Take the money and run?

[KitCat]

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I have been accepted to SGU and interviewed at Tuskegee and LMU (still waiting to hear back), although I am excited for the opportunity to attend SGU (or TUSVM/LMU) I feel like I am not 100% sure that I want to/should go. This is for financial reasons only. My grandparents set up educational trust funds for their grandchildren, currently mine has roughly $100,000. I have about $10,000 in savings and my boyfriend makes about $24,000/year. I also do not have any debt. I do not expect to receive much, if any financial assistance from family. I am a third time applicant and have worked hard to finally get an acceptance but I am constantly worrying that I will regret this financially and will have lost the chance to use that money on a house, wedding, adopting a child, travel, a car etc.

Has anyone received an acceptance and turned it down due to financial reasons? Has anyone had a significant amount of money left to them and used all of it (and then some) on tuition? How did it turn out? Do you regret it? Would you have done it differently?

If you haven't been in either of these situations or know someone who has, what would you do if you were faced with them?

 

[Gwenevre]

This year I was a second time applicant. Rejected from my IS and Ohio, accepted to Illinois. OOS tuition there is ~45k a year, and as much as I want to be a vet, I couldn't stomach the thought of graduation with nearly 300k in debt. I have about 41k in undergrad debt as well, so the financial issue is a big deal for me. So I turned down the admission seat, and will be trying again for my IS and other schools that are more financially do-able for me, like Mizzou and Ohio. Achieving your dream is big, and you should be very proud to have those offers, but you're also smart for considering the financial implications of that dream. Best of luck.

 

[LetItSnow]

Tough call, KitCat. Is the timing such that you can't simply sit and wait to hear back from the other (presumably much cheaper) schools? If so ... I'd wait.

 

[jmo1012]

looking at the cost of attendance for these schools, i *think* if you live frugally, you would get by with roughly $100k in student loans. happens to be well below the national average, but that's still an enormous number to swallow.

realistically are you a good applicant for your IS school? do you have the option to wait more years and move somewhere more compatible with your profile for IS tuition? if not, i think you have to decide how much you are willing to spend on your education, because i dont think you will get away with less thank $100k. feel free to PM me if you want to discuss this more...

also - i looked up all 3 tuition figures, and i just have to say that i am surprised to see that looking at tuition alone, SGU has the cheapest per semester tuition. that's right world, dreaded island school tuition falls among many of the US schools nowadays.

 

[Gwenevre]

looking at the cost of attendance for these schools, i *think* if you live frugally, you would get by with roughly $100k in student loans. happens to be well below the national average, but that's still an enormous number to swallow.

realistically are you a good applicant for your IS school? do you have the option to wait more years and move somewhere more compatible with your profile for IS tuition? if not, i think you have to decide how much you are willing to spend on your education, because i dont think you will get away with less thank $100k. feel free to PM me if you want to discuss this more...

also - i looked up all 3 tuition figures, and i just have to say that i am surprised to see that looking at tuition alone, SGU has the cheapest per semester tuition. that's right world, dreaded island school tuition falls among many of the US schools nowadays.

But how does the COL compare? If those figures are available.

 

[battie]

@KitCat my great-grandfather was a crotchety old man and didn't leave anything to his children or grandchildren when he died. Of his great-grandchildren, he only met maybe four or five of us out of, like 10 or so (I really don't know how many of us there are), and he left us his money. Maybe it was because none of us were old enough to sass him. Anyways, I did the math for some of the cheaper schools and my IS and found that I could manage to get away with only about 50k-70k in debt if I lived frugally. And when I say frugally, I am not hedging it either. I'm meaning mac n' cheese, soup w/ pb&j, and grilled cheese as my main source of sustenance, no cable, biking everywhere, etc. I feel that you could reduce your debt load by doing something like that and relying on your grandparent's/boyfriend's money. Now there are some differences between us. I have absolutely no undergrad debt, but I do have a significantly lower amount of money left to me (although I am trying to see if I can get access to one of my cousin's portion; the next felony that he gets puts him away for 25 years at least and he wouldn't be able to use the money after that anyways).

