OSU vs. USC (state school vs. private school) (debt vs. dream) (Buckeyes vs. Trojans) (#help)

[3108]

I tried my best to search through SDN and find similar comparison threads, but none of the other applicants seemed to be in a similar situation as me. The two schools I’m trying to decide between are Ohio State and USC.

TL;DR - I’ve felt pretty set on USC for a number of school-specific and personal reasons, but I just can’t get myself to turn down OSU with it’s significantly cheaper tuition.

USC Pros:

• LA County Hospital
• Substantially more diverse patient and student population
• Strong residency programs for my current interests (ophtho especially)
• Proximity to the coast, so greater connections to global health initiatives (maybe?)

USC Cons:

• Cost of attendance (~350k)

OSU Pros:

• In-state, cost of attendance (~180k)

OSU Cons:

• Might limit my future to the Midwest/Ohio

Essentially, I think OSU has very few cons, and in my mind it’s equivalent to USC overall. USC has a few strong suits, but OSU is still half the cost. I doubt I’ll get any need-based or merit-based scholarships at either school, but at OSU I do save a few thousand each year on tuition since one of my parents works there (already factored into COA figure).

However, USC has a number of pros in specific areas that are important to me, and also a number of “intangibles” that I haven’t mentioned yet.

1. The weather - After growing up in Columbus and going to school in Chicago, living in almost perfect weather year-round would be like waking up to a dream every day. I do feel like that would help keep me going when studying gets overwhelming.
2. A fresh start - Being in SoCal would be such a huge change from what I’ve grown up with that it would be a genuine fresh start. Some people don’t want that, but I do. I feel like I want to start off my professional training with a fresh mindset compared to my unfocused undergrad and high school years.
3. Bigger job market for my SO - My significant other and I have been long distance for almost five years now, and LA would provide the biggest job market for her to find a job and finally move to where I am. Columbus could potentially have jobs that fit her interests too, but I am fairly confident that LA would have many more opportunities.
4. Exploring while I can - since my family (and my SO’s family) live in Columbus, we would probably go back for my residency, especially if we decide to start a family. Going to OSU would likely mean that the next decade of my life is spent in Columbus, while going to USC would give me the potential to either go back home for residency or stay in California if we find a life/community that we like there.

If debt and finances were my foremost concern, then I would choose OSU in a heartbeat. But I wouldn’t say they are my main concern. My parents said that they would support me financially if I chose USC and try their best to limit the amount of loans I would have to take out. For that, I am thankful and fortunate, and I will do as much as they’ll let me to pay them back.

So here’s one of my main questions: is debt really that bad if you are willing to accept the loss of future income? So many people on SDN advise avoiding debt like the plague. Is that because of the accruing interest? Is that because they don’t want to sacrifice more quality of life after residency? I’m fairly certain I want to go into a specialty with above average physician’s salary, and ending up with "just" an average salary after paying back loans doesn’t bother me (yet).

The other question: are any of my pros, or any of my “intangibles”, for USC rational, or am I just being naïve/starry-eyed about how great USC (and County) is? Is early patient contact and autonomy at LA County really that helpful? Does the strength of residency programs at a school affect opportunities as a med student?

Apologize for the long post...tried to be thorough. Posting in the general pre-allo forum since some of my questions are more general, but if it has to be moved to school-specific, that's fine too.

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[deleted577188]

Go to OSU. I can't speak on what medical school life is like but it's a great school overall. Very smart people with a ton of research going on, city is nice overall and where it's not that nice you'll prolly never go to anyway. Most of all, it's cheaper by nearly half the cost. I've never met someone disappointed with Columbus or OSU.

That being said, I have no idea what the west coast life is like, nor am I familiar with USC. So I am a little ignorant in that area.

 

[DirkN]

I'll preface by saying that I'm pretty biased (have been attending USC for the past 4 years and will spend 4 more years at keck for medical school), but I think the answer is USC, hands down.

First of all, as somebody who lives with their SO in LA, I can say that being and living with them in the same city is the best thing that ever happened to me. My SO makes me feel motivated, helps me feel less FOMO when I'm not with friends, does little things like cook or help with laundry when I dont have time because I'm studying, and in general provides me with emotional support during stressful times. The idea of not getting into Keck or another LA school, and having to do long distance with them, was extremely daunting. As stressful as med school is, you want your SO to be around, happy, and able to support you. I think that is priceless.

