Expensive private school vs. cheaper state school

[maybedeadcat]

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Hi all! I was tempted to post this in the school-specific threads but I think this issue is more broad than that. If the mods feel that it's in the wrong place, I apologize!

Basically it boils down to this: I have been extremely lucky to receive two acceptances so far, one to Jefferson (~$53,000), and the other to the Medical College of Georgia (~$28,000). I am also waiting to hear from Emory and Einstein (both are comparable to Jefferson in terms of $).

I have lived in Georgia all my life and I'm dying to leave. I've always wanted to live in the northeast, in a big city. I don't want to live in Augusta at all. The idea depresses me. But on the other hand, it's just four years, and it is nice to be close to family.

At what point can I justify shelling out the extra money to go to a fancy private school? Is the prestige of Jefferson (or the others) great enough that it will give me a significant leg up when applying to residencies? Is the opportunity to live in a city worth the extra money? I will have some financial assistance from my family, but the bulk of COA will land on me.

If it matters, I have a strong suspicion that I will fall in love with dermatology. I can't say that I'm sure, but I definitely don't want to put myself at a disadvantage if that's the route I want to take.

And finally, my SO of 3 years wants to move with me. He will be able to find a job much more easily in a large city. I know I shouldn't base my decision on him, but it's a factor.

Help!!

Edit: Update! I was HPWL'd at Einstein, which seems to be promising. So that's in the mix now too.

 

[zaztong]

Yes prestige does matter as one of the many factors. But you should look at the big picture to see if it is worth shelling a bucket of cash for a name and network.

I am experienced in financial analysis. According to my research, prestige won't give you a significant leg up residency to justify the extra 100k in tuition debt (at 6% interest) alone if you're simply looking at cash as a value.

Instead of shelling 100k + interest for a "better name", why not just get a better Step 1/2 score, which directly affects your residency selection. Last time I checked, MDs are almost equivalent to each other in terms of salary prospects in practicing medicine, with some discrimination on DO and Caribbean degrees. If you were going into research/academia, then that's a whole different story.

There are other values besides cash worth considering. Ask yourself - if moving to a new city (which you can do during residency) and slight extra bump in prestige (since we're not talking Harvard vs the Caribbean here) is worth it to you, then you should go for it. If you want that ever so slight advantage for a pretty penny, that's your choice.

 

[maybedeadcat]

Prestige won't give you a significant leg up residency to justify the extra 100k in tuition debt (at 6% interest per annum, if subsidized Stafford) alone if you're simply looking at cash as a value. There are other values besides cash worth considering. Ask yourself - if moving to a new city and slight extra bump in prestige (since we're not talking Harvard vs the Caribbean here) is worth it to you, then you should go for it.

Thanks for your input! Prestige is definitely not my primary motivation here. Mostly, I just really really want to live somewhere else for a change. But it seems like everything I read suggests that paying that much extra just to go to a school in a desirable location (plus a bit more prestige) is not worth it.

 

[zaztong]

Thanks for your input! Prestige is definitely not my primary motivation here. Mostly, I just really really want to live somewhere else for a change. But it seems like everything I read suggests that paying that much extra just to go to a school in a desirable location (plus a bit more prestige) is not worth it.

Well like I said, it depends on your values, which I don't know. Some people absolutely have to travel every 6 months. If you want to shell extra money to live somewhere else, that's your decision. There are many alternatives instead of a dichotomous absolute yes-no choice, if you want to fulfill a desire to move to a new city. An alternative would be simply to make travel plans in summer for a few months. That only costs a few extra K per year and can come out of your "living costs" tuition loans.

You probably won't have much time in medical school to explore the city anyways, especially if you're aiming for derm, assuming you're the average student. But hey, maybe you're a whiz with a photographic memory and don't need to spend that much time in classes. Who am I to assume?

I didn't even bother to apply to prestigious schools except UTSW (17k per year) since the price is not worth it to me. It's not like I'm going to research or academia. I rather take the extra cash and invest it on it on things that matter more to me, like building businesses that provide value for others.

 

[Cytarabine]

why not just get a better Step 1/2 score, which directly affects your residency selection

That's a bit of a naive idea. Not entirely without merit, but still.