I totally get not wanting to have any more debt than you have to. That's why I went to the undergrad school I did. However, you're going to be hard pressed to be under that 100k without some pretty drastic measures that depend solely on what you are willing to deal with.

 

[jmo1012]

But how does the COL compare? If those figures are available.

I think col varies greatly based on lifestyle to be honest, because you could definitely get away with living somewhere for less than $500/month in rent and spend significantly less on local food. I suspect Tuskegee has cheap col because it's deep south, but I don't know that for sure. I think things we're pretty average or more expensive when I was at lmu several years ago for a spay neuter clonic because it is so far in the middle of nowhere

I think lmu col will be substantially more in 4th year give the set up currently, you just can't go to multiple places cheaply

 

[CalliopeDVM]

But how does the COL compare? If those figures are available.

The VIN Foundation has put together a nice map of In State and Out Of State costs of US and Caribbean vet schools, and the map includes an option to include living expenses: http://www.vinfoundation.org/AppUti...833&objecttypeid=10&redirectFromMiscDefault=1 It says the info is from the schools' websites and supplemented with information from staff and students. FWIW, it includes the option of changing from an OOS status to an IS status after first year, for those schools where it is possible.

 

[Gemgrrrl]

All of the things you listed that you might otherwise spend the money on (wedding, house, kids, etc) have either a very small return on investment (house, in most markets) or a negative one (wedding, car, kids, etc). A DVM degree comes with earning potential.

What kind of earning potential do you have now with your current degree? What kind of job can you get with it? If you never get into your IS, are you going to be happy doing those jobs? Are you going to have to get a graduate level degree anyway to work in your intended field?

All things I would consider.

 

[that redhead]

If it's an "educational trust fund," I would assume that your grandparents meant for it to be used for your education, not your wedding, car, etc. My parents set aside money for both my sister and myself for undergraduate costs but made it very clear that if we opted out of attending college, we didn't just get the check anyway.

Having $100k set aside for your education seems all the more reason to attend school, in my opinion.

 

[Gingerish]

Hi, KitKat -

It kills me to admit this, but yes, I am someone who will very likely decline an acceptance due to financial reasons. I am waitlisted at my IS in a spot that has a very good chance of moving, but if that does happen, I don't think my wife and I can do it.

Have you drawn up a budget (with your boyfriend, assuming he's a partner in the financial picture?) for each of your possible schools? Tried a few loan repayment calculations? It wasn't until my wife and I began crunching our own particular financial numbers we really began to see how bleak our chances looked. Looking hard at your own numbers and budget and figuring out a loan repayment scenario may make you far more confident in your decision.

There are a number of factors driving this decision for me, and they're different from your situation, but in short, at the end of school, I would be 50 years old, with a six-figure debt and (assuming I find a job in the average pay range), a net household income of less than $50,000, a mortgage, no savings, and a loan repayment that will follow me until I'm at least 70, if not older. And it would not just be me living that reality, my wife is along for that ride, and, while she's more supportive than I could ever deserve and has no problem living as frugally as possible, I don't feel right about that financial picture for us, regardless of my dream.

Which brings me to another point - I think, as another said, you're very smart and wise for seriously evaluating your financial picture before accepting your seat. You can't predict how you will feel or what you may regret in the future, so your decision has to sit right with you at the present. Your decision will be right for you, and it is a very hard choice. It's amazing to me how few people have understood what a hard choice this can be. I am having a very hard time trying to explain to well-meaning friends that I am not pissing on my dream/exposing how little it meant to me/obviously just into vet med for money because I can't deal with a few years without cable and biking more often. I've been avoiding several people lately because I simply can't take another judgmental conversation about how I'm a loser for choosing a safe path over my dream/passion/life purpose, etc. It's just not that simple or black and white.

Funny, but only people who are NOT around vet med in some capacity have that reaction. Every veterinarian or tech or shadow or even anyone in other health care fields just nods with understanding and says, "yes, it's a tough choice."

