NYU Makes Tuition Free for All Medical Students

[Gombrich12]

NYU Makes Tuition Free for All Medical Students

"New York University said Thursday that it will cover tuition for all its medical students regardless of their financial situation, a first among the nation’s major medical schools and an attempt to expand career options for graduates who won’t be saddled with six-figure debt."

Has anyone heard if pharmacy schools are increasing scholarship offers to encourage more students to enroll in the face of declining applications?

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[pencilandpen]

wow their admission is about to get a lot harder.
as for pharmacy schools most of the new ones opened up for $$$... sooo...

 

[297point1]

Holy $#!+

Been nice knowing y'all...

 

[Sparda29]

Time to apply for med school...

31YO Non Traditional, 3.1 GPA, 2.3 PharmD GPA, 24 on the MCAT in 2008, what's my chance?

 

[Modest_anteater]

Time to apply for med school...

31YO Non Traditional, 3.1 GPA, 2.3 PharmD GPA, 24 on the MCAT in 2008, what's my chance?

how much do you reckon the admissions fee / application is?

 

[steveysmith54]

Where did I put my MCAT book?

 

[Momus]

So it takes 8 yrs to be attending, you gonna lose $1.2M income (150k x 8). No life. Then, you'll most likely be a family doctor making 200k/yr (extra 50k) with 0 assets. That same total income 1.2M after tax is $840k. If you can make 7% return/yr in stocks/rental properties, that's 58k/yr return with 840k in assets.

Thanks but no thanks...

 

[CetiAlphaFive]

So it takes 8 yrs to be attending, you gonna lose $1.2M income (150k x 8). No life. Then, you'll most likely be a family doctor in your making 200k/yr (extra 50k) with 0 assets. That same total income 1.2M after tax is $840k. If you can make 7% return/yr in stocks/rental properties, that's 58k/yr return with 840k in assets.
Thanks but no thanks...

Ehhh... Some of us have wives that could make *fat* cash in nyc

 

[Momus]

Ehhh... Some of us have wives that could make *fat* cash in nyc

Sure why spend 8 yrs for likely the same outcome? For the title?

 

[PA_dud3]

Sure why spend 8 yrs for likely the same outcome? For the title?

"bUT wE'rE bOtH dOcToRs"

 

[uname943]

So it takes 8 yrs to be attending, you gonna lose $1.2M income (150k x 8). No life. Then, you'll most likely be a family doctor in your making 200k/yr (extra 50k) with 0 assets. That same total income 1.2M after tax is $840k. If you can make 7% return/yr in stocks/rental properties, that's 58k/yr return with 840k in assets.

Thanks but no thanks...

Misleading hyperbole much? Your post has nothing to do with NYU's awesome plan to reduce student debt.

I attended more parties in med school than in undergrad. But more importantly my classmates were some of the smartest and accomplished people I had met. In my class, ~8% went into family medicine. And that's the field that fit them the best. My classmates with the weakest clinical skills and failing clerkships ended up in higher paying fields. Shrug

If you are going to assume that going to medicine means going to family medicine, then it's 7 years of med school/residency. 3 of those years you make about $50k. Moonlighting is readily available near my local programs. You get job mailers starting in residency, and there are plenty of jobs to choose from in big cities and the countryside. The job security is hard to beat, especially in a downturn.

In retrospect I would have gone into tech, but medicine ain't bad. And NYU is doing a great service for its students.

 

[Momus]

Misleading hyperbole much? I attended more parties in med school than in undergrad. But more importantly my classmates were some of the smartest and accomplished people I had met. In my class, ~8% went into family medicine. And that's the field that fit them the best. My classmates with the weakest clinical skills and failing clerkships ended up in higher paying fields. Shrug

If you are going to assume that going to medicine means going to family medicine, then it's 7 years of med school/residency. 3 of those years you make about $50k. Moonlighting is readily available near my local programs. You get job mailers starting in residency, and there are plenty of jobs to choose from in big cities and the countryside. The job security is hard to beat, especially in a downturn.

In retrospect I would have gone into tech, but medicine ain't bad.

Yep, still making the same as pharmacist + 50k/yr in investment you go to FM (7yrs) with 0 assets gain after 7 yrs. Math doesn't add up. Plus, you gonna start in your late 30 to 40s. Meh...

 

[uname943]

Yep, still making the same as pharmacist + 50k/yr in investment you go to FM (7yrs) with 0 assets gain after 7 yrs. Math doesn't add up. Plus, you gonna start in your late 30 to 40s. Meh...

