How secure is this program, long term? I am deciding on whether or not I want to spend an extra 90k or not for med school, and am trying to gauge what an extra 90k in debt would feel like (160 vs 250). Is this program in place indefinitely? It seems that a lot of money will be lost by the government once the 10/25 years ends, and am worried about the bill being rescinded. Should I not gamble on something like this in making my decision?
How secure is IBR/PSLF as a program?
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I wouldn't bet everything on it. I don't know how it is financially sustainable.
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From the FAQ on http://www.ibrinfo.org/faq.vp.html#takenaway
(Taken with grain of salt)
"IBR and Public Service Loan Forgiveness were passed into law through the College Cost Reduction and Access Act of 2007, and any major changes to these programs would require new legislation to be passed by Congress and signed by the president. This is highly unlikely to occur in the foreseeable future, and we recommend that borrowers proceed with confidence."
Unfortunately, nobody can say for sure. But, what do you mean by "whether or not I want to spend an extra 90k or not for med school" ?
Are you saying (1) you have $90k available and are trying to decide whether or not to use it for med school? Or are you saying (2) you're trying to decide whether or not to attend a med school that costs $90k more than another? Or (3) you're trying to decide whether to go to med school or not, based on the cost?
(1) If you have the $90k sitting around, put it in a secure investment like a 7 year bond or CD or something. Go to med school and then do IBR during residency at a non-profit hospital (there are some that aren't). If PSLF is still in effect for docs when you're done, keep going with IBR at non-profit.
If at that point the @#&%@'s in Washington have taken PSLF away from us, throw your $90k+interest earned at your loan principal and then finish it off in a couple more years.
(2) If you like the cheaper school, go there. Work your butt off, get involved in clubs, network, get good LOR's, etc... You will get the residency you want regardless of where you go.
(3) First decide whether you want to be a doctor or not, regardless of money. THEN worry about the finances of it.
(Taken with grain of salt)
"IBR and Public Service Loan Forgiveness were passed into law through the College Cost Reduction and Access Act of 2007, and any major changes to these programs would require new legislation to be passed by Congress and signed by the president. This is highly unlikely to occur in the foreseeable future, and we recommend that borrowers proceed with confidence."
Unfortunately, nobody can say for sure. But, what do you mean by "whether or not I want to spend an extra 90k or not for med school" ?
Are you saying (1) you have $90k available and are trying to decide whether or not to use it for med school? Or are you saying (2) you're trying to decide whether or not to attend a med school that costs $90k more than another? Or (3) you're trying to decide whether to go to med school or not, based on the cost?
(1) If you have the $90k sitting around, put it in a secure investment like a 7 year bond or CD or something. Go to med school and then do IBR during residency at a non-profit hospital (there are some that aren't). If PSLF is still in effect for docs when you're done, keep going with IBR at non-profit.
If at that point the @#&%@'s in Washington have taken PSLF away from us, throw your $90k+interest earned at your loan principal and then finish it off in a couple more years.
(2) If you like the cheaper school, go there. Work your butt off, get involved in clubs, network, get good LOR's, etc... You will get the residency you want regardless of where you go.
(3) First decide whether you want to be a doctor or not, regardless of money. THEN worry about the finances of it.
Thanks DrBender. I mean I am deciding between two schools, one which is 90k more expensive, in a location which I really like and a state school in a place I prefer not to be. I started a seperate thread about this (state school vs OK location school) where people were voicing how important or not a highly ranked school can be to residency placement. I've since been accepted to another school in a great location (Tulane) but I can't get over the feeling that I would be spending what amounts to an extra 130k+ (interest) to attend a school for the better location. I've honestly never had to make such a decision and It's been pretty tough. So I've been trying to gauge the feeling of an extra ~100k in price in the longterm. I do however, know I want to be a doctor and am set on medical school. Any advice you might have on this is really appreciated.
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That is indeed a tough decision. It boils down to personal priorities. Some people want to stay close to home/family and pick their school based on that, which is fine.
Others are aiming for careers in academia/research and don't care about location so long as it is a top-ranked school, which is also fine.
In my own opinion, unless you're trying to be close to family or something like that, I don't think location matters that much. Almost all of your first 2 years will be spent in lecture or studying. Whether it's sunny or snowy outside doesn't matter a whole lot. Was it nice to commute to school in warm sunny weather? Sure. Did I pick my school based on that? No way. They had a program I liked and accepted me early, so I jumped on it.
When it comes to getting the residency you want, where you do your "audition" clinical rotations, how you do in interviews, and what you score on the boards matters most.
Board scores get you the interview...your interview gets you the job. (I think most program directors would agree with that)
$130k is a huge premium to pay just for a better location, IMO. Work your butt off, nail the boards, schedule your clinical rotations wisely, and you'll get the residency you want.
Others are aiming for careers in academia/research and don't care about location so long as it is a top-ranked school, which is also fine.
In my own opinion, unless you're trying to be close to family or something like that, I don't think location matters that much. Almost all of your first 2 years will be spent in lecture or studying. Whether it's sunny or snowy outside doesn't matter a whole lot. Was it nice to commute to school in warm sunny weather? Sure. Did I pick my school based on that? No way. They had a program I liked and accepted me early, so I jumped on it.
When it comes to getting the residency you want, where you do your "audition" clinical rotations, how you do in interviews, and what you score on the boards matters most.
Board scores get you the interview...your interview gets you the job. (I think most program directors would agree with that)
$130k is a huge premium to pay just for a better location, IMO. Work your butt off, nail the boards, schedule your clinical rotations wisely, and you'll get the residency you want.
Yeah, I figure the extra 130k is not worth the luxury of one or two days of enjoying the location per week as an M1, and less during M2-M3. And there's always travel after M1, and during M4. Still sucks to have to be in the same place for so long, but I have to be grateful for the opportunity I have.
