Is my dream medical school worth an extra $80,000+?

[hs764]

I fell head over heels in love with Vanderbilt's program, both during the interview and the second look weekend, but they came through with a really weak financial aid package for me. Now I'm more seriously considering UVA, which I don't love quite as much and isn't as well-ranked, but it's close to family and they gave me $80,000 more in scholarships over the four years. UVA is still a great school and I really liked my interview there, but I had my heart set on Vanderbilt. Is an extra $80K plus interest worth it to go to a higher ranked school with more research opportunities, or would I be making a mistake by not saving the money and just going to UVA?

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[Lawpy]

UVA and Vandy are comparable in reputation and research opportunities. If you really think Vandy is a good fit that justifies the cost, you should go there. Otherwise, UVA is the better choice because lower debt and having a support system nearby are crucial and cannot be underestimated.

 

[tbonez71]

Only you can decide if its worth it. Less debt is always good, and having family nearby would be fantastic.

80k isn't pocket change, but it may be worth the investment if you think you will get something out of Vandy (experiences, happiness, a specific program) that you wouldn't otherwise at UVA. Ranking differences are more or less irrelevant. I for one don't mind paying a bit more for a program I love, in a place I would be happy. You will still be able to pay off your loans as an attending someday, it will just take a little longer (probably less than a year extra) and make it a little more stressful during residency unless you are smart and get on an income-based repayment plan. This would be a harder decision if there was more money on the line, but frankly I don't think 80k is terrible in the scheme of things, especially since the cities and experiences you would have there are so different.

Go with your gut.

 

[DokterMom]

Is it the difference between $300K and $380? Or between $100K and $180? I know the differential is the same, but when it comes payback time, the $300 and change is going to hurt (either way) so you might be more inclined to mind the extra debt a bit more than if the amount (again, either way) is smaller.

That said, $80K on a >$200 salary is not a huge deal. If 'Dream School' is an accurate description, I'd say it's worth it --

 

[hs764]

UVA and Vandy are comparable in reputation and research opportunities. If you really think Vandy is a good fit that justifies the cost, you should go there. Otherwise, UVA is the better choice because lower debt and having a support system nearby are crucial and cannot be underestimated.

My family doesn't live that far from Nashville either, and I went to undergrad in Nashville and still have friends there, so I would have a support system either place. That was part of the appeal of Vanderbilt, because I will be an older med student (31) and am a little worried about the social aspect of medical school. Charlottesville is fairly small, whereas Nashville is a decently sized city with a lot of single 30somethings, some of whom I'm already friends with. I don't know if that's a valid thing to be worried about, but I am.

Are Vandy and UVA really that comparable? Maybe I'm wrong, but I got the impression that Vanderbilt had more funding/better facilities/more research opportunities than UVA. I have a childhood friend who got treated for a brain tumor at UVA and had to be transferred to Vanderbilt because UVA couldn't treat it as well as they could. I just worry about missing out on opportunities or unique cases, but again, I'm not sure if that's a valid concern.

 

[Lawpy]

My family doesn't live that far from Nashville either, and I went to undergrad in Nashville and still have friends there, so I would have a support system either place. That was part of the appeal of Vanderbilt, because I will be an older med student (31) and am a little worried about the social aspect of medical school. Charlottesville is fairly small, whereas Nashville is a decently sized city with a lot of single 30somethings, some of whom I'm already friends with. I don't know if that's a valid thing to be worried about, but I am.

Are Vandy and UVA really that comparable? Maybe I'm wrong, but I got the impression that Vanderbilt had more funding/better facilities/more research opportunities than UVA. I have a childhood friend who got treated for a brain tumor at UVA and had to be transferred to Vanderbilt because UVA couldn't treat it as well as they could. I just worry about missing out on opportunities or unique cases, but again, I'm not sure if that's a valid concern.

Okay so the main difference is the cost. UVA is a Top 25 school and Vandy is a Top 20 school. They are basically comparable at the overall school reputation level. Now, quality of specific programs can vary significantly, and it looks like Vandy has certain departments that are more appealing to you. This matters and is part of the overall fit. In this case, Vandy is probably worth the cost.

