been blessed, but I pass that blessing to a student who really wants to go to U. Rochester.

Its official. I am going to Case Western Reserve University School of Meedicine. Sending my transcripts NOW!!!!

 

[menemotxi]

kyauna80,

Go where you feel happiest. This will be the 4 most intensive years of your life thus far, I assume anyway, so go where you'll thrive. I turned down a huge offer from my state school to go to a Emory. I just had a great feeling about Emory and I know that I'd regret it if I didn't go. I like the structure of the curriculum and the opportunities there are wonderful. You aren't crazy, no matter what your family and friends tell you. I had everyone I know telling me to go with the scholarship and started to get stressed out about it. Go with your gut feeling and don't look back.

M

 

[mentoz]

great decision!


now time for me to make mine!

 

[felipe5]

I was granted a special kind of scholarship/loan at my state school in which they would pay for my ENTIRE medical school education IFF I would work for the state of Kansas (ie rural medicine) for each year they hooked me up. So, its like a full-ride with strings attached, and since I am interested in academic medicine, I decided to turn it down.

Ecccccccccccch, it definitely sucked to turn that sucker down

 

[Sean2tall]

A pretty nice scholarship basically made my decision for me. But. . . . I don't have many problems with the city and neither are there strings attached (like Felipe). So I think you have made a good choice. I think when you turn down some money, you just gotta have some people comfort you about it that's a big deal! So congrats on your decision. . Case rules!

 

[sistahnik]

just try and think about every aspect of the decision factors. maybe you should take a visit to the school and talk with some of the ppl there (students and faculty). you don't want to regret any decisions so think about it!!

 

[tonyjerry]

i turned down full ride to my state school in favor of a higher ranked private school. the difference will be about 150k but the facilities, hospitals, current research and ultimately opportunities i see at the private school far outweigh the money. talking to some friends in top residency programs they told me to go to the private school hands down as long as im not interested in primary care. like a lot of you, being a doctor is what ive wanted all my life and it means a lot to me to have the best possible education to prepare me to be the best doctor i can be.

 

[Adapt]

I just thought I would add a different perspective. For us premeds, we really do not know the reality of the debt situation that we will come out with. Many of us just choose a school because we THINK we will be happier, when if we chose the other school, we would be saving thousands of dollars.

If you asked practicing physicians this question, they would almost always say go to the school which will give you the less debt. Why? Because they've been through it and are now paying their monthly loan payments of $2K a month which they hate.

They would say it doesn't matter if it's a caribbean school, DO, or MD school, if it's cheap than you will have much less pain in the long run.

A simple example. If you borrow 40K a year in stafford loans, assuming you get the full maximum of subsidized and you get an economic hardship deferment for 3 years, at the end of you third of residency you will owe 220K. That doesn't even include if you are borrowing private loans. If you are that number can shoot up to 270K.

What that means is you will be paying 2.2K out of your monthly pay check for 10 years. This is A LOT of money. My advice is, if you can substantially lower your debt, DO SO. You will regret it later.

 

[Sean2tall]

I just thought I would add a different perspective. For us premeds, we really do not know the reality of the debt situation that we will come out with. Many of us just choose a school because we THINK we will be happier, when if we chose the other school, we would be saving thousands of dollars.

If you asked practicing physicians this question, they would almost always say go to the school which will give you the less debt. Why? Because they've been through it and are now paying their monthly loan payments of $2K a month which they hate.

They would say it doesn't matter if it's a caribbean school, DO, or MD school, if it's cheap than you will have much less pain in the long run.

A simple example. If you borrow 40K a year in stafford loans, assuming you get the full maximum of subsidized and you get an economic hardship deferment for 3 years, at the end of you third of residency you will owe 220K. That doesn't even include if you are borrowing private loans. If you are that number can shoot up to 270K.

What that means is you will be paying 2.2K out of your monthly pay check for 10 years. This is A LOT of money. My advice is, if you can substantially lower your debt, DO SO. You will regret it later.

Yeah that's a good perspective. I believe it was Steve Miller who said it best. . . . well, you know. . .

 

[kyauna80]

I have my interview for NHSC scholarship next monday. There is a likelihood that I will be going to school for free anyways. And if I am one of the 3/5 who don't receive the scholarship I have done the research about Loan repayment programs and Loan forgiveness programs which exist in various states and with institutions such as NIH!!! I just am not worried. I will pay it off one way or another. Besides, everything is about perspective. If I make 100,000 a year (minimum) thats a little more tha 8000 a month or 7 after taxes. Idon't know anyone in my family with that much montly income. And they are still alive and happy. So, I can live below my means because that what I am accustomed to. As long as I have a medical degree, a job, a roof over my head, and the love of my family Ican't see myself that miserable.

 

[spumoni620]

i tend to agree with adapt. unless i *really* couldn't see myself going to a particular school, i'd be hard-pressed not to accept a good financial deal. i've heard too much about the horrors and stress of physicians' (and grad students') debt (yes, physicians ultimately have a stable, good salary but dealing with the hassle of paying off a gargantuan amount of loans in the stressful time of residency scares me). i ultimately ended up going to the school where i had a better scholarship. we'll see in 4 years if i regret it or not.

however, kyauna, you seem confident and happy in your decision, and you went with the 'gut feeling' that the scholarship-giving school wasn't for you. happiness supercedes $ anyday, so i think you made the right choice.

[aside] besides, loans in moderation are definitely not a bad thing. in fact, say you have a little $ saved up. if you invest this $ in a solid mutual fund or index fund and hold it in there for a while (and take out a small amt of loans to cover medical school costs), over the long-term, it will grow annually about 8% (more if you're lucky/pick a good fund)...whereas if you spent it up front for medical school, you lose all potential for growth. the 8% return (average) also easily beats out the low interest rates of most medical student loans, so you end up winning. just to show that getting into a SMALL amount of debt doesn't have to end up being a horror story. [/aside]

 

[Adapt]

If I make 100,000 a year (minimum) thats a little more tha 8000 a month or 7 after taxes. Idon't know anyone in my family with that much montly income.

Unfortunately, this is simply not the case. In most states, after federal and state taxes, you lose anywhere from 33% to 39% to taxes. For example in CA, a family physician making 120K a year can expect to earn net about 75K a year. This breaks down to about a little more than 6K a month.

Someone making 100K a year would only realistically make a bit more than 5K a month. When you consider that 2K of that 5K goes to paying loans, your left with 3K to survive on and support your family.

Premeds should really take a look at the financial situation before making such big decisions.

I was as clueless and naive as you were until I actually did research and examined the hardcore facts. I was simply stunned by how much the state and the government take out of your pay check. I was also stunned by how much interest accrues so easily. If you do turn down your scholarship, I hope you do get the NHSC scholarship.