Total COST Carib vs US

[ssman]

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I've tried to search for an answer to this, but I couldn't find one. What's the AVERAGE total cost of attending a US medical school. And then what is the same total cost at SGU? thanks a lot

 

[no-see-um]

I've tried to search for an answer to this, but I couldn't find one. What's the AVERAGE total cost of attending a US medical school. And then what is the same total cost at SGU? thanks a lot

In terms of cost, nothing beats a good 'ol fashioned state school. After SGU, you could expect a lot more debt, unless you're rich, to pay up than most US schools. No slight on SGU, but the loans for off-shore schools are not the same as for US schools. You have to pay them back, not only faster, but at higher rates. Keep your credit rating in good stead and it is definitely doable. In terms of cost, though, it's top rate...

 

[awdc]

Keep in mind that the cost of attending your state school can differ greatly from attending a private school. At UCLA, tuition runs about $12,000 per year. At USC, tuition is about $32,000 per year. Ross tuition, if you add up all the semesters and divide it out over four years, comes out to somewhere just above $25,000 per year. (BTW, these are just ballpark figures that I can remember from well over a year and half ago... I'm sure they probably have changed.) I haven't really seen any difference in the time you have to pay back and the interest rates with my financial aid package here than if I were to get a similar package at a US school. The only difference is that more will come out of alternative med loans which does have a higher interest rate than Stafford loans. US medical students are allowed to take out significantly more in Stafford loans than any other students, domestic or international.

 

[ssman]

i go to ucla, and although the UCs are examples a mega deals that probably won't be so for long, there's a UC budget crises and a California state budget crises and there's magnificent GOV Terminator who says that UC students are ripping off the state (because their education is equivalent to schools costing many x more). And anyway tuition for out-of-states is almost around the USC figure.

"The UCLA medical school, which gets 13% of its $742 million budget from the state, has lowered administrative salaries 5%, and the school is ready to freeze hiring if needed, Dr. Levey said.

For now, UCLA has no plans to trim medical education programs or reduce residency slots, but "nothing that we could imagine would be in the realm of impossible," Dr. Levey said. "It's a staggering deficit.""

• The annual UCLA medical school costs for today's students is $45,000 (including $20,000 in tuition, educational expenses such as books, computer, and microscope, and living costs), up from $5,500 two decades ago.
• The average indebtedness of our graduates is more than $86,000, with many students owing $100,000 or more, plus interest.

 

[Skip Intro]

The Caribbean schools are still a rip-off, techinically, because most of the schools have such a low overhead that they charge what is tantamount to an exorbitant tuition for very little in return. However, on the whole, they are cheaper than most private U.S. medical schools, including D.O.

That said, you will have a long time to pay off your loans. And, pretty much whatever field you choose to go into, you're still almost guaranteed a $100K+ salary once you finish your residency.

-Skip

 

[rokshana]

The Caribbean schools are still a rip-off, techinically, because most of the schools have such a low overhead that they charge what is tantamount to an exorbitant tuition for very little in return. However, on the whole, they are cheaper than most private U.S. medical schools, including D.O.

That said, you will have a long time to pay off your loans. And, pretty much whatever field you choose to go into, you're still almost guaranteed a $100K+ salary once you finish your residency.

-Skip

Exactly how do the Caribbean schools have LESS overhead? I would think that it would be the reverse, since nothing is subsidized by a state gov't or by an endowment. The campus at sgu is amazingly advanced- we have wireless available in the library, lecture halls, and dorms, they have to provide on campus housing for a good portion of their students (the 1st term students are guaranteed housing- most med schools don't have that).
Yes, the Caribbean schools are overall more expensive and if you take out the full amount in loans, you will probably be in debt for ~$200,000, much in private loans since the most you can get in stafford is $74,000( so the interest rate will be higher)while US med students can take $152,000 in stafford, but the average US med student comes out of a public school $100,000 and $150,000 coming out of a private school.
SGU's tuition is ~$38,000 but I know that many schools in the states have a tuition that nears or tops that.
Bottom line is that med school is generally expensive but ultimately worth it and luckily medicine pays enough that we can afford the debt ( i know Ph.Ds that are 90k in debt and it will take forever to pay that off when colleges pay profs such little salaries).