 

[hs764]

Is it the difference between $300K and $380? Or between $100K and $180? I know the differential is the same, but when it comes payback time, the $300 and change is going to hurt (either way) so you might be more inclined to mind the extra debt a bit more than if the amount (again, either way) is smaller.

That said, $80K on a >$200 salary is not a huge deal. If 'Dream School' is an accurate description, I'd say it's worth it --

It's about 240K vs 320K. However, with interest and the difference in cost of living, it would probably end up being significantly more in the long run.

 

[Goro]

I fell head over heels in love with Vanderbilt's program, both during the interview and the second look weekend, but they came through with a really weak financial aid package for me. Now I'm more seriously considering UVA, which I don't love quite as much and isn't as well-ranked, but it's close to family and they gave me $80,000 more in scholarships over the four years. UVA is still a great school and I really liked my interview there, but I had my heart set on Vanderbilt. Is an extra $80K plus interest worth it to go to a higher ranked school with more research opportunities, or would I be making a mistake by not saving the money and just going to UVA?

Only pre-meds and med school Deans care about the concepts of rank, which come out of the bogus USN&WR anyway.

U VA is a Harvard/Stanford class school.

There are ~30 schools that fit into the "Top 20"

 

[LizzyM]

Med school is not quite 4 years... let's call it 360 days times 4... 1440 days. Divide the higher cost by 1440... that's the extra you'll be paying per day. If you'll borrow to cover the cost, double that figure. Is it worth $56/day more to go to your dream school?

 

[Tenk]

Hell no it’s not worth it comparing those two. That’s not $80,000. There is this thing called interest that you have to pay when you take out loans.

 

[hs764]

Hell no it’s not worth it comparing those two. That’s not $80,000. There is this thing called interest that you have to pay when you take out loans.

Yeah, that's a big issue. I'd have to take out at least 30K per year in GradPlus loans at Vanderbilt, and those have the highest interest rate. I wouldn't have to take out any of that type of loan at UVA.

 

[IlDestriero]

I think I’d go to the cheaper school if I were you, unless you’re already gunning for a particular specialty that’s head and shoulders better than at UVA. They seem pretty equivalent. However one is in a college town and more rural. That may be worth some consideration. Figure you’ll pay 1.5 or so times more by the time you pay it off. Not worth $120 to me. They both have southern belles. So there’s that.


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Il Destriero

 

[RogueUnicorn]

Have you asked Vandy to match?

 

[21Rush12]

Write to or call Vandy and lay out the situation, tell them you want to go there and ask if there’s any way they can help balance the cost. The worst they’ll say is no, they won’t rescind your offer. What do you have to lose?

 

[NITRAS]

That said, $80K on a >$200 salary is not a huge deal. If 'Dream School' is an accurate description, I'd say it's worth it --

This kind of dumb thinking is why there is a student loan crisis.

 

[getdown]

Is it the difference between $300K and $380? Or between $100K and $180? I know the differential is the same, but when it comes payback time, the $300 and change is going to hurt (either way) so you might be more inclined to mind the extra debt a bit more than if the amount (again, either way) is smaller.

That said, $80K on a >$200 salary is not a huge deal. If 'Dream School' is an accurate description, I'd say it's worth it --

It's about 240K vs 320K. However, with interest and the difference in cost of living, it would probably end up being significantly more in the long run.

Hell no it’s not worth it comparing those two. That’s not $80,000. There is this thing called interest that you have to pay when you take out loans.

Unfortunately as someone finally paying back loans, I - like the other attendings here - agree that it is NOT worth it. The compounded 6.65% interest that you will acrue during residency and fellowship will make that 360K blow up to something ridiculous when you do finally start making payments.

Most residents cannot afford to make the thousands of dollars of monthly payment required to make a dent in the original balance. The interest alone per year for 320K is nearly 21K which is nearly half of the 50ishK you'll be earning as a resident without even factoring rent, food, etc. If you have kids or a family you can forget it. You think you can defer? 20K per year x 4 years (assuming you're not in a longer specialty) and that's already over an additional 100K on top of your principal.

