How important is cost for school selection?

[PattiePie]

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I'm currently debating between Texas Tech-Lubbock and Tufts for medical school. During my interview day, I was absolutely floored by Tufts and really felt like the environment would be conducive to my happiness and success. I also loved Tech, but the lack of diversity among the student population and around the area was rather daunting. Then there's also the obscurity that scares me. I grew up and went to undergrad in a large urban city, so I don't know how happy I would be in Lubbock.

I think the decision is pretty easy here economically, but I just wanted to get input from others. If I went to Texas Tech, I would go for virtually free. My mom served in the military when she was younger, and Texas has a bill that grants Texas veterans free tuition at public schools in the state (which they can sign over to their offspring). As a result, I would go to Texas Tech tuition-free. This is coupled with the fact that I was offered a $10K/year scholarship which can be used in lieu of any other scholarships/grant money I receive. So out of pocket cost would be minimal if I chose Tech.

Tufts does a pretty good job with financial aid packages from what I've heard, and I think I would qualify for a decent need-based aid scholarship. I don't think Tufts does merit-based aid. Regardless of how much they offer, however, I'm pretty certain that it won't beat what Tech is offering. But again, the diversity element is really big to me. I know Tech is working to improve in that area (as is Tufts), but Boston as a city would have a lot more to offer than Lubbock...

I would also prefer to do my residency out of state and looking at Tech's match list, very few people actually leave the state of Texas. I am also considering a few competitive residencies, and I'm not sure how a decision to go to Tech over Tufts may have an impact on that. Any input?

 

[eteshoe]

Cost is certainly an important deciding factor. However, ultimately it will be up to you. Choose the institute in which you feel you'd be most successful at. If going to Tech means you'd be miserable for 4 yrs and thus not able to perform to your true potential and thus not able to match into a competitive residency, then it may not be worth it.

 

[ifnotnowwren]

Not having to worry about debt when choosing a speciality, not having to worry about debt when in residency - that would be an absolute dream. As someone whose interests lie in the lower-paid fields, I definitely envy that prospect.

Keep in mind that you have to take match lists with a grain of salt, and there is a chance people are matching Texas because they wanted to stay in Texas. I would imagine Texas would have a pretty high retention of med school grads.

I'm not trying to sway you either way, I have a friend who is Indian and recently interviewed at a school in a small town in the midwest and genuinely felt so out of place and felt that it lacked so much diversity/culture, that they would rather just not go this cycle if that were their only option.

Can you wait and see what Tufts will offer you? When are they supposed to release financial aid information to you?

 

[PattiePie]

Thank you both for your insight. I think Tufts will start releasing financial aid offers sometime in late-April, but it may be a little later for me since my financial aid application is late. I'm also not sure how traffic rules apply if a student holds an offer to one TMDSAS school and one AMCAS school. How could I find this out?

Edit:
Also, even if students from Tech choose to stay in-state because of personal choice, wouldn't that still leave me at a disadvantage applying OOS for residency programs? I just feel like it may be more difficult to match into a program that has no idea what kind of residents a particular medical school produces.

 

[Kenneth Milliga]

w

 

[kmp0410]

Depends on how much money and how you value these things. If we're talking 10k a year then I say pick the one you like more. If we're talking 40k a year, you need to really think.

Though its hard to have the grasp of that debt now, when your paying a second mortgage every month in loans...you'll probably wish differently than you do currently.

That said, as someone else mentioned...if you will truly be miserable at another place then that's your decision. You'll spend 4 years there and you want to be happy. Though its impossible to really know that now. A lot of people don't like places at first and grow to love them. I think I could generally be happy anywhere, though some places more happy than others obvs.

 

[Mansamusa]

You said you loved Tech, so you don't even expect to be miserable + Texas treats its students and doctors pretty well, so you may end up wanting to stay there. Plus, you can do away rotations to show interest in other regions if you really want to match OOS.

You should also consider that not having debt will allow you to live anywhere you want in the future. Get your diversity then. And, very importantly, no debt will allow you to comfortably pursue any specialty you want and work any hours you choose. Tufts COA is $330-360K ($500-600K after residency). I would very strongly urge you not to consider Tufts unless that cost is brought below $150K at minimum.

Think long-term happiness. No debt will give you an incredible amount of freedom in the future and could even allow you to retire 10yrs earlier than if you go to Tufts (if that is what you choose to do)

 

[Glandzburg]

You said that you will likely be happier at Tufts, but it's up to you to decide if that is worth hundreds of thousands of dollars. Literally hundreds of thousands of dollars. It would take an extraordinary difference in comfort level between schools to make me pay that much. But again, the decision is ultimately yours.

 

[dinotso]

I agree with all the above about considering cost, it this case it seems pretty substantial. I wouldn't recommend taking the match list too seriously, a lot of the time it's more useful for seeing if a school normally puts a lot of people into certain specialties than certain locations, if that. As long as texas tech is putting people into the specialties you're interested in, you'll be fine. If you are get good grades, USMLE, LOR, research you will have no problem matching elsewhere. Plus if you've got no debt it will be much more financially viable for you to move to a large city, get a mortgage, etc. during residency and after

 

[Dr.TonySoprano]

I have a question. It's hard for me to put into words.

Without me actually paying off the loans from my future salary, it's hard for me to tell how my lifestyle will be affected by the student loans from medical school. What I'm saying is...without it being something tangible, it's easy for me to just say "sure ill take the more expensive school" because at this moment, I don't know how that will affect my future and the bills I'd have to pay. Can someone comment on this thought? maybe someone older....would the debt be that crippling?

