Thoughts on Deferring?

[lrduff10]

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So, I lucked out and was accepted at both Tufts (IS) and UPENN (OOS). As I started trying to make a decision, I realized that attending UPENN, which has been my dream school since high school, would cost me about 250k for 4 years. I plugged that into the loan calculators and found that it would raise to 580k after 25-30 years of interest (YIKES!)

Considering that equine vets walk out of vet school with roughly 40k, I realized that barely gives me a thousand each month to live on (if I'm making the minimum payments). Is gaining instate tuition (10k less each year than OOS) by deferring and living in PA for a year worth the time? Especially judging that I will have to a) find a job, and b) pay for housing?

Or, I could defer and stay at home in MA and try to make as much money as possible, but maintain my OOS status.

Thoughts? Sorry for the ramble

 

[that70sfan11]

Don't quote me on this! but I feel like when I hear of people deferring, it usually has to do with military service... or a death in the family... or some truly extenuating circumstances.

I feel like they may not let you defer for that??

but if they do... well I admit in-state tuition is nice. however, many people get by with oos tuition. after all, half the people in your class will be in the same boat as you! you guys can all support each other as you eat ramen noodles the rest of your life 😉

EDIT: I just reread your post and saw you got into tufts as well. well, I know penn may be a dream, but tufts is an excellent excellent school as well!!

EDIT #2: (i obviously need to get a life)...
http://forums.studentdoctor.net/showthread.php?t=606468&highlight=deferring

this thread should help you a bit

 

[ambulocetus]

If you really like Penn, you should look into deferring and becoming instate. there wouldn't be much point in differing for a year, staying in MA and not gaining PA status.

There is lots of vet related work to be had in Philly - maybe less so if you only want Large Animal experience, and very easy if you would be willing to work in a Penn Vet lab for the year (great way to begin integrating into the school, and meet some great faculty!). Housing is as cheap/expensive as you are willing to pay, and turns over very frequently.

Previously Penn's deferment policy has been quite liberal/accommodating - as long as you are demonstrating a continued commitment to furthering your vet education: getting more vet experience, working in a pet hospital, working in a research lab etc etc.

Plus Philly blows North Grafton out of the water 🙂

 

[dgm]

I know $32k extra over the four years is a lot of money, but you're a much more patient person than I am if you could actually put off school for an extra year. I thought just waiting from late January till September was going to kill me, I definitely would not have survived a year and a half wait! (Then again, I was working a job I no longer had any interest in). Tuition is getting more expensive all the time... I'm no financial expert, so I can't really tell you definitively what is the smarter financial choice, assuming you are definitely choosing Penn over Tufts and the decision is just between c/o 2014 or c/o 2015.

 

[GellaBella]

I'm gonna disagree with the others.

I'm in the same boat as you (accepted IS at Tufts and OOS at Penn).

I don't think defering to get the instate tuition will help you that much. Not with Penn at least. Unfortunately the instate cost for Penn is not THAT much different from the out of state costs. If Penn instate was $20k or less for instate vs $40k for out of state it would make much more sense.

However, if you defer you will have to work for a year while you gain residency. In that year you most likely will not make more than you would make when you graduate from vet school. so its kind of a wasted year. Yes you will have 40k less in loans but you'll have one less year making more money as a vet to pay it.

i think others explain it much better than I can but really it doesn't seem to really be worth defering just to get the instate tuition.

 

[ambulocetus]

As a side note, when it comes to tuition:

The current cost of tuition for PA residents is $32,902. The current tuition for non-residents is $40,058

as you are only guaranteed $40,500 in loans OOS does require you to apply for/be accepted for the non guaranteed loans. Just a thought.

I do agree that to defer for money reasons is probably not the best reason, but sometime people do enjoy having a year off, enjoying Philly, and then entering into Vet school a little more refreshed (read a little less stressed/competitive) than their classmates.

But you should go with your gut, really there are no bad schools, so it doesn't matter where you go.