 

[awdc]

The Caribbean schools are still a rip-off, techinically, because most of the schools have such a low overhead that they charge what is tantamount to an exorbitant tuition for very little in return. However, on the whole, they are cheaper than most private U.S. medical schools, including D.O.

That said, you will have a long time to pay off your loans. And, pretty much whatever field you choose to go into, you're still almost guaranteed a $100K+ salary once you finish your residency.

-Skip

I think most people underestimate the cost to educate and train a medical student and to keep up with technology and infrastructure. As such carib med schools have to do more with less considering that they don't have the government funding, grants, and endowments that U.S. schools receive. I remember reading from somewhere long ago that most of the budget of a U.S. med school comes not from tuition. Carib schools don't have their own U.S. hospitals either and I would think that the affiliated hospitals would be paid something from the school for the added costs associated with teaching. Does anyone know if this is true or not?

Now that I've learned that SGU has wireless access in the lecture halls, it really irks me that we still don't have wireless internet access in our lecture halls. And one of the new buildings has been up for over a year now still with no wireless access. Anyone know what's going on with this?

 

[rokshana]

Now that I've learned that SGU has wireless access in the lecture halls, it really irks me that we still don't have wireless internet access in our lecture halls. And one of the new buildings has been up for over a year now still with no wireless access. Anyone know what's going on with this?

Well, you do have roofs on your buildings, so... 😀

 

[Hopeful DO]

I am currently very interested in SGU. They give a very informative guide to costs, which includes tuition, living expenses, travel expenses, food, books and a whole bunch of miscellaneous fees that you would never really thing of. After adding them all up, I got very close to $160,000.

However, this fee was calculated assuming that every semester you live in Grenada, you like on on-campus housing. But I hear that off campus housing is a whole lot cheaper, and 60% of the class does live off campus, so I'm sure its not that bad. Assuming you do that (after your first semester, because 1st semester all students are required to live on campus) you can get the figure down to around $140,000.

 

[ssman]

hi. can you link this "guide to costs", I can only find a tuition & fees + housing page on their website (ross has a much more detailed cost page, maybe that's what you're talking about)

also does anyone know how much students pay for airfare to the island? thanks

 

[Hopeful DO]

hi. can you link this "guide to costs", I can only find a tuition & fees + housing page on their website (ross has a much more detailed cost page, maybe that's what you're talking about)

also does anyone know how much students pay for airfare to the island? thanks

hey ssman...the complete guide that i was referring to came with the information packet i requested for via their website...it actually gave me a very specific idea of what to expect in terms of expenses..i definitely suggest u do the same..its free, and they send it relatively fast...also im going to the November 29th seminar they are offering in NYC ...they have similar seminars all throughout the country...besides the fact that i hear they boast up their MCAT/GPA requirements, im sure it wud be worth ur time

 

[blackbeard505]

Yes, the Caribbean schools are overall more expensive and if you take out the full amount in loans, you will probably be in debt for ~$200,000, much in private loans since the most you can get in stafford is $74,000( so the interest rate will be higher)while US med students can take $152,000 in stafford, but the average US med student comes out of a public school $100,000 and $150,000 coming out of a private school.
SGU's tuition is ~$38,000 but I know that many schools in the states have a tuition that nears or tops that.

I think you can take out $18,500 in stafford loans for every academic year at SGU. Since there are 5 academic years but 4 calendar years at SGU, I was under the impression that you could take out $92,500 in stafford loans (18,5k x 5 years). It comes out to $74,000 if you take out stafford loans for four years. So are we only allowed to take out the staffords for 4 years???

