too late for 2nd thoughts?

[jaimelamedecine]

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I was hoping to gather a few opinions regarding my current situation.

I have been accepted to one medical school this season. It is a top 50 private school that costs over 70k/year (including living expenses). They informed me today that I am not qualified for institutional financial aid, but that I can take out federal loans to cover the costs. I realize that I am fortunate to be accepted into medical school, but the idea of such an enormous debt is dizzying.

Realistically, I think I'm left with four options:
1) join a debt repayment program after graduating (NHSC)
2) hope to excel at this school and match into a lucrative specialty
3) join the military
4) decline the offer to attend and apply only to (much less expensive) state schools next year (feasible based on stats)

Believe it or not, I'm leaning toward option 4 right now, but I'd love to hear your thoughts on the matter. How do other people in similar positions deal with this sort of expense?

 

[ColumMcCann]

Go with option 4. I may withdraw from UIC just for that fact alone.

 

[DocDanny]

Option 4 is the only one that makes sense to me.

You are basically going to be an extra $120,000 in debt because of this private school. And for what? Do you think that state schools don't graduate students into great residencies? Is it an ego thing?

Go to a state school, be close to family, be happy.

 

[IlDestriero]

Join the military and than match into a $$ specialty. 👍
Worked for me.



.



Don't join the military, and don't forget about the year of lost physician income. Just go with the loans.

 

[FIREitUP]

you probably wont get in next year if you reapply with the same stats. don't risk it. try to get into the 10 year loan repayment program when working in the public sector.

 

[Robinson Crusoe]

Why are you so sure that you will get into your state school if you didn't this year (or did you not even apply there)?

 

[Astarael]

I don't think option 4 is really going to work for you. Anecdotal evidence says that your chances of getting an acceptance the year after you decline somewhere are not good. Granted that may or may not be true, but it's definitely something to consider.

Also consider that although you might be paying an extra $100,000 or so up front, you'll also get another year's worth of a physician's salary by matriculating this year. Waiting a year could end up costing you money in the long run, depending on which specialty you choose.

 

[boobelle]

you probably wont get in next year if you reapply with the same stats. don't risk it. try to get into the 10 year loan repayment program when working in the public sector.

Keep in mind, OP, that reapplying having turned down an *acceptance* is, at many schools, a major red flag....because you had the chance to go to medical school and become a physician, but for whatever reason did not. Just know that if you take option 4 some schools will definitely call your commitment to medicine into question and will definitely decrease your chances of getting in.

The financial side is a big deal, and I'm definitely sympathetic, but research it before making your final decisions...in addition to the loan forgiveness programs, there are income-based repayment plans for federal (and some private) loans which you might not be taking into consideration. Picking a specialty purely on loans is a foolhardy idea...all other issues aside, remember that the specialties with higher paychecks in the end usually require many more years of training, so after year 3 of residency, you'll be trying to pay some/all of those loans back on a resident's salary rather an attending's salary.

I'd just think very carefully before throwing away your chance to be a physician...yes, perhaps next cycle you'll have better luck and get into a state school, but how will you feel if you don't get in *anywhere* next year? Just remember that's a real possibility, especially if you didn't have much luck this year and will be applying with a similar application.

 

[WannaBeDerm]

i would just take on the debt.
everyone will have debt, yours will just be a little more.
i am spoiled and have never had to deal with loans because i did undergrad full ride for free, but i would think with loans, they're a necessary evil.
i would sit back, think about how much money you'll be making a year after graduation
the uncertainty about what will happen in a whole 'nother year is also unsettling. you are already accepted. you can get a whole extra year jump start on paying those loans off.
if you love the school and would be happy there...i say do it, screw that extra money, you will work it out later.

 

[CrushMCAT]

Don't join the military just for this reason reason alone. Do some homework on this option and be sure the military is right for you.

 

[sylvanthus]

Absolutely do NOT decline acceptance to apply again next year to a cheaper school. Many medical schools will consider this a huge red flag and chances are good you will not get in again regardless of your grades/mcat.

Also, if you delay a year, you lose a year of physician salary. That right there could make up for your increased tuition.

There is some really bad advice int his thread and it makes me wonder if people are just encouraging you to drop your acceptance so they have a better chance of getting off the waitlist?

 

[Tapepsi]

I'm in a similar situation only the school I'm going to is 60k/year. I thought about joining the military, but after all of the negative feedback (i.e. don't do it for the money alone) I realized that this is my future and that this is one more obstacle that I will have to deal with later.

Believe it or not, you will pay back the loans eventually. Yes life may be rough at first as a physician when you're paying everything back, but imo it will be worth it in the end.

Seriously OP, you'll be kicking yourself in the end if you withdraw. You've put all of this hard work to get this far, don't let the tuition stop you from reaching your goal.