Med school prestige matters, but the extent to which it matters and how much you're willing to pay for that bonus is very much a personal decision, as there are other factors that go into it (like wanting to get out of georgia). My 2c, which is entirely my subjective opinion. Jefferson and getting out of Georgia isn't worth 100k plus interest. On the basis of prestige alone, I'd consider it for a top 20 vs a sub100, but it still wouldn't be an easy decision. You should think about some other things that might matter. What might you be interested in going into? If you're hardcore derm, maybe prestige is worth paying a little more for. Does each school have a home program in what you're interested in? Etc

 

[zaztong]

That's a bit of a naive idea. Not entirely without merit, but still.

Med school prestige matters, but the extent to which it matters and how much you're willing to pay for that bonus is very much a personal decision, as there are other factors that go into it (like wanting to get out of georgia). My 2c, which is entirely my subjective opinion. Jefferson and getting out of Georgia isn't worth 100k plus interest. On the basis of prestige alone, I'd consider it for a top 20 vs a sub100, but it still wouldn't be an easy decision. You should think about some other things that might matter. What might you be interested in going into? If you're hardcore derm, maybe prestige is worth paying a little more for. Does each school have a home program in what you're interested in? Etc

Naive? I mentioned 100k + interest isn't worth it in this situation assuming she was just considering residency before making that statement and I also said it was multifactorial. Please read thoroughly before making such assumptions based on quoting me off one sentence.

Even if she was hardcore derm now, she might change her mind in the future. It doesn't decrease her chances much to the point where it justifies 100k + interest if we were just talking getting into "a" derm residency. There are also many more ways to increase your chances than just choosing a more prestigious school, one of the top factors being increasing your Step 1/2 scores.

 

[maybedeadcat]

Have you asked Jeff if they'd match MCG's COA?

Is this something that schools are sometimes willing to do?

 

[Cytarabine]

Naive? I mentioned 100k + interest isn't worth it in this situation assuming she was just considering residency before making that statement and I also said it was multifactorial. Please read thoroughly before making such assumptions based on quoting me off one sentence.

Even if she was hardcore derm now, she might change her mind in the future. It doesn't decrease her chances much to the point where it justifies 100k + interest if we were just talking getting into "a" derm residency. There are also many more ways to increase your chances than just choosing a more prestigious school, one of the top factors being increasing your Step 1/2 scores.

Only the first part of my post was directed at you, and it was directed at only the part of your post I quoted

 

[bc65]

I wouldn't consider the prestige issue as much as the desire to leave Georgia. Do you think that you'll really be happier outside of your home state? If so, would you be $150-200,000 happier? ( with interest?) Would you even like living in NY? You might hate it.

There I lots of places that I would gladly pay $200K to be able to stay away from.

 

[maybedeadcat]

I wouldn't consider the prestige issue as much as the desire to leave Georgia. Do you think that you'll really be happier outside of your home state? If so, would you be $150-200,000 happier? ( with interest?) Would you even like living in NY? You might hate it.

There I lots of places that I would gladly pay $200K to be able to stay away from.

Honestly, it's so hard for me to even conceptualize that value of money. I'm a traditional student, only 22, and I've never had to deal with loans or debt before. I have no idea how to quantify my desire to leave Georgia in terms of money.

I know I'd love New York (or Philly). I wouldn't want to live in the city permanently, but I think it would be such an incredible experience to have for 4 years.

 

[7331poas]

Depends on how much you like money. I grew up poor and would be fine living poor if it meant I got to live in the city I wanted to and had enough money to buy NBA tickets.

 

[The Knife & Gun Club]

Im dealing with a similar problem. Is your goal to permanently leave Georgia? If so, I'd go to the Northeastern school since it will be much easier to leave GA if you go to school somewhere with ample networking opportunities.

MCG is a fine school, but I could definitely see it being hard to network for residency and beyond from Augusta

 

[bc65]

Honestly, it's so hard for me to even conceptualize that value of money.

I can't really advise you there. I think living in NY for 4 years as a student could be wonderful, although coming from the south the culture shock would probably be enormous. You did interview there, so you'll have had a taste of it.

Einstein isn't in Manhattan, so getting into the city will take some effort. That might take away some of the benefit of being there. You'll still have some weekends to explore the city.