You "start" in your 30s or 40s if you are a nontrad I guess. Whatever "start" means.

If you are comparing pharmacy to medicine, then your math is even further off. Pharmacy and medicine are both 4 years long. So there is only a 3-5 year difference in residency, which is paid for. I saved $17.5k-36k per year in my 403b/457 in residency. And why are you assuming only FM? People have residency choices you know.

 

[Momus]

You "start" in your 30s or 40s if you are a nontrad I guess. Whatever "start" means.

If you are comparing pharmacy to medicine, then your math is even further off. Pharmacy and medicine are both 4 years long. So there is only a 3-5 year difference in residency, which is paid for. I saved $17.5k-36k per year in my 403b/457 in residency. And why are you assuming only FM? People have residency choices you know.

Do you know you are in pharmacy forum for practicing pharmacists?

Why do you assume they get matched whatever their residency of choice is and they can just apply to NYU med school and get accepted immediately? Definitely, no hurdle to jump through here?

 

[uname943]

Do you know you are in pharmacy forum for practicing pharmacists?

Yes. I thought it would be helpful to dispel your misconceptions and assumptions about medicine.

 

[Momus]

Yes. I thought it would be helpful to dispel your misconceptions and assumptions about medicine.

I don't think you dispelling anything here, it's definitely NOT a good move for practicing pharmacist.

Do you know most graduating rphs have 150-250k loans to boot? Just drop everything for 7 yrs?

 

[uname943]

I don't think you dispelling anything here, it's definitely NOT a good move for practicing pharmacist.

Do you know most graduating rphs 150-250k loans to boot? Just drop everything for 7 yrs?

You're putting up a strawman. I never said that a practicing pharmacist should go back to school.

Your original post was full of assumptions and mistakes, which I helped to correct.

 

[Momus]

You're putting up a strawman. I never said that a practicing pharmacist should go back to school.

Your original post was full of assumptions and mistakes, which I helped to correct.

Not a mistake rphs losing 1.2M income in 8 yrs, not a mistake most doctors end up working FM/IM. Everyone wants to be a specialist, not everyone gets to be one. Also, not a mistake by the time you get accepted, you'll likely spend 1 yr brushing up your applications to even have a chance to get in, then 4 yrs then 3 yrs, total 8 yrs. After 8 yrs, you have minimal assets making the same as rphs who have been investing all the way, with now 840k in assets vs. What 18.5kx3 in 401k? That's not even counting 8 yrs of yrly compounded returns. What are you correcting again?

 

[uname943]

Not a mistake rphs losing 1.2M income in 8 yrs, not a mistake most doctors end up working FM/IM. Everyone wants to be a specialist, not everyone gets to be one. Also, not a mistake by the time you get accepted, you'll likely spend 1 yr brushing up your applications to even have a chance to get in, then 4 yrs then 3 yrs, total 8 yrs. After 8 yrs, you have minimal assets making the same as rphs who have been investing all the way, with now 840k in assets vs. What 18.5kx3 in 401k? That's not even counting 8 yrs of yrly compounded returns. What are you correcting again?

I can see that you've taken into account savings made during residency. But you added the assumption of one year applying. And you are assuming that everyone wants to be a specialist, which isn't true.

 

[Momus]

I can see that you've taken into account savings made during residency. But you added the assumption of one year applying. And you are assuming that everyone wants to be a specialist, which isn't true.

I feel like I'm talking to a rock. So let's end it there.

 

[uname943]

I feel like I'm talking to a rock. So let's end it there.

Hey just trying to help. But ok.

 

[dblock05]

Hey just trying to help. But ok.

I don't think you are trolling but you are not understanding. The way this hypothetical situation got brought up is would it beneficial for a practicing pharmacist to apply to med school at a place like NYU where tuition is now free....and Momus responded back saying no it is not because of the loss of income you would incur by giving up 7-10 years of your life. I don't really disagree with his statements at all. You are giving up alot of income....thats essentially a fact at this point.

This was not a situation where I'm a highschooler asking if I should go to med school or not.

The bottom line is that for this to be worth it is that you'd have to specialize in something that is going to pay out 300k+ and you are gambling on many things going your way.

 

[Dred Pirate]

Time to apply for med school...

31YO Non Traditional, 3.1 GPA, 2.3 PharmD GPA, 24 on the MCAT in 2008, what's my chance?

zero