Let's just do some rough math here. Assuming you finish residency using minimal income based repayment at 420K.
420000 * 0.0665 = 27930 of just interest a year or about 2300 a month

Assuming a 15 year payment plan.
420000 / (15 * 12) = 2333 a month for a grand total of roughly 4600 a month

The smart ones would have consolidated and refinanced at the start of their residency so as to get a lower interest rate and maybe refinance again as an attending (as there are lower fixed options out there). But the majority of medical students and residents, are not financially savvy because it's somehow taboo to talk about money in medicine and believing people who say "oh you'll be making over x00K a year" so you can definitely pay it back. The entire time, the govt and bank execs are laughing every month you make a payment.

Just to add, I googled the current rate and as of July 2017, the federal rates for graduate student loans was raised to be 7%.

 

[Pagan FutureDoc]

Have you asked Vandy to match?

Yeah Vandy has historically been very generous with their money

 

[hs764]

Have you asked Vandy to match?

Write to or call Vandy and lay out the situation, tell them you want to go there and ask if there’s any way they can help balance the cost. The worst they’ll say is no, they won’t rescind your offer. What do you have to lose?

I have, I asked both the financial aid office and the admissions office and they both said no.

 

[hs764]

Okay so the main difference is the cost. UVA is a Top 25 school and Vandy is a Top 20 school. They are basically comparable at the overall school reputation level. Now, quality of specific programs can vary significantly, and it looks like Vandy has certain departments that are more appealing to you. This matters and is part of the overall fit. In this case, Vandy is probably worth the cost.

I think they have the same departments, but the ones that I'm interested in are stronger at Vandy. I'm planning on going into neuro or psych and Vandy is stronger in those. However, it looks like a fair number of people still match into good programs in those areas from UVA. Both schools also have good global health and community service opportunities as well, so I'm probably just over-thinking it.

 

[hs764]

Unfortunately as someone finally paying back loans, I - like the other attendings here - agree that it is NOT worth it. The compounded 6.65% interest that you will acrue during residency and fellowship will make that 360K blow up to something ridiculous when you do finally start making payments.

Most residents cannot afford to make the thousands of dollars of monthly payment required to make a dent in the original balance. The interest alone per year for 320K is nearly 21K which is nearly half of the 50ishK you'll be earning as a resident without even factoring rent, food, etc. If you have kids or a family you can forget it. You think you can defer? 20K per year x 4 years (assuming you're not in a longer specialty) and that's already over an additional 100K on top of your principal.

Let's just do some rough math here. Assuming you finish residency using minimal income based repayment at 420K.
420000 * 0.0665 = 27930 of just interest a year or about 2300 a month

Assuming a 15 year payment plan.
420000 / (15 * 12) = 2333 a month for a grand total of roughly 4600 a month

The smart ones would have consolidated and refinanced at the start of their residency so as to get a lower interest rate and maybe refinance again as an attending (as there are lower fixed options out there). But the majority of medical students and residents, are not financially savvy because it's somehow taboo to talk about money in medicine and believing people who say "oh you'll be making over x00K a year" so you can definitely pay it back. The entire time, the govt and bank execs are laughing every month you make a payment.

Just to add, I googled the current rate and as of July 2017, the federal rates for graduate student loans was raised to be 7%.

Yeah, it seems like a lot to me. I've seen people say "oh it's not much compared to the total you'll be paying" but that seems wrong, and I'm still paying off loans from undergrad and grad school, so ...

 

[Lawpy]

I think they have the same departments, but the ones that I'm interested in are stronger at Vandy. I'm planning on going into neuro or psych and Vandy is stronger in those. However, it looks like a fair number of people still match into good programs in those areas from UVA. Both schools also have good global health and community service opportunities as well, so I'm probably just over-thinking it.

Ultimately the decision is up to you whether you prioritize fit vs cost, but personally, going for the cheaper option here is a better idea. I think you can match into Vandy or other strong neuro/psych programs from UVA and there's likely good research, clinical and networking opportunities available in UVA.

I don't think Vandy is significantly better than UVA to justify the increased debt.

 

[RogueUnicorn]

I have, I asked both the financial aid office and the admissions office and they both said no.

