Private vs. Public

[Sartre79]

Did any current Med students choose one over they other...and how do you feel about it now. I'm considering the Private over the Public, despite the cost, and was hoping to hear perspectives from others who faced the same decision. Thanks

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[NonTradMed]

Well, I would only choose private over public if the private is BETTER in terms of academics/location/facilities/etc. I'm assuming you are deciding between Creighton vs. S.D, so perhaps make a list of the pros and cons of each school and see why you'd want to pay more for your medical degree. Ask yourself "are the benefits worth the extra money to go out of state?".

 

[harrypotter69]

I am no expert on this, but it is my understanding that state schools often have an agenda to push students into primary care while private schools just want your money.

 

[psipsina]

Figure out what the private school is offering you that the state school isn't, then calculate what the difference in cost of attending will be over the four years and with interest, then ask yourself if what the school is offering is really worth that much money to you. Sometimes with very large sums it is useful to translate the amount into an object that amount can buy or the amount of your time it would take to earn it when you are a resident. For me I found that the things I liked about the private school weren't worth 120K (+ interest), but no one can tell you if the things you like about your school may be worth the amount it would cost you.

 

[NonTradMed]

I am no expert on this, but it is my understanding that state schools often have an agenda to push students into primary care while private schools just want your money.

State schools typically have an agenda of training doctors who will stay INSTATE. I think in many states with large underserved rural areas, this also translates into pushing kids into primary care. Private schools, typically top private med schools, will want their kids to go into research or do research (UofChicago, Duke from what I've heard). I don't think any med school 'just want your money' because if that's the case, they could charge a whole lot more (you know kids will still come) and they would push harder to expand their classes. Also, some private schools (i.e WashU) actually have very good financial aid package so that students coming out will see less debt than at some state schools.

 

[UCLAstudent]

Depends on what state you're from. As a CA resident, I would have picked any of the UCs over a private school.

 

[Sartre79]

I would get state tuition in South Dakota, but the thing is I did my undergraduate and MBA there (now live in MN), and I kind of cringe at going back there to spend another 4 years. guess living in the city has spoiled me.

 

[CPM22]

i am really struggling to make the private vs public school decision. 30K per year difference is astronomical. i have no $ from family, and this is a big deal to me, as i am sure it is for everyone. will the "better ranked" private school give me that much more in residency/job/connections than the state school? i am talking about IL... any thoughts?

 

[njbmd]

Pre-med issue and moved to Pre-Allo forum. Allopathic medical students read and respond to threads in Pre-Allo and may follow and respond to this one if desired.

 

[pseudoknot]

Go to the cheapest school you can. You learn the same stuff from the same textbooks and review books everywhere, and as for residency the most important thing is how well you do, not what school you went to. SDN people have an excessive lust for prestige, but debt is more important.

 

[Perrotfish]

SDN people have an excessive lust for prestige, but debt is more important.

Why? I mean I'm not saying either is particulrly important, but the debt is going to disappear within 4 years of the end of your residency. However the type and quality of the residency/fellowship that you are required to take can follow you for the rest of your career. Maybe you can learn the same things out of the same textbooks for the first two years of medical school, but the quality of the school can seriously effect the variety of pathologies and treatments you get to learn over the 5-12 years after that.

 

[cliquesh]

Why? I mean I'm not saying either is particulrly important, but the debt is going to disappear within 4 years of the end of your residency.

Takes the average doctor 10-15 years to pay off his debt in full. But, thats what i read.

 

[Perrotfish]

Takes the average doctor 10-15 years to pay off his debt in full. But, thats what i read.

Does that include residency? I think we may be saying close to the same thing.

 

[cliquesh]

Yea, it includes residancy. However, instead of 4 years, its probably more like 8-10yrs.

 

[NoUse4aName1286]

pretty sure its 10-15yrs not counting residency. Approx. $2750/month for 10 years ($330,000). Doctors can't pay that off during residency, you would be left with about 10 bucks after taxes to live on for a year. Another instance of premeds having no grasp on debt and income reality. I'm sorry if that sounds harsh/not trying to be rude, but it seems to be quite true.

 

[QofQuimica]

Did any current Med students choose one over they other...and how do you feel about it now. I'm considering the Private over the Public, despite the cost, and was hoping to hear perspectives from others who faced the same decision. Thanks

Be patient and hold on to both acceptances right now until you get your financial aid packages in the spring. Your private dream school may wind up being more affordable than you expected once you find out what kind of grant aid they have to give. If there is a huge cost difference when all is said and done, you will have to decide if you want to attend the private school so much that you are willing to go into X amount of extra debt to do it at that point.

If you want to know what I did personally, I went to the school that gave me the best financial aid. I was lucky enough to have it be my top choice program as well. If that hadn't happened, I'd have gone to another program that was cheaper. They teach the same stuff everywhere, and I didn't apply to any schools that I wasn't willing to attend.

 

[Pinkertinkle]

Also, some private schools (i.e WashU) actually have very good financial aid package so that students coming out will see less debt than at some state schools.

If your parents make more than 6 figures combined you can forget about Wash U giving you a single penny off their rather pricey tuition.

 

[paintballdoc]

I would not choose private over a state school, unless the private school offered you something (ie: help with tuition, research opportunity, etc.). I have gone through the process, and many of my classmates went to excellent training programs from a state medical school. Do well in whatever school you choose, and everything will be okay.

 

[CPM22]

can anyone give an accurate estimate of what the monthly payments would be for a $200k loan vs. a $60k loan (assume the same length for payment of 10yrs)? i am not sure how interest is accrued for most student loans. thanks!

