Full Scholarship vs. Top Choice School

[djl46]

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Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

 

[Mr. Tee]

Well the answer is going to vary from people to people. But for me, I'd go to the top choice school. You sound like you'd be happier there. This is the critical choice you have to make so I'd go with where you'd be happier and lead you to feel more "fulfilled." You wouldn't want to think later in life "oh I wish I went to that med school instead." 200k will come easily after you become accomplished; live for the moment.

 

[bamf7]

Top choice. You only live once.

 

[dr.z]

Top choice. You only live once.

👍

 

[Rafa]

Not true. I've watched that movie a hundred times, and it's called "You Only Live *Twice*".

But if you're asking me to choose between an admittance to Stanford and a free ride to UCSF, then I'd have to go with UCSF. I'm sure I'd learn to like it...eventually.

 

[Mr. Tee]

Not true. I've watched that movie a hundred times, and it's called "You Only Live *Twice*".

But if you're asking me to choose between an admittance to Stanford and a free ride to UCSF, then I'd have to go with UCSF. I'm sure I'd learn to like it...eventually.

Well I'd go to UCSF over Stanford anyway so a free ride would be icing on the cake

 

[djl46]

thanks for the replies! I don't think 200k will ever come easily to anyone.. but I still catch your drift

 

[pnasty]

med school doesnt matter as much as residency will in determining how much money you will make.....lots of times top schools make good researchers and not necessarily good doctors (sometimes both). the doctor i shadowed always said that he knew doctors from great schools that were just terrible and doctors from lower schools that were great. in the end its what is inside you, just like undergrad


take the full ride and work your ass off, you will likely end up in the same place

 

[tkdusb]

Full ride for me.

 

[psipsina]

Would totally go for the full ride unless second choice school wasn't a US allopathic (not puerto rico) or had accredidation issues. Imagine being able to keep all your pay during residency instead of forking almost half of it over back to the government, so though you were still working a slave's hours you actually lived a decent life when you managed to be both out of work and awake??? In any decent US allopathic school, its really about what you make of the experience as far as what residencies you get, not about the name of the institution.

 

[pnasty]

Imagine being able to keep all your pay during residency instead of forking almost half of it over back to the government, so though you were still working a slave's hours you actually lived a decent life when you managed to be both out of work and awake??? In any decent US allopathic school, its really about what you make of the experience as far as what residencies you get, not about the name of the institution.

I totally agree with the last line, but I thought when talking about loans you can get interest deferred until residency is over. Pretty sure this is true altho it may depend on what loan you get.

 

[idq1i]

Its really about what you make of the experience as far as what residencies you get, not about the name of the institution.

Quoted for truth content.

When the novelty of "Cool, I'm in medical school" wears off, the reality of huge loan$$$ sets in rather quickly.

Take the free ride

 

[mindy?]

top choice.
-m

 

[pagemmapants]

Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

You know, I may VERY well have this type of decision soon. I have it on good authority from my interviewer at one school that I'm highly recommended for a scholarship, but at the same time I'm pining away for my top choice. I know my Dad would say "Well, is it even a CHOICE?! Go with the scholarship" but I "went with the scholarship" for undergrad and I've spent a lot of the past 4 years somewhat disgruntled. Granted, I have zero debt, so it's a tradeoff.

I'm leaning more toward the Top Choice. As someone else so eloquently put it, you only live once, and you don't want to spend the rest of your years wondering "what if?", particularly if you go with the scholarship and end up disappointed.

 

[djl46]

I think the only way to find out would involve traveling forward in time and asking the future me. Can anyone hook me up with a way to do that?

 

[Pontifex Maximus]

Personally, I'd go for the full scholarship, unless I reeeeaaally didn't like the place.

 

[SeventhSon]

go with what will make you happier in the long run. If you'll be much happier for *FOUR YEARS* than the additional money you'll have to pay off down the road, go with the top choice.

 

[bigdan]

OP-

I chose the full ride. Lucky me - I love the school. You've gotta be talking about a pretty sh*tty place to turn down a 100K-200K dollar gift.

But - big but - you've gotta chose what you think will make you happy. And NOT writing 20 yrs. of loan checks will make me happy.

Good luck with whatever you choose.

dc

 

[Zymogen]

The answer to this question highly depends on how close the schools are in terms of quality. For example, you get into Hopkins...however...Baylor is going to give you alot of money. Go to Baylor! (this is just what I would do).

If the second school is not even close to the first one...then go to the first one. After all, it's your dream school!

 

[TX515]

A man once told me don't let money be a factor in your decisions in life. Money will always be there. I'd go where I was happiest.

 

[nekrogg]

A man once told me don't let money be a factor in your decisions in life. Money will always be there. I'd go where I was happiest.

if we only lived in such a world...

sigh. seems like money is happiness now a days

 

[chandelantern]

A man once told me don't let money be a factor in your decisions in life. Money will always be there. I'd go where I was happiest.

You've obviously never had to live pay check to pay check praying that your children didn't get sick because you couldn't afford health insurance this year.