Then the proverbial ball is entirely in your court my friend. There is no wrong answer here, so first of all congratulations. Next, it's just a matter of careful introspection. If you truly love Vandy a LOT more than UVA, then personally I would go for it. I believe there's no better investment than in myself, but I'm a surgical resident and we're well known for our self-aggrandizement. If it's more or less the same though, and after some thought and after some of the emotions have worn off, then it's a matter of deciding what 80k+interest means to you. Good luck.

 

[NITRAS]

I'm sorry, i disagree.

What do you gain for $80,000? Don't believe the lie that one medical school will get you into a residency.

I make just shy of $300k a year, I no longer have any student loans, and have no consumer debt (just a mortgage), and it would take most of a year to come up with that kind of money. $80k invested well will result in between $600k and $800k in 20 years. Over 2 million at the end of 30 years.

Now, the reality is that you don't have $80k, and you be going even further into debt than you already are.

You really need to be a multimillionaire to be so flippant about that some of money.

 

[Lucky Day]

I'm sorry, i disagree.

What do you gain for $80,000? Don't believe the lie that one medical school will get you into a residency.

I make just shy of $300k a year, I no longer have any student loans, and have no consumer debt (just a mortgage), and it would take most of a year to come up with that kind of money. $80k invested well will result in between $600k and $800k in 20 years. Over 2 million at the end of 30 years.

Now, the reality is that you don't have $80k, and you be going even further into debt than you already are.

You really need to be a multimillionaire to be so flippant about that some of money.

I don't disagree with you on the whole, but I gotta say that I think you're not really representing the argument well either. Earning $300,000/year for 30 years is $9,000,000. $80k is less than 1%...

 

[getdown]

I don't disagree with you on the whole, but I gotta say that I think you're not really representing the argument well either. Earning $300,000/year for 30 years is $9,000,000. $80k is less than 1%...

The problem is not the 80K. That's the difference between the amounts. If it was 80K alone you can pay that back relatively easily. 7% of 80K is 5600 vs 7% of 320K which is 22400 on interest differences alone. Multiply that by the years you're deferring or doing minimum payments and it starts ballooning out of control.

 

[Lucky Day]

The problem is not the 80K. That's the difference between the amounts. If it was 80K alone you can pay that back relatively easily. 7% of 80K is 5600 vs 7% of 320K which is 22400 on interest differences alone. Multiply that by the years you're deferring or doing minimum payments and it starts ballooning out of control.

I’m in a very similar situation right now, so I’m debating this very question. If one is already paying in the order of 300k, interest will already be what it’s going to be.

For that kind of debt, the more fruitful debate is how quickly one should pay it back, which would have a greater effect than initial price tag.

 

[PreMedMissteps]

I have, I asked both the financial aid office and the admissions office and they both said no.

there you have it. go to the school that is showing you the love. UVA

one of your concerns is that Nashville is more exciting than Charlottesville. As a future very busy med student, I’m not sure how much free time you’d have to enjoy whatever Nashville offers. Your posts indicate that you plan on taking advantage of whatever best research opps are available for you. I don’t think that location should be a factor in your decision.

You know know that research opps will be plentiful at uva and that the very slightly higher ranking won’t matter...at all. Seriously, residency program directors may have some preference for students coming from, say, the top 50 med schools, but they aren’t going to care and may not even know that there is a few points difference for your two schools.

 

[Mad Jack]

If you believe you'll be happier for 4 years, yes

 

[Mad Jack]

The problem is not the 80K. That's the difference between the amounts. If it was 80K alone you can pay that back relatively easily. 7% of 80K is 5600 vs 7% of 320K which is 22400 on interest differences alone. Multiply that by the years you're deferring or doing minimum payments and it starts ballooning out of control.

REPAYE effectively halves your interest for most of repayment. Also, money isn't everything, so there's that. If OP wants to spend 80k for a perceived boost in competitiveness, it isn't worth it. But if they think they will truly enjoy four entire years of their life for 80k? Well, there's no guarantees in life so I say live the best life you can within reason. 80k is not outside of reason, but this is an opinion and everyone has different priorities and values

 

[SangriaSalsa]

These are both awesome schools, but it sounds like your heart is set on Vandy so go there. 80k isn't too bad, you only go to med school once, you might as well go to your dream school if you have the chance. Just dont have regrets once you start paying off loans.

