How much extra debt would you take on to go to your favorite school?

[ownowbrowncow19]

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I'm in the process of deciding which school to attend and it has come down to two choices!

School X is a Top 5 school that is objectively the best choice. It is also the cheaper option (~$32,000 total CoA).

School Y is a Top 20 school that is subjectively my favorite school and where I think I would be happiest. It is much more expensive ($200,000 total CoA).

I may be able to negotiate extra aid at School Y but it's highly unlikely they can match School X (based on the aid they are known to provide). My question is, how much extra debt would you be willing to incur to go to your favorite school? At what point is the difference in debt a non-issue? Right now the difference is ~$170,000 and I think that is excessive.

 

[Rachapkis]

Given that the objectively better school is also substantially cheaper, I would be inclined to go to that school unless you feel you would be actively unhappy there (e.g., absolutely hate the location, long-term significant other at School Y, etc.). Many people in their 20s underestimate the negative effects large long-term debts can have later in life.

 

[Kracin]

170K is excessive. My take is that any negative quality of life differences can be offset with that price difference. Add in that the cheaper school is a T5, and you should push aside the negatives and internally decide you're okay going there

 

[theKingLT]

When deciding where to go for undergrad I ended up choosing a school I hated for the money. Turns out I was very wrong about the school, loved it, and could not have asked for a better college experience in terms of both what I got from it personally and how it set me up professionally. I think we tend to be very poor judges of which places will be best for us, which is why it's better to rely on the objective standards. This could include personal stuff like a significant other. If the T5 is objectively better than I think that's where you should go. Other than that, we can't give very specific advice without knowing more specific reasons as to why you think you would be happier at the T20

 

[deleted966008]

I'm in the process of deciding which school to attend and it has come down to two choices!

School X is a Top 5 school that is objectively the best choice. It is also the cheaper option (~$32,000 total CoA).

School Y is a Top 20 school that is subjectively my favorite school and where I think I would be happiest. It is much more expensive ($200,000 total CoA).

I may be able to negotiate extra aid at School Y but it's highly unlikely they can match School X (based on the aid they are known to provide). My question is, how much extra debt would you be willing to incur to go to your favorite school? At what point is the difference in debt a non-issue? Right now the difference is ~$170,000 and I think that is excessive.

School X is better AND 170k cheaper. Use that money to travel to school Y and the rest of the world whenever you’re upset about the location 😛

But in all seriousness, I would only be willing to pay more in your situation if School Y was substantially better than School X which is not the case here. I think you should go with School X - most of your time will be spent studying and interacting with your peers around the hospital anyways and as the above poster said, you may come to enjoy it in time. If School Y theoretically lowered the difference from 170k to say 50-80k, maybe then it’s time to consider fit. Congrats!

 

[Med Ed]

When deciding where to go for undergrad I ended up choosing a school I hated for the money. Turns out I was very wrong about the school, loved it, and could not have asked for a better college experience in terms of both what I got from it personally and how it set me up professionally. I think we tend to be very poor judges of which places will be best for us, which is why it's better to rely on the objective standards. This could include personal stuff like a significant other. If the T5 is objectively better than I think that's where you should go. Other than that, we can't give very specific advice without knowing more specific reasons as to why you think you would be happier at the T20

/thread

 

[teenyfish]

I would go up to 100k extra in debt for a school that I really felt fit my career goals or was substantially better for my personal life. After that.... I don't think I could stomach the price difference.

 

[puahate]

100k is probably my max.

 

[getdown]

why the hell is this even a question. A lot of short sightedness. Your "happiness" now will mean pain later when repayment comes due.

 

[Pagan FutureDoc]

Unless school X has some serious issues for you id go there in a heartbeat.
For me it was a little more complicated. If I went to my first choice I would be with my wife...if I went elsewhere it’s would be 4 years plus years of a long distance relationship. So money wasn’t my only concern. Luckily things worked out well for me.

 

[ownowbrowncow19]

It seems that taking on over $100,000 in extra debt is out of the question for the majority of SDNers. All of the attendings/residents that I’ve asked IRL say to take the cheaper option.

 

[907914]

I would take on zero extra debt if all else is equal. If one school is in an area with a much better public school district than another school, then I would take on all the extra debt.

 

[965978]

I would take on zero extra debt if all else is equal. If one school is in an area with a much better public school district than another school, then I would take on all the extra debt.

What if you had the option to instead use the extra debt to get your kid into a private school at the school with the lower COA.

 

[907914]

What if you had the option to instead use the extra debt to get your kid into a private school at the school with the lower COA.

If that was something that was allowed then sure, but you can’t just request more loans Willy nilly.

 

[965978]

If that was something that was allowed then sure, but you can’t just request more loans Willy nilly.

Your child’s education isn’t “Willy nilly”.

I think it’s perfeclty reasonable to approach the school and say “I’ve been accepted elsewhere that would allow my child to be in a better district. However, I would like to attend your medical school and would therefore like to request the possibility for additional loan amounts so I can send her to a private school in the area.”

 

[907914]

Your child’s education isn’t “Willy nilly”.

I think it’s perfeclty reasonable to approach the school and say “I’ve been accepted elsewhere that would allow my child to be in a better district. However, I would like to attend your medical school and would therefore like to request the possibility for additional loan amounts so I can send her to a private school in the area.”

I would like to agree with you, but that is unfortunately not how financial aid works in the US.

