UAMS vs. Wake Forest

[Chemist0157]

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I was originally dead set on Wake Forest (nice campus, chance to move away and start something new, offered alittle scholarship money), but now UAMS has offered me some scholarship money. I know there is a significant money difference between the two schools, but it's not like I'm choosing between an expensive school and a really expensive school. Instead, it's a private school with the average cost and a cheap public school. I can either be like everyone else or go the cheap route. My wife and I were really looking towards moving away, but now we're torn between what we want and what is cheap, lol...

 

[MilkmanAl]

It really just depends on how much financial strain going to Wake will bring and whether or not you want to go there badly enough to endure that strain. Cost of living in Winston-Salem is pretty cheap, but it's nothing like Little Rock, so you should consider that as well. Both cities are decidedly mediocre in terms of culture and nightlife (not that it'll matter much), so I'd call that a wash.

For what it's worth, I've really enjoyed my time at UAMS. Also, as I mentioned somewhere else, there are tons of cheap houses literally across the street from the campus, so you'd have pretty much unparalleled convenience if you went that route.

edit: I vote UAMS because I know it's enjoyable (as med school goes), and I know it's considerably cheaper.

 

[propel1]

Wake Forest for sure! It's at a reasonable price for a private school--comes with a great reputation.

 

[DrJD]

It might be helpful for us to know the exact difference in price over the course of 4 years. That way we could weight that against whatever perceived benefit we may see in Wake Forest (The higher ranked school.)

What specialty do you think you plan on going in to? For many specialties school choice doesn't matter ie the primary care specialties. However, for some of the more competitive going to a higher ranked school can sometimes help. IE Dermatology, Plastic Surgery, Radiation Oncology... Now, as many people on this board will tell you what you want to do will likely change at least a few times in medical school. However, if you already think you may be aiming for a competitive specialty, every little bit helps.

What about your wife's career? Which would be better for her? What about that deep down "gut" feeling that only you know about? How badly do you guys want to start somewhere new?

I know I have probably just given you more questions than answers, but just wanted to contribute some things that may help you make the decision. Depending on the cost difference, I say go with whatever you know is right deep down.

As far as the actual schools go, I have never been to Wake Forest but I have heard nothing but amazing things from a few of my classmates who interviewed there. I have some family in the Winston-Salem area and they also have had nothing but great things to say.

I also think UAMS is a very underrated school. I absolutely loved my time there and can't think of anything negative to say about it.

I don't think I can officially vote without knowing more information! Congrats again on having such a great decision to make.

PS.
How interested in research are you? You may have more opportunities for that at Wake Forest as well since they get more money from the NIH.

 

[Chemist0157]

It really just depends on how much financial strain going to Wake will bring and whether or not you want to go there badly enough to endure that strain. Cost of living in Winston-Salem is pretty cheap, but it's nothing like Little Rock, so you should consider that as well. Both cities are decidedly mediocre in terms of culture and nightlife (not that it'll matter much), so I'd call that a wash.

For what it's worth, I've really enjoyed my time at UAMS. Also, as I mentioned somewhere else, there are tons of cheap houses literally across the street from the campus, so you'd have pretty much unparalleled convenience if you went that route.

edit: I vote UAMS because I know it's enjoyable (as med school goes), and I know it's considerably cheaper.

I appreciate that and was actually hoping other medical students would speak up. I don't foresee excessive financial strain at either school because my wife will be working and that will help alot. I think I've just had this idea in my head of moving to NC so long that it's hard to reconsider. I know I'd be happy anywhere, but I've always had this desire to do something outside Arkansas. I stayed in AR for undergrad when I could have left, but I decided to stay. I guess I feel like I'd regret not taking this opportunity.

 

[DrJD]

I appreciate that and was actually hoping other medical students would speak up. I don't foresee excessive financial strain at either school because my wife will be working and that will help alot. I think I've just had this idea in my head of moving to NC so long that it's hard to reconsider. I know I'd be happy anywhere, but I've always had this desire to do something outside Arkansas. I stayed in AR for undergrad when I could have left, but I decided to stay. I guess I feel like I'd regret not taking this opportunity.

I know this sounds morbid, but sometimes when I am making a decision like this I try to imagine how I would feel 60 years from now on my death bed. What would I regret? What would I be thankful for?

Might help?

 

[akajackbauer]

i would go to UAMS because wake's tuition is like 40k right? i rather have about 100k in loans than 200K+ with cost of living, interests, etc....go with the money in this economy

 

[Chemist0157]

It might be helpful for us to know the exact difference in price over the course of 4 years. That way we could weight that against whatever perceived benefit we may see in Wake Forest (The higher ranked school.)

What specialty do you think you plan on going in to? For many specialties school choice doesn't matter ie the primary care specialties. However, for some of the more competitive going to a higher ranked school can sometimes help. IE Dermatology, Plastic Surgery, Radiation Oncology... Now, as many people on this board will tell you what you want to do will likely change at least a few times in medical school. However, if you already think you may be aiming for a competitive specialty, every little bit helps.

What about your wife's career? Which would be better for her? What about that deep down "gut" feeling that only you know about? How badly do you guys want to start somewhere new?

I know I have probably just given you more questions than answers, but just wanted to contribute some things that may help you make the decision. Depending on the cost difference, I say go with whatever you know is right deep down.

As far as the actual schools go, I have never been to Wake Forest but I have heard nothing but amazing things from a few of my classmates who interviewed there. I have some family in the Winston-Salem area and they also have had nothing but great things to say.

I also think UAMS is a very underrated school. I absolutely loved my time there and can't think of anything negative to say about it.

I don't think I can officially vote without knowing more information! Congrats again on having such a great decision to make.

PS.
How interested in research are you? You may have more opportunities for that at Wake Forest as well since they get more money from the NIH.

All right, first money. CoA for UAMS is ~$36,000. CoA for WFU is ~$60,000. I made a spreadsheet to factor in possible tuition increases, my scholarships, and the fact that my wife works, and there is at least an $80,000 difference. Big number for sure, but that's just because UAMS so cheap. WFU is priced pretty well for a private school. Still, money's money.

I don't know about specialty. I answer with IM but am aware that may change and WFU probably offers more in those competitve specialities if I decided on something like those.

My wife is all about WFU, plain and simple. We both went to a small university and feel like it's time to do something bigger. Our gut feeling is to go there, but the money issue bugs the mess out of us.

 

[lakersmd]

All right, first money. CoA for UAMS is ~$36,000. CoA for WFU is ~$60,000. I made a spreadsheet to factor in possible tuition increases, my scholarships, and the fact that my wife works, and there is at least an $80,000 difference. Big number for sure, but that's just because UAMS so cheap. WFU is priced pretty well for a private school. Still, money's money.

I don't know about specialty. I answer with IM but am aware that may change and WFU probably offers more in those competitve specialities if I decided on something like those.

My wife is all about WFU, plain and simple. We both went to a small university and feel like it's time to do something bigger. Our gut feeling is to go there, but the money issue bugs the mess out of us.

36k X4= 144K, 60X4= 240K...a difference of 100K +8% interest is a lot if ur thinking of starting a family plus kids. you can go into IM with UAMS or any med school. go with the dough and have less worries

 

[DrJD]

All right, first money. CoA for UAMS is ~$36,000. CoA for WFU is ~$60,000. I made a spreadsheet to factor in possible tuition increases, my scholarships, and