Should I go to the school I love or the school that is less expensive?

[hamburgers]

When thinking about schools, there are a lot of schools that I like and wouldn't mind attending, but there are one or two that I would really want to go to. The thing is those are the most expensive schools. What do you think? How much is cost an issue. Should I make it a priority to have as low debt as possible or should I just go wherever I want to go? 100,000 or 150,000, should I shoot for the expensive school I love or the cheaper school that I like fine but that is far from family and friends. Thanks.

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[Gleevec]

Originally posted by hamburgers
When thinking about schools, there are a lot of schools that I like and wouldn't mind attending, but there are one or two that I would really want to go to. The thing is those are the most expensive schools. What do you think? How much is cost an issue. Should I make it a priority to have as low debt as possible or should I just go wherever I want to go? 100,000 or 150,000, should I shoot for the expensive school I love or the cheaper school that I like fine but that is far from family and friends. Thanks.

Expensive school you love. You only live once, and money is just valued paper. What else are you going to spend money on if not your happiness and peace of mind? You dont want to goto a med school and think "what could have been" for the rest of your life. Misery and secondguessing a major life choice is not worth any amount of money.

 

[meanderson]

totally depends on the situation in my opinion. Suppopse in all of the situations the difference in debt between the two schools will be $80,000-$100,000.

1) If you are pretty sure that you want to do academic medicine and the two schools you are choosing between are a normal good state school(University of Florida) vs a true top 5(Harvard/Hopkins), then pick Hopkins/Harvard.

2) If you are fortunate enough to live in a state with a top 20-30 state school(Baylor, Michigan, UTSW), then go to it. Whether you want academic medicine or not. You can easily enter achieve a prestigious clinical academic career coming from a school like this.

3) If the difference between the schools isn't VAST(say #15 vs. #27), go to the cheaper school that you would like best.

People on these boards make way too much or rankings. Sure, Harvard, Hopkins, and Stanford have some pretty awesome match lists and it might be hard to pass those up. But take a look and compare the match list at a normal quality non-rural primary care state school like University of Florida or Minnesota to a school like Pittsburgh, Emory, Case Western, etc. Are the Pitt/Emory/Case Western Match lists better? I guess, but there is A LOT of overlap. And some of the lack of overlap comes from the predetermined intentions of those headed off to their quality state schools.

If I get into both MCG and Emory I'm probably going to MCG. A $100,000(before res. accumulation debt) is not a trvial some of money, and this will have an impact on my life in my 30's and 40's wherever I practice.

One more thing- American allopathic grads, for the most part, aren't going into low-paid specialties. Regardless of the school they come from(unless it is one of the 4-5 schools that actually does emphasize this). It would be interesting to see a breakdown of the average salary of a 1985 Duke University graduate vs that of a 1985 Maryland Graduate. I'd bet the overall salary numbers would be pretty close; the big diffference would be in the # of academic appointments vs. private practioners at each school.

 

[Gleevec]

The only reason the averages between a top research school and an average public school would be similar is because the former would train more academic physicians (lower paying) theoretically, while a public school would likely train more private practice physicians. Top schools might also train more surgeons or rads, opth, anest, derm specialties, but that would probably counteract the effect of training more academic physicians to the point of equality with public schools.

Just a guess though, I too would be interested to see the data.

Originally posted by meanderson
totally depends on the situation in my opinion. Suppopse in all of the situations the difference in debt between the two schools will be $80,000-$100,000.

1) If you are pretty sure that you want to do academic medicine and the two schools you are choosing between are a normal good state school(University of Florida) vs a true top 5(Harvard/Hopkins), then pick Hopkins/Harvard.

2) If you are fortunate enough to live in a state with a top 20-30 state school(Baylor, Michigan, UTSW), then go to it. Whether you want academic medicine or not. You can easily enter achieve a prestigious clinical academic career coming from a school like this.

3) If the difference between the schools isn't VAST(say #15 vs. #27), go to the cheaper school that you would like best.