 

[PreMedMissteps]

What do you gain for $80,000?

The real answer is Nashville....and that’s not worth $80k debt plus interest. Take some vacays there if you miss it so much.

 

[mamadrama]

Hi I’m in a similar situation school A is my dream school and school B offered me $65,000 and is closer to home. School A is more reputable and better ranked. I asked myself, if I went to school B would I spend the rest of my life wondering what life would have been like if I went to school A? The answer was 10000% yes. I then asked myself if I went to school A would I spend the rest of my life regretting my decision because of a bit of extra loans? Probably a little annoyance, but not as much regret as with the other question.

 

[getdown]

I’m in a very similar situation right now, so I’m debating this very question. If one is already paying in the order of 300k, interest will already be what it’s going to be.

For that kind of debt, the more fruitful debate is how quickly one should pay it back, which would have a greater effect than initial price tag.

Yes, the question about how quickly you can pay back your loans depends entirely on what your initial price tag is. Listen, I'm not just speaking out of my ass here. I was in your shoes not too long ago and believed the whole you can pay back any loan because of your future earning potential. Right now it probably looks easy as you may be single and you're looking at your monthly expenses and it's manageable. But 8 years down the line you may have a family to support, rent/mortgage to pay, you may be living in high cost of living area ON TOP of your monthly dues. Let's just take OPs cost and the calculations I already did above. Refinancing to a 15 year plan that's close to 5K a month. Sure maybe you want to do a 30 year plan but what if you want to buy a house and you're wondering if you can afford the monthly on top of that. THAT's what my situation is. This is where you'll be in 8 years down the line. I'm not the grouch scrooge who money is the all and be all. I'm practically giving advice because I recognize that the position you are in is the SAME position I was in 8 years ago.

 

[getdown]

REPAYE effectively halves your interest for most of repayment. Also, money isn't everything, so there's that. If OP wants to spend 80k for a perceived boost in competitiveness, it isn't worth it. But if they think they will truly enjoy four entire years of their life for 80k? Well, there's no guarantees in life so I say live the best life you can within reason. 80k is not outside of reason, but this is an opinion and everyone has different priorities and values

Hi I’m in a similar situation school A is my dream school and school B offered me $65,000 and is closer to home. School A is more reputable and better ranked. I asked myself, if I went to school B would I spend the rest of my life wondering what life would have been like if I went to school A? The answer was 10000% yes. I then asked myself if I went to school A would I spend the rest of my life regretting my decision because of a bit of extra loans? Probably not.

Yes, money is not the end all be all and I am a proponent of being happy first and foremost where you are because if you're happy you're at a higher chance of succeeding. However, I want to bring a certain perspective and advice that premeds often are not given and something I wish someone had given to me. Your future earning potential when you're looking at it right now can be misleading. It looks like a lot but once you start chipping away costs it usually comes out less. Is it still more than the average worker? Yes. But do the average American student come out with over 200-300K in loans? Probably not. So being fiscally and financially responsible now will alleviate a much larger headache down the line since all the earning potential doesn't start till your done but those loan interests start immediately after medical school graduation. I'm starting to realize more how much financial security and being debt free is. Furthermore, financial issues tend to be the number 1 cause of strain in marriage and relationships so that's also something to consider.

 

[hs764]

there you have it. go to the school that is showing you the love. UVA

one of your concerns is that Nashville is more exciting than Charlottesville. As a future very busy med student, I’m not sure how much free time you’d have to enjoy whatever Nashville offers. Your posts indicate that you plan on taking advantage of whatever best research opps are available for you. I don’t think that location should be a factor in your decision.

You know know that research opps will be plentiful at uva and that the very slightly higher ranking won’t matter...at all. Seriously, residency program directors may have some preference for students coming from, say, the top 50 med schools, but they aren’t going to care and may not even know that there is a few points difference for your two schools.

Yeah, maybe it's shallow but I kind of have the mindset that if Vandy really wanted me, they could have offered me more. I'm sure I will be earning good money eventually but $80,000 is huge to me. So I will probably end up going with UVA.

