Tuition and debt

[Dr Dazzle]

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Hey guys,

Many DO schools I have looked at have anywhere from $36k to 50k tuition. Wvsom has 49k. Midwestern is up there too. Is the extra 14k or so incurred from tuition per year really worth picking one school over the other?

I'm trying to better understand how having 56k of extra debt will impact things post graduation. Especially when someone is considering a primary care field. Looking for some fresh insight.

Thanks!

 

[MedPR]

Hey guys,

Many DO schools I have looked at have anywhere from $36k to 50k tuition. Wvsom has 49k. Midwestern is up there too. Is the extra 14k or so incurred from tuition per year really worth picking one school over the other?

I'm trying to better understand how having 56k of extra debt will impact things post graduation. Especially when someone is considering a primary care field. Looking for some fresh insight.

Thanks!

Probably not.

I'm picking a school that's going to cost me $80k more over 4 years to be closer to my SO though.

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[113]

Hey guys,

Many DO schools I have looked at have anywhere from $36k to 50k tuition. Wvsom has 49k. Midwestern is up there too. Is the extra 14k or so incurred from tuition per year really worth picking one school over the other?

I'm trying to better understand how having 56k of extra debt will impact things post graduation. Especially when someone is considering a primary care field. Looking for some fresh insight.

Thanks!

Everyone has their own opinion of this.

I'm a firm believer of first going where you're most comfortable because that's where you're most likely to succeed. Then pick the school with the cheapest cost of living.

I don't think you should base your decision on your interest in primary care. Many med students change their mind during clinicals, and you might have second thoughts too.

 

[HalfListic]

Hey guys,

Many DO schools I have looked at have anywhere from $36k to 50k tuition. Wvsom has 49k. Midwestern is up there too. Is the extra 14k or so incurred from tuition per year really worth picking one school over the other?

I'm trying to better understand how having 56k of extra debt will impact things post graduation. Especially when someone is considering a primary care field. Looking for some fresh insight.

Thanks!

I think it follows a priority flow chart, something like this:

1 school (curriculum)
2 location
3 cost

If you are comparing 2 schools and you like both schools and could live in either place, go with the cheaper one. If you like the school or location a lot more in one of them, though, that takes priority IMO.

 

[backsideattack1]

Every physician I have ever met has told me to go to the cheapest school because it is always going to be on you to perform well and get your foot in the door at the potential residency of your choice.

 

[darklabel]

Probably not.

I'm picking a school that's going to cost me $80k more over 4 years to be closer to my SO though.

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Wow dude, your MD school is close to your S/O? Thats pretty damn sweet

 

[MedPR]

Wow dude, your MD school is close to your S/O? Thats pretty damn sweet

👍

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[Mr Kenobi]

Everyone has their own opinion of this.

I'm a firm believer of first going where you're most comfortable because that's where you're most likely to succeed. Then pick the school with the cheapest cost of living.

Sounds reasonable to me.

 

[GopherMD]

I chose a more expensive school because I felt more comfortable there at my interview. I also felt the school had more to offer for location and with facilities and rotations. Some people may choose a school based on cost, but I wouldn't (and didn't).

 

[darklabel]

I chose a more expensive school because I felt more comfortable there at my interview. I also felt the school had more to offer for location and with facilities and rotations. Some people may choose a school based on cost, but I wouldn't (and didn't).

Agreed 👍

Rather be 300k in debt and happy than 150k in debt and have a miserable four years. Plus I feel that an upbeat attitude leads to higher success, thus greater outcome to matching to better specialties.

 

[Ravizzle]

I think it follows a priority flow chart, something like this:

1 school (curriculum)
2 location
3 cost

If you are comparing 2 schools and you like both schools and could live in either place, go with the cheaper one. If you like the school or location a lot more in one of them, though, that takes priority IMO.

👍

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[as1212559]

Also chose a more expensive school. Turned down the chance to interview at my state school. About at 12k tuition difference each year. Will add up, but school I chose will allow me to be with my s/o and it is a better fit for my personality overall, similar education on offer. Will save quite a bit of money on living expenses and books each year (rental markets at play here and she is a year ahead and has most books), maybe 4k a year.