The amount of money it will cost will be significant, but not a deal breaker. But I can't tell you how much it's worth. I don't know if you owe money for undergrad already, and we don't know what specialty you'll end up going into.

Falling in love with dermatology is easy. Most everyone does. The problem is getting derm to love you back. That's hard.

 

[DocConk]

If you end up going into family medicine and want to sign a few years of your life away to work in rural Georgia, then they would pay back your loans regardless of whether you went to an expensive private school or a relatively inexpensive in-state institution. But that might be completely irrelevant if you definitely aren't going into family medicine

 

[Goro]

You really, really need to ask "Is this extra $100K worth it?", because that's coming out of YOUR pocket. Four years in Augusta...I think that you can handle it.

Hi all! I was tempted to post this in the school-specific threads but I think this issue is more broad than that. If the mods feel that it's in the wrong place, I apologize!

Basically it boils down to this: I have been extremely lucky to receive two acceptances so far, one to Jefferson (~$53,000), and the other to the Medical College of Georgia (~$28,000). I am also waiting to hear from Emory and Einstein (both are comparable to Jefferson in terms of $).

I have lived in Georgia all my life and I'm dying to leave. I've always wanted to live in the northeast, in a big city. I don't want to live in Augusta at all. The idea depresses me. But on the other hand, it's just four years, and it is nice to be close to family.

At what point can I justify shelling out the extra money to go to a fancy private school? Is the prestige of Jefferson (or the others) great enough that it will give me a significant leg up when applying to residencies? Is the opportunity to live in a city worth the extra money? I will have some financial assistance from my family, but the bulk of COA will land on me.

If it matters, I have a strong suspicion that I will fall in love with dermatology. I can't say that I'm sure, but I definitely don't want to put myself at a disadvantage if that's the route I want to take.

And finally, my SO of 3 years wants to move with me. He will be able to find a job much more easily in a large city. I know I shouldn't base my decision on him, but it's a factor.

Help!!

Edit: Update! I was HPWL'd at Einstein, which seems to be promising. So that's in the mix now too.

 

[maybedeadcat]

I can't really advise you there. I think living in NY for 4 years as a student could be wonderful, although coming from the south the culture shock would probably be enormous. You did interview there, so you'll have had a taste of it.

Einstein isn't in Manhattan, so getting into the city will take some effort. That might take away some of the benefit of being there. You'll still have some weekends to explore the city.

The amount of money it will cost will be significant, but not a deal breaker. But I can't tell you how much it's worth. I don't know if you owe money for undergrad already, and we don't know what specialty you'll end up going into.

I've spent a lot of time in New York so I'm pretty sure I'll love it. Also the fact that it's in the Bronx is almost a good thing... Fewer distractions during the week? I haven't spent much time in Philly but I've only heard good things.

I am debt free from undergrad due to taking the sensible, in-state option. I wasn't really happy about my undergrad decision and maybe that's why I'm so tempted to "follow my heart" for med school.

 

[pyrrion89]

You really don't get that much free time outside of med school... even if you don't take school seriously. So I'd save the money and stay in Georgia. $100k is a lot of cash to spend so you can study in a Philly library instead of a Georgian.

 

[Med Ed]

I've spent a lot of time in New York so I'm pretty sure I'll love it. Also the fact that it's in the Bronx is almost a good thing... Fewer distractions during the week? I haven't spent much time in Philly but I've only heard good things.

I am debt free from undergrad due to taking the sensible, in-state option. I wasn't really happy about my undergrad decision and maybe that's why I'm so tempted to "follow my heart" for med school.

It is interesting that in most aspects of life we would not consider paying >$100,000 for something of uncertain value, but this logic does not always apply to educational loans. Part of this may reflect the ease in acquiring said loans, and the interval between taking them out and being faced with repaying them. There is also the presumption of a high paying job on the other end, which will mitigate the added monthly expense. There is also the allure of this exciting new life in the northeast, surrounded by cheesesteaks and Eagles fans. If you want to make the financial side less abstract, get a deck of cards. Count through them one by one. This represents how long you will be in medical school. Now repeat the process six times. This represents how long you will be paying back your loans.

Medical school is very different from undergraduate, and will be a memory soon enough. If I were in your shoes I would take Augusta and then go somewhere more desirable for residency.

