In State or Out of State?

[UMNorOHSU]

Hello Everybody,

I am deciding between University if Minnesota (in state) or Oregon Health Sciences University (out of state). I have lived in MN my whole life and went to undergrad there, and I was hoping for a new life experience. Unfortunately, the difference in tuition is staggering, and OHSU's estimated loan amount per year is about $110,000. Meanwhile UMN is about $65,000. I also have a lot of family in MN and friends that attend UMN medical school. I am not set on a specialty but have interest in anesthesiology, general surgery, dermatology, and plastic surgery. I also am considering an MBA (UMN has an MD/MBA option). Also, I hope to do a residency in California or Miami. I was really hoping for a new adventure in this next step of life, but all the logical signs point to the University of Minnesota. What do you all think about this? Should I pay way more to have a new experience, away from family and friends Or is Minnesota the best option? Please help me think this through!

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[SunMouse]

I think just being near friends/family is a huge plus, not a negative... Medical school is really really difficult, and the difficulty is compounded if you have to move 1000's of miles away from your support system (ask me how I know lol). Then there's the huge difference in tuition. So unless there's something amazing about OHSU that makes it worth it (besides just being out of state), I'd go with the cheaper option close to home. Medical school is a new experience in and of itself, and you'll have plenty of time in life to move around later if you want to. Just my two cents obviously. Best of luck on your decision!

 

[Billiam95]

Pick UMN, save $180,000, then use $4K of that savings to go 'find yourself' or w/e while backpacking in Europe MS4.

 

[DO2015CA]

UMN. Absolutely no question

 

[GoSpursGo]

Logically you should go to UMN, unless you're just done with the cold.

 

[mrbreakfast]

As others have said - you can debate logic vs gut, but logically, you should stay at UMN.

Unfortunately, the difference in tuition is staggering

It is, especially factoring in interest. Please keep in mind that, while I get your desire for a new adventure, you have residency for that, and you also do not want to let finances play a big role in your job choice. You are interested in high-COL residencies, so OHSU may leave you half a million in debt. Please keep in mind that $500,000 at 6% interest will take you ~$6,900/mo over 10 years to pay off. Even as an attending, that is a lot of money,

If you really want to go to OHSU, a good chunk of the difference is the COL for Portland (they estimate ~$2300/mo), so if you can find a cheaper way to live, that might make a difference.

have interest in anesthesiology, general surgery, dermatology, and plastic surgery.

If you're serious about derm or plastics, you'll spend all of medical school studying, anyway.


My $0.02 on this - "adventures" in new cities are more fun when you have an actual income. I went to a boring city for med school and a fun city for residency. Very glad I did that, and not the opposite.

 

[gyngyn]

UMN

 

[UMNorOHSU]

I think just being near friends/family is a huge plus, not a negative... Medical school is really really difficult, and the difficulty is compounded if you have to move 1000's of miles away from your support system (ask me how I know lol). Then there's the huge difference in tuition. So unless there's something amazing about OHSU that makes it worth it (besides just being out of state), I'd go with the cheaper option close to home. Medical school is a new experience in and of itself, and you'll have plenty of time in life to move around later if you want to. Just my two cents obviously. Best of luck on your decision!

That's fair. Part of me thought being away from my friends and comfort zone would push me into a new level of productivity. Maybe my friends who aren't in medical school may impact my studies, but that comes down to my self-control. How did you handle moving far from home for medical school?

 

[UMNorOHSU]

Pick UMN, save $180,000, then use $4K of that savings to go 'find yourself' or w/e while backpacking in Europe MS4.

"find yourself"

 

[UMNorOHSU]

Logically you should go to UMN, unless you're just done with the cold.

Would you trade snow for rain lol

 

[GoSpursGo]

Would you trade snow for rain lol

Now? Ya, but I also have a paycheck

 

[UMNorOHSU]

Please keep in mind that $500,000 at 6% interest will take you ~$6,900/mo over 10 years to pay off. Even as an attending, that is a lot of money,

I have been told "Don't worry about it, you will be making bank as an attending." "It will only take 2 years to pay off." etc

 

[mrbreakfast]

I have been told "Don't worry about it, you will be making bank as an attending." "It will only take 2 years to pay off." etc

Well, you will make bank, but you will also have a lot of places your money will be going:

Let's say you make the average physician salary of $350,000 (note that, while I'm sorry to say this now, statistically speaking you will not end up as a dermatologist/plastic surgeon).
-401K is taking $27,000 (or more)
-Federal income tax and social security is taking $98,000
-Let's assume you have no state income tax. If you end up in California, for example, take another $26,000 away

So you're left with $225,000, or $18,750/mo. That's still bank. But, assuming you have zero practice expenses, you still need to account for additional retirement, mortgage, living expenses, college savings, fancy car, whatever.

So let's say you can live on $5,000/month, and put nothing else away, have zero other major expenses, etc, so can put a full $13,750/mo toward your loan, and let's say you take out $110,000 a year for 4 years at 6% interest, and do a 4 year residency where (for ease of calculations) you make no significant payments.

It'd take you eight years of living like that to pay off your loan. Physicians make a lot of money, but you can't escape taxes, and the costs of adult life catch up to you (and you're probably not going to be living off $5000/month when you're 40). When you enter medical school, you'll get a lecture about the impact of interest and how every dollar counts. Pay attention to that. You'll end up fine, but lose the idea that student loans will disappear with a couple signatures on a few checks.

 

[Billiam95]

I have been told "Don't worry about it, you will be making bank as an attending." "It will only take 2 years to pay off." etc

This person sounds like an idiot.

 

[Putkernerinthehall]

Hello Everybody,

I am deciding between University if Minnesota (in state) or Oregon Health Sciences University (out of state). I have lived in MN my whole life and went to undergrad there, and I was hoping for a new life experience. Unfortunately, the difference in tuition is staggering, and OHSU's estimated loan amount per year is about $110,000. Meanwhile UMN is about $65,000. I also have a lot of family in MN and friends that attend UMN medical school. I am not set on a specialty but have interest in anesthesiology, general surgery, dermatology, and plastic surgery. I also am considering an MBA (UMN has an MD/MBA option). Also, I hope to do a residency in California or Miami. I was really hoping for a new adventure in this next step of life, but all the logical signs point to the University of Minnesota. What do you all think about this? Should I pay way more to have a new experience, away from family and friends Or is Minnesota the best option? Please help me think this through!

Your acceptance to UMN is a golden opportunity! How fortunate to have been admitted to an excellent medical school in your own state, and near family. I would take the offer from UMN in a NY minute and then consider your M4 year and residency as opportunities to see new places. Away rotations and travel in M4, and residency anywhere in the country. What a blessing you have received, congrats