Sorry, I got off ranting there. First post - I ramble when I have stage fright.

In any case, I just wanted to share my empathy for this decision and assure you that you're not the only one. Good luck and congratulations on your acceptance!

 

[Caia]

This year I was a second time applicant. Rejected from my IS and Ohio, accepted to Illinois. OOS tuition there is ~45k a year, and as much as I want to be a vet, I couldn't stomach the thought of graduation with nearly 300k in debt. I have about 41k in undergrad debt as well, so the financial issue is a big deal for me. So I turned down the admission seat, and will be trying again for my IS and other schools that are more financially do-able for me, like Mizzou and Ohio. Achieving your dream is big, and you should be very proud to have those offers, but you're also smart for considering the financial implications of that dream. Best of luck.

Side note: Best of luck! I took a similar path and saved myself a small fortune. I hope you get what you want. 🙂

 

[hedgehogcatcher]

Hi, KitKat -

It kills me to admit this, but yes, I am someone who will very likely decline an acceptance due to financial reasons. I am waitlisted at my IS in a spot that has a very good chance of moving, but if that does happen, I don't think my wife and I can do it.

It's amazing to me how few people have understood what a hard choice this can be. I am having a very hard time trying to explain to well-meaning friends that I am not pissing on my dream/exposing how little it meant to me/obviously just into vet med for money because I can't deal with a few years without cable and biking more often. I've been avoiding several people lately because I simply can't take another judgmental conversation about how I'm a loser for choosing a safe path over my dream/passion/life purpose, etc. It's just not that simple or black and white.

Funny, but only people who are NOT around vet med in some capacity have that reaction. Every veterinarian or tech or shadow or even anyone in other health care fields just nods with understanding and says, "yes, it's a tough choice."

Truth.

Turns out, life dreams can include more than your career... 🙂 sometimes a job is just a means to your dreams and sometimes your job is your dream, and ideally it's somewhere in between.

It took me a while to figure out how many other things were important to me outside of my career path/academic success. Like, travel, and living somewhere epic, and spending time with my favorite people, and pursuing creative hobbies.

I'm in my first year of vet school and I miss those things so, so much... It's been a wake up call and I think I'm not going to continue so My husband and I can move where I want to live forever, pursue a masters, do research, and get an assistantship stipend to live frugally and cozily and safely on.

 

[NStarz]

For anyone applying next year reading this thread...please keep the money/tuition thing in mind when applying to schools. If you're going to decline a seat due to finances, it doesn't pay to apply there in the first place (considering that you're going to be spending money on interviews/applications/GRE scores, etc.). I definitely understand that things change after the applications go out, but there seem to be many applicants this year (more than usual, I think) that are declining OOS seats due to finances. Keep this in mind when you're considering where to apply and save yourself the decision later.

 

[LetItSnow]

I I've been avoiding several people lately because I simply can't take another judgmental conversation about how I'm a loser for choosing a safe path over my dream/passion/life purpose, etc.

I wonder how many of those critics are giving up their safe careers and incomes to take such a risky move.......

It's a tough call. G'luck with whatever decision you make!

 

[battie]

I definitely understand that things change after the applications go out, but there seem to be many applicants this year (more than usual, I think) that are declining OOS seats due to finances.

I've been thinking the exact same thing for a while now. I feel like there are a lot more OOS offers being declined this year compared to last year and I think two things: 1) Why didn't this happen last year so I could have been called off the wait list (lol) and 2) why is this happening? Then I look on the APVMA facebook page and get an idea. A lot of pre-vets just don't think about the really important long term consequences of "following their dreams". WTF did a great post in the "paying for vet school" stickied thread on how having passion and wanting to be a vet just isn't enough any more and that people who say, "I'll be happy no matter what because I'll be a vet" have no real clue what they're saying.

To future pre-vets: There's a lot more to this journey than passion. You have to care about money. Don't be naive.

 

[StartingoverVet]

I wonder how many of those critics are giving up their safe careers and incomes to take such a risky move.......