Next, and again I am biased, USC is a research heavy-hitter, and the name carries notoriety that will help you for the rest of your career. It's not surprising that USC has one of the largest endowments of any school, and it uses it to bolster its research every year. In 2011 the school received 150 million dollars from the W M Keck foundation to expand biomedical research, after receiving a similarly sized gift a few years prior. Simply put, the school is constantly improving and dishing out the big bucks it takes to become (and maintain its position as) a research powerhouse. Keck hospital is a top 3 hospital in California, the ophthamology program is number 9 in the country, and several of its other programs are nationally ranked. You can't dispute the school's ever-rising USnews research rank either.

Lastly, California. You were accepted to a California med school, which is no easy feat, and it seems like you want to see what its like living here and potentially staying here for a very long time. Not only will you enjoy these next four years living under the Cali sun, eating at LA's amazing restaurants, studying on the beach, and seeing every single movie that comes out, but you'd be putting yourself in ideal position to remain here. 145 of USC's 186 students matched in California last year. If you're thinking ahead to matching at a great California institution and working here in the future, this is simply your best career move.

I know I said lastly already, but this really is my final point. You can't put a price on happiness and living your dream. You will be a doctor and your loans will not cripple you for the rest of your life. It simply won't happen with this career path. Yes the cost of attendance is high, but I have had literally the best time of my life moving to LA from Texas and living here for the past 4 years. I may have paid a lot less for a Texas school, but I would regret it every day if I didn't come out here. You've made it so far having been accepted to the school of your dreams, and it would be a shame to back out now because of financial apprehension. Having the best four years of your life, studying at an amazing top-tier institution and living somewhere that guarantees you and your SO will be able to stay and begin your careers is worth the price.

 

[cs24]

Run far, far away from this wintery hell of Ohio.

As a medical student here, if I didn't have family/SO connections tying me to the state I would go to the California school in a heartbeat. You will pay off the debt, be it 180 or 350K (although I might have a different perspective on that debt when I actually start paying off my loans).

Go with your gut instinct.

 

[Kaelis]

I'll preface by saying that I'm pretty biased (have been attending USC for the past 4 years and will spend 4 more years at keck for medical school), but I think the answer is USC, hands down.
Keck hospital is a top 3 hospital in California, the ophthamology program is number 9 in the country, and several of its other programs are nationally ranked. You can't dispute the school's ever-rising USnews research rank either.

As a Bruin, I realize that 3 and 8 look quite similar, but even a Trojan should know the difference! http://health.usnews.com/best-hospitals/area/ca. *runs away*

For real though, USC is a great school and I really quite enjoyed the atmosphere while there. Becoming a Trojan grants you entry into one of the tightest knit alumni bases in the state, if not the country. The school's impressive budget also allows for steady advancements in academics as well as any other field that an aspiring student and doctor may be interested in. It goes without saying, I feel, that attending that a school that you are proud of and happy to be at will provide great dividends down the road. It will also give you a chance to experience Los Angeles as an Angelino, not as a tourist. Watch theater at the Pantageas. Hike up to the Hollywood sign. Run down Santa Monica pier with your best Forrest Gump impression. The world is your oyster (a phrase that I never really understood, by the way). Also, let it be known that I know absolutely nothing about OSU, so there may be significant perks there too. I will say that I don't think you can go wrong with an institution like U$C ( ;] ).

 

[DirkN]

As a Bruin, I realize that 3 and 8 look quite similar, but even a Trojan should know the difference! http://health.usnews.com/best-hospitals/area/ca. *runs away*

For real though, USC is a great school and I really quite enjoyed the atmosphere while there. Becoming a Trojan grants you entry into one of the tightest knit alumni bases in the state, if not the country. The school's impressive budget also allows for steady advancements in academics as well as any other field that an aspiring student and doctor may be interested in. It goes without saying, I feel, that attending that a school that you are proud of and happy to be at will provide great dividends down the road. It will also give you a chance to experience Los Angeles as an Angelino, not as a tourist. Watch theater at the Pantageas. Hike up to the Hollywood sign. Run down Santa Monica pier with your best Forrest Gump impression. The world is your oyster (a phrase that I never really understood, by the way). Also, let it be known that I know absolutely nothing about OSU, so there may be significant perks there too. I will say that I don't think you can go wrong with an institution like U$C ( ;] ).