Price was not what made the difference of course but I would have seen a 8-10k per year difference as negligible (totally unfounded in reality) in any other situation if one school would make me drastically happier. Had it been a midwestern, MSU, WVSOM, etc money would totally have become a factor.

 

[MedPR]

Agreed 👍

Rather be 300k in debt and happy than 150k in debt and have a miserable four years. Plus I feel that an upbeat attitude leads to higher success, thus greater outcome to matching to better specialties.

I'm in this boat as well.

 

[abolt18]

Money is a huge factor for me. There were a number of factors, but unless I just LOVED the school sooooo much more than the others, I would definitely walk away if it cost significantly more (to me 10K more a year is significant). I was not put in this position as all my acceptances had pretty similar tuition within about 3K of each other.

 

[gmcguitar4]

I'm screwed no matter what because of undergrad loans. For most people, you just have to accept that you will be poor and overworked for the next 10-15 years.

 

[Back 5]

I already owe $200k+, so the cost of school, in the grand scheme of things, isn't going to make much of a difference to me. I'm going to owe $500k+ regardless.

 

[GopherMD]

I already owe $200k+, so the cost of school, in the grand scheme of things, isn't going to make much of a difference to me. I'm going to owe $500k+ regardless.

Yikes.

 

[MedPR]

I already owe $200k+, so the cost of school, in the grand scheme of things, isn't going to make much of a difference to me. I'm going to owe $500k+ regardless.

👍

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[kimposibl]

I already owe $200k+, so the cost of school, in the grand scheme of things, isn't going to make much of a difference to me. I'm going to owe $500k+ regardless.

I have a lot from undergrad as well.... Do med schools look at how much debt you will accrue after attending their program? I have excellent credit, so I could qualify for credit based loans, but will med schools be like 'you have 100k from undergrad, LOL no!"? 🙁

 

[Postictal Raiden]

I already owe $200k+, so the cost of school, in the grand scheme of things, isn't going to make much of a difference to me. I'm going to owe $500k+ regardless.

Ouch. Please don't tell me that this entire amount from only undergrad.

 

[MedPR]

I have a lot from undergrad as well.... Do med schools look at how much debt you will accrue after attending their program? I have excellent credit, so I could qualify for credit based loans, but will med schools be like 'you have 100k from undergrad, LOL no!"? 🙁

No. They won't care.

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[Lys Ile Glu Leu]

I already owe $200k+, so the cost of school, in the grand scheme of things, isn't going to make much of a difference to me. I'm going to owe $500k+ regardless.

FN H!! 😱

 

[gmcguitar4]

Should I just take my med school loan and put it on red?

 

[MedPR]

Should I just take my med school loan and put it on red?

Green imo

 

[Dmr6186]

Everyone has their own opinion of this.

I'm a firm believer of first going where you're most comfortable because that's where you're most likely to succeed. Then pick the school with the cheapest cost of living.

I don't think you should base your decision on your interest in primary care. Many med students change their mind during clinicals, and you might have second thoughts too.

👍

Couldn't agree more.

 

[Mr Kenobi]

Should I just take my med school loan and put it on red?

Always bet on black.

 

[VisareAvGud]

I agree with previous posters saying to choose a school you are most comfortable with and suits you best. Plus if you jive with the school, you have a better chance of performing better and increasing your chances for a better compensating field if you should choose.

 

[Back 5]

I have a lot from undergrad as well.... Do med schools look at how much debt you will accrue after attending their program? I have excellent credit, so I could qualify for credit based loans, but will med schools be like 'you have 100k from undergrad, LOL no!"? 🙁

Their financial aid office will most likely have you apply for a Grad Plus loan, which can only be done through financial aid, it's not the same as going to a bank and asking for a private loan. It can only be used for education such as MD/DO etc, will have a higher interest rate than general FAFSA money (I think, don't quote me) and is credit based.