People on these boards make way too much or rankings. Sure, Harvard, Hopkins, and Stanford have some pretty awesome match lists and it might be hard to pass those up. But take a look and compare the match list at a normal quality non-rural primary care state school like University of Florida or Minnesota to a school like Pittsburgh, Emory, Case Western, etc. Are the Pitt/Emory/Case Western Match lists better? I guess, but there is A LOT of overlap. And some of the lack of overlap comes from the predetermined intentions of those headed off to their quality state schools.

If I get into both MCG and Emory I'm probably going to MCG. A $100,000(before res. accumulation debt) is not a trvial some of money, and this will have an impact on my life in my 30's and 40's wherever I practice.

One more thing- American allopathic grads, for the most part, aren't going into low-paid specialties. Regardless of the school they come from(unless it is one of the 4-5 schools that actually does emphasize this). It would be interesting to see a breakdown of the average salary of a 1985 Duke University graduate vs that of a 1985 Maryland Graduate. I'd bet the overall salary numbers would be pretty close; the big diffference would be in the # of academic appointments vs. private practioners at each school.

 

[spumoni620]

Well...there are definitely going to be disagreements on this but if the cost difference is significant, i'd go w/the cheaper school (unless you completely felt uneasy/out of sync w/students etc. or unless you're going into academic medicine). it's quite easy now, pre-loans and financial stress, to overlook an impending debt load. however, $80-$100K IS a lot of $, and it IS going to make a difference in your stress level when you're slaving away as a resident. When you consider paying out that amount with interest over a period of 10-15 years, that extra differential can easily grow to $120-$200K or more. the sooner you can pay off your loans, the happier you will be and the sooner you can begin living a normal life.

The bottom line is, your medical education is going to more or less be the same at any accredited, decent medical school. Yes, there are going to be subtle differences...1-1.5 yrs basic science vs. didactic/traditional 2 preclinical years...# hours in lecture...types of clinical exposure...grading system...etc. etc. but all these can be adapted to as a student. plus if you work hard (which you're going to do at any school you're at) you can still enter a great residency - which is the most important factor in your medical career (assuming you're not going into academic medicine).

you may feel right now that the expensive school is your dream school and you'll be disillusioned and upset if you choose the cheaper school. but don't set yourself up for a self-fulfilling prophecy...sometimes things unexpectedly have a way of working out if you have an open mind and a mature attitude. for ex. i had mixed feelings about my undergrad. by far it was the cheapest option as i had a scholarship, but i didn't really feel as though i "fit" there....plus, it is a small, relatively unknown lower-ranked school. however, as it turned out i had a lot of maturing to do. now looking back i have made some of my closest friends, received amazing instruction from stellar profs, and have some awesome memories. i don't regret my decision in the least, though i had the choice to go to more expensive, higher-ranked schools. and i have the peace of $0 debt right now.

so although i'm probably in the minority, i would definitely recommend picking the cheaper school (i agree w/a lot of meanderson's comments above). it's a common-sensical and, imo, the ultimately wise choice,

 

[meanderson]

good points gleevec, and I think this hits at one of the key issues surrounding allopathic medical schools in america today: So few american allopathic graduates are going into FP and IM(wuth no fellowship intentions) from most schools. It doesn't matter if the school is Hopkins or not.

Take Mercer Medical School for example. They take 50 students a year, and their average stats(26.5/3.5) indicate that they one would be one of the lower rated allopathic schools in the country. Based on all the information I've ever gotten from Mercer, their single focus seems to be primary care. Not only primary care, but primary care in undeserved communites of Georgia. However, take a look at Mercer's match list last year(posted by a former mercer student). 10% radiology, 10% EM, 10-15% surgery, they even had an ortho match. Their were maybe 5 FP matches on the whole list. And of the university IM mathes, the mercer student said many of them were planning on doing cards and GI fellowships later. So I'd guess out of that class of 50, you may see 10-15 students actually do real primary care(obgyn, IM, peds, fp). In my opinion, this really speals poorly about the way admissions is handled whgen a school that preaches primary care in underserved communites and selects students that they think will go on meet these needs fail so horribly.



And the situation is even more pronounced at MCG, UAB, UNC, UF, etc. The most popular matches are not low-paying matches at these state schools.......gas, EM, and radiology are all blowing away FP. Of course the difference is that the Hopkins grad is more likely to do his rads residency at MGH than a regular uni hospital, but if each goes into private practice each will be reimbursed the same for that reading that MRI.