Haha oops, it's the 3rd best hospital in the LA-metro area! I was looking at this:

http://health.usnews.com/best-hospitals/area/los-angeles-ca

So he's got a bruin supporting his decision to go to USC! Now I've seen everything. The stars truly have aligned for @wenbinbin!!!

 

[swimwear17]

All I know is if I got into USC I would never turn that down... Its freaking USC!

 

[amad01]

OSU then USC for residency in your $170,000 Bentley you buy with the $ difference

 

[LChristmas]

I'm just going to leave this here. 8% is a conservative mutual fund interest rate (35 years from 30 to 65). I think it might compound monthly, but I wanted this to be a lowball estimate (compounding monthly adds about $200k). This is what an extra $170,000 can buy you if you're not giving it back in loans.

Source: http://www.investor.gov/tools/calculators/compound-interest-calculator

 

[NonTrad16]

I like the investment comparison, but I don't think its quite fair. The op doesn't have 170k to invest now, and if he were to pay them off it 10 years (as opposed to 30) the interest would be a lot lower... Anyways.

Op: has your SO started looking for jobs? I can only apply to some relatively large places because of the field my SO is in, but this is my "casting the net", not deciding where to go. Since you're down to two cities, I'd look at job postings, scope out career fairs, network, to see what jobs can actually be realized in CA or OH.

If you can both find something to make you happy (and prosper) then the added debt in CA could be worth it. If it turns out the best options for your SO are in OH, then... You can save a nice chunk of change and celebrate later.

 

[LChristmas]

I like the investment comparison, but I don't think its quite fair. The op doesn't have 170k to invest now, and if he were to pay them off it 10 years (as opposed to 30) the interest would be a lot lower... Anyways.

I see your point, so I adjusted the contributions.

$17,000/yr is ~$1,416/mo so I did this one just based on putting $1,416/mo for 10 years (time to pay off loans) and then letting the principal sit for the remaining 25 years. The OP can adjust the parameters to better suit his situation. I just wanted to illustrate what can be done with an extra $170k if you're not using it to pay off loans. I think the earning potential of our money is something that often gets ignored by premeds (and people in general) when we discuss taking out more loans and the impact it can have on future wealth.

 

[LChristmas]

This makes me feel good about my current investments. But also make me feel like I really need to be contributing more...

The rule of thumb is to contribute 10% of your net income to "wealth generating investments." This does not include contributing to conservative investments like your 401k or CDs. I just got through reading The Wealthy Barber and it completely changed the way I want to manage my money, and I recoommend that everyone reads it. It's just too bad I have to wait another handful of years before I collect my next paycheck haha

 

[JPA178]

OSU is an awesome school and will NOT limit your future to the midwest. I have a friend who did his residency there and is now an attending in DC. LA is good and all, but it's expensive and so is USC. You're probably better off going to OSU and then doing your residency in California if that's where you want to end up.

 

[3108]

But in the medical world (particularly outside of california) - I think most people would tell you OSU and USC are on about the same plane.

I wholeheartedly agree. And that's why it makes my decision so hard. The one main distinction I can think of that USC has over OSU is LA County hospital. OSU hospitals are no slouch either, but does a better (read: more interactive and autonomous) hospital experience during med school really translate to being a better doctor in the long run?

Since you're down to two cities, I'd look at job postings, scope out career fairs, network, to see what jobs can actually be realized in CA or OH.

I've looked at job postings in LA already and they seem very promising, even from my limited amount of research. But you're right, my plan now is to also look at the job market in Columbus and compare.

I think the earning potential of our money is something that often gets ignored by premeds (and people in general) when we discuss taking out more loans and the impact it can have on future wealth.

I appreciate you making this point about earning potential that most people forget, but it's really hard for me to say that future wealth (especially 30+ years in the future) should dictate my present decisions. If I lived by that philosophy, I would be pinching pennies everywhere. I do understand the wisdom in investing though. In fact, I already have the money I saved up working in college invested in stocks (thanks Apple for the 30% gain 😉). Sometimes though, living for the present (and the near-future) is more necessary given our limited lifespans......basically I'm just saying YOLO. And not YOLO in the sense that I just want to go to USC to have fun in the sun, but I'm really trying to justify all those "intangibles" I mentioned.

