Hofstra (15K/year scholarship vs. Hackensack (full-tuition scholarship)

[DocsandCats]

Hofstra (15K/year scholarship) vs. Hackensack (full-tuition scholarship)

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[KnightDoc]

Not really close at all. Hofstra is more established and, while it is relatively new, seems to be doing a lot right. That said, it is not worth $40K/yr more than any MD program in the country, other than probably CNU.

Hackensack is new and undoubtedly has kinks to work out as it gathers its sea legs, but you will be receiving a free MD to tolerate whatever negatives come along with that. They have a respected home system with a lot of home residencies, and will only have better and better matches every year as they attract more and more high caliber candidates through programs like your scholarship, until it ultimately becomes a preferred destination without the monetary bribes.

To me, accepting full tuition at Hackensack is like getting in on the ground floor of a gentrifying neighborhood. If you don't take the money, in a few years you'll be wondering just what you got for the extra $160K at Hofstra as you likely interview along with Hackensack students at the same residency programs. There might very well be a time in the intermediate future when Hackensack is more highly regarded than Hofstra, and then you'll be able to tell your kids that they will be inheriting $160K plus interest less than they could have, because you went to the #64 school instead of a brand new unranked school that offered you a full tuition scholarship! 😎

JMHO, but if you are not in a SES group that receives generous need-based grants at top tier programs, and are not a super stud who receives generous merit money at T20s, how is it even a question about taking a full tuition scholarship at any unranked US MD program vs. a 25% scholarship at a T65?

 

[JohnJacobJingleheimer]

Hackensack without a doubt. Congrats and good luck!

 

[CrabcakesandFootball]

Go Hackensack if money is at all an obstacle in your life. If 160k in the long run does not affect you and your family then I would think about Hofstra as it does have a better reputation and ranking. You have to be honest with yourself does the money matter to you.

 

[DocsandCats]

Not really close at all. Hofstra is more established and, while it is relatively new, seems to be doing a lot right. That said, it is not worth $40K/yr more than any MD program in the country, other than probably CNU.

Hackensack is new and undoubtedly has kinks to work out as it gathers its sea legs, but you will be receiving a free MD to tolerate whatever negatives come along with that. They have a respected home system with a lot of home residencies, and will only have better and better matches every year as they attract more and more high caliber candidates through programs like your scholarship, until it ultimately becomes a preferred destination without the monetary bribes.

To me, accepting full tuition at Hackensack is like getting in on the ground floor of a gentrifying neighborhood. If you don't take the money, in a few years you'll be wondering just what you got for the extra $160K at Hofstra as you likely interview along with Hackensack students at the same residency programs. There might very well be a time in the intermediate future when Hackensack is more highly regarded than Hofstra, and then you'll be able to tell your kids that they will be inheriting $160K plus interest less than they could have, because you went to the #64 school instead of a brand new unranked school that offered you a full tuition scholarship! 😎

JMHO, but if you are not in a SES group that receives generous need-based grants at top tier programs, and are not a super stud who receives generous merit money at T20s, how is it even a question about taking a full tuition scholarship at any unranked US MD program vs. a 25% scholarship at a T65?

I appreciate your response, and it makes a lot of sense. Would it change anything if I said I wanted to pursue a competitive surgical specialty, and the Northwell system has those residencies (integrated Thoracic for example)? The way I see it is that if I can imagine myself doing anything besides surgery, then Hackensack is the way to go. But if it's surgery or die, then Hofstra is worth the price tag (also then I might be eligible for loan forgiveness considering I'll be training for very long). Is this reasoning sound?

 

[CrabcakesandFootball]

I appreciate your response, and it makes a lot of sense. Would it change anything if I said I wanted to pursue a competitive surgical specialty, and the Northwell system has those residencies (integrated Thoracic for example)? The way I see it is that if I can imagine myself doing anything besides surgery, then Hackensack is the way to go. But if it's surgery or die, then Hofstra is worth the price tag (also then I might be eligible for loan forgiveness considering I'll be training for very long). Is this reasoning sound?

I am a firm believer in doing what you want and what you think is best for you. If you want to pursue a competitive surgical specialty go where you think that gives you the best chance. As I said if money is not a big deal for you and your family (or you are comfortable with the loan forgiveness program) you can decide which school sets you up best for what you want to spend the rest of your life doing. I do not know much more expense Hofstra will be after interest and loan forgiveness but over the long term it may not seem so expensive. ( I know this is kind of flawed thinking but if Hofstra is net 200K more expense over 40 years of working thats "only" 5k a year).

 

[KnightDoc]

I appreciate your response, and it makes a lot of sense. Would it change anything if I said I wanted to pursue a competitive surgical specialty, and the Northwell system has those residencies (integrated Thoracic for example)? The way I see it is that if I can imagine myself doing anything besides surgery, then Hackensack is the way to go. But if it's surgery or die, then Hofstra is worth the price tag (also then I might be eligible for loan forgiveness considering I'll be training for very long). Is this reasoning sound?

It's not crazy. Believe me, I have been incessantly gaming out the possibilities of loan forgiveness. The problem with it is that rules that govern forgiveness when you take the loan out are irrelevant. The only thing that matters is what exists at the time you enter repayment, which cannot happen while you are a full time student.

Given all the political uncertainty surrounding student loans right now, I think it is highly likely that things will change by 2026, and that if loan forgiveness is expanded for the masses, it will be taken away for high earners like doctors. Of course, I could be totally wrong, and things could stay the same or even be expanded for us, but I will not be borrowing anything with the idea that I won't have to pay it all back.

That said, of course, having home systems in a desired specialty is a huge advantage. It's also true that you will be able to pay back an additional $160K even if you end up being a family doctor. It's just that it will be an unnecessary additional financial burden if Hackensack gets you to the same place as Hofstra.

No guarantees, but, again, Hofstra isn't Harvard, Hackensack isn't CNU, and $160K isn't $16K. Hackensack Meridian is the Northwell of North Jersey. It's new and doesn't have a track record yet. It could end up really sucking, but the smart money says that the people running the place will get their act together and have a very desirable destination in the not too distant future. At which point they will no longer be giving full tuition scholarships out to pull people away from Hofstra. It's definitely a risk, but it doesn't seem like a huge one, given the financial incentive you are being offered to take it.

For what it's worth, 90% of us go in with a "surgery or die," or whatever mentality, and yet a ton of people end up in peds, obgyn and IM. Just like everyone starts UG as premed and very few make it to the MCAT, let alone applying. It's great to have high aspirations, but making $160K bets on a competitive specialty or bust before orientation doesn't seem prudent. Again, it's Hofstra, not to be confused with Hopkins or Harvard. Good luck!! 🙂

 

[DOcSto]

Another thought out of left field. Ask Hofstra if they'll match the scholarship if you'd rather go to Hofstra. Nothing to lose IMO. Best of luck!

 

[DocsandCats]

Another thought out of left field. Ask Hofstra if they'll match the scholarship if you'd rather go to Hofstra. Nothing to lose IMO. Best of luck!

Reached out to them. It would make the decision a lot easier. Thank you!