Money based decision

[td121]

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I thought I had my decision made but I was recently offered $60,000 total from a different med school. Based off the differences in tuition, it ends up being a savings of $40,000. I am know to pick the school I think I will do best at, but that is the more expensive one. While taking the money in loans doesn't really bother me now, I am nervous about being able to pay off such a huge debt, especially when I have to start paying during residency. I'm wondering how others are dealing with this type of financial dilemma.

 

[deleted77919]

I thought I had my decision made but I was recently offered $60,000 total from a different med school. Based off the differences in tuition, it ends up being a savings of $40,000. I am know to pick the school I think I will do best at, but that is the more expensive one. While taking the money in loans doesn't really bother me now, I am nervous about being able to pay off such a huge debt, especially when I have to start paying during residency. I'm wondering how others are dealing with this type of financial dilemma.

I chose a more expensive private school that I liked better than my in state school that offered me a scholarship (tuition difference of $20k/year). Part of that is recouped with my lower cost of living, but it is still a lot more money that I am borrowing.

Did I make the right decision? Most days I would say absolutely. However I'm not going to lie, it's painful borrowing that much money. In the end it is a cost benefit analysis. Is one school worth more to you than the other? You'll be able to pay off the loans, it just might mean waiting a little while longer to buy that sports car or put a significant down payment on that house.

 

[njbmd]

Moving to Financial Aid for advice on decision making.

 

[okbye]

My nephew is having the same issue choosing a college (engineering). He has been accepted to Berkeley, McGill and UCLA but is bypassing them to go to UC San Diego because of a full scholarship. I think this is completely silly but he is afraid of taking on any debt. Like I tried to tell him, what school will serve you best in your future employment? When you submit your resume which school will employers notice? Will your future earnings be greater than any debt you have to take on for choosing a different school? Weigh the cost vs the opportunity.

 

[mshheaddoc]

If you are saving $40K total, that's a drop in the bucket compared to total cost, if its $40K/year then I'd say its something to consider. I think we've beaten "debt is bad" into this generation that now they are all scared of it. The reason why people have issues paying it back is because they live extravagant lifestyles they can't afford. If you really need the benz for you and your wife, your $700,000 house, country club memberships, etc then find a different career because most docs might be able to afford that. THAT is where how much you have in loans matters.

 

[UserNameNeeded]

I don't think the vast majority of the people with debt-management problems are out there living the high life and stumbling with payments. Debt is bad. Six figure, interest-accruing, capitalizing debt is worst. I know several doctors who are a few years out of residency who are struggling to make ends meet with very humble lifestyles.

It's like what most other people go through in their early/mid 20s, except they're going through it when they're already middle aged. Very, very depressing.

 

[QuantumMechanic]

I don't think the vast majority of the people with debt-management problems are out there living the high life and stumbling with payments.

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