 

[ADSigMel]

I lived in one state all my life (Alabama, as a matter of fact) and went to state school there for undergrad, primarily because my parents strongly disapproved of my leaving the state for college, considering that I was not yet 17 when I started undergrad. After four years, I graduated from my state school. Wanting to FINALLY get away, I went to a prestigious private out-of-state school for law school, despite the fact that my undergrad school had offered me a FREE law school education. Instead, like a dummy, I graduated with $120k in debt, no job, and a strong desire to go to medical school. ADSigMel is stupid. Don't be like ADSigMel.

 

[feather421]

Tangential question: with all this money up in the air, it's hard to understand what amount of tuition difference is significant. All the schools I was accepted to are fairly expensive, with the greatest difference being 32k between the most and the least over the course of 4 years. It's a chunk of change, but if I love the more expensive school, is that (under 50k amount) going to hugely impact my quality of life?

 

[Dr. Death]

The grass is always greener somewhere else. This ain't monopoly money. Go to the store and buy a big bag of MnMs. Lay out 28 x 4 for your tuition in GA and then lay out 53 x 4 for the tuition in NY. Now compare the sizes of the 2 piles of MnMs and think of each one as a 1,000$ bill. Stay in Georgia. You'll thank yourself in 5 years.

 

[bc65]

I think either decision can be justified.

It is interesting that in most aspects of life we would not consider paying >$100,000 for something of uncertain value, but this logic does not always apply to educational loans.

That's a good point. I guess it's the result of branding.

People also pay $100,000 for a car, when they can get one that will do the same job for $20,000. I wouldn't spend my money on a car, but I will spend it on other things.

Living in NY might be worth the money for OP. People live abroad, often giving up substantial salaries and opportunity costs for the experience. I think this might be more comparable to that choice, rather than as simply a choice of school or consumer good.

I live in California. My extra taxes ( income, property ) cost me about $30,000 a year, in addition to other extra expenses, such as increased housing costs. Living here will cost me another 100k in taxes on my pension. It's worth the extra money to me. If I were offered $500k to move to Georgia, I wouldn't take it. Not even for 2 million. But that's just me.

 

[7331poas]

Why do you people care so much about money? OP, this is your life dude. At the end of the day your HAPPINESS is what matters. Do you really think you will not be able to pay back that money in the long run?

To the people arguing otherwise, people do the same thing with property and real estate all the time. They choose vastly more expensive housing for a better location.

 

[maybedeadcat]

Why do you people care so much about money? OP, this is your life dude. At the end of the day your HAPPINESS is what matters. Do you really think you will not be able to pay back that money in the long run?

To the people arguing otherwise, people do the same thing with property and real estate all the time. They choose vastly more expensive housing for a better location.

Thanks! Reading this made me feel so much better about how I'm feeling about these schools. I know I'll be able to pay back the money eventually. At this point in time though I don't know anything about loans and I'm so intimidated by the whole thing.

 

[Med Ed]

People also pay $100,000 for a car, when they can get one that will do the same job for $20,000.

Apples to oranges. If I buy a $100,000 car I know what I am getting for the money, be it horsepower, luxury, a mink steering wheel, an engine that runs on little girls' tears, etc. Whether or not it is smart to buy such a car for trips to the grocer story is a separate matter.

If I spend an extra $100,000 to go to another mid-tier medical school in a city I don't really know, what have I gained? Something? Perhaps. Nothing? Who knows?

 

[Med Ed]

Why do you people care so much about money? OP, this is your life dude. At the end of the day your HAPPINESS is what matters. Do you really think you will not be able to pay back that money in the long run?

I'd be happier of my loan payment was cut in half.

To the people arguing otherwise, people do the same thing with property and real estate all the time. They choose vastly more expensive housing for a better location.

Apples to oranges. Buying a house in a better location improves your life in tangible ways to justify the cost, be it a view, a shorter commute, a better school district, lower crime, more cultural opportunities, etc. If you spend an extra $100,000 to go to another mid-tier medical school in a city you don't really know, what have you gained? Something? Perhaps. Nothing? Who knows?

 

[Lawpy]

I have lived in Georgia all my life and I'm dying to leave. I've always wanted to live in the northeast, in a big city. I don't want to live in Augusta at all. The idea depresses me. But on the other hand, it's just four years, and it is nice to be close to family.