<raises hand>

In all honesty though, when I had to leave vet med, one of the consolations was walking away from the ridiculous cost of education, and having to add to that cost and draw it out longer was one of the things that made the decision easier.

I am now in a horrible position for making dough, but at least I don't have to spend much (anymore) to be in it.
It is definitely something that has to be in the back of anyone's mind, unless they are grossly rich.

 

[that redhead]

I'm in my first year of vet school and I miss those things so, so much... It's been a wake up call and I think I'm not going to continue so My husband and I can move where I want to live forever, pursue a masters, do research, and get an assistantship stipend to live frugally and cozily and safely on.

I really respect the people that make the decision to walk away when they realize it isn't the right thing for them. I hope everything works out 🙂

 

[LetItSnow]

<raises hand>

In all honesty though, when I had to leave vet med, one of the consolations was walking away from the ridiculous cost of education, and having to add to that cost and draw it out longer was one of the things that made the decision easier.

I am now in a horrible position for making dough, but at least I don't have to spend much (anymore) to be in it.
It is definitely something that has to be in the back of anyone's mind, unless they are grossly rich.

Put your hand down - you're not calling anyone a loser for waking away OR for staying in it. 🙂

 

[StartingoverVet]

Put your hand down - you're not calling anyone a loser for waking away OR for staying in it. 🙂

<walks away sheepishly with hand down>

 

[KitCat]

looking at the cost of attendance for these schools, i *think* if you live frugally, you would get by with roughly $100k in student loans. happens to be well below the national average, but that's still an enormous number to swallow.

realistically are you a good applicant for your IS school? do you have the option to wait more years and move somewhere more compatible with your profile for IS tuition? if not, i think you have to decide how much you are willing to spend on your education, because i dont think you will get away with less thank $100k. feel free to PM me if you want to discuss this more...

also - i looked up all 3 tuition figures, and i just have to say that i am surprised to see that looking at tuition alone, SGU has the cheapest per semester tuition. that's right world, dreaded island school tuition falls among many of the US schools nowadays.

I am a Michigan resident and for me my SIS was not high enough, close, but not high enough. I already decided this past summer that I wasn't willing to apply again. As much as I would like IS tuition I don't think mentally I can put myself through another round of applications. And glad you pointed out SGU tuition, I feel that many people have yet to realize that.

If it's an "educational trust fund," I would assume that your grandparents meant for it to be used for your education, not your wedding, car, etc. My parents set aside money for both my sister and myself for undergraduate costs but made it very clear that if we opted out of attending college, we didn't just get the check anyway.

Having $100k set aside for your education seems all the more reason to attend school, in my opinion.

Education is what it is meant for, however when I am 25 half of the money will be disbursed to me (to use how I wish) and at 30 the remaining amount will be (again, to use how I wish).

For anyone applying next year reading this thread...please keep the money/tuition thing in mind when applying to schools. If you're going to decline a seat due to finances, it doesn't pay to apply there in the first place (considering that you're going to be spending money on interviews/applications/GRE scores, etc.). I definitely understand that things change after the applications go out, but there seem to be many applicants this year (more than usual, I think) that are declining OOS seats due to finances. Keep this in mind when you're considering where to apply and save yourself the decision later.

I definitely agree with this. Having a complete understanding of financing a veterinary education is something I wish I knew a LONG time ago. That's not to say I wouldn't have stayed on this path, but having more than the "oh, I'll just pull out loans" mentality is something I think every applicant should have and too many don't.

 

[KitCat]

Thank you every one else who responded to this post.

 

[KCgophervet]

You could take that money and run... to Minnesota... and write me a huge check... and I would be eternally grateful... just think about it 😀

 

[KitCat]

But if I did that for you, what about everyone else? 😉

 

[KCgophervet]

But if I did that for you, what about everyone else? 😉

Well I did call dibs first... it's like the shotgun rule in cars 😀

 

[DVMDream]

Well I did call dibs first... it's like the shotgun rule in cars 😀

Shotgun rule only matters if you get to the car first, you better run fast... 😛