How much debt for OOS private schools?

[Astra]

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I am applying to a good number of OOS private schools and their tuition ranges from 40-60 k per year.

So how much debt am I looking at once I start residency at these schools?

 

[eteshoe]

I'm a bit confused - wouldn't the fact that they're private schools not affect the tuition?

 

[Astra]

I'm a bit confused - wouldn't the fact that they're private schools not affect the tuition?

I meant that the OOS schools have a range of some 40 k and some 60 k

 

[To be MD]

I am applying to a good number of OOS private schools and their tuition ranges from 40-60 k per year.

So how much debt am I looking at once I start residency at these schools?

Well, cost of living differs based on where you get in... but let's say it's 20k/year.

That would mean: 60-80k / year x 4 years = 240-320k

 

[MaxPlancker]

It really depends…some of the high end schools offer very generous financial aid and you may graduate with 1/3 the debt you would otherwise. That being said, if your goal is to plan out how much the endeavour would require, it is best to plan for the worst.

 

[Lannister]

This is pretty easy to figure out on your own. Go to the school's website, most post a Cost of Attendance. Add up the CoA for each year and that's how much debt you'll have.

 

[Mansamusa]

Use AAMC First loan calculator to estimate what the loan will be after residency

Also, I wish people would stop attending these $55K+ schools without financial aid. We need to start making it clear that the costs are unreasonable and exercise what little power we have as consumers.......but I completely understand why people aren't willing to do that

 

[Astra]

This is pretty easy to figure out on your own. Go to the school's website, most post a Cost of Attendance. Add up the CoA for each year and that's how much debt you'll have.

Lol I know how to do that. I was wondering if there were outside costs I might not have considered such as Cost of living, Equipment, Taxes on tuition(?) etc.

Use AAMC First loan calculator to estimate what the loan will be after residency

Also, I wish people would stop attending these $55K+ schools without financial aid. We need to start making it clear that the costs are unreasonable and exercise what little power we have as consumers.......but I completely understand why people aren't willing to do that

I am really contemplating if I should apply to such schools. The tuition seems ridiculous

 

[MaxPlancker]

Use AAMC First loan calculator to estimate what the loan will be after residency

Also, I wish people would stop attending these $55K+ schools without financial aid. We need to start making it clear that the costs are unreasonable and exercise what little power we have as consumers.......but I completely understand why people aren't willing to do that

I think it actually costs more than the 60K for schools to support each student. Could be wrong but I'm pretty sure I saw that somewhere.

 

[Lannister]

Lol I know how to do that. I was wondering if there were outside costs I might not have considered such as Cost of living, Equipment, Taxes on tuition(?) etc.

Cost of attendance includes cost of living, fees, transportation, etc.

 

[Astra]

Cost of attendance includes cost of living, fees, transportation, etc.

Didn't know that! Thanks!

You certainly live up to the lannister name

 

[Lannister]

Didn't know that! Thanks!

You certainly live up to the lannister name

Because I always pay my debts, or because I'm an dingus?

 

[avgn]

It can really vary and the rich schools are known to give out good money or very nice low interest or interest free loans. Otherwise, borrowing something like 50-60k a year is not unheard of.

 

[Mansamusa]

I think it actually costs more than the 60K for schools to support each student. Could be wrong but I'm pretty sure I saw that somewhere.

Well, any school published study would include the fact that schools "have" to pay for shiny new buildings a $250,000 sim mannequin, their investment portfolio, etc.

The dean of NYU published an article about how schools like theirs could go tuition-free without taking a large hit because almost all of their school's revenue comes from other streams. Not all schools can be like that, but I assure you that they can be more economical.

@avgn $80-90K isn't uncommon. That is what Tulane was going to be for me until I got into another school off the waitlist that is $55K/yr total

 

[Mansamusa]

I am really contemplating if I should apply to such schools. The tuition seems ridiculous

Maybe you should to keep options open? And definitely keep top schools on your list because they give money.

I strongly considered forgoing med school until I got off the waitlist at a cheap school, so it is good to think about how much debt you are willing to take on now before you start getting accepted into those expensive schools.

 

[MaxPlancker]

Well, any school published study would include the fact that schools "have" to pay for shiny new buildings a $250,000 sim mannequin, their investment portfolio, etc.

The dean of NYU published an article about how schools like theirs could go tuition-free without taking a large hit because almost all of their school's revenue comes from other streams. Not all schools can be like that, but I assure you that they can be more economical.

@avgn $80-90K isn't uncommon. That is what Tulane was going to be for me until I got into another school off the waitlist that is $55K/yr total

A fairly old study (http://www.ncbi.nlm.nih.gov/pubmed/9075424) here attributes between 40-50k solely to instructional costs. I'd imagine it's quite a bit more now. Just because a university receives most of its revenue from sources besides tuition, does not make going tuition-free a good or even feasible action. Probably every school receives most of its revenue from non-tuition sources.

Could they be more economical? Perhaps for the student but at what cost? The books have to be balanced somewhere. Faculty won't be happy with a pay reduction. Schools are in all likelihood and according to the study above NOT making money off of tuition. Ever wonder why the top schools are usually much more generous with financial aid? because they're filthy rich. Should a school be required to take a hit in the pocketbook to educate medical students simply because the school is rich? Probably not.

A much more recent study from Berkeley estimates the actual total incurred cost of educating a medical student at $112,409.90. (https://www.econ.berkeley.edu/sites/default/files/roth_nicholas.pdf)