I mean I'd rather be deep in debt but enjoy the 4 years since it's going to be memorable and important for me than to make 4 years look miserable just because I wanted to save some money.

 

[bc65]

I mean I'd rather be deep in debt but enjoy the 4 years since it's going to be memorable and important for me than to make 4 years look miserable just because I wanted to save some money.

This.

As I said, people spend money on things of no value to me, eg cars. The experience of living in an exciting city, which you may never get to do again? Priceless.
Studies show people value experiences more than things. So, Apple to oranges indeed. I'll take the Big Apple.

Think of it as an annual vacation costing 25k a year.
But to each his own.


Sent from my iPhone using SDN mobile

 

[Med Ed]

The experience of living in an exciting city, which you may never get to do again?

OP has entire rest of life to live wherever he/she wants while making a real salary.

So, Apple to oranges indeed. I'll take the Big Apple.

I like you, but this made me throw up in my mouth a little bit.

 

[medic86]

I think either decision can be justified.




That's a good point. I guess it's the result of branding.

People also pay $100,000 for a car, when they can get one that will do the same job for $20,000. I wouldn't spend my money on a car, but I will spend it on other things.

Living in NY might be worth the money for OP. People live abroad, often giving up substantial salaries and opportunity costs for the experience. I think this might be more comparable to that choice, rather than as simply a choice of school or consumer good.

I live in California. My extra taxes ( income, property ) cost me about $30,000 a year, in addition to other extra expenses, such as increased housing costs. Living here will cost me another 100k in taxes on my pension. It's worth the extra money to me. If I were offered $500k to move to Georgia, I wouldn't take it. Not even for 2 million. But that's just me.

I don't know...

Atlanta is kind of nice... especially for that kind of money.

 

[bc65]

I like you, but this made me throw up in my mouth a little bit.

I don't blame you.


Sent from my iPhone using SDN mobile

 

[Mansamusa]

Thanks! Reading this made me feel so much better about how I'm feeling about these schools. I know I'll be able to pay back the money eventually. At this point in time though I don't know anything about loans and I'm so intimidated by the whole thing.

You can go to NY or Philly in 4 years. The $100K will be over $200K with interest by the time you pay it off. That is a house.

It is easy to say right now that going to Philly/NY will make you happy, but it's much harder to have the same thought 7-11yrs from now when you finally start paying the loans back. It's hard to think that when you can't buy a house in the city where you want to live because of your debt. It's hard when you are deciding between a low-paying med specialty and a higher paying one. It's hard when you are trying to pay for your children's schooling and retirement. Etc.. There are plenty of things that we find happy in the moment, but regret later.

That being said, I will end up having as much or more debt than you, as will plenty of other students, because we don't have cheaper options. You won't be alone. Just make sure you fully understand the magnitude of debt you will possess.

Edit: Use AAMC's FIRST med loan calculator to calculate your estimated loan payments. Then use http://www.adp.com/tools-and-resour...l-calculators/salary-paycheck-calculator.aspx to estimate salary after taxes and see how you feel.

Then, use AAMC FIRST to see what the total amount of loans + interest you will owe after residency. Calculate the amount of interest you will gain on your loans each year. If you live like a resident ($35,000 in post-tax money), see how quickly you can pay the loans off. This would be the best case scenario (and with the amount you would owe from a private school, isn't likely to be how you will pay off your loans). I would only be willing to take on the debt over MCG for Emory

 

[rednote]

I would not go to Jefferson for that much extra money. However, I think it's justifiable to go to Einstein if you want change of scenery, it's gonna open more doors for you, and it will be easier for your SO to find a job much more easily in a large city.

 

[Med Ed]

I don't blame you.

Perhaps I should take a moment to explain to you and @maybedeadcat where I am coming from with this. The growing cost of medical school has exceeded inflation for a long time, so every year the average indebtedness of medical students hits a new unprecedented high. We have never been here before.

As part of my professional duties I had the pleasure of working with students who attend, shall we say, not the cheapest medical school in the country. There is a steady and palpable increase in anxiety each year as their principles balloon and the reality of their respective financial situations gradually comes into focus. It is not fun to watch. While I am not particularly religious, I think Proverbs 22:7 has it right in that the borrower shall indeed be slave to the lender.