This points out it matters where you are coming from. If your family has money, it's not a big deal - go where your happiest and live it up. Personally, I'd never be able to throw away $200k because of my background, and I am just honored to be getting a medical education (especially on a full ride.)

 

[PurpleHaze]

Take the full ride... coming out of med school debt free will be worth it (at least to me it would be).

 

[njbmd]

Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

Hi there,
I had this choice and I chose scholarship. I now owe $40K versus the over $250K that I would owe if I had attended my top choice. I was AOA, got into the residency of my choice and did very well on all USMLE Steps. In the end, the scholarship made my second choice, my top choice. I will be debt free before my first year of practice is over. I certainly did not want to be paying off medical school loans ten years into practice.

njbmd 🙂

 

[docmode]

My best friend chose Stanford over multiple full rides. He will never question his choice. It is a perfect match for him. The stess is less because of the pass/fail system and the personal attention. and most of all he is the perfect climate for his love of the outdoors versus frigid winters at the other choices. He is quite happy he made that choice and is in his third year now. I say go to the second look weekends and find the perfect fit. That's what did it for him. If it's not that much of a difference in your comfort level go for the scholarship. If it's a huge difference follow your heart.

 

[Law2Doc]

Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

Depends on what factors make one your top versus lesser choice. If these are important to you, then go to your top choice -- you will pay down the cost in loans eventually. If these factors are silly (i.e. choosing a school because it is ranked eg #20 versus #24, or just thought the med school had a slightly nicer looking anatomy lab, etc.), then go to the one that will save you the cash.

 

[DoctaJay]

If this other school is at least in your top 10, THEN GO!!! There aren't too much differences between med schools, and they are all for the most part good. I know that for me, money will have a serious say in where I go. I want to buy and house and have my 760 Li when I near the end of my residency. I also want to be able to afford to send my kids to day care, etc. etc.

 

[45408]

Personally, I'd go for the full scholarship, unless I reeeeaaally didn't like the place.

Word. That's an awfully nice Ferrari that would help soothe any doubts I had about not going to the top choice.

 

[OwnageMobile]

Wurd; going to the place where I'm happiest is where money isn't an issue.

 

[Law2Doc]

Word. That's an awfully nice Ferrari that would help soothe any doubts I had about not going to the top choice.

I guess, if you plan to pay off your Ferrari over the next 30 years like you would the student loans (i.e. long after the car has died) 🙄

 

[Gut Shot]

Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

Full ride. Unlike some of the other posters on this thread, I actually have six figures in med school debt to pay off, and it sux. A lot. I know it's hard to see past the next four years, but there are at least fifty beyond that which need to be considered.

Some recent studies, such as the 2002 AAMC graduate questionairre, found that a significant number of medical students (32%) cited debt as influencing their choice of specialty. The higher the debt load, the heavier the influence. People say "go wherever makes you happiest," but it would be damn nice to choose your speciatly and start your practice without massive educational loans hanging around your neck. That could add a little spring to your step, no?

I feel lucky that average salaries for my specialty are over 200K, since I couldn't imagine doing anything else. If I were staring down the barrel of making rural FP money I'd be screwed.

One last thing... interest rates are rising. Nobody knows what they'll be in 2010, but let's ponder the repayment with several possilbilities. The rate this year is 5.30%, the maximum rate is 8.25%.

For 200K loan, 30 year repayment

Interest rate / Interest paid over life of loan
5.30% / $199,819
6.25% / $243,316
7.25% / $291,167
8.25% / $340, 912

Yes, that's just the interest. Kinda makes you sick, eh?

 

[Gut Shot]

I guess, if you plan to pay off your Ferrari over the next 30 years like you would the student loans (i.e. long after the car has died) 🙄

You don't actually drive the thing... come on. No, it just sits in your very cold, very beautiful house and you rub it with a diaper.

 

[Law2Doc]

You don't actually drive the thing... come on. No, it just sits in your very cold, very beautiful house and you rub it with a diaper.

Good point. My bad.

 

[Orthodoc40]

One last thing... interest rates are rising. Nobody knows what they'll be in 2010, but let's ponder the repayment with several possilbilities. The rate this year is 5.30%, the maximum rate is 8.25%.

For 200K loan, 30 year repayment

Interest rate / Interest paid over life of loan
5.30% / $199,819
6.25% / $243,316
7.25% / $291,167
8.25% / $340, 912

Yes, that's just the interest. Kinda makes you sick, eh?

Okay - YIKES!

 

[djl46]

Hey Havarti,
Thanks for the insight! Is a 30 year repayment plan typical of what Doctors do? Does anybody hold off on buying their house/fancy cars for a while and do it in 10?

 

[Gut Shot]

Hey Havarti,
Thanks for the insight! Is a 30 year repayment plan typical of what Doctors do? Does anybody hold off on buying their house/fancy cars for a while and do it in 10?

