In general, what is considered a negligible difference in COA (i.e., 10K per year, 20K, etc...)?

[AstroSidekick]

Hello all,

I'm in between a few schools and assuming I don't get a large scholarship/grant in the coming months, it's looking like I will be down to two schools. First, my more affordable option (Texas AM) would cost me about $35K per year, and my more expensive school (Penn State) would run me back $55K per year. On paper, Penn State has great home programs in everything, much better matches in terms of specialties and where their students go, and a curriculum that I would thrive in. Location and other factors are all similar to me.

Is the extra 20K per year (or 80K overall) worth it? Would it be worth it for you? How much of "extra" debt are you willing to take on for a better medical school experience? I know the general advice is to go to the cheapest school because they are all the same, but I think this is one situation where it might not make sense to. I plan on (once FA comes out) letting the better school know of my other options and asking them to close the COA.

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[Rachapkis]

How much you value what Penn St has to offer over Texas A&M is a very personal decision. As a doctor, you will make enough that spending the extra $80k on medical school probably will not be life altering. However, it is still a material amount of money (at least for most people). I find that looking at the opportunity cost of spending more often helps me land on the decision that is best for me. (I.e., would I rather attend School X as opposed to School Y for an extra $80k, or would I rather attend school Y and have a house few years earlier or feel less compelled pursue a specialty based on money or take 8 stellar vacations or buy two cars, etc.?) Good luck with your decision and congratulations on being admitted to medical school!

 

[LizzyM]

Are you taking all costs into account? Are you comparing tuition only or is this cost of attendance including cost of housing, food, health insurance, utilities and transportation. Don't overlook the cost and effort of transportation away from campus for breaks/holidays (those can add up, particularly if you have to travel on short notice for an emergency or during a high-demand holiday period).

Then ask yourself if the more expensive (after financial aid) worth 2($N) if you will be borrowing to pay that extra given that you'll end up paying about double the amount you borrow when you factor in the interest on the loan.

 

[roloworld12125]

Maybe create a comprehensive pro/con list and figure out what may be dealbreakers for you. Sometimes the differences aren't as great as you think. Do you want to stay in texas long term or live in Pennsylania/other states in the future?

 

[AstroSidekick]

Are you taking all costs into account? Are you comparing tuition only or is this cost of attendance including cost of housing, food, health insurance, utilities and transportation.

Yes, this includes all foreseeable COA (with a little bit of overestimating just in case). Completely hear you on if it's worth twice as much or not, and I'm leaning toward yes because Penn State is a gem of a school. Incredible matches all over, etc... I think I would be happy at either but more successful at Penn State (as I do want the doors open for a competitive specialty)

 

[LizzyM]

Do consider where your home/family are located and how often you might travel to see them (Thanksgiving? Winter break? Once in a lifetime events?) How long does it take to get there factoring in ground transportation, whether there are non-stops, direct flights or transfers, and so forth. Hershey is rather "remote" in some regards, particularly if you are headed back and forth to a smaller market in Texas (almost certain to require transfers).

 

[AstroSidekick]

Do consider where your home/family are located and how often you might travel to see them (Thanksgiving? Winter break? Once in a lifetime events?) How long does it take to get there factoring in ground transportation, whether there are non-stops, direct flights or transfers, and so forth. Hershey is rather "remote" in some regards, particularly if you are headed back and forth to a smaller market in Texas (almost certain to require transfers).

Yup, I could drive home to Detroit from Penn State and I could fly direct to Austin or Houston from Detroit. Flying would be more expensive but the difference might be $750 to 1.5K per year. I can cover that easily all four years with my savings as I work full time. Food prices and rent are very similar. Gas might be cheaper in Texas though but that’s small beans compared to the whole pot. My partner would also help cover many of daily costs like food, gas, and like 75% of our rent.

Tuition is really the major driving factor in the difference to attend either school.

 

[chilly_md]

Keep in mind Penn State uses a different exam format (essay or short answer). Board exams will not be like this.

Driving from Hershey to Detroit does not sound fun to me since they seem to be about 7 hours apart one-way. That is likely not feasible for you when you’re in the thick of school except for spring and summer break (factoring in the icy conditions in December).

 

[AstroSidekick]

Keep in mind Penn State uses a different exam format (essay or short answer). Board exams will not be like this.

Driving from Hershey to Detroit does not sound fun to me since they seem to be about 7 hours apart one-way. That is likely not feasible for you when you’re in the thick of school except for spring and summer break (factoring in the icy conditions in December).

Coincidently, I was part of this science academy in my undergrad that predominately used essay exams, so I feel comfortable having those again in med school. At Penn State, I'm applying to the University Park curriculum which is even more similar to my experience in undergrad (i.e, small group, lots of discussions, learning by teaching others, etc..). The UP program is part of my pull toward Penn State when I have other acceptances that people would tell me are "better" (but don't feel like as great of a fit). Penn State just feels comfortable for whatever reason.

I have a tricky relationship with my parents, so I don't plan on visiting more than once or twice a year.

I keep convincing myself that Penn State is the way to go so maybe I just need to take the leap of faith. Of course I'll wait and see if any of my other accepted schools offer me big scholarships that are impossible to refuse (which is extremely unlikely and therefore I won't plan for it). In that case, I feel like my decision is made because COA is one of my biggest concerns. My whole post/discussion was about learning if I am relying too heavily on that in my decision-making process or not.

 

[chilly_md]

I keep convincing myself that Penn State is the way to go so maybe I just need to take the leap of faith. Of course I'll wait and see if any of my other accepted schools offer me big scholarships that are impossible to refuse (which is extremely unlikely and therefore I won't plan for it). In that case, I feel like my decision is made because COA is one of my biggest concerns. My whole post/discussion was about learning if I am relying too heavily on that in my decision-making process or not.

Coming out with a total debt of about 220k is pretty good compared to many students attending a private medical school that sets them back 300k. That does help even if you do have to pay more for Penn State.

 

[LizzyM]

If you and your partner are married (or this goes just for the partner if you are not) consider state tax burden. Pennsylvania is going to nip 3.07% of income (flat tax).

 

[AstroSidekick]

If you and your partner are married (or this goes just for the partner if you are not) consider state tax burden. Pennsylvania is going to nip 3.07% of income (flat tax).

We are legally single and not married. Also, we live in NYC where we both pay 5.85% 😂. 3.07 is a good amount back in our wallets

 

[LizzyM]

We are legally single and not married. Also, we live in NYC where we both pay 5.85% 😂. 3.07 is a good amount back in our wallets

And Texas has no state income tax.