 

[Galaxian]

I'd go with the cheapie...Unless you have a shot at some school that will open some big a$$ doors like harvard or some other ivy league big hitter. The truth is, that you might be in the hole 200k when you graduate, but the interest just keeps accruing on that dungheap while you pay it back, so in the end, what you pay works out to almost three times as much. That's your first house, the nice car, the european vacation, and all the other niceties that are supposed to make up for the years of misery which you paid so much for in the first place! And true, while you may wonder what might have been, you may just meet some of the greatest people at your local state school. I made great friends at my state school, partied about as much as in undergrad (third year excluded, of course), and got a pretty sound education to boot. Plus, our school puts people in some awesome residency programs, proving that if you are hard working and intelligent, your school's prestige level means zero. Think carefully, but not too hard, you've got the chance at the MD in your hands! A lot of people wish they had your problem!

 

[twinklz]

I'm curently (sort of) in the same predicament...except that I've only been accepted to the expensive school (but I'm not ruling out the possibility of being accepted to the cheaper school)

Anyways...I was looking at a financial loan calculator, and from this very rough estimate it looks like I'd end up with the same amount of debt. Since we have to turn in our parent's income and since I have a little bro and sis both in VERY expensive schools, it means that I get more financial aid from the expensive school. However, I don't even begin to qualify for aid from the cheaper school.

It works out something like this. Tuition from the cheaper school is ~$8,000 plus books, computer, supplies, living expenses is ~$30,000. Tuition + everything from the more expensive school works out to be ~$48,000. BUT financial aid wise, I'd get $28,000 off from the more expensive school and virtually nothing from the cheaper. Meaning that it ends up costing me the same.

This is purely conjectural, but the point I'm ambling towards is that don't make a decision in regards to cost until you see the financial aid package. Who knows, it could end up costing the same.

 

[spumoni620]

Originally posted by twinklz
I'm curently (sort of) in the same predicament...except that I've only been accepted to the expensive school (but I'm not ruling out the possibility of being accepted to the cheaper school)

Anyways...I was looking at a financial loan calculator, and from this very rough estimate it looks like I'd end up with the same amount of debt. Since we have to turn in our parent's income and since I have a little bro and sis both in VERY expensive schools, it means that I get more financial aid from the expensive school. However, I don't even begin to qualify for aid from the cheaper school.

It works out something like this. Tuition from the cheaper school is ~$8,000 plus books, computer, supplies, living expenses is ~$30,000. Tuition + everything from the more expensive school works out to be ~$48,000. BUT financial aid wise, I'd get $28,000 off from the more expensive school and virtually nothing from the cheaper. Meaning that it ends up costing me the same.

This is purely conjectural, but the point I'm ambling towards is that don't make a decision in regards to cost until you see the financial aid package. Who knows, it could end up costing the same.

oooh, this is a good point. of course, schools that look more expensive on paper can actually end up being cheaper if they have some good financial aid packages. so i suppose it's worth filling out that fafsa before making the decision...

 

[Petitpois]

I agree with Twinklz... if you can accepted to an expensive school that has lots of $$$ to give to students, it can actually be cheaper than going to your state school.

 

[greatdane]

Wow, you guys and gals write a lot on this forum?.here is my brief two cents worth as a 4th year med student. I chose my state school over a couple privates because I felt the clinical education I would get would be superior (and I was happy to save some mucho bucks)?and I was correct (I did an away rotation 2 months ago at one of the privates, and I had done more procedures that everyone else on my team put together) ?..but what I am responding to is the statement that was made about If you are pretty sure that you want to do academic medicine and the two schools you are choosing between are a normal good state school(University of Florida) vs a true top 5(Harvard/Hopkins), then pick Hopkins/Harvard. It is only my opinion (because I only attended a stated school and not both to compare), but that is a load of crap. You can go to Harvard and stink it up?.and the name will not carry you to your dream residency?.or you can go to a state school (except for maybe 2 or three schools in the country), bust you butt, and go where ever you want. I am in the process of interviewing in EM, a pretty competitive field. I have been offered interviews at what are considered the top EM programs in the country as well as Hopkins, Stanford and both Harvard programs. We place 9 in ortho last year, including 3 females, 3 in neurosurg, 4 ent, 3 urology, 7 in EM, and surg and medicine from Duke, Wash U, Washington, UCLA and yes?.Harvard??.and and good Lord knows where else. I guess the short of it is this, the things you mentioned like money issues, dream schools, family?they should all be considered?.what should not is the name of your school?.if you are bright enough to be put in the situation to have to chose between so many outstanding schools?.work you butt off?.and you will name you future?good luck