 

[PattiePie]

My logic flow is something along the lines of:

Increased happiness/better mold to curriculum and student population -> higher board scores (along with better school reputation) -> more competitive residency -> better job with higher salary which will offset higher med school price tag

The diversity element isn't the only reason I liked Tufts significantly more. It was the curriculum, the administration, and the opportunities that appealed to me the most. But again, I had one day to look at both schools and I feel like my opinions could easily be biased one way or the other.

 

[ChiDO]

Cheaper school. Your post-residency self will thank you for the 100k+ less of debt.

 

[VegasPreMed]

I'd pick the cheaper school.

Just being honest (something I had to think about), how are you going to feel if you choose the more expensive school and then crash on Step 1? It's possible. I mean, 50% of students get less than the average...

 

[PattiePie]

Cheaper school. Your post-residency self will thank you for the 100k+ less of debt.

I'd pick the cheaper school.

Just being honest (something I had to think about), how are you going to feel if you choose the more expensive school and then crash on Step 1? It's possible. I mean, 50% of students get less than the average...

I guess I'm basing this off of my decision to decline a full ride in lieu of an offer to attend my dream school for undergrad. Yes, it was more expensive and I encountered more debt because of it, but as a graduate I am pretty confident if I had to make the decision again I would still choose my alma mater. Maybe that's idiotic, I'm not sure. I just find it hard to quantify happiness.

 

[Glandzburg]

My logic flow is something along the lines of:

Increased happiness/better mold to curriculum and student population -> higher board scores (along with better school reputation) -> more competitive residency -> better job with higher salary which will offset higher med school price tag

The diversity element isn't the only reason I liked Tufts significantly more. It was the curriculum, the administration, and the opportunities that appealed to me the most. But again, I had one day to look at both schools and I feel like my opinions could easily be biased one way or the other.

But would you be that much happier at Tufts? You are greatly overestimating the influence your board scores. If you have the ability to do well on the boards, you will be able to do so regardless of which school you attend. It would take a school that makes you absolutely hate your life to negatively impact your board scores in the way you are thinking.

 

[Glandzburg]

Also, once you start choosing between middle tier schools, the differences in the impact on your ability to get a competitive residency are greatly diminished.

 

[Cereal Science]

I have a question. It's hard for me to put into words.

Without me actually paying off the loans from my future salary, it's hard for me to tell how my lifestyle will be affected by the student loans from medical school. What I'm saying is...without it being something tangible, it's easy for me to just say "sure ill take the more expensive school" because at this moment, I don't know how that will affect my future and the bills I'd have to pay. Can someone comment on this thought? maybe someone older....would the debt be that crippling?

I can't really comment on a post medical school perspective but I did work after college for three years before applying so maybe I can shed some light on what a 40K salary and over 100K (fancy pants undergrad) in debt looks like day-to-day. It looks like ramen and tastes like ramen.... a lot of it. It looks like roommates and tiny living spaces. It can also feel overwhelming when unexpected costs come into your life. Sometimes I had to ask myself things like how important are contacts to me right now? Or, how hard can car maintenance be? I think I'll just teach myself to change oil, air filter, ect.

Sometimes I feel like I am going to be in debt forever and never get ahead, but it has made me extremely organized when it comes to my finances and also forces me to prioritize. I kept a spreadsheet of my loans and interest percentages and keep myself in check with spending on frivolous items. Internal dialogues along the line of "you don't need to buy a fancy latte there is coffee at the office!" were/are the norm.

Hope this helps some!

 

[Mansamusa]

I have a question. It's hard for me to put into words.

Without me actually paying off the loans from my future salary, it's hard for me to tell how my lifestyle will be affected by the student loans from medical school. What I'm saying is...without it being something tangible, it's easy for me to just say "sure ill take the more expensive school" because at this moment, I don't know how that will affect my future and the bills I'd have to pay. Can someone comment on this thought? maybe someone older....would the debt be that crippling?

The unknown is why you should seek to minimize the debt.

http://www.medscape.com/viewarticle/859789

Honestly, there are so many variables at play. Will you have a family? What specialty? Where will you live? What will healthcare and salaries look like in the future? Will you like what medicine is like when you graduate or will you join the growing number of graduates going straight into nonclinical jobs? Will there be bailouts for student loans (history points to no on this, but who knows)? Etc.

No one knows. What we do know is that the class of 2020 will graduate with levels of debts higher than doctors have ever had before and that if you do the math, IBR isn't even beneficial. That is why it is important to put yourself in the best position by mimizing debt and paying it off as soon as possible.

 

[USvWindsor]

In relation to money/spending, the Mint app (free) is really helpful to see what you've spent each month in specific categories, setting budgets for clothes/groceries each month. It combines spending/income/savings data.

 

[ChiDO]

I guess I'm basing this off of my decision to decline a full ride in lieu of an offer to attend my dream school for undergrad. Yes, it was more expensive and I encountered more debt because of it, but as a graduate I am pretty confident if I had to make the decision again I would still choose my alma mater. Maybe that's idiotic, I'm not sure. I just find it hard to quantify happiness.

If you have <$50k or less debt from that decision, that's fine. Otherwise, ya, probably stupid decision from a financial aspect. If you do well at one school, you would have just done as well at the other. Going to #1 pre-med MD school in the country doesnt give you a 250 USMLE...its you and your studying, which is the same if you went cheapest school possible.