Sure, if my SO can find a job in Columbus, that would solve my debate, but if I choose OSU and we have to continue long-distance (and risk threatening our future together with even more strain), then I would feel pretty miserable having made that choice just because of future financial concerns. Add on top of that the feeling of "regressing" if I go back home, instead of starting out with a clean slate in beautiful weather. Should money be the main factor here, or do I also need to weigh in the potential for a lot of regret if I pick OSU? I guess I could regret being in more debt and forfeiting future earning potential if I choose USC, but I feel like those can be easily compensated for.

 

[amad01]

I've looked at job postings in LA already and they seem very promising, even from my limited amount of research. But you're right, my plan now is to also look at the job market in Columbus and compare.



I appreciate you making this point about earning potential that most people forget, but it's really hard for me to say that future wealth (especially 30+ years in the future) should dictate my present decisions. If I lived by that philosophy, I would be pinching pennies everywhere. I do understand the wisdom in investing though. In fact, I already have the money I saved up working in college invested in stocks (thanks Apple for the 30% gain 😉). Sometimes though, living for the present (and the near-future) is more necessary given our limited lifespans......basically I'm just saying YOLO. And not YOLO in the sense that I just want to go to USC to have fun in the sun, but I'm really trying to justify all those "intangibles" I mentioned.

Sure, if my SO can find a job in Columbus, that would solve my debate, but if I choose OSU and we have to continue long-distance (and risk threatening our future together with even more strain).

Am I the only one who sees the job of the SO as meaningless? She would have to make 42,500 + 5.41 % compounded after tax per year JUST to break even at USC. Go to OSU and she can lay on the couch all day or hell even blow $3600 a month shopping.

The ONLY realistic reason I can see one choosing USC in this scenario is because LA has nicer weather and a beach, but with your 170k (which will be much much more when you finally pay it off) you can buy a hell of a lot of cruises come 2019.

 

[Deranged Medic]

Run far, far away from this wintery hell of Ohio.

-8 degrees? Really? Why did I decide to stay in Dayton and not apply to med schools down south?

 

[AAATPase]

Another vote for OSU. In my (naive and relatively uninformed) mind, they are too close in reputation (both medical and layman) to justify that money difference (especially 170k).

At least for me, I imagine that if I were in a similar situation and choose USC I would carry more stress day-to-day. I would probably end up constantly asking if I was putting my 170K to extra good use in an effort to maximize its rate of return. And what happens if you fall in love with FM? That 170000 would be better off someplace else.

 

[BuckRx]

It definitely depends on what mommy and daddy are able to do in terms of the finances.

Figure out what you might make on low vs. high end as a physician (read: don't kid yourself that >= 300k on the low end) and then see what loan repayment looks like.

 

[3108]

Am I the only one who sees the job of the SO as meaningless? She would have to make 42,500 + 5.41 % compounded after tax per year JUST to break even at USC. Go to OSU and she can lay on the couch all day or hell even blow $3600 a month shopping.

She has her own career aspirations so she wouldn't want to be lying on the couch all day. She's also finishing her graduate degree soon and the idea is that she would then look for jobs wherever I go to school. (I wasn't able to get into any schools near her...the struggles of being an OOS applicant for TX schools.)

At least for me, I imagine that if I were in a similar situation and choose USC I would carry more stress day-to-day. I would probably end up constantly asking if I was putting my 170K to extra good use in an effort to maximize its rate of return. And what happens if you fall in love with FM? That 170000 would be better off someplace else.

Well, I'm fairly certain I won't fall in love with FM. Sure there's a chance, but it's pretty low given my future goals. I also don't think I'll be constantly thinking about the extra debt. Rather, I worry that if I chose OSU, I would constantly be thinking about why I didn't stick with USC.

Yeah I didn't even really want to get into that side of it, but I also generally don't advise 20-22 year-olds to base their life decisions on their SO of the moment...

I completely understand, and feel free to comment on it even though I didn't give much detail about that. But we are discussing marriage within the next 2-4 years. Sure, I can get through 4 years of med school at OSU and then have another chance to move to her for residency, but it would be ideal if we could finally end long-distance before then.

Thanks everyone for helping me think through this decision, btw!

 

[NonTrad16]

Am I the only one who sees the job of the SO as meaningless? She would have to make 42,500 + 5.41 % compounded after tax per year JUST to break even at USC. Go to OSU and she can lay on the couch all day or hell even blow $3600 a month shopping.

Yeah I didn't even really want to get into that side of it, but I also generally don't advise 20-22 year-olds to base their life decisions on their SO of the moment...