 

[evines]

Good points by all so far.
Well, love is a strong word. If I loved a school, I don't think there would be any considering which school to go to. If I chose the cheaper school, I would second guess the decision forever. How can you pass up true love for money?

 

[Samoa]

Originally posted by hamburgers
When thinking about schools, there are a lot of schools that I like and wouldn't mind attending, but there are one or two that I would really want to go to. The thing is those are the most expensive schools. What do you think? How much is cost an issue. Should I make it a priority to have as low debt as possible or should I just go wherever I want to go? 100,000 or 150,000, should I shoot for the expensive school I love or the cheaper school that I like fine but that is far from family and friends. Thanks.

Apply to all the schools you think you might like, see which ones accept you, and then go to the one you like best. Cost should be the LOWEST item on your list. But it's really a waste of your mental energy to think about it until you actually have a choice to make.

 

[ckent]

Just remember that is your money that you are spending when it comes to schools. If you would prefer to going to that school over, say, owning 2 new nice cars, then by all means, go to the school. If you truly believe that you would be unhappy at the cheaper school, then I would also encourage you to go to the more expensive school. Another way to look at it is that maybe you will be able to land a higher paying specialty by going to the more expensive school if you are in a better environment for you to study and learn. Of course, if you are dead set on family medicine or pediatrics, then this really isn't applicable, but you get the idea.

 

[SarahGM]

Originally posted by twinklz
I'm curently (sort of) in the same predicament...except that I've only been accepted to the expensive school (but I'm not ruling out the possibility of being accepted to the cheaper school)

twinklz- i've been following your posts, and it looks like we're in the same boat... only reversed! i've been accepted to unc, but am still waiting to hear back from wake forest. i'd be really interested to hear your impressions about both schools, whether over PM or on the board. decisions, decisions!

 

[acab]

Go to the one you love! Always follow your heart (with caution)!

 

[DoctorWannaBe]

Originally posted by spumoni620
oooh, this is a good point. of course, schools that look more expensive on paper can actually end up being cheaper if they have some good financial aid packages. so i suppose it's worth filling out that fafsa before making the decision...

Don't most schools just offer loans as financial aid? I don't understand how a school can end up being cheaper unless it offers scholarships, which I thought most schools don't have.

 

[evines]

Originally posted by DoctorWannaBe
Don't most schools just offer loans as financial aid? I don't understand how a school can end up being cheaper unless it offers scholarships, which I thought most schools don't have.

From my limited knowledge of med school financial aid, I would say that there are quite a few schools that have grants out the wazu (sp?), especailly to cover tuition.

 

[DrWuStar]

Originally posted by spumoni620
The bottom line is, your medical education is going to more or less be the same at any accredited, decent medical school. Yes, there are going to be subtle differences...1-1.5 yrs basic science vs. didactic/traditional 2 preclinical years...# hours in lecture...types of clinical exposure...grading system...etc. etc. but all these can be adapted to as a student.

i always find it so interesting when people on SDN seem to have the exact opposite values than me... for me, these things spumoni mentioned are the real deal-breakers about a med school. i put way more value on the curriculum than on the cost. i want to be happy with the school i choose, and i know that i will be happier with some programs than with others. i want to go to the program i feel suits me best. the OP also mentioned friends and family. so i would definitely choose the dream school over the cheaper one.

a med student at a school i visited recently said "you can drown in 3 inches of water as easily as you can drown in the ocean." i thought that was a smart statement. cost and debt should certainly be considered, but if you manage your finances carefully once you finally start making some money, even $200K in debt will be manageable.

and just to reiterate (sp?), i really do find the differences in opinions as to what is most important interesting. i do not mean to judge anyone else for their opinions.

