Med School Debt

[MexicanDr]

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How expensive is DO school compared to MD school? Are they the same?

For example, in state tuition in California? Out State going to AZ/TX?

Just wondering what is the average debt once you are done with school.

 

[ShinyDome19]

There are a lot of things to factor in aside from tuition, but typically, DO schools are private schools and thus cost more than your avg. state MD school.

For instance, here in Mississippi, the state allopathic school's tuition is roughly 15k this year whereas the DO school that just opened here (WCU-COM) i believe has a tuition of roughly 38K

But, comparing private MD vs private DO schools, you may not see much difference...and DO may be cheaper in some cases: Ex. LECOM (tuition = ~28K) vs. Tulane (tuition = ~50K)

going out of state, unless the school is private will almost always cost you more than going to a public school instate.

 

[Rollo]

Why don't you just look at each school's tuition rates? They're usually posted in Financial Aid department page somewhere...

 

[skybliss]

dont forget the new federal student loan program that you can only use a max of 10% of your salary per year to pay your loans, and if they aren't all paid off in 10 years, then the rest is forgiven.

 

[Igor4sugry]

Take a look at the AAMC database for medical school tuition: http://services.aamc.org/tsfreports/

Some osteopathic schools are less expensive and some are not.

 

[Slane]

Don't neglect cost of living.

While a state school in a bigger city might have cheaper tuition, you might end up spending less at a private school in a more rural area when you factor in a lower cost of living. For instance, my brother lives in Pittsburgh and pays $800/month for a small, efficiency apartment. For $400/month in Erie, I'm going in half on a reasonably-sized house with a fellow student. Cost of living is 50% less for me because I'm not in a big population center. On rent alone, I'll save about $4,800 each year, or almost $20,000 over the course of my medical education. Add in the fact I was able to get a place three miles from school, and I'll save on transportation too, whereas my brother is about fifteen miles from Pitt (Factor in idling in heavier traffic, and the savings keep coming in for me.)

 

[avatarftw]

Amen. I don't understand these questions that ask, "Is the debt manageable after you finish medical school?"

Well, just type in your projected salary along with the tuition you will be paying, taxes, the rent, car, or whatever expenses you have and see if the debt is satisfactory.

Factor in opportunity cost or if you really want to be technical, find the Net Present Value to compare it more accurately.

Why don't you just look at each school's tuition rates? They're usually posted in Financial Aid department page somewhere...

 

[WNT Signaling]

dont forget the new federal student loan program that you can only use a max of 10% of your salary per year to pay your loans, and if they aren't all paid off in 10 years, then the rest is forgiven.

Actually, that's only on loans that originate starting in 2014, any loans pre-2014 are 15% of income in IBR. The 10 year forgiveness only applies to individuals who puruse public service, and no one knows if the program will still be around several years from now, and whether there will be restrictions on who does and does not qualify

"The Health Care and Education Reconciliation Act of 2010 established an improved version of the income-based repayment plan for new borrowers of new loans made on or after July 1, 2014. The improved income-based repayment plan cuts the monthly loan payments by one third from 15% of discretionary income to 10% of discretionary income and accelerates loan forgiveness from 25 years to 20 years. Please use the 10% version of the income-based repayment calculator for borrowers who qualify for the improved income-based repayment plan. "
http://www.finaid.org/calculators/ibr.phtml

 

[arl88]

dont forget the new federal student loan program that you can only use a max of 10% of your salary per year to pay your loans, and if they aren't all paid off in 10 years, then the rest is forgiven.

can you explain this further please