So I believe those of us on the other side, who have jobs, cars, houses, and cold-blooded choices about where and how we live and work, should be very careful about blithely encouraging students to encumber themselves with more debt than they have to. Capisce?

 

[Mansamusa]

Perhaps I should take a moment to explain to you and @maybedeadcat where I am coming from with this. The growing cost of medical school has exceeded inflation for a long time, so every year the average indebtedness of medical students hits a new unprecedented high. We have never been here before.

As part of my professional duties I had the pleasure of working with students who attend, shall we say, not the cheapest medical school in the country. There is a steady and palpable increase in anxiety each year as their principles balloon and the reality of their respective financial situations gradually comes into focus. It is not fun to watch. While I am not particularly religious, I think Proverbs 22:7 has it right in that the borrower shall indeed be slave to the lender.

So I believe those of us on the other side, who have jobs, cars, houses, and cold-blooded choices about where and how we live and work, should be very careful about blithely encouraging students to encumber themselves with more debt than they have to. Capisce?

This is exactly the anxiety I've been dealing with since being accepted and I whole-heartedly agree with everything you said. And this will be the anxiety that fuels my motivation to study and will influence the decisions I make in the future a lot more than I want them to.

I also had a couple interviewers emphasize during the interviews that I should go to the cheapest option I have regardless of what others advise. I appreciated their frank advice.

 

[bc65]

I believe those of us on the other side, who have jobs, cars, houses, and cold-blooded choices about where and how we live and work, should be very careful about blithely encouraging students to encumber themselves with more debt than they have to

I agree, and I try to be cognizant of that fact. That's why I asked OP about other debt. But still, 100k is 100k. That would take about one or two extra years to pay off. I think NY is worth it, but maybe not if you'll be living in the Bronx.

I graduated from a school that had the highest tuition in the country. I graduated with debt that was about 2.5 times my intern salary. So, probably around 150k in today's dollars. It took me about 1 year to pay it off. If I had the equivalent debt today, it would be around 400k, and it would probably take me 3 or 4 years to pay it off. So, despite increased tuition, I don't think that debt would be too daunting.

I may have had lower debt back then, but I had other impediments. My starting salary then was much lower relative to what new hires earn now, even after considering inflation. I spent far more years in training and research than most residents put in (10) with not much extra salary to show for most of those years. I was an employee, and earned less than most get in private practice ( I think...). So despite a lower salary to start, lower salary over my career, and shorter career, and living in a very expensive part of California, and getting bad financial advice early on from well-meaning colleagues, I still ended up financially comfortable.

So I do appreciate your point of view. I just think that paying of the higher loan won't be that difficult. But sure, it's easy for me to spend someone else's money.

OP will read all of our opinions and then decide.

 

[Med Ed]

I agree, and I try to be cognizant of that fact. That's why I asked OP about other debt. But still, 100k is 100k. That would take about one or two extra years to pay off.

Neither of us knows how long it would take the OP to pay off 100K, because neither of us knows what sorts of choices he/she will make in the meantime. Fargo spine surgeon married to an orthopod? Drop in the bucket. Pediatrician and sole breadwinner in San Francisco? Perhaps not so much.

 

[Mansamusa]

I agree, and I try to be cognizant of that fact. That's why I asked OP about other debt. But still, 100k is 100k. That would take about one or two extra years to pay off. I think NY is worth it, but maybe not if you'll be living in the Bronx.

I graduated from a school that had the highest tuition in the country. I graduated with debt that was about 2.5 times my intern salary. So, probably around 150k in today's dollars. It took me about 1 year to pay it off. If I had the equivalent debt today, it would be around 400k, and it would probably take me 3 or 4 years to pay it off. So, despite increased tuition, I don't think that debt would be too daunting.

I may have had lower debt back then, but I had other impediments. My starting salary then was much lower relative to what new hires earn now, even after considering inflation. I spent far more years in training and research than most residents put in (10) with not much extra salary to show for most of those years. I was an employee, and earned less than most get in private practice ( I think...). So despite a lower salary to start, lower salary over my career, and shorter career, and living in a very expensive part of California, and getting bad financial advice early on from well-meaning colleagues, I still ended up financially comfortable.

So I do appreciate your point of view. I just think that paying of the higher loan won't be that difficult. But sure, it's easy for me to spend someone else's money.

