In-state tuition vs. private...should cost be #1 factor?

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what if...I have a chance to do a dds/phd at UM. Free tuition plus 2K stipend a month. I interviewed for a second time yesterday. Only downside I see is that I'm there 3 more years. Also, I'm conflicted because I loved UPenn and Philly. I haven't heard word back from them since my interview, but my heart is at UPenn and my head is at UM.

They are both great schools.
 
can someone link this excel spreadsheet that calculates monthly payments..id appreciate it
 
armorshell said:
You're empirically wrong, and if people have been truly telling you this they have literally no clue what they're talking about.
Click to expand...

Can you please explain more or link something that does? This is all I have been hearing.
 
KillaGorilla said:
Can you please explain more or link something that does? This is all I have been hearing.
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To elaborate... everyone is under the impression that you HAVE to be in the top 1-5 or w/e to get into the competitive specialties at state schools. The truth of the matter is state schools do not send as many kids off to competitive specialties as some of the brand name schools BUT the kids that they do send off is not always the top 1-5.

It certainly helps to be in the top 5 but your chances are not ruled out if you are not part of that.

I believe that is what armorshell is trying to say and he is also living proof of it???

Nonetheless... the brand name schools are a safer bet if that is the term that you'd like to use 😉
 
Your chances of picking a cheaper state school = 100% (obv if you have that acceptance in the bag and are only debating between state school vs. expensive private school)

Your chance of specializing: 5 to 10%

Hmmmm... if i were a bookie, I know where i'd place my bets and guarantee myself a nice amount of cash for later 🙂
 
wired202808 said:
Your chances of picking a cheaper state school = 100% (obv if you have that acceptance in the bag and are only debating between state school vs. expensive private school)

Your chance of specializing: 5 to 10%

Hmmmm... if i were a bookie, I know where i'd place my bets and guarantee myself a nice amount of cash for later 🙂
Click to expand...

But if you invest the 100K or so now...those odds for specializing (depends which schools we are talking about here) might jump as high as up to 20-40%. Correct?

Still not a great bet... just stating a fact.
 
SupDanLOL said:
But if you invest the 100K or so now...those odds for specializing (depends which schools we are talking about here) might jump as high as up to 20-40%. Correct?

Still not a great bet... just stating a fact.
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The specialization numbers are suspect and are different at each school. 40% of specializing sounds way too high for any school, but even a 20% chance is mathematically less than 100% chance of saving massive amounts of $$$ 🙂

Or... to be an even bigger devils advocate... what if you change your mind later and opt out of specializing? You've effectively overpaid for your education. I think its easier to assume that you will save a 100K vs. assuming you will get into a specialty in the first place. 100K savings is a guarantee (in fact it will happen 100%) since specialty is less than 100%, it makes it a less worthy argument to even ponder about.
 
SupDanLOL said:
But if you invest the 100K or so now...those odds for specializing (depends which schools we are talking about here) might jump as high as up to 20-40%. Correct?

Still not a great bet... just stating a fact.
Click to expand...

The problem that you youngins aren't understanding is that you're calculating the odds wrong. You're thinking of specializing like roulette, when it's more like single deck blackjack.

In roulette, there's a fixed percentage chance of the ball landing in any slot on the wheel, and (assuming the table is fair), we know the percentage, so if we want to "win", we bet on the more probable slot. Easy right?

Except we can't apply that situation here, it's a false analogy. Because the schools you're trying to compare (lets say Columbia and Buffalo) are screening based on pre-existing criteria. For whatever reason, Columbia attracts a higher caliber academic candidate than does Buffalo. Columbia also has developed a reputation for producing specialists, so students interested in specializing tend to prefer Columbia over Buffalo. Natch, Columbia students get higher boards scores (because of their prior academic excellence), and apply to residency in high numbers (because of prior interest).

In reality, "specialty schools" are less like roulette, and more like single deck blackjack. They stack their deck with aces, making "winning" more likely.

However, from the standpoint of the "ace" (good student), who gets accepted to both schools, it likely won't matter which deck they end up in, as whenever they come out they're probably going to win the hand. (specialize)
 
Something else to possibly factor in, I heard OHSU is considering switching teams and becoming a private institution. If this ended up being the case, the tuition would most likely go up quite a bit. Would these changes apply to you even though you started when it was public? If they did, there might not be much of a difference in the overall price tag.
 
armorshell said:
The problem that you youngins aren't understanding is that you're calculating the odds wrong. You're thinking of specializing like roulette, when it's more like single deck blackjack.

In roulette, there's a fixed percentage chance of the ball landing in any slot on the wheel, and (assuming the table is fair), we know the percentage, so if we want to "win", we bet on the more probable slot. Easy right?

Except we can't apply that situation here, it's a false analogy. Because the schools you're trying to compare (lets say Columbia and Buffalo) are screening based on pre-existing criteria. For whatever reason, Columbia attracts a higher caliber academic candidate than does Buffalo. Columbia also has developed a reputation for producing specialists, so students interested in specializing tend to prefer Columbia over Buffalo. Natch, Columbia students get higher boards scores (because of their prior academic excellence), and apply to residency in high numbers (because of prior interest).

In reality, "specialty schools" are less like roulette, and more like single deck blackjack. They stack their deck with aces, making "winning" more likely.

However, from the standpoint of the "ace" (good student), who gets accepted to both schools, it likely won't matter which deck they end up in, as whenever they come out they're probably going to win the hand. (specialize)
Click to expand...

Excellent analogy. 👍
 
ViviPreDent said:
i think it depends on what you want. ultimately this is a huge investment in yourself and your future. either way you're going to pay a huge sum of money ultimately. do what's right for you. 🙂
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Definetely right!!
 
So what about .....

cheaper school vs school closer to significant other

ughhhh 😕 and we're talking about a 60k difference here
 
Ukee said:
So what about .....

cheaper school vs school closer to significant other

ughhhh 😕 and we're talking about a 60k difference here
Click to expand...

Do you see yourself marrying him/her?
 
Ukee said:
So what about .....

cheaper school vs school closer to significant other

ughhhh 😕 and we're talking about a 60k difference here
Click to expand...


Closer to significant other.. For Sure.
People first, then money.
 
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