 

[finnpipette]

i think cost is relative...seriously. 150k is a lot of money, but it's not terrible. if you practice at stanford, 150k isn't going to buy you a house. the going price for a shack near stanford is $1 mil...at least. So in the long run, the 200k is nothing....relatively that is. however, if you're going to practice rural medicine, i.e. places that don't pay quite as well, i'd give the money some serious thought.

 

[DoctorWannaBe]

Originally posted by evines
From my limited knowledge of med school financial aid, I would say that there are quite a few schools that have grants out the wazu (sp?), especailly to cover tuition.

Do you know any specific schools that offer grants?

Also, for a field like Pediatrics or OB/GYN, does it matter what school you go to? My state school costs $11,000 a year, while the private schools I applied to will cost $35000 a year. Even if the privates are dream schools, it would be difficult to pay 3 times a much a year for a school, especially if I'm not going into a competitive field.

 

[calcrew14]

Originally posted by finnpipette
i think cost is relative...seriously. 150k is a lot of money, but it's not terrible. if you practice at stanford, 150k isn't going to buy you a house. the going price for a shack near stanford is $1 mil...at least. So in the long run, the 200k is nothing....relatively that is. however, if you're going to practice rural medicine, i.e. places that don't pay quite as well, i'd give the money some serious thought.

I assume that you are talking about the the expense for medical school. How much does one also save if he chosed to take a regent scholar at a UC instead of going to Stanford. Add that all $ to the $150k above. The total is probably $220k or more. That, or any amount is far from nothing over the long run. (Even you buried them in your backyard.) By the time you graduate from medical school, that $220k that you invest periodically over 8 years will almost double at the annual interest rate of 7%. One may not even need to work at all with $330-440k cash in the year of 2008. No need to go into the detail of how to survive in USA with that kind of $, right?

 

[calcrew14]

And what do people mean by going with the cheapie?
I would rather call it "financial security of the future", how about that?

 

[evines]

Originally posted by DoctorWannaBe
Do you know any specific schools that offer grants?

Again, I'll stress I'm not an expert on this stuff, but from what I have gathered, most schools expect you to go into a certain amount of debt (something like 8K to 15K per year). Then they will cover other costs with need-based grants and scholarships. All of this varies by school, of course.
Mayo has excellent financial aid from what I hear. Every student gets some form of aid. Duke, Emory, Dartmouth also have good aid packages. Harvard has tons of grants, etc. I don't want to say too much more though, because I am not confident about my knowledge. I am confident, though, that this info is available to those who seek it.
One thing I have heard from ADCOMS . . . after you are accepted, most schools will do anything to help financially. They don't want to turn you away because you can't pay. So, about money, "ask and it shall be given unto you."

 

[spumoni620]

Originally posted by DoctorWannaBe
Don't most schools just offer loans as financial aid? I don't understand how a school can end up being cheaper unless it offers scholarships, which I thought most schools don't have.

different schools have varying policies on % grants vs. loans. this explains, in part, why the average debtload for graduating students can vary significantly among similarly-priced schools. for example, at duke they give you an outright grant covering 50 % (or 60%? can't remember exactly) of your calculated financial need. i didn't find this at many other schools. then, schools like umich offer tons of scholarships...from little random ones (i.e. my student host said they gave a $5000 scholarship last year to all med students who minored in a non-sciences subject, for example) to full tuition scholarships. actually, many schools do this - mayo, emory, washu, vandy, duke, baylor, penn, southwestern, to name a few. so that's how a school that's more expensive on paper can end up being cheaper.

i always find it so interesting when people on SDN seem to have the exact opposite values than me... for me, these things spumoni mentioned are the real deal-breakers about a med school. i put way more value on the curriculum than on the cost. i want to be happy with the school i choose, and i know that i will be happier with some programs than with others. i want to go to the program i feel suits me best. the OP also mentioned friends and family. so i would definitely choose the dream school over the cheaper one.