I guess I don't know how old the OP is, but... if they've been together for 5 years, they can plan on their relationship hitting the fan, or not. Bringing a SO to a city where they will sit around all day seems ridiculous. I'm pursuing medicine to fulfill a passion/need, and if I went somewhere that my SO couldn't do likewise (or at least, find something semi-appealing) then I'm leaving med school single.

(And if we're advocating finding a spending hungry SO, that runs counter to the above financial advice 😉)

 

[AAATPase]

Well, I'm fairly certain I won't fall in love with FM. Sure there's a chance, but it's pretty low given my future goals. I also don't think I'll be constantly thinking about the extra debt. Rather, I worry that if I chose OSU, I would constantly be thinking about why I didn't stick with USC.

If that is the potential ruminating concern- then USC may be the better bet. I imagine there is a peace of mind that comes with going to the best USNEWS ranked school (not being sarcastic). I've heard awesome things about LA County.
That said, my SDN stalking makes me think OSU is one of those schools that is on the upswing and has become more rankings focused in recent years. However, USC has the elite heavy hitters above them, preventing them from rising too much.

 

[ridethecliche]

Have you received aid offers etc from both schools yet? Your OP said you didn't yet, so why not wait till you have real numbers to make a decision?

 

[BuckRx]

If that is the potential ruminating concern- then USC may be the better bet. I imagine there is a peace of mind that comes with going to the best USNEWS ranked school (not being sarcastic). I've heard awesome things about LA County.
That said, my SDN stalking makes me think OSU is one of those schools that is on the upswing and has become more rankings focused in recent years. However, USC has the elite heavy hitters above them, preventing them from rising too much.

USC and OSU are #31 and #34 on the US news rankings, and OSU has actually fallen from the mid 20s about five years ago when the ranking methodology was changed.

 

[deleted577188]

I commented before and I think I'll comment again. I go to OSU currently for undergrad. OSU simply does not get the academic credit that it deserves. This is a great school but I'm not saying it's any better or worse than USC. I would honestly choose based solely on money since they are so close in rankings. Neither one is Johns Hopkins, nor are they low tier schools.

 

[Psai]

USC and OSU are #31 and #34 on the US news rankings, and OSU has actually fallen from the mid 20s about five years ago when the ranking methodology was changed.

Who cares?

 

[jqueb29]

OSU is Oklahoma State. Ohio State is Ohio State.

 

[JPA178]

OSU is Oklahoma State. Ohio State is Ohio State.

I thought it was "THE" Ohio State University... or "that school in Ohio" as we call it in Ann Arbor, ha.

 

[Omppu27]

OSU is Oklahoma State. Ohio State is Ohio State.

You shut your damn mouth. Ohio State is the REAL OSU. Oregon State and Okie State are the phonies. 😀

 

[Komorebi2]

I agree with what most people have said above.

Don't waste your money on USC. Seriously.

 

[link2swim06]

OSU is Oklahoma State. Ohio State is Ohio State.

Weird, because when i type in OSU.edu it takes me to Ohio State University.

 

[amad01]

She has her own career aspirations so she wouldn't want to be lying on the couch all day. She's also finishing her graduate degree soon and the idea is that she would then look for jobs wherever I go to school. (I wasn't able to get into any schools near her...the struggles of being an OOS applicant for TX schools.)

I guess I don't know how old the OP is, but... if they've been together for 5 years, they can plan on their relationship hitting the fan, or not. Bringing a SO to a city where they will sit around all day seems ridiculous. I'm pursuing medicine to fulfill a passion/need, and if I went somewhere that my SO couldn't do likewise (or at least, find something semi-appealing) then I'm leaving med school single.

(And if we're advocating finding a spending hungry SO, that runs counter to the above financial advice 😉)

Do not take "lay around on the couch all day" as literal. I was simply making a point of the difference of money - that all her income/work would be "wasted" on the extra cost of USC. The SO can do whatever she wants. I guess if she simply cannot be happy in Columbus then that is another issue to consider, but maybe slipping 170k in her pocket would brighten her day?

Aspirations and passions and needs are great, but in the real world money matters and the main reason for working is to bring home an income. I don't know, maybe I've just paid my way for everything for a long time in life and so I appreciate money saving opportunities. My choice would almost always be the cheaper option because an MD is an MD and you can either pay a lot or less than a lot for the same degree at two fine institutions. My wife would be pretty upset knowing she is working full-time simply to make up the difference so I could live on the beach instead of going to a perfectly good school in Columbus, but we all have different views of what is important! Good luck to OP .

