More Debt for Desired Location

[whiterhino]

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Would anyone consider it worthwhile to take on a considerable amount of additional debt (in the 100,000 range) to attend medical school in a location that is the best fit (family ties, support system, friends, love the city). I know medical school can be rough, and I believe being in a city I love that is close to family might make things a little easier/ more enjoyable. I've been accepted to a couple schools that I love, but the one that is in the city that I would enjoy living in the most, and would hope to settle in one day, will likely be far more money.

 

[RedPanda55]

Do you value your time or money more? You'll always be able to make more money in the future but you won't always have a chance to be close to friends and family once your medical career starts. If you think it'll be far more beneficial for you to be somewhere you want to be for an extra 100k then why not? I'd take the paycheck hit to be able to be where I know I'll be happy. Just my 2 cents.

 

[Goro]

Would anyone consider it worthwhile to take on a considerable amount of additional debt (in the 100,000 range) to attend medical school in a location that is the best fit (family ties, support system, friends, love the city). I know medical school can be rough, and I believe being in a city I love that is close to family might make things a little easier/ more enjoyable. I've been accepted to a couple schools that I love, but the one that is in the city that I would enjoy living in the most, and would hope to settle in one day, will likely be far more money.

Based upon the financial musings of multiple SDNers, my perception is that debt is less of an issue than you think it is, especially if the school in question is better at getting you into an uber-residency.

There's a lot to be said for quality of life and support structures while being a med student. Is saving $100 worth it if you're miserable for four years?

I think the best people to answer these questions will be our wise resident colleagues, as well as some MS3 and 4's.

 

[BigRedBeta]

The question that only you can answer is how much better will this city be than any of the others.

Right now, as a college student where tuition dollars and loan amounts seem like monopoly money. I lived an entire summer in college on what my monthly loan payments are now. But 100k is not nothing and it's going to be around your neck a lot longer than 4 years of medical school. The issue is projecting what life will be like with a spouse and kids, trying to buy a home and navigate retirement savings, saving for kid's college tuition and the like.

If you decide that the location is really that important to you (and it may be, which is totally fine), you need to spend some time looking at the financial aid section of SDN and posts on White Coat Investor to minimize the effects of the higher tuition. You can do some really stupid things with money beyond just paying more for school, and you can't escape the impact of $100k but there are ways to make it less painful.

 

[whiterhino]

Based upon the financial musings of multiple SDNers, my perception is that debt is less of an issue than you think it is, especially if the school in question is better at getting you into an uber-residency.

There's a lot to be said for quality of life and support structures while being a med student. Is saving $100 worth it if you're miserable for four years?

I think the best people to answer these questions will be our wise resident colleagues, as well as some MS3 and 4's.

Thank you for your prompt response. It should be noted that the schools in question are very similar and have an essentially equivalent ability to assist in getting into an excellent residency. The primary difference lies is from personal reasons and costs between the schools.

 

[whiterhino]

The question that only you can answer is how much better will this city be than any of the others.

Right now, as a college student where tuition dollars and loan amounts seem like monopoly money. I lived an entire summer in college on what my monthly loan payments are now. But 100k is not nothing and it's going to be around your neck a lot longer than 4 years of medical school. The issue is projecting what life will be like with a spouse and kids, trying to buy a home and navigate retirement savings, saving for kid's college tuition and the like.

If you decide that the location is really that important to you (and it may be, which is totally fine), you need to spend some time looking at the financial aid section of SDN and posts on White Coat Investor to minimize the effects of the higher tuition. You can do some really stupid things with money beyond just paying more for school, and you can't escape the impact of $100k but there are ways to make it less painful.

I understand extra debt is going to affect my lifestyle for a long period of time. Many of my mentors have stressed this. All physicians I have spoken with have strongly encouraged I choose whatever the cheapest option is.

 

[BigRedBeta]

I understand extra debt is going to affect my lifestyle for a long period of time. Many of my mentors have stressed this. All physicians I have spoken with have strongly encouraged I choose whatever the cheapest option is.

That's totally reasonable advice and something I would tell any pre-med student. But sometimes we make decisions that aren't in our best financial interests because other things matter to us more than money. We talk about informed consent all the time in medicine and this is that in another sphere. If, knowing what the consequences are, you ultimately decide to take on another 6 figures in debt, then that's fine and your right as an adult.

Believe me, I have made some decisions over the course of my education and training that I'm literally paying for now. Do I regret some of the choices I made? A little bit. Could I be in better shape financially? Absolutely. Am I hurting compared to most people in this country? Absolutely not. It comes down to perspective and understanding consequences.

 

[3toedsloth]

If the schools are about equivalent, I do not think it's worth it.

$100k is one hell of a wedding, a down payment on a house, a hella amaze balls world trip, or a lot of other things. Fun distractions while trying to study doesn't seem like a good way to spend it.

You're going to be busy studying so won't have that much time to enjoy the surroundings. It's better to invest in your financial future rather.

 

[Tenk]

Not worth it. Moving sucks but high debt sucks a lot more. That $100,000 isn’t $100,000. It’s $100,000 + interest + money lost by not investing it which is a hell of a lot of money.

 

[whiterhino]

I appreciate everyone's input. I feel like six figs of extra debt will feel more burdensome years from now than I expect currently. I should maybe have also mentioned that the more expensive option has a curriculum that I favor considerably more, but this may not matter in the grand scheme of things.

 

[Cath Up]

I appreciate everyone's input. I feel like six figs of extra debt will feel more burdensome years from now than I expect currently. I should maybe have also mentioned that the more expensive option has a curriculum that I favor considerably more, but this may not matter in the grand scheme of things.

You're not alone...

I am probably not selecting the school that is close to my entire family, has a curriculum that feels safer to me, that would be 80-100k more over 4 years than the alternative. The other school has better GME outcomes, though, and more time to study for boards.

I don't think there is necessarily a wrong choice here (unless you end up miserable- then you made the wrong choice). What is difficult is to know what you will be able to tolerate ~happily, and letting that guide your decision.

 

[Mad Jack]

I took on over 100k in extra debt for similar reasons. No regrets, literally saved my life.

 

[whiterhino]

I took on over 100k in extra debt for similar reasons. No regrets, literally saved my life.

Do you think your desired lifestyle aided in your choice? I'm not the kind of person to want a very lavish lifestyle in terms of material things. The specialties I'm interested in also tend to pay well; not the top, but definitely above above average.

 

[Mad Jack]

Do you think your desired lifestyle aided in your choice? I'm not the kind of person to want a very lavish lifestyle in terms of material things. The specialties I'm interested in also tend to pay well; not the top, but definitely above above average.

I've always lived very much within my means. My specialty is also very friendly for loan reimbursement and has ample opportunities for extra income

 

[21Rush12]

I can only speak for myself, but I am very glad to be in a place that I am happy and close to both things to do and my family. I will gladly pay extra for it. You have to live those years, so consider your happiness as a factor. This will affect you every day.

 

[Groggs]

That's totally reasonable advice and something I would tell any pre-med student. But sometimes we make decisions that aren't in our best financial interests because other things matter to us more than money. We talk about informed consent all the time in medicine and this is that in another sphere. If, knowing what the consequences are, you ultimately decide to take on another 6 figures in debt, then that's fine and your right as an adult.

Believe me, I have made some decisions over the course of my education and training that I'm literally paying for now. Do I regret some of the choices I made? A little bit. Could I be in better shape financially? Absolutely. Am I hurting compared to most people in this country? Absolutely not. It comes down to perspective and understanding consequences.

Your perspective is helpful. A little more insightful than a lot of advice that is either go to the cheapest school or go to the highest ranked school.