yup, these are all definitely valid points. however, my point was that while curriculum is definitely important, sometimes things that *appear* to be dealbreakers can end up turning out to be the optimal thing in the long run. (sorry, can't help my economics-biased perspective ) personally, as students we'll go thru a lot of maturing between m1 and m4...and adapting to things we may not initially care for is a part of it. no curriculum is going to be absolutely perfect, and there are going to be tradeoffs. imo, the cost tradeoff (which is no small thing when you factor in interest and the salary of resident....) makes the certain curriculum factors bearable...

believe me, i'm not exactly the most practical person out there...and usually my heart wins in the head vs. heart/logic vs. emotion battles. and...i definitely place a value on love and emotion and that "gut feeling", so these thoughts above only apply to those non-gut-feeling type situations. obviously, as evines pointed out, if you feel a karmic connection/bond to a school you shouldn't ignore it. but to me, an extra $150K (especially- as calcrew mentioned - more like $200-250K with interest) in debt is a lot to rush into. it's gotta be weighed...sort of like, in my opinion, real love.

 

[Downhill Racer]

There are many valid points in this thread and the ultimately you need to be completely informed when you make this decision. Clearly, some private schools maybe more attractive than state schools (esp. those states that are in fiscal crises.... um New York anyone.. with SUNY tuition increases that alter a previously no-brainer decision for me).

Someone posted that "any debt is manageable"... which is true if you have cash flow... unfortunately medical reimbursements can change abruptly--- HMO's can slash reimbursements and it is difficult to plan for that. I think today's medical student must be realistic in assesing earning potential in this health care environment. Projecting historical data for opthamology may not include potential future cuts in cataract reimbursements or developments of new procedures... I have never predicted the future before so I won't start now... where is Miss Cleo when you need her!!!

I have a back-end approach. I dont want finances to dictate what kind of physician I want to be... I feel that I can make short-term sacrifices and adapt to curricula and intangibles (location/grading/atmosphere). I respect everyone's right to have the medical training they envision... the one truth is that we all endeavor to be the best physicians we can be... and if that requires a greater debtload so be it... me thinks! Of course come spring I may change my mind and run to the $$$chool I fall in love with!

G'LUCK!

 

[lnb22]

I posted this in the financial aid forum, but I'm in kind of the same position as the original poster, in that I got a full scholarship to UAB and almost nothing to Emory. BUT the catch is that I fell in love with Emory (where I will have at least $200,000 in debt at graduation) and I'm not terribly excited about UAB. It seems like people's opinions on love and debt vs. no love and no debt vary a lot more in this forum, so I was just wondering if anyone had any input here for my situation as well? Sorry I can't be of help to the OP though since I'm in the same sort of predicament!

 

[flip26]

I posted this in the financial aid forum, but I'm in kind of the same position as the original poster, in that I got a full scholarship to UAB and almost nothing to Emory. BUT the catch is that I fell in love with Emory (where I will have at least $200,000 in debt at graduation) and I'm not terribly excited about UAB. It seems like people's opinions on love and debt vs. no love and no debt vary a lot more in this forum, so I was just wondering if anyone had any input here for my situation as well? Sorry I can't be of help to the OP though since I'm in the same sort of predicament!

You have to be kidding.

It is a no brainer.

 

[cpants]

I posted this in the financial aid forum, but I'm in kind of the same position as the original poster, in that I got a full scholarship to UAB and almost nothing to Emory. BUT the catch is that I fell in love with Emory (where I will have at least $200,000 in debt at graduation) and I'm not terribly excited about UAB. It seems like people's opinions on love and debt vs. no love and no debt vary a lot more in this forum, so I was just wondering if anyone had any input here for my situation as well? Sorry I can't be of help to the OP though since I'm in the same sort of predicament!

The state is basically writing you a check for 200k to go to their school. Look at it that way. It is pretty hard to pass that up. Going to UAB will not close any doors to you. Go for it. Congrats BTW.

 

[TheRealMD]

I posted this in the financial aid forum, but I'm in kind of the same position as the original poster, in that I got a full scholarship to UAB and almost nothing to Emory. BUT the catch is that I fell in love with Emory (where I will have at least $200,000 in debt at graduation) and I'm not terribly excited about UAB. It seems like people's opinions on love and debt vs. no love and no debt vary a lot more in this forum, so I was just wondering if anyone had any input here for my situation as well? Sorry I can't be of help to the OP though since I'm in the same sort of predicament!