OP will read all of our opinions and then decide.

Obviously you have more knowledge of paying off these loans, but I just wanted to give a more detailed look at current debt level. For me, going to a private med school, the loans I'm looking at are more like $500K after a 6 year residency (the loans are so much now that you gain $20K of interest/yr of residency even if you do IBR). Then the interest is growing at $30K/yr.

That is why I think the OP should really use the AAMC loan calculator.

 

[mw18]

I turned down a full scholarship at a very highly regarded school to take out loans at Hopkins. Our dilemmas are a little different, but not entirely. We both were choosing between money (mine was more money) and a slightly better reputation (mine was a greater overall reputation but maybe not the difference you're looking at) in school. I can tell you that 6 months later I couldn't be happier with my decision. In ten years I could think it was the least intelligent thing I've ever done, but right now I'm more than good with it. I never worry about the debt. I know it will get paid. The way I feel is different than the majority of what people on sdn feel, however.

That being said, I may have loved it at the other school as well. No way to know really.

 

[attitudeofgratitude]

So I'm in ish the same boat (I'm going to go to a public OoS where I used to live and where I ultimately want to move back to)

It's ~80k across four years + interest. IDK It doesn't seem a lot and I've always lived... frugally. But now looking at how often health care reform is coming up I'm worried; you just know they're going to drop Drs salaries.

Gah.

 

[eteshoe]

Depends on how much you like money. I grew up poor and would be fine living poor if it meant I got to live in the city I wanted to and had enough money to buy NBA tickets.

Like third row tickets cuz those will cost you a pretty penny.

I've spent a lot of time in New York so I'm pretty sure I'll love it. Also the fact that it's in the Bronx is almost a good thing... Fewer distractions during the week? I haven't spent much time in Philly but I've only heard good things.

I am debt free from undergrad due to taking the sensible, in-state option. I wasn't really happy about my undergrad decision and maybe that's why I'm so tempted to "follow my heart" for med school.

You are in a wonderful position to not take on too much additional debt going to an expensive place. Think about it this way 4 more yrs of GA and then you can kiss the place goodbye (minus holidays or whatever) and live in the most exciting cities in the US while making money (residency+attending). You're young so you may not understand what the burden of owing money feels like but it's usually not worth it.

If you're not interested in academic medicine, then this is especially true. I'm at an expensive school because I plan on going into academic medicine and pedigree is a real concern.

 

[7331poas]

I'd be happier of my loan payment was cut in half.



Apples to oranges. Buying a house in a better location improves your life in tangible ways to justify the cost, be it a view, a shorter commute, a better school district, lower crime, more cultural opportunities, etc. If you spend an extra $100,000 to go to another mid-tier medical school in a city you don't really know, what have you gained? Something? Perhaps. Nothing? Who knows?

Not sure I follow this. You buy a house because you get to be in a better location and get benefits from that. This person is "paying" a premium to spend his time in an undoubtedly better location (being rural sucks). It has nothing to do with the tier of the school.

4 years is a long time to do absolutely nothing. Talk about sacrificing your 20s. I am not talking club life, I am talking about anything to do. Rural communities suck, especially if they have little social outlets.

I believe its fairly well documented that his debt can easily be paid off with a physician's wage.

 

[Mansamusa]

Not sure I follow this. You buy a house because you get to be in a better location and get benefits from that. This person is "paying" a premium to spend his time in an undoubtedly better location (being rural sucks). It has nothing to do with the tier of the school.

4 years is a long time to do absolutely nothing. Talk about sacrificing your 20s. I am not talking club life, I am talking about anything to do. Rural communities suck, especially if they have little social outlets.

I believe its fairly well documented that his debt can easily be paid off with a physician's wage.

Augusta is a city. And you cannot compare this to buying a house. A house has and gains value that you can get a return on.

What we are talking about is more like buying a $10 pizza vs paying $500 to fly in a pizza from Italy. Yeah, the pizza from Italy might provide a temporary moment of joy and be fancier, but both pizzas will end up in the same place and both will have satisfied you and the difference betweeen the two will no longer benefit you once you have finished eating. Why pay more for the same results especially since the pizza from Italy will leave a large hole in your wallet?