 

[Lucky Day]

Yes, the question about how quickly you can pay back your loans depends entirely on what your initial price tag is. Listen, I'm not just speaking out of my ass here. I was in your shoes not too long ago and believed the whole you can pay back any loan because of your future earning potential. Right now it probably looks easy as you may be single and you're looking at your monthly expenses and it's manageable. But 8 years down the line you may have a family to support, rent/mortgage to pay, you may be living in high cost of living area ON TOP of your monthly dues. Let's just take OPs cost and the calculations I already did above. Refinancing to a 15 year plan that's close to 5K a month. Sure maybe you want to do a 30 year plan but what if you want to buy a house and you're wondering if you can afford the monthly on top of that. THAT's what my situation is. This is where you'll be in 8 years down the line. I'm not the grouch scrooge who money is the all and be all. I'm practically giving advice because I recognize that the position you are in is the SAME position I was in 8 years ago.

Yes, money is not the end all be all and I am a proponent of being happy first and foremost where you are because if you're happy you're at a higher chance of succeeding. However, I want to bring a certain perspective and advice that premeds often are not given and something I wish someone had given to me. Your future earning potential when you're looking at it right now can be misleading. It looks like a lot but once you start chipping away costs it usually comes out less. Is it still more than the average worker? Yes. But do the average American student come out with over 200-300K in loans? Probably not. So being fiscally and financially responsible now will alleviate a much larger headache down the line since all the earning potential doesn't start till your done but those loan interests start immediately after medical school graduation. I'm starting to realize more how much financial security and being debt free is. Furthermore, financial issues tend to be the number 1 cause of strain in marriage and relationships so that's also something to consider.

When it comes to assigning "value" in this process of determining how much one school is worth vs another, my experience so far is that if you ask 5 different people, you'll get 5 different answers. Your point of view is super helpful and relevant, I'm just saying that absolutism doesn't exist here.

 

[Redpancreas]

Vanderbilt is recognizably better than UVa but UVA is a top public school and considering a upper mid -tier/top tier program itself. I would absolutely attend UVA unless your parents are paying for you to go or if you have goals of academic medicine. The amount of work it would take to match Harvard Med (for example) from UVA vs. Vanderbilt is maybe one extra publication or 5 points higher on your USMLE, not 80,000 dollars.

 

[Redpancreas]

I'm sorry, i disagree.

What do you gain for $80,000? Don't believe the lie that one medical school will get you into a residency.

I make just shy of $300k a year, I no longer have any student loans, and have no consumer debt (just a mortgage), and it would take most of a year to come up with that kind of money. $80k invested well will result in between $600k and $800k in 20 years. Over 2 million at the end of 30 years.

Now, the reality is that you don't have $80k, and you be going even further into debt than you already are.

You really need to be a multimillionaire to be so flippant about that some of money.

This OP

 

[hs764]

Vanderbilt is recognizably better than UVa but UVA is a top public school and considering a upper mid -tier/top tier program itself. I would absolutely attend UVA unless your parents are paying for you to go or if you have goals of academic medicine. The amount of work it would take to match Harvard Med (for example) from UVA vs. Vanderbilt is maybe one extra publication or 5 points higher on your USMLE, not 80,000 dollars.

Lol, my parents aren't paying for a thing. That's why I got so much more aid from UVA. If you're 30 or over when you matriculate (which I will be), they don't take your parents' finances into account when calculating your need-based aid. Vandy doesn't do that.

 

[getdown]

I'm not being absolutist. I'm just giving a different point of view but it just comes off as more passionate because I'm in the midst of it right now.

 

[Lucky Day]

I'm not being absolutist. I'm just giving a different point of view but it just comes off as more passionate because I'm in the midst of it right now.

I didn’t mean to say you are, I’m more giving a meta observation.

 

[hs764]

The problem is not the 80K. That's the difference between the amounts. If it was 80K alone you can pay that back relatively easily. 7% of 80K is 5600 vs 7% of 320K which is 22400 on interest differences alone. Multiply that by the years you're deferring or doing minimum payments and it starts ballooning out of control.

