financial aid question: top 20 school vs. top 5

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moomoo702

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So I'm choosing between a top 5 school (financial aid only loans) vs. a top 20 school (financial aid with $80,000 grant). Do you think the $80,000 makes a big difference?

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So I'm choosing between a top 5 school (financial aid only loans) vs. a top 20 school (financial aid with $80,000 grant). Do you think the $80,000 makes a big difference?

YES! Are you kidding? Go to the top 20 school. Case closed :smuggrin:
 
So I'm choosing between a top 5 school (financial aid only loans) vs. a top 20 school (financial aid with $80,000 grant). Do you think the $80,000 makes a big difference?

I personally think that there is very little educational or opportunistic difference between a top-5 and a top-20 medical school. I have always heard that even at the "worst" medical school in the country, if you work hard, you have a great shot at a good residency. I feel that having less debt allows you more freedom to choose a specialty without worrying so much about how you are going to pay back your loans.

If money were not an issue, and the two schools were tied in rankings, which would you pick?
 
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no question, take the money and run! If you do well on the boards and clinical evaluations, you can do residency in whatever you want. Rankings are a load of crap in most people's eyes except for those who are applying to med school.
 
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MSRP ~80,000. Your call bud.
 
Follow the money $$$. Especially when the difference between the schools is negligible. Unless there are other factors (like location, personal reasons, etc.) that come into play.
 
Literally no difference between top 5 and top 20.

Even if it were top 20 vs. a school ranked much lower, I'd still go with the cheaper option.

If you work hard enough at any U.S. allopathic program, you shouldn't have any issue getting to where you want to be. Unless you really care about prestige or are considering a research/academic career, it doesn't seem to matter at all what school you go to.
 
If the other school isn't in the top ~14, definitely go to the higher ranked one.

The money will follow later in your career, and the educational difference will be quite significant.





/sarcasm
 
So I'm choosing between a top 5 school (financial aid only loans) vs. a top 20 school (financial aid with $80,000 grant). Do you think the $80,000 makes a big difference?

I'm in the exact same boat, moomoo. I think I'm going to go with the school offering me the scholarship. In my estimation, the differences between a top 5 school and a top 20 school are pretty negligible.

Also, it's important to take into consideration the actual cost of that $80,000 scholarship over the course of your loan repayment. For instance, according to a student loan repayment calculator I found on the Department of Education website (http://www.direct.ed.gov/RepayCalc/dlentry1.html), that $80,000 extra you'd take out for the more expensive school, which would probably be in the form of a Grad PLUS loan (7.9% interest) would actually cost you $115,968 (principal + interest payments). And that's if you pay the loan back over 10 years. If you're doing an extended repayment, say 25 years, then that initially $80k-difference becomes $183,648. Now we're talking really significant coin. Just something to consider.

If you're choosing between a top 20 school and a top 5 school, you really can't go wrong (in my opinion). Congrats, and good luck with your decision.
 
Are you kidding? Take the $$$. Get a nicer apartment, car, etc. and enjoy med school, while still having every opportunity you could possibly want.
 
Lotus-Exige.gif


Another picture to chew on...MSRP~$75,000

If you don't like that you could build a significant addition onto whatever house you buy for $80,000

Also, like the poster above said 80k turns into a lot more unless you pay it off right away. Seriously I don't understand why these questions ever come up. Do people really NOT realize how much money they're talking about?
 
Another picture to chew on...MSRP~$75,000

If you don't like that you could build a significant addition onto whatever house you buy for $80,000

Also, like the poster above said 80k turns into a lot more unless you pay it off right away. Seriously I don't understand why these questions ever come up. Do people really NOT realize how much money they're talking about?

It is a lot of money but I'd say if you like one more than the other, then go to it... I assume that this top 20 and top 5 school are in different locations since most of the top 20s and the top 5 dont overlap too much... So where do you want to do your residency? Your chances of getting a residency at the med school you go to are highest so maybe that can help you decide. Otherwise there is no real difference except that 80K in your pocket!
 
What if you are choosing between a top 20 and a top 5, and there are other significant factors (unrelated to prestige, etc.) that are in favor of the top 5, more expensive school over the top 20? Factors such as curriculum (1 year basic sciences, 1 year research time at the top 5), location, etc. Would you still advise going to the top 20 in order to save money, or is there a point where it is worthwhile to take the added debt and go to the top 5?

I ask because I am in a similar situation...
 