Many doctors fantasize about paying off their loans early, but people have very mixed success. Last I heard, the average doctor paid off his/her loans in 7 years, but this accounts for both docs with both small debt loads and huge debt loads. Some of my classmates lived at home during med school and came out less than 50K in the hole.

Given that debt levels are rising much faster than inflation, I'm expecting the average length of repayment to only increase for the forseeable future. Remember, while docs have had debt for many decades, the current level of debt is pretty novel, and it's climbing.

One reason that many doctors don't pay their loans off faster is that new debt piles on. After residency, most people end up buying a house, cars, furniture, they buy into practices, etc. The importance of killing off those relatively low-interest loans plummets when you're making payments on even a modest home, a new Accord, some real furniture, a few vacations, etc.

This will probably be the case for me. I lucked out and consolidated my loans at less than 3% interest, so it would make much more sense for my to pay off a house, cars, contribute to retirement savings, etc. before dealing with such low interest debt.

Doctor income also varies significantly. They guy with undergrad loans and med school loans who wants to practice rural FP is going to take 30 years. The guy who makes 700K doing CT surgery can, in theory, pay off the same loans with the snap of a finger. Assuming he doesn't decide to start building his Ferrari collection, first. Doctors have a bit of a problem with delayed gratification.

 

[TX515]

You've obviously never had to live pay check to pay check praying that your children didn't get sick because you couldn't afford health insurance this year.

This points out it matters where you are coming from. If your family has money, it's not a big deal - go where your happiest and live it up. Personally, I'd never be able to throw away $200k because of my background, and I am just honored to be getting a medical education (especially on a full ride.)

And you obviously don't know my situation or where I've come from. What the message is that you missed is that if you have faith in God He will take care of you and will provide for you, as He has provided for me.

 

[super_doc]

Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

Actually I have been in this situation. My friend and I got accepted to the top schools on our list without scholarships, and another school with really good scholarships. I chose the scholarship school, while my friend chose the top school. To this day I am still mad at myself for taking the money and sacrificing the chance of a lifetime.

Go with the top school 👍

 

[Gut Shot]

Actually I have been in this situation. My friend and I got accepted to the top schools on our list without scholarships, and another school with really good scholarships. I chose the scholarship school, while my friend chose the top school. To this day I am still mad at myself for taking the money and sacrificing the chance of a lifetime.

Go with the top school 👍

Hmmmm, what happens if you go for the top school and it ends up disappointing you? Then you REALLY feel like a jackass loser.

 

[45408]

I guess, if you plan to pay off your Ferrari over the next 30 years like you would the student loans (i.e. long after the car has died) 🙄

🙄 I don't know anyone who is taking 30 years to pay off their loans, and God forbid that you put your $1000/month loan payments for at least a decade and put them into a fund that would accumulate more money (buy a Ferrari and a Lamborghini). You couldn't get a Ferrari for $1000/month anyways.

 

[45408]

Hmmmm, what happens if you go for the top school and it ends up disappointing you? Then you REALLY feel like a jackass loser.

That would never happen. Your top choice school provides champaigne and caviar.

 

[bigdan]

Hmmmm, what happens if you go for the top school and it ends up disappointing you? Then you REALLY feel like a jackass loser.

Good point. I'm sure there's an infinite number of "what if's", but medical school isn't always sunshine and flowers; if it's gonna suck, it might as well suck for free.

Friend of mine here at Stony Brook gave up 20K/yr (full tuition ride) at Downstate to come to his number one. Then he realized that he can take the train into NYC whenever he wants. Now he's gotta add train fare to his 20K tuition bill. Bummer.

dc

 

[Law2Doc]

🙄 I don't know anyone who is taking 30 years to pay off their loans, and God forbid that you put your $1000/month loan payments for at least a decade and put them into a fund that would accumulate more money (buy a Ferrari and a Lamborghini). You couldn't get a Ferrari for $1000/month anyways.

30 years tends to be the maximum length of time you are permitted to pay off student loans, I think. Loan payments on, say, $200,000 are going to be a lot more than $1000 per month, I suspect.

 

[pinkey]

Not true. I've watched that movie a hundred times, and it's called "You Only Live *Twice*".

But if you're asking me to choose between an admittance to Stanford and a free ride to UCSF, then I'd have to go with UCSF. I'm sure I'd learn to like it...eventually.

Are you kidding?! I'd pick UCSF over Stanford in a heartbeat!

 

[Risa]

Just wanted to get someone else's take on this hypothetical scenario:

If you had the chance to either go to your top-choice school that you love but get sacked with over 200,000 in debt when you graduate, or get a full scholarship to another school that you sorta like but doesn't have that good of a reputation, which would you choose?

First, I'd use the scholarship offer at school 2 as leverage to milk whatever extra couple bucks I could out of the top choice.

Then, I'd go to the school that I love.

 

[45408]

Are you kidding?! I'd pick UCSF over Stanford in a heartbeat!

Not having visited either, I can't say much, but it doesn't seem like UCSF would be a tough choice if it was free. It's a very highly ranked school, as is Stanford, and an extra $140,000 is a big difference between two good schools.