 

[DirkN]

At the end of the day, these are both high quality schools and you'll have a fine career starting at either one. Go with your heart.

 

[Shams al Deen]

I always looked at USC as a top-tier school. Saying it's the 4th or 5th best in it's own state is misleading. It's like saying Shaq is the 4th best Laker ever (behind Kobe, Kareem, Magic, you could even thrown West and Wilt in there!). California, like the Lakers, just had an abnormal number of huge names. Idk, maybe on the east coast people don't care about USC, but where I'm from its a bigger deal than OSU. That being said, my opinion is subjective and I'm sure OSU also has a fine reputation. But LA>>>Columbus.

 

[3108]

Have you received aid offers etc from both schools yet? Your OP said you didn't yet, so why not wait till you have real numbers to make a decision?

Haven't received financial aid packages yet, but I'm fairly certain it will be all loans. It does seem like I have a higher chance of getting a merit scholarship at OSU though, given OSU's generosity and USC's stinginess.

I actually had the exact same predicament - choosing between OSU and USC in the end. I was out of state for both. I chose OSU for many reasons including COL/tuition, more manageable city (I'm sorry, I did not want to live anywhere near the USC campus in LA - and honestly LA has got to be the worst "big city" in the US), and overall better feel/fit at OSU. Let me know if you have specific questions - feel free to PM.

I'll get in contact with you eventually with some questions, thanks! I guess my perspective might be different since I grew up in Columbus, and don't necessarily embrace the idea of going back unless I'm starting a family (not soon). And in regards to LA, I actually really like the city and would prefer it more than Chicago (where I went for undergrad), NYC, and DC (where I live now).

My wife would be pretty upset knowing she is working full-time simply to make up the difference so I could live on the beach instead of going to a perfectly good school in Columbus, but we all have different views of what is important!

No worries @amad01 I understand your points! I probably didn't explain clearly enough, but one of the reasons I would choose USC is for her, under the assumption that LA has a bigger and broader job market than Columbus. My situation would probably be the opposite of your hypothetical one...that is, my SO would be upset knowing that she spent 4 years on a graduate degree to end up unemployed, just because I chose to go to the cheaper school instead of a great school in LA. Yes much more debt, but in the long run, manageable debt. Again, this is all under the assumption that LA would have more job opportunities. We'll both look into the Columbus job market like I mentioned in an earlier post to see if that assumption holds true.

 

[wegotthis14]

Judging from all your posts on this thread, it sounds likes you really like USC and would be happy there. If you're okay with the higher debt load, go there.

 

[3108]

Judging from all your posts on this thread, it sounds likes you really like USC and would be happy there.

I do like USC a lot, and at least so far from this thread, I've accepted that there's nothing particularly wrong with my personal reasons to prefer USC.

If you're okay with the higher debt load, go there.

But that's still my unanswered question...is a higher debt load justifiable in my situation? Am I unwise to choose the twice as expensive school, despite being around the same caliber? Why does taking on more debt seem like such a cardinal sin? I'll keep digging through past SDN threads to see if I can get some more opinions.

 

[DirkN]

I think this is obvious, but student loan debt just means you add more to your monthly expenses for a certain period of time. It's no different than paying for a mortgage, utilities, insurance, etc. Nearly everyone has some sort of debt. You'll sit down with your accountant and make a financial plan to pay back your loan in a time period, and with specific monthly payments, that you feel comfortable with. It's no more a burden than any other financial commitment you'll have, and at some point, it will be paid off just like anything else.

In short, even though everyone on these forums like to make a big deal out of debt, it is a normal part of life that you'll plan and adjust your payments to match your desired lifestyle. It should not be a cause of stress.

 

[Slack3r]

So...non left-coaster chiming in...

Does USC really have that good of a reputation? On the east coast the undergrad is frequently derided as a place for rich kids who couldn't get into a better school ("University of spoiled children"). In medical academic circles it's the 4th or 5th best school in the state.

I sometimes buy the argument to choose the more expensive school if it is drastically different in caliber/reputation (e.g. if this were a choice between stanford and OSU). But in the medical world (particularly outside of california) - I think most people would tell you OSU and USC are on about the same plane. OSU is a huge institution with a lot of resources and research opportunities.

