How does COA get sliced in half into "average indebtedness?"

[Denny Crane]

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Seriously. Here is this list. http://grad-schools.usnews.rankings...ools/top-medical-schools/debt-rankings/page+2

Take Emory for example. The average debt amount is half the cost of attendance at Emory. It's roughly the same at a lot of schools. I also heard the average med school debt is something like 120,000. That's so low compared to the COA of any school. What's the secret? Is is scholarships? Paying parents? Or does the school just automatically slice off half the cost? Haha sorry but I really have no idea how it works. Thanks.

 

[TxC]

HPSP, parents, need-based scholarships, merit-based scholarships...

 

[Denny Crane]

HPSP, parents, need-based scholarships, merit-based scholarships...

Cool. I won't get any merit-based scholarships. Do you think I qualify for need-based? I will turn 26 my first week of med school, will be completely independent of my parents (who together earn ~120,000 a year), and will be 40,000 in debt from undergrad. Assuming I don't do HPSP (have not decided yet), do you think I would get any need-based aid? Thanks.

 

[Mad Jack]

Something like a third to half of medical students have either zero or minimal debt if I recall correctly. They bring the average waaaaaay down.

 

[Denny Crane]

Something like a third to half of medical students have either zero or minimal debt if I recall correctly. They bring the average waaaaaay down.

Wow that's a lot. I'm envious

 

[Mad Jack]

Wow that's a lot. I'm envious

So am I. Sinking under 400k by the end of residency myself, most likely.

 

[Banco]

Parents paying for it, or other family support, can effectively make debt = 0 for a lot of students. If you get no need-based or merit based aid, and no family support, you will look to be taking out full COA loans, which can be 300k+ at some schools.

Those numbers are tricky.

 

[Denny Crane]

So am I. Sinking under 400k by the end of residency myself, most likely.

That will be roughly the same amount for me if I don't go to my state school and don't do HPSP. Looking back, do you regret not going the military route? Or would you have done the same thing all over again?

 

[Mad Jack]

That will be roughly the same amount for me if I don't go to my state school and don't do HPSP. Looking back, do you regret not going the military route? Or would you have done the same thing all over again?

I will never regret not going the military route. I've got what you might call a problem with authority and come from two parents that were banned from reinlistment for repeated insubordination. I'd be court martialed faster than you can say Patraeus. If you've got the sort of personality that can deal with that life, I think it's a great option, but that just isn't me.

 

[Denny Crane]

I will never regret not going the military route. I've got what you might call a problem with authority and come from two parents that were banned from reinlistment for repeated insubordination. I'd be court martialed faster than you can say Patraeus. If you've got the sort of personality that can deal with that life, I think it's a great option, but that just isn't me.

Haha you know, that's honestly the main thing that is holding me back. I do not like being told what to do and where to live. I'm such a dang nonconformist it pisses me off because it has caused me some real problems in undergrad classes. I'm worried about residency for the same reason. I'm trying to decide if the money is worth sucking up my personality and not being myself for however many years. I'm definitely leaning towards no military because there seems to be a general consensus research opportunities are few there and that's just the final straw haha. If there were good academic opportunities it may still keep my interest but without them, I'm not sure if the money is worth the proverbial castration of military life.

So props, Mad Jack. Here's to keeping our balls. Raises glass.

 

[genericpremedstudent]

Someone I met who was a professor at USUHS told me "if you are going into the military just to pay for the education you are going to regret it."

 

[medic86]

Someone I met who was a professor at USUHS told me "if you are going into the military just to pay for the education you are going to regret it."

Hell, most of the USUHS/HPSP people with the best of intentions end up regretting it.

 

[genericpremedstudent]

Hell, most of the USUHS/HPSP people with the best of intentions end up regretting it.

Honestly, I would do USUHS waaaaaay before I would EVER do HPSP. the active reserves part of HPSP is ridiculous and I think you make the rank of Lt? Compared to USUHS starting as an officer and making more to attend school than you will make your entire residency. that alone is worth the 3 extra years of service. But I wouldn't do well in the military, so neither for me.

 

[Lucca]

3 words: mom and dad.

The average family income for medical students in the U.S. is in the 6 figures, significantly higher than even the average family income at most respectable and high quality undergraduate institutions. A family with that kind of income and reasonable assets can easily cut a student's debt by 25-50%.

 

[Dr. Jan Itor]

Cool. I won't get any merit-based scholarships. Do you think I qualify for need-based? I will turn 26 my first week of med school, will be completely independent of my parents (who together earn ~120,000 a year), and will be 40,000 in debt from undergrad. Assuming I don't do HPSP (have not decided yet), do you think I would get any need-based aid? Thanks.

Depends on your school. I'm in my 30's with 3 kids and I won't qualify for need-based aid because of my parents income. I've heard rumors that some schools don't require parental information if you can prove you're independent, but I don't actually know which schools do that.

I do not like being told what to do and where to live.

Yeah, don't go the military route if you like being able to pick where you live. I was stationed in a place pretty similar to Hell for 3 years and there's nothing you can do about it.

But it's never to late to find a wealthy couple who will adopt you and pay tuition.

 

[Denny Crane]

Thanks for the replies everyone. Yeah I'm definitely a little envious of people whose parents are paying for their education. My parents are doing well, but they are like "It's the attitude of not being dependent on anyone and pulling yourself up by your bootstraps that got us where we are, so it's best for you to adopt that attitude as well. We aren't paying for your education." Which I get I guess, it's just...well whatever haha. I definitely like the idea of serving the country and I'm very patriotic, but I do have problems with authority.

Hell, most of the USUHS/HPSP people with the best of intentions end up regretting it.

Would you say atrophy of skills or being sent to terrible locations is worse?

Depends on your school. I'm in my 30's with 3 kids and I won't qualify for need-based aid because of my parents income. I've heard rumors that some schools don't require parental information if you can prove you're independent, but I don't actually know which schools do that.

Dang that sucks. Imho they should really look at you differently if you are independent. I mean heck, what if you're estranged for crying out loud? Granted I don't know enough about the process to make judgements, but that's just my knee-jerk reaction.

 

[medic86]

Would you say atrophy of skills or being sent to terrible locations is worse?

In a vacuum? For me? Atrophy of skills, hands down.

These two things are usually tied hand-in-hand, however. A lot will depend on your specialty choice, as well.

Disclaimer: I have not walked this path. More informed observations can be found in the military medicine subforum.

 

[TaroBubbleTea]

Also, you do not always need to take out the full COA in loans if you are a single guy/gal who can live frugally. Although it definitely won't slice the COA in half, several thousand dollars a year for four years add up, especially after taking interest into account.