Yeah, I just did the math and with the interest I'd accrue in the four years of med school, it actually comes out to being a little over $100,000 more expensive. That is not worth it to me.

 

[BigRedBeta]

Go to the cheaper school. Hard stop.

It's a business decision at this point, and it's best to be as rational as possible with money.

Neither school is going to impair your ability to match into anything your heart desires. You're really splitting hairs between these two schools

What do you have in savings at the moment? Retirement accounts?

You're already older, thus limiting your earning potential. Unless you have a decently sized 401k and other retirement assets built up, you're going to be in a challenging situation once you reach attending status trying to pay for everything. You need to imagine where you'll be at when you're done with training and the responsibilities you'll have at that time - a spouse? Kids? Mortgage? Just assume right now that your loan payments are going to be more than your mortgage as you

The other thing is that, depending on what you've been doing for the last few years, you're lifestyle might far exceed that of the kid who is moving out of their fraternity house and starting in your medical school class. It's very hard to go backwards in lifestyle. You might not be as thrilled about having roommates or picking the cheaper studio apartment. And while everyone assumes they're going to spend their entire life in class, the library, or their bed, it's really not feasible to be that dedicated to your studies...particularly if you have friends in Nashville that are in more established jobs and want to go out, they will be an unanticipated expense. Hard to live the life of a pauper when your friends have disposable income.

If you do decide to go to Vandy, I think you need to consider some creative ways to offset your expense. The first option is always that you could marry rich. Alternatively consider buying a home and having roommates all 4 years that would pay off your mortgage payments and utilities. You then pocket the equity when you sell. It's possible to continue some part time work during the first two years of med school as well - I worked for Kaplan, I had friends who bartended, others who were phlebotomists prior to med school that kept doing that, anything that can potentially decrease the amount of loans you take out for living expenses.

The bottom line however, is that by just going to UVA, you'll save no matter what you do.

 

[hs764]

Go to the cheaper school. Hard stop.

It's a business decision at this point, and it's best to be as rational as possible with money.

Neither school is going to impair your ability to match into anything your heart desires. You're really splitting hairs between these two schools

What do you have in savings at the moment? Retirement accounts?

You're already older, thus limiting your earning potential. Unless you have a decently sized 401k and other retirement assets built up, you're going to be in a challenging situation once you reach attending status trying to pay for everything. You need to imagine where you'll be at when you're done with training and the responsibilities you'll have at that time - a spouse? Kids? Mortgage? Just assume right now that your loan payments are going to be more than your mortgage as you

The other thing is that, depending on what you've been doing for the last few years, you're lifestyle might far exceed that of the kid who is moving out of their fraternity house and starting in your medical school class. It's very hard to go backwards in lifestyle. You might not be as thrilled about having roommates or picking the cheaper studio apartment. And while everyone assumes they're going to spend their entire life in class, the library, or their bed, it's really not feasible to be that dedicated to your studies...particularly if you have friends in Nashville that are in more established jobs and want to go out, they will be an unanticipated expense. Hard to live the life of a pauper when your friends have disposable income.

If you do decide to go to Vandy, I think you need to consider some creative ways to offset your expense. The first option is always that you could marry rich. Alternatively consider buying a home and having roommates all 4 years that would pay off your mortgage payments and utilities. You then pocket the equity when you sell. It's possible to continue some part time work during the first two years of med school as well - I worked for Kaplan, I had friends who bartended, others who were phlebotomists prior to med school that kept doing that, anything that can potentially decrease the amount of loans you take out for living expenses.

The bottom line however, is that by just going to UVA, you'll save no matter what you do.

My friends are mostly liberal arts majors, so they're pretty frugal, fortunately.

I'm in a pretty good place financially, I have savings and a 401K and an IRA, but of course I don't want to dip into any of that if I don't have to. I don't know yet if I'm going to try to work at all during med school, but it would probably be easier to do that at UVA anyway because their curriculum is less accelerated and their exam schedule is more flexible. And Charlottesville is cheaper in general. So it's definitely looking like UVA is the way to go.

 

[doc05]

UVA is a great school. You will not have any issues matching. Don't take on unnecessary debt.

Your welcome.