paying for SMP

[same21]

Are you guys worried about tacking on an extra 40-50k for an SMP to the med school loans that are going to be accrued? I feel like by the time I am done with school I will be looking at a 300k loan? How do you guys plan on dealing with that, especially when this health care debate is threatening to cut doctor salaries

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[Looking Glass]

Are you guys worried about tacking on an extra 40-50k for an SMP to the med school loans that are going to be accrued? I feel like by the time I am done with school I will be looking at a 300k loan? How do you guys plan on dealing with that, especially when this health care debate is threatening to cut doctor salaries

That's why I think it might be a better idea to get accepted to a state school after doing an SMP rather than a private school. If you look through the MSAR, you'll see that the average state school tuition hovers around $20,000-$30,000 per year (not including living expenses) but most private schools charge $40,000-$60,000 per year. If you multiply that over 4 years, going to a state school might save you $80,000 in the long run. This is especially good if your SMP can help you establish state residency.

That being said, I finance the SMP degree the same way I finance any other degree - through loans and savings. In the long run, $40,000 isn't that much if you consider the fact that most people graduate medical school with $200,000 in debt. It's the same for law, a lot of people are willing to put themselves in >$40,000 of debt, even in a bad economy when layoffs are eminent at almost every large law firm. Unfortunately, it's the cost of doing business, especially if your undergrad GPA was not that strong.

There are quite a few reputable SMPs out there that are about $20,000 if you look around hard enough. I think you can find out more about those programs in the stickie at the top.

 

[gatewasani]

That's why I think it might be a better idea to get accepted to a state school after doing an SMP rather than a private school. If you look through the MSAR, you'll see that the average state school tuition hovers around $20,000-$30,000 per year (not including living expenses) but most private schools charge $40,000-$60,000 per year. If you multiply that over 4 years, going to a state school might save you $80,000 in the long run. This is especially good if your SMP can help you establish state residency.

That being said, I finance the SMP degree the same way I finance any other degree - through loans and savings. In the long run, $40,000 isn't that much if you consider the fact that most people graduate medical school with $200,000 in debt. It's the same for law, a lot of people are willing to put themselves in >$40,000 of debt, even in a bad economy when layoffs are eminent at almost every large law firm. Unfortunately, it's the cost of doing business, especially if your undergrad GPA was not that strong.

There are quite a few reputable SMPs out there that are about $20,000 if you look around hard enough. I think you can find out more about those programs in the stickie at the top.

the difference is SMP students aren't guaranteed anything. Med students are safe, in the sense, that as long as they don't mess up, they're pretty much set for life. SMP students don't have that luxury. If they don't rise up over all the competition, they're gonna be left with that additional 40-60 grand in debt plus undergrad debt and not much to really show for it.

This is the very reason, i'm terrified as hell of enrolling in an SMP. All that extra debt and no med school would cripple me. And, I mean think about it, the best SMP's have ~70% of those completing the program getting accepted to med school. That's 30% who don't get it. Kinda makes you wonder, what if that's me? Not only are out of chances but you are in a near insurmountable amount of debt. Only real option, at that point, is the Caribbean, something you probably could've done instead of the SMP and save a year of your life and a lot of money.

Damn, how I would've dont things differently if I could re-do undergrad. I would give anything to know what I know now as a freshman. but alas, thats over now.

I kinda think that, if I do get in one day, that I'm gonna look back at these moments of uncertainty and find true pride in them. If I am able to overcome all these obstacles (GPA reconstruction, MCAT, extracurriculars, LOR's, etc...)and claw my way in, I would have the confidence to do anything.

Wow, sorry for going off on such a tangent. I think I just wrote a personal statement. lol

 

[Looking Glass]

This is the very reason, i'm terrified as hell of enrolling in an SMP. All that extra debt and no med school would cripple me. And, I mean think about it, the best SMP's have ~70% of those completing the program getting accepted to med school. That's 30% who don't get it. Kinda makes you wonder, what if that's me? Not only are out of chances but you are in a near insurmountable amount of debt. Only real option, at that point, is the Caribbean, something you probably could've done instead of the SMP and save a year of your life and a lot of money.

Damn, how I would've dont things differently if I could re-do undergrad. I would give anything to know what I know now as a freshman. but alas, thats over now.l

That's a good sign. It means that you've matured and realized how your decisions could affect your future. Let fear be a motivator. I was in the same situation 5 years ago and didn't realize how much I was screwing myself out of a future. Then when I decided to do an SMP and saw the price tag, realized that I was going to be responsible for it all if things didn't work out. As long as you go into an SMP knowing that this is your last chance and the last straw, you shouldn't have any problems staying motivated.

BTW going to the carribbean is a bad idea. If you don't do well in an SMP, you're out about 30,000-50,000. But if you fail to get a residency oput of the carribbean, you're stuck with 150,000-250,000 in loans - no kidding.