Is your scholarship only paying for tuition or also room & board? And how much is the actual scholarship? You can't hold out on info like this if you want us to help you!

 

[notdeadyet]

Expensive school you love. You only live once, and money is just valued paper.

This sort of attitude is pretty easy to have in undergrad. Tell it to the 65 year old doc who wants to retire, but has to work an extra two years to pay off that extra tuition that it's "just paper".

OP- Talk to practicing physicians and you will hear near universally the advice to go to the cheaper school. Talk to med students and you will hear most say go to the cheaper school. The only group of people in which this is a balanced debate is for those who haven't taken out the loans yet.

 

[flip26]

This sort of attitude is pretty easy to have in undergrad. Tell it to the 65 year old doc who wants to retire, but has to work an extra two years to pay off that extra tuition that it's "just paper".

OP- Talk to practicing physicians and you will hear near universally the advice to go to the cheaper school. Talk to med students and you will hear most say go to the cheaper school. The only group of people in which this is a balanced debate is for those who haven't taken out the loans yet.

The docs I have shadowed, most of them in their 40s and up, are stunned by the debt loads that current med students are taking on, especially the ones who turn down a cheaper option (usually a state school) for the more expensive one.

One doc, approx 50, said he left med school with maybe $10k in debt, and that was a lot to him 25 years ago.

 

[cpants]

This sort of attitude is pretty easy to have in undergrad. Tell it to the 65 year old doc who wants to retire, but has to work an extra two years to pay off that extra tuition that it's "just paper".

OP- Talk to practicing physicians and you will hear near universally the advice to go to the cheaper school. Talk to med students and you will hear most say go to the cheaper school. The only group of people in which this is a balanced debate is for those who haven't taken out the loans yet.

Very true. Doctors don't make enough money that 200k in loan money is no big deal. Don't forget that with compounding interest this will actually come out to be in the neighborhood of 400k by the time you pay it all off. Eventually you will realize that no one really cares where you went to medical school. Better to realize it now, before you blow the money.

 

[nevercold]

Very true. Doctors don't make enough money that 200k in loan money is no big deal. Don't forget that with compounding interest this will actually come out to be in the neighborhood of 400k by the time you pay it all off. Eventually you will realize that no one really cares where you went to medical school. Better to realize it now, before you blow the money.

Numbers have feelings, too. Don't toss them around carelessly! I present the following for people to consider as they weigh the ramifications of loan debt. Note that this is a 10-year repayment schedule. Consolidation can result in a 30-year repayment schedule if you choose. Payments tend to be reduced by about 40% under the 30-year schedule ($1467 in this example).

Loan Debt: $200,000

Interest Rate (higher than Stafford, 6.8%): 8%

Total Paid on 10-year loan: $291,186

Monthly Payment: $2,426

Avg Primary Care (low-balled): $130,000/yr

Monthly Post-Tax Salary in CA (highest state income tax): $6,724

Net Monthly after Loan+Tax: $4298

Edit: $4298 post-tax is equivalent to $76000/yr for someone without loan payments

 

[cpants]

Numbers have feelings, too. Don't toss them around carelessly! I present the following for people to consider as they weigh the ramifications of loan debt. Note that this is a 10-year repayment schedule. Consolidation can result in a 30-year repayment schedule if you choose. Payments tend to be reduced by about 40% under the 30-year schedule ($1467 in this example).

Loan Debt: $200,000

Interest Rate (higher than Stafford, 6.8%): 8%

Total Paid on 10-year loan: $291,186

Monthly Payment: $2,426

Avg Primary Care (low-balled): $130,000/yr

Monthly Post-Tax Salary in CA (highest state income tax): $6,724

Net Monthly after Loan+Tax: $4298

Edit: $4298 post-tax is equivalent to $76000/yr for someone without loan payments

Don't forget that you will have to pay (or add to principal) interest on the unsubsidized portion of your loans while in medical school and residency.