 

[blackbeard505]

I am currently very interested in SGU. They give a very informative guide to costs, which includes tuition, living expenses, travel expenses, food, books and a whole bunch of miscellaneous fees that you would never really thing of. After adding them all up, I got very close to $160,000.

I hate to be the one to point this out to you, but you appear to have overlooked one minor detail in your calcuations: the price of living in New York.

If you live in some rat-infested dump in Queens, you'll be paying a lot. If you get a phat place in Manhattan, you'll be paying a a little bit more than a lot. The difference between the cost of living in New York and Grenada is substantial, to say the least.

Another thing to consider is that, according to most news reports, housing in Grenada was 90% destroyed due to Hurricane Ivan. And since most of those places were uninsured, guess who'll be picking up the tab in increased rents to offset reconstruction costs? Yes, dear consumer, the costs will be passed on to you! But we wont even get there until reconstruction is complete.

As of now, that is not the case; reconstruction crawls along at the pace of a drunken snail. So at this point, SGU has tentative plans to provide "off-campus" housing in hotels nearby for upperclassmen who are unable to find on-campus housing.

Fast forward to September 2004, and who knows how much reconstruction will be completed? Even if it is completed, I would expect an increase in prices. In the meantime, the price of said "off-campus" housing will be at least equal to what students are paying for on-campus housing now.

I think a conservative budget forecast would be that tuition/administrative fees and housing in Grenada will be at least $160k. PLUS NY housing costs.
I have not heard of anyone who finished SGU under $160k. I think $190k to $210k is a better approximation.

As far as paying back the loans, you need to think in terms of monthly installments. I think on a 15 year term, the private loan monthly payments would be around $1500. I'll have to look at the numbers again, I'm not 100% sure. But so what? Over the year, $1500 monthly payments come out to $18,000. So the question is this, would you invest $18,000 per year to make $150,000 per year? Most rational people will answer that in the affirmative.

Of course, anything can change. Interest rates will probably climb as the euro strengthens, the budget deficit balloons, the trade deficit widens, and some douche bag collects a tax break. And the thing to keep in mind is that interest rates on all private loans are variable, and some of them are not capped at 8.25% (like the staffords). But even though no one can say with any reasonable degree of accuracy what the ultimate cost will be, most people would still agree that the rate of return is certainly worth the investment.

Good luck!

 

[rokshana]

I think you can take out $18,500 in stafford loans for every academic year at SGU. Since there are 5 academic years but 4 calendar years at SGU, I was under the impression that you could take out $92,500 in stafford loans (18,5k x 5 years). It comes out to $74,000 if you take out stafford loans for four years. So are we only allowed to take out the staffords for 4 years???

It depends- if you are in the Aug class, you complete in 4 academic years- if you enter in Jan its 5 academic years(so yes, you can take out the 92,500 if that's the case)- but remember that there is an aggregate limit of 138,500 on stafford, so if you have any from grad school, that will limit you.

 

[rokshana]

The difference between the cost of living in New York and Grenada is substantial, to say the least.

Actually, I would have to say that the difference is..not so much...Rent is not that cheap off campus if you live near school in housing built for American tastes(i.e. A/C, cable, 110v, one bedroom per person, etc.)I pay ~1800 US for a 3bd/2bath cottage (furnished,utilites not included) in grand anse and now pay 3200 US for a 5bd/4b house (unfurnished,utilities included) on Long Island. The furniture we rented at about 1000 us/month- making the LI house now 4200 per month.Since the hurricane hit before I saw a utility bill, can't say how much that would have been, but I figure about 300/month(putting my house in Grenada at 2100/month.So my estimate is that my house in LI is costing ~840/month(4200 divided by 5)and my grenada house ~700/month (2100divided by 3). Would have thought grenada would have been cheaper, but there it is!
( there is cheaper to be had in grenada, but also much more expensive).