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What if you are choosing between a top 20 and a top 5, and there are other significant factors (unrelated to prestige, etc.) that are in favor of the top 5, more expensive school over the top 20? Factors such as curriculum (1 year basic sciences, 1 year research time at the top 5), location, etc. Would you still advise going to the top 20 in order to save money, or is there a point where it is worthwhile to take the added debt and go to the top 5?

I ask because I am in a similar situation...

No one can tell you if a more expensive school is worth x amount more $, because no one can place a value on, i.e., one curriculum vs. another. go where you want. only you can decide if it's worth it.
 
No one can tell you if a more expensive school is worth x amount more $, because no one can place a value on, i.e., one curriculum vs. another. go where you want. only you can decide if it's worth it.

true...i was just wondering because everyone seems so vehemently opposed to going to the more expensive school if it means being in more debt.

so i guess i'll rephrase the question: If you were in the position to go to a more expensive school versus a less expensive school, but you preferred the more expensive school for other reasons (curriculum, location, etc.), which school would you choose?
 
Factors such as curriculum (1 year basic sciences, 1 year research time at the top 5), location, etc. Would you still advise going to the top 20 in order to save money, or is there a point where it is worthwhile to take the added debt and go to the top 5?

I would have to wholeheartedly disagree with the reasoning that things like curriculum or location even matter with the amount of money we're talking about here. I know theres lots of idealistic, romantic people on here who think that you should always go to "where you love" no matter how much it costs. That's a bunch of BS. If the difference was 10K over the four years (maybe even 20K) I'd factor in the other stuff. When you're talking about 80K and still being in a top 20 school though, that should really go out the window unless you're super rich and can pay that difference in cash.

For $80,000 (more like $100,000 when you're done paying off the loan) I'd go freeze my balls off for four years in Alaska. Seriously, don't be romantic and take the money. I know everyone who advises not to worry about the 80K thinks they're going to be rich and famous doctors so it won't matter, but once you start working you'll realize that 80K is nothing to sneeze at. Hell, that's your residency salary for 2 years in a lot of places. Think about that.

So where do you want to do your residency? Your chances of getting a residency at the med school you go to are highest so maybe that can help you decide.

Regarding the residency question, no pre-med really knows where they want to do their residency. It's been said time and time again on SDN not to let any residency decisions affect your medical school decision because you have no idea what you'll be looking for by 4th year.
 
I would have to wholeheartedly disagree with the reasoning that things like curriculum or location even matter with the amount of money we're talking about here. I know theres lots of idealistic, romantic people on here who think that you should always go to "where you love" no matter how much it costs. That's a bunch of BS. If the difference was 10K over the four years (maybe even 20K) I'd factor in the other stuff. When you're talking about 80K and still being in a top 20 school though, that should really go out the window unless you're super rich and can pay that difference in cash.

For $80,000 (more like $100,000 when you're done paying off the loan) I'd go freeze my balls off for four years in Alaska. Seriously, don't be romantic and take the money. I know everyone who advises not to worry about the 80K thinks they're going to be rich and famous doctors so it won't matter, but once you start working you'll realize that 80K is nothing to sneeze at. Hell, that's your residency salary for 2 years in a lot of places. Think about that.



Regarding the residency question, no pre-med really knows where they want to do their residency. It's been said time and time again on SDN not to let any residency decisions affect your medical school decision because you have no idea what you'll be looking for by 4th year.

Well put :thumbup:

I try to envision myself in the future (if I were to go to a more expensive school) making the payments on the extra $ I spent. I always wonder if, in repayment, I would still consider the more expensive school to be worth it.
 
I would have to wholeheartedly disagree with the reasoning that things like curriculum or location even matter with the amount of money we're talking about here. I know theres lots of idealistic, romantic people on here who think that you should always go to "where you love" no matter how much it costs. That's a bunch of BS. If the difference was 10K over the four years (maybe even 20K) I'd factor in the other stuff. When you're talking about 80K and still being in a top 20 school though, that should really go out the window unless you're super rich and can pay that difference in cash.

For $80,000 (more like $100,000 when you're done paying off the loan) I'd go freeze my balls off for four years in Alaska. Seriously, don't be romantic and take the money. I know everyone who advises not to worry about the 80K thinks they're going to be rich and famous doctors so it won't matter, but once you start working you'll realize that 80K is nothing to sneeze at. Hell, that's your residency salary for 2 years in a lot of places. Think about that.



Regarding the residency question, no pre-med really knows where they want to do their residency. It's been said time and time again on SDN not to let any residency decisions affect your medical school decision because you have no idea what you'll be looking for by 4th year.

