Going into MSTP w/ Debt

[Kickback]

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Long story short, although I am only a freshman, I will be graduating in a while with a LOT of debt with a BME degree. ~80-100K, depending on how much money I make at my co-op junior and senior years, and if I can find any scholarships. Having stafford loans around 6.8% intrest, by the end of training in MSTP, I will have roughly 140-170K in debt, assuming 8 years of training.

I am seriously contemplating getting a job at a company for 2-3 years, looking at the massive debt that I will have.

The real conundrum begins where I apply for the SMART scholarship for service http://www.asee.org/fellowships/smart/about/. It is full tuition, 25K per year living stipend, research opportunities in exchange for working for the DoD for however many years you get the scholarship for. They explicitely stated when I asked that they don't want to send recipients to med school (dunno what they think about MSTP). So far, all I know is that I am a finalist, and will learn if I am a recipient by the 15th of April.

My question: how many of you are doing an MSTP program with significant debt? Is it a big enough deal to stay out in the workforce and pay down debt, or take the scholarship (if I even receive it... only 10% of undergrad applicants do)?

I know that I want to integrate medicine and engineering (hence a BME degree), but is this the best way to go about it? I really would love to do either imaging research and radiology residency, or neural implants and neurology as of right now. But who knows, I'm just a freshman. I need to actually do some lab work.

 

[fastrandstrongr]

relax. dont count out your ability to get scholarships to put towards your tuition. apply yourself to those (assuming you will get stellar grades) and things should be a little more manageable.

that being said, i wouldn't worry about med school apps yet. focus on getting into a lab and having a relevant research experience during your undergrad years. personally, if you're dead-set on mstp, i would avoid the SMART though if it gets rid of your debt and you have to spend a few years at the DoD how is that different than working corporate for a few years to pay off your debt? the end result is the same: you will enter an mstp at 24-25 years. you should also factor that into your decision since most mstp students take ~8 years to complete training followed by X years of residency and fellowship...

 

[gstrub]

I too started with a large debt from undergrad and 2 years of MS work. Also I borrowed some FAFSA during MD/PhD for bills, a wedding, etc.

Don't sweat it.