 

[Mosonik]

Their financial aid office will most likely have you apply for a Grad Plus loan, which can only be done through financial aid, it's not the same as going to a bank and asking for a private loan. It can only be used for education such as MD/DO etc, will have a higher interest rate than general FAFSA money (I think, don't quote me) and is credit based.

GRAD PLUS loans are offered at 7.9% across the board (I believe) and are not credit based in the typical sense of the word. It doesn't matter how good your credit score is you just must only meet a few requirements including no federal loan defaults and a couple others.

 

[MedPR]

GRAD PLUS loans are offered at 7.9% across the board (I believe) and are not credit based in the typical sense of the word. It doesn't matter how good your credit score is you just must only meet a few requirements including no federal loan defaults and a couple others.

There are quite a few requirements, but you're right that they are essentially all along the lines of no late payments, no bk, no collections, etc. Things like your utilization ratio, length of history, and credit score are all irrelevant.

And yes, 7.9%

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[ocellicyst]

Always bet on black.

Haha, always true. I might hit the blackjack tables.

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[darklabel]

There are quite a few requirements, but you're right that they are essentially all along the lines of no late payments, no bk, no collections, etc. Things like your utilization ratio, length of history, and credit score are all irrelevant.

And yes, 7.9%

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always been curious, if you do a neg on your record and don't have anyone to co-sign, are you essentially screwed from attending medical school?

 

[MedPR]

always been curious, if you do a neg on your record and don't have anyone to co-sign, are you essentially screwed from attending medical school?

Could go private loans. If you find a derog on your record now you can probably get it removed by the time you need your loan money.

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[Back 5]

http://studentaid.ed.gov/glossary#Adverse_Credit_History

Bankruptcy discharge within the past five years.
Voluntary surrender of personal property to avoid repossession within the last five years.
Repossession of collateral within the last five years.
Foreclosure proceedings started.
Foreclosure within the last five years.
Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed in lieu of foreclosure).
Accounts currently 90 days or more delinquent.
Unpaid collection accounts.
Charge-offs/write-offs of federal student loans.
Wage garnishment within the last five years.
Defaulting on a loan, even if the claim has been paid.
Lease or contract terminated by default.
County/state/federal tax lien within the past five years.

 

[MedPR]

http://studentaid.ed.gov/glossary#Adverse_Credit_History

👍

I didn't even know you could CO student loans.

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[kgpremed11]

Hey guys,

Many DO schools I have looked at have anywhere from $36k to 50k tuition. Wvsom has 49k. Midwestern is up there too. Is the extra 14k or so incurred from tuition per year really worth picking one school over the other?

I'm trying to better understand how having 56k of extra debt will impact things post graduation. Especially when someone is considering a primary care field. Looking for some fresh insight.

Thanks!

HPSP scholarship

20k signing bonus
2k a month to live on
full tuition,books, fees, insurance, and everything else paid
85k salary as a military resident

You have to work for the military for 4 years after you finish residency
Salary of a military Internist~ 130k

 

[GopherMD]

You have to work for the military for 4 years after you finish residency

The most important part of your post. 4 years of military practice PLUS 4-7 years of military residency. No one should do HPSP unless they have a serious interest in serving in the military. The financial benefit should not be your only (or primary) reason to do it.

 

[GypsyHummus]

If it were me, I would go to the cheapest school. Life is what you make it and it is mind over matter.

What isnt mind over matter is money. I calculated it, and I would save 120K in the end of a family medicine residency (3 years) by going to a school that is 30K/year over a school that is 42K/year. I cant imagine the cost of people who go to Midwestern.

 

[GopherMD]

If it were me, I would go to the cheapest school. Life is what you make it and it is mind over matter.

What isnt mind over matter is money. I calculated it, and I would save 120K in the end of a family medicine residency (3 years) by going to a school that is 30K/year over a school that is 42K/year. I cant imagine the cost of people who go to Midwestern.

I will most likely be attending CCOM. Not worried.

 

[GypsyHummus]

I will most likely be attending CCOM. Not worried.

How much will you owe at the end if you forebore all your loans during residency?

 

[GopherMD]

How much will you owe at the end if you forebore all your loans during residency?