 

[differentiating]

When deciding where to go for undergrad I ended up choosing a school I hated for the money. Turns out I was very wrong about the school, loved it, and could not have asked for a better college experience in terms of both what I got from it personally and how it set me up professionally. I think we tend to be very poor judges of which places will be best for us, which is why it's better to rely on the objective standards. This could include personal stuff like a significant other. If the T5 is objectively better than I think that's where you should go. Other than that, we can't give very specific advice without knowing more specific reasons as to why you think you would be happier at the T20

To give the opposite perspective- I chose the more practical school over schools I liked more for undergrad, and absolutely hated my ug experience. It prepared me well academically, but was socially awful. So it doesn’t always work out so neatly. When it came to med school, I knew I wouldn’t attend other schools over my top 2 regardless of the price difference because I actually wanted to enjoy my med school experience after hating college, so didn’t apply to schools that could’ve offered merit aid to sweeten their deals so I could accept those offers without guilt.

I don’t know what factors in particular are driving OP towards the more expensive school, but if they had a strong preference, I’d think up to 100k difference is acceptable. With 170k, it’s a tougher decision for sure.

 

[hmockingbird]

$32k in debt is a sweet deal especially as a physician. You could probably pay that off in just a few months after residency graduation.

 

[ownowbrowncow19]

As an update, the difference is now in the ~$80,000 range... still not sure what I’m going to do.

 

[Lucca]

As an update, the difference is now in the ~$80,000 range... still not sure what I’m going to do.

I agree with the others that say go with the cheaper T5. That’s still a lot of money which will turn into even more as interest accrues. If you can see yourself at the school, even if it’s not your favorite, I’d choose it. If you get an ominous sense of doom and destruction even thinking about going there then that’s something else entirely which should be addressed more specifically....but at the end of the day you should lay out what it would mean for you to pay off that extra debt later in life and decide if you think that’s worth it. Personally, I don’t think it will be especially given that the T5 gives you more career opportunities and flexibility, but that’s me.

 

[Hirro]

As an update, the difference is now in the ~$80,000 range... still not sure what I’m going to do.

What reasons are you considering that make it seem like a better "fit" for you?

 

[IsleyOfTheNorth]

Well my "favorite" school would be the best school I could get into so: How much debt? ALL THE DEBT.

😵

 

[aldol16]

I don't think this is an easy decision or one that you should make lightly. Do you have the chance to visit the first school again? It sounds like this is both better objectively and financially. The only issue is whether or not you'd be happy there. Mental health is very important and if you're placed in an unhappy environment, you may not succeed even if you're given all the resources to do so. Med school is hard. It's a mental game as much as it is a physical, academic, and social one.

 

[deleted480308]

Zero to just get into my favorite school.

I would have paid hundreds of thousands to be competitive enough to earn my way into my favorite school and then into my favorite residency

 

[ownowbrowncow19]

Gonna go to the more expensive school! I'll check back in 4 years and let you all know if I regret it 🙂

 

[907914]

Gonna go to the more expensive school! I'll check back in 4 years and let you all know if I regret it 🙂

In seriousness though, good on you for going with what feels right.

 

[ownowbrowncow19]

View attachment 259116

In seriousness though, good on you for going with what feels right.

I decided that the cognitive dissonance I would have felt at school X was greater than the discomfort of having more debt. I've watched too many people make decisions based on $$$ and turn out miserable anyways. No thank you!

 

[NITRAS]

I'm not going to rag on you, but I'd look at t his in 10 years and ask yourself if it was a good decision, not 4.

$80k now will easily be a couple hundred by the time you pay it back if you are "normal", which turns into seven figures of opportunity cost by retirement.

Good luck.

 

[Hirro]

Gonna go to the more expensive school! I'll check back in 4 years and let you all know if I regret it 🙂

I mean, after 4 years, it won't make much difference. Once you finish residency and truly know how much interest/overall debt built up is when you'll really begin to see the overall picture of whether it was worth it or not. Good luck!

 

[ownowbrowncow19]

I'm not going to rag on you, but I'd look at t his in 10 years and ask yourself if it was a good decision, not 4.

$80k now will easily be a couple hundred by the time you pay it back if you are "normal", which turns into seven figures of opportunity cost by retirement.

Good luck.

I mean, after 4 years, it won't make much difference. Once you finish residency and truly know how much interest/overall debt built up is when you'll really begin to see the overall picture of whether it was worth it or not. Good luck!

True, I'll have to check in at 4, 7ish and 10ish years to really decide whether this was a good/bad decision.

 

[Walter Raleigh]

/thread

When I went to undergrad, there was a bit of parental arm-twisting for me to go to a school which I was quite lukewarm about and later strongly disliked. I would not want to repeat the experience. That being said: OP, do you think you will be miserable at the top-5 school with the good financial aid? If it's just a question of a mediocre experience versus a great one, I'd pick the $170,000 less in debt.

 

[Lucca]

When I went to undergrad, there was a bit of parental arm-twisting for me to go to a school which I was quite lukewarm about and later strongly disliked. I would not want to repeat the experience. That being said: OP, do you think you will be miserable at the top-5 school with the good financial aid? If it's just a question of a mediocre experience versus a great one, I'd pick the $170,000 less in debt.

OPs made their choice /shrug. At the end of the day they aren’t throwing their life away on slot machines, they’re going to med school. And someone on a T5 waitlist may have just had their dream come true.