 

[7331poas]

Augusta is a city. And you cannot compare this to buying a house. A house has and gains value that you can get a return on.

What we are talking about is more like buying a $10 pizza vs paying $500 to fly in a pizza from Italy. Yeah, the pizza from Italy might provide a temporary moment of joy and be fancier, but both pizzas will end up in the same place and both will have satisfied you and the difference betweeen the two will no longer benefit you once you have finished eating. Why pay more for the same results especially since the pizza from Italy will leave a large hole in your wallet?

Do you do anything temporary? Have you ever gone to a concert? Have you ever paid for an overpriced sports ticket instead of just watching it on TV?

I would agree with you if this was a trivial time frame, but this is 4 years of basically your peak of your life. (depending on your perspective I guess)

What value does money give you just for having it?

 

[eteshoe]

Do you do anything temporary? Have you ever gone to a concert? Have you ever paid for an overpriced sports ticket instead of just watching it on TV?

I would agree with you if this was a trivial time frame, but this is 4 years of basically your peak of your life. (depending on your perspective I guess)

What value does money give you just for having it?

I usually can never afford great seats at concerts or sporting events, so I'd rather watch it from the comfort of my couch and a nice 1080p TV (I can't afford that 4K stuff yet)

 

[NerdyCoffee]

A bit tangential, but to those who have had to consider similar situations, at what point does the trade off of location/prestige/opportunities/etc. supersede cost differences?

Above posters have suggested that prestige or location alone isn't much incentive to pick a more expensive school, but what about the things that might come along with the prestige or location? Like better clinical rotation/elective opportunities, ties to residency programs in certain cities/institutions, better opportunities/funding for research/ECs, etc.

As someone who doesn't know a lot of physicians or medical students personally, I'm honestly wondering how much consideration these differences should have.

Edit: I realize this might be a bit too vague without comparing specific schools :/ Just curious if these differences would ever really add up when applying to residencies.

 

[Med Ed]

Not sure I follow this. You buy a house because you get to be in a better location and get benefits from that. This person is "paying" a premium to spend his time in an undoubtedly better location (being rural sucks).

Location in the context of buying a house in a single city is straightforward. The OP's situation is different, in that he/she has presumably never lived in Philly, NYC, or Augusta. Therefore he/she would be paying for hope and dream that the northeast will be more magical than the southeast to the tune of $100,000 plus interest.

Fact is, OP might take the more expensive option and utterly hate living in a huge, old, dirty city that's freezing half the year. That would possibly invoke some regret.

It has nothing to do with the tier of the school.

Prestige and "fancy" were mentioned in the initial post.

 

[Med Ed]

Rural communities suck, especially if they have little social outlets.

Augusta has just under 200,000 people, the greater metro area just under 600,000. It's not Mayberry.

I believe its fairly well documented that his debt can easily be paid off with a physician's wage.

Not sure if you noticed, but I'm a physician, I make physician wages, and nine times out of ten I will advocate for the cheaper option.

 

[7331poas]

Location in the context of buying a house in a single city is straightforward. The OP's situation is different, in that he/she has presumably never lived in Philly, NYC, or Augusta. Therefore he/she would be paying for hope and dream that the northeast will be more magical than the southeast to the tune of $100,000 plus interest.

Fact is, OP might take the more expensive option and utterly hate living in a huge, old, dirty city that's freezing half the year. That would possibly invoke some regret.

On the other hand, OP plays it safe an all he has to show for it is less debt and no life experiences to speak of.

Not sure if you noticed, but I'm a physician, I make physician wages, and nine times out of ten I will advocate for the cheaper option.

All I am saying is that there is a cost/benefit to be ran and the deciding factor is not just money.

If I had the choice to move to san diego or NYC for a premium price, I would certainly be weighing the options.

Also, why would you being a physician matter at all in the context of finances the priorities of strangers here?

 

[Med Ed]

On the other hand, OP plays it safe an all he has to show for it is less debt and no life experiences to speak of.

Sure, because nobody who graduates from MCG (ahem, Georgia Regents) has any life experiences.

Also, why would you being a physician matter at all in the context of finances the priorities of strangers here?

Because people throw around the opinion that taking out an extra 100 large is no sweat when you're making attending $$$, and I'm here to tell you that there can still be some sweat involved.