300k + is my guess. But I'm not going to do that. Ill pay what I can during my residency; thank god for income-based repayment. I'm perfectly fine with living on the cheap.

 

[sazerac]

HPSP scholarship

20k signing bonus
2k a month to live on
full tuition,books, fees, insurance, and everything else paid
85k salary as a military resident

Lol, the book reimbursement is worthless. It will buy you what you don't need and don't use (text books), and will not reimburse you for the things you do need and will use (review books, first aid, etc). You'll be using the same free syllabi and same free slides and paying for the same BRS books as your civilian peers.

You have to work for the military for 4 years after you finish residency
Salary of a military Internist~ 130k

In another words, the military will save you ~$70K a year for the four years you are in med school, and then charge you $70K a year for the four years you are a military internist (while the civilians are making $200K).

There are many valid reasons for going into the military and/or doing military medicine. But money for medical school isn't one of them.

 

[GopherMD]

Lol, the book reimbursement is worthless. It will buy you what you don't need and don't use (text books), and will not reimburse you for the things you do need and will use (review books, first aid, etc). You'll be using the same free syllabi and same free slides and paying for the same BRS books as your civilian peers.



In another words, the military will save you ~$70K a year for the four years you are in med school, and then charge you $70K a year for the four years you are a military internist (while the civilians are making $200K).

There are many valid reasons for going into the military and/or doing military medicine. But money for medical school isn't one of them.

Well said.

 

[MedPR]

Lol, the book reimbursement is worthless. It will buy you what you don't need and don't use (text books), and will not reimburse you for the things you do need and will use (review books, first aid, etc). You'll be using the same free syllabi and same free slides and paying for the same BRS books as your civilian peers.



In another words, the military will save you ~$70K a year for the four years you are in med school, and then charge you $70K a year for the four years you are a military internist (while the civilians are making $200K).

There are many valid reasons for going into the military and/or doing military medicine. But money for medical school isn't one of them.

Exactly. In many cases you will net more as a civilian paying your own debt that a HPSP recipient.

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[gmcguitar4]

But considering the military residents are making roughly 85k and once a nilitary internist they aren't paying loans or medical malpractice, don't they come out ahead somewhat at first?

I see the mains problems with it being that they can assign you anywhere and if you decide to practice as a civilian, you aren't as a desirable because of the limited amount of cases you are exposed to as opposed to other people your age working with mainly people who are 50+ y/o. Excluding peds of course.

 

[MedPR]

But considering the military residents are making roughly 85k and once a nilitary internist they aren't paying loans or medical malpractice, don't they come out ahead somewhat at first?

I see the mains problems with it being that they can assign you anywhere and if you decide to practice as a civilian, you aren't as a desirable because of the limited amount of cases you are exposed to as opposed to other people your age working with mainly people who are 50+ y/o. Excluding peds of course.

Yea you come out ahead at first.. And that's why many people do it. They see the money coming in more quickly right out of school. In the long run you have less years of civilian attending salary than someone who doesn't do HPSP and in many cases the civilian is going to net more over the course of their career.

I've run the numbers on any different scenarios because I was considering HPSP. I rarely came out ahead (in the long run) doing HPSP and when I did it wasn't by much.

An extra $200k over 40 years as a physician isn't worth it for me. For others who want to do the military anyway it is a great option.

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[LebLlama]

my plan has always been to live on 15-20k during residency and after and use all other income to wipeout the debt in a few years... anyone know of anyone who has done this?

 

[gmcguitar4]

my plan has always been to live on 15-20k during residency and after and use all other income to wipeout the debt in a few years... anyone know of anyone who has done this?

That is my plan as well. I plan to live like a high paid resident as opposed to a fully trained doctor for a few years and make a huge dent on the debt.

 

[VisareAvGud]

my plan has always been to live on 15-20k during residency and after and use all other income to wipeout the debt in a few years... anyone know of anyone who has done this?

That is also my plan, however you have to remember that life happens and you never know what expenses might keep you from doing this (ie. family)

 

[Life Eternal]

Can you moonlight as a military resident?

The doctor i shadowed said moonlighting doubled his salary in residency.