Hmm... I think the residency question should be considered. Yes, you probably won't know what you'll want in 4 years. But, certainly, you should keep in mind that most medical students pursue residency at their home program not only because it's easier to match but also because they've developed a professional and personal network at the institution and/or the city they live in. You might get married, form a close group of friends, etc. Grad school starts getting a little bit closer to the "real world" in which people don't want to move every 4 years and have to re-build their social network again.

Moral of the story, you can go anywhere for residency...but it's not a bad idea to pick a place you'd be very happy staying around after medical school.
 
Think the residency thing applies more, for example, if OP is a CA resident and wants to do a residency there.
 
true...i was just wondering because everyone seems so vehemently opposed to going to the more expensive school if it means being in more debt.

so i guess i'll rephrase the question: If you were in the position to go to a more expensive school versus a less expensive school, but you preferred the more expensive school for other reasons (curriculum, location, etc.), which school would you choose?

Looks like you are deciding between Duke and elsewhere. I am in a similar boat. I might pass up Duke if I can go to the state school for 120k compared to Duke for 200K.
 
Looks like you are deciding between Duke and elsewhere. I am in a similar boat. I might pass up Duke if I can go to the state school for 120k compared to Duke for 200K.

Basically what I did. Recently withdrew from a top private school (not Duke) and will be attending my state school. This will save me about 60 to 80 thousand dollars.

Hardest decision of my life because I really loved the school I withdrew from, but I'm confident I can do well enough at my state school to get the residency/specialty I want (not planning on anything super competitive anyway).

With so much uncertainty within medicine and in this country's economic future in general, I figured I should try to minimize my debt as much as possible.
 
Consensus is clearly follow the money.

I would add one exception though. If the cheaper school is UCLA or UCSD I might go with the top 5 school, as the UCs (while still great schools) may not be such a bargain by the time you graduate.
 
I would add one exception though. If the cheaper school is UCLA or UCSD I might go with the top 5 school, as the UCs (while still great schools) may not be such a bargain by the time you graduate.

This is EXACTLY what I've been wondering as of late. How much has tuition increased at the UCs in the recent past and how much would it be expected to increase do we think?
 
Do you guys think there's ever a legit reason to turn down a full ride at a top 5 school? Like for a slightly higher-ranked top 5 school? I don't really think so but I keep meeting people who beg to differ.
 
Do you guys think there's ever a legit reason to turn down a full ride at a top 5 school? Like for a slightly higher-ranked top 5 school? I don't really think so but I keep meeting people who beg to differ.

lol - srsly?
 
Do you guys think there's ever a legit reason to turn down a full ride at a top 5 school? Like for a slightly higher-ranked top 5 school? I don't really think so but I keep meeting people who beg to differ.

lol wut?

I wouldn't turn down a full ride to a top 30 school for a top 5 school, much less one thats basically the same rank. You gotta hold on to yo paper
 
Basically what I did. Recently withdrew from a top private school (not Duke) and will be attending my state school. This will save me about 60 to 80 thousand dollars.

Hardest decision of my life because I really loved the school I withdrew from, but I'm confident I can do well enough at my state school to get the residency/specialty I want (not planning on anything super competitive anyway).

With so much uncertainty within medicine and in this country's economic future in general, I figured I should try to minimize my debt as much as possible.

That's good to hear. It seems like a lot of people on this thread are speaking hypothetically rather than from experience, so I'm happy to see that someone else is making the same decision I'm planning on making. Thanks, and good luck!
 
That's good to hear. It seems like a lot of people on this thread are speaking hypothetically rather than from experience, so I'm happy to see that someone else is making the same decision I'm planning on making. Thanks, and good luck!

Nope my man I did basically same thing. Turned down a $30,000/year scholarship from a top 10 school for a full ride from a top 20.
 
Nope my man I did basically same thing. Turned down a $30,000/year scholarship from a top 10 school for a full ride from a top 20.

Thanks for sharing (and i'm not a man haha). Any other experiences, anyone?
 
Thanks for sharing (and i'm not a man haha). Any other experiences, anyone?

This is a really tough decision that is very individualized to each person's circumstances. If you talk to current medical students you can find plenty of people who went both ways in terms of money/"dream" school and are happy with their decision. I think it really depends on your financial situation, how much things like location and debt matter to you, if you have an SO that needs to be factored in, etc. I don't think anyone would fault you for taking the money, but for a lot of people it's not so cut-and-dry as it seems on SDN. But I don't think you should take on more debt just to go to a more prestigious school, unless there are extenuating circumstances (whether it's you like the school a lot more, you're rich, you have family/SO situations, or whatever they may be).
 
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