If you really want to have a west coast adventure, I think that is something worth considering. But the cost difference is pretty dramatic.

It does not.

 

[3108]

It does not.

What would you say USC's reputation is then?

 

[Slack3r]

What would you say USC's reputation is then?

It's a fine school. It's a middle of the road school that gets more credit than it probably deserves due to the undergrad's reputation (mostly for having a good football team) and it's location in sunny Southern Cal.

Nobody is going to be awed by USC, except premeds and people with a "West Coast over everything" mentality.

 

[mmmcdowe]

Moving to SSD

 

[breakintheroof]

I'm just going to leave this here. 8% is a conservative mutual fund interest rate (35 years from 30 to 65). I think it might compound monthly, but I wanted this to be a lowball estimate (compounding monthly adds about $200k).

You are clearly right that the opportunity cost of taking out the additional loans is far more than $170,000. But doesn't an 8% return as a "lowball" estimate seem unrealistic? Are you accounting for taxes?

Perhaps @The White Coat Investor or someone from the Finances and Investment forums can clarify.

 

[swimwear17]

It's a fine school. It's a middle of the road school that gets more credit than it probably deserves due to the undergrad's reputation (mostly for having a good football team) and it's location in sunny Southern Cal.

Nobody is going to be awed by USC, except premeds and people with a "West Coast over everything" mentality.

I'm sorry you went to a middle of the road medical school yourself, and I'm sure its easy to think of other medical schools that way given your own educational background and insecurity.

 

[LChristmas]

You are clearly right that the opportunity cost of taking out the additional loans is far more than $170,000. But doesn't an 8% return as a "lowball" estimate seem unrealistic? Are you accounting for taxes?

Perhaps @The White Coat Investor or someone from the Finances and Investment forums can clarify.

I also didn't account for the interest that $170k would accumulate. From my reading, 8% is reasonable to expect over the life of the investment. I am admittedly not a financial wizard. My estimate wasn't meant to be exact, but an example of what $170k is worth when it is under your control instead of going to loans. Also, it's worth mentioning that the taxes paid on withdrawal are capital gains (10% I think), not regular income tax.

 

[Slack3r]

I'm sorry you went to a middle of the road medical school yourself, and I'm sure its easy to think of other medical schools that way given your own educational background and insecurity.

Like I said, the only people who think so are premeds. Good luck with your med school interviews.

 

[breakintheroof]

I also didn't account for the interest that $170k would accumulate. From my reading, 8% is reasonable to expect over the life of the investment. I am admittedly not a financial wizard. My estimate wasn't meant to be exact, but an example of what $170k is worth when it is under your control instead of going to loans. Also, it's worth mentioning that the taxes paid on withdrawal are capital gains (10% I think), not regular income tax.

Fair enough. Your post caught my eye because I thought about the implications of a vehicle with an interest rate that high. If someone were sitting on relatively high interest rate loans like Grad PLUS (7+%), they would be better served allocating a minimal amount toward their loans and putting all they had into the 8+% investment. That wouldn't be a good idea in today's world.

Regardless of the details though, I think your post serves as a good illustration that $170K is not "just something you can pay off." For OP, it represents a significant change in your lifestyle in the future. The money that goes to your loans could go instead toward a vacation, a house, a retirement account, or your child's college education (or medical education). It can be reasonable to choose the debt anyway and plenty of people do, but it's not to be taken lightly.

 

[swimwear17]

Like I said, the only people who think so are premeds. Good luck with your med school interviews.

Good luck with finding a job. Putting down schools in the 30's range as middle-of-the-road is about as flawed a perception as you can have.

 

[Slack3r]

Good luck with finding a job. Putting down schools in the 30's range as middle-of-the-road is about as flawed a perception as you can have.

As opposed to premeds using USNWR as the end-all-be-all of medical school reputation rankings? I'm sorry your feelings are hurt, not sure what to tell you.

 

[swimwear17]

As opposed to premeds using USNWR as the end-all-be-all of medical school reputation rankings? I'm sorry your feelings are hurt, not sure what to tell you.

No no you're right, I'm sure your own subjective impression of a school you did not attend is much more meaningful than an objective list that uses actual measurements.

 

[razzmatazz87]

Financially, why wouldn't you prefer OSU? Also, relationships don't always last. You aren't married (not saying divorces don't happen) or engaged. Medical school is stressful as is--it would be frustrating to choose USC for the SO and breakup within a year