 

[sumstorm]

Also, you might want to ask if they will consider you IS after a deferred year, some schools won't.

Unless you can get IS and really make enough to offset additional costs, and make more than you would practicing as DVM, it probably doesn't make sense. Also, some folks find returning to school difficult.

Also, don't forget, tuition can be increased each year.

 

[Ben and Me]

I wouldn't defer, only because of the budget turmoil the state is in. Who knows what sort of financial difference there will be between IS and OOS next year? I wonder if they are going to make it as easy to defer this year as they have in year's past, since they've cut down on the number of IS spots in the entering class. I'd definitely talk to Ashra before I committed to deferring, and make sure that they foresee still offering IS tuition in the future.

But honestly, I didn't think there was much of a difference between Tufts IS and Penn OOS? If you're only talking about a couple of thousand dollars/year, you should go with your gut and where you'll be the happiest. If you're talking about tens of thousands per year, then pick the cheaper alternative.

 

[ReadyBeVet]

I don't think deferring is wise. As a vet school grad, you'll atleast be making $40k a year. What will you make next year, (it probably wouldn't compare if you're just gathering more vet exp!)? It doesn't seem to add up. Getting a start on your education now would make the most sense.

Talk to Penn, see if they might throw in a scholarship. It couldn't hurt to ask, especially if it is your dream school. Tufts is an awesome school too, but last time I checked it was also pretty $$

Good luck in your decision.

 

[dgm]

I wouldn't defer, only because of the budget turmoil the state is in. Who knows what sort of financial difference there will be between IS and OOS next year? I wonder if they are going to make it as easy to defer this year as they have in year's past, since they've cut down on the number of IS spots in the entering class. I'd definitely talk to Ashra before I committed to deferring, and make sure that they foresee still offering IS tuition in the future.

Is doing away with IS tuition an option while they're getting money from the state? I know the state has reduced the funding, but I'm sure they're still getting a chunk of change from PA. I imagine that money comes with some strings. (And just in case anyone is wondering, no I DON'T know what I'm talking about.)

 

[david594]

As a side note, when it comes to tuition:

The current cost of tuition for PA residents is $32,902. The current tuition for non-residents is $40,058

as you are only guaranteed $40,500 in loans OOS does require you to apply for/be accepted for the non guaranteed loans. Just a thought.

$40,500 is just the Stafford Loan limit. There is no reason they shouldn't be able to get get Grad Plus(federal) loans up to their expected Cost Of Attendance.

 

[variegata]

But if you accept the seat in the class, aren't you accepting an OOS position? Meaning your acceptance is tied directly to your paying OOS tuition? That was the impression I've gotten (not from Penn specifically, just in general).

 

[littlegray]

This might be overkill since it seems you've gotten some good insight already. I don't know how the job market is in either PA or MA, but I wouldn't count on finding a job and saving lots of money between now and next year. Perhaps you already have one lined up? Last year I was waitlisted and my optomistic self thought that I could use my extra year to save money for school. Easier said than done. It's been nearly impossible to find a decent paying job so I've since been gaining any vet/animal experience with unpaid internships and volunteering. To make enough money I work in a restaurant. It sucks and I would much rather be in vet school right now. I KNOW this won't necessarily be the case for you but you kind of remind me of myself when I thought having an extra year might be a good thing. Sorry if I seem a bit "debby downer" on the situation, and I DO think there are plenty of legit reasons to take a year off, but C'MON YOU JUST GOT IN TO TWO GREAT SCHOOLS!!! THATS AWESOME!!

 

[Ben and Me]

Is doing away with IS tuition an option while they're getting money from the state? I know the state has reduced the funding, but I'm sure they're still getting a chunk of change from PA. I imagine that money comes with some strings. (And just in case anyone is wondering, no I DON'T know what I'm talking about.)

I have no idea, I just know there have been a lot of unexpected changes with tuition and the budget, so I would be extra careful unless the economy miraculously turns around!

PS There are lots of Mass residents at Penn 🙂