 

[Drogba]

pretty sure its 10-15yrs not counting residency. Approx. $2750/month for 10 years ($330,000). Doctors can't pay that off during residency, you would be left with about 10 bucks after taxes to live on for a year. Another instance of premeds having no grasp on debt and income reality. I'm sorry if that sounds harsh/not trying to be rude, but it seems to be quite true.

Not harsh at all. Just remember we all have to learn somewhere, and most of us aren't taking personal finance courses in college. Better to get a more realistic picture earlier rather than later.

 

[NoUse4aName1286]

Not harsh at all. Just remember we all have to learn somewhere, and most of us aren't taking personal finance courses in college. Better to get a more realistic picture earlier rather than later.

Very true. [but I've never taken a econ. course of any sorts].

 

[TexanGirl]

pretty sure its 10-15yrs not counting residency. Approx. $2750/month for 10 years ($330,000). Doctors can't pay that off during residency, you would be left with about 10 bucks after taxes to live on for a year. Another instance of premeds having no grasp on debt and income reality. I'm sorry if that sounds harsh/not trying to be rude, but it seems to be quite true.

Is 330k debt the norm? I don't know, I'm just another silly pre-med with no grasp on reality, but that seems like an inflated estimate.

 

[NoUse4aName1286]

Is 330k debt the norm? I don't know, I'm just another silly pre-med with no grasp on reality, but that seems like an inflated estimate.

It depends on family contribution of course, as well as undergrad debt, but I'll give you how that number could feasibly be derived [rough numbers]

Lets say $40k undergrad loans
lets say state medical school at 40K/yr x 4 yrs [all loans] = 160k

Pure principal = 200k/ yr. More than 50% is likely to be unsubsidized stafford, so interest has been building for 4 yrs +.

Assume 4 yr residency with deferment BUT interest accumulates. Maybe at overall 6% yr-ish [assuming future hikes in %] = $252,000 in debt by the end of residency.

Paying that off, over the course of 10-15yrs, with interest of course, could easily reach 330,000. Take those numbers and ad up to 100k+ if you went to private university.

NOW, I realize that doesn't account for scholarships, or parental contributions, but from what i gather, most ppl. will not get any of significance. You can see then, that $300-400,000 TOTAL repayment is not out of the ordinary. An ER doc I shadowed was paying over $3000/month and was on a 10 yr plan. He had private undergrad and medical.

 

[Drogba]

Is 330k debt the norm? I don't know, I'm just another silly pre-med with no grasp on reality, but that seems like an inflated estimate.

Well... 160k in loans will grow to about 220k during a 5 year residency (since interests accrues during this period now). Also much of your loans will be unsubsidized so they will begin accruing interest immediately at 6.8% if the rates stay the same. If you need any non-federal loans thats 8% interest with immediate interest accrual. Also, the loans will continue to mature as you pay them. So by the time you actually pay your loans off you might have paid back 300k+.

 

[Drogba]

Very true. [but I've never taken a econ. course of any sorts].

You don't need to. You just need an interest in personal finance.

 

[NoUse4aName1286]

Well... 160k in loans will grow to about 220k during a 5 year residency (since interests accrues during this period now). Also much of your loans will be unsubsidized so they will begin accruing interest immediately at 6.8% if the rates stay the same. If you need any non-federal loans thats 8% interest with immediate interest accrual. Also, the loans will continue to mature as you pay them. So by the time you actually pay your loans off you might have paid back 300k+.

Yay for debt

 

[Drogba]

Yay for debt

Yay for the government deciding education is no longer worth subsidizing (as much)!

 

[TexanGirl]

It depends on family contribution of course, as well as undergrad debt, but I'll give you how that number could feasibly be derived [rough numbers]

Lets say $40k undergrad loans
lets say state medical school at 40K/yr x 4 yrs [all loans] = 160k

Pure principal = 200k/ yr. More than 50% is likely to be unsubsidized stafford, so interest has been building for 4 yrs +.

Assume 4 yr residency with deferment BUT interest accumulates. Maybe at overall 6% yr-ish [assuming future hikes in %] = $252,000 in debt by the end of residency.

Paying that off, over the course of 10-15yrs, with interest of course, could easily reach 330,000. Take those numbers and ad up to 100k+ if you went to private university.

NOW, I realize that doesn't account for scholarships, or parental contributions, but from what i gather, most ppl. will not get any of significance. You can see then, that $300-400,000 TOTAL repayment is not out of the ordinary. An ER doc I shadowed was paying over $3000/month and was on a 10 yr plan. He had private undergrad and medical.

Hmm, now I can definitely see how it'd wind up to that sum, but it still seems a bit excessive. 40k in loans from undergrad? Doesn't the average student graduate with ~20k debt from undergrad?

Ok, here's another question: Do you think it's worth it to start paying off the interest during residency or is that being too much of a miser?

 

[spanamit]

UCSF vs. Stanford?

 

[dazlindz]

don't completely rule out private schools, though, because they sometimes offer scholarships whereas public schools rarely do. like currently it'll be cheaper for me to attend a private med school than my home state's med school after weighing the financial aid packages. but yeah, money is definitely a big factor when choosing a school, because we're all going to be in so much debt.

 

[Drogba]

don't completely rule out private schools, though, because they sometimes offer scholarships whereas public schools rarely do. like currently it'll be cheaper for me to attend a private med school than my home state's med school after weighing the financial aid packages. but yeah, money is definitely a big factor when choosing a school, because we're all going to be in so much debt.

this is what happened to me for undergrad. my state school would have been the most expensive school for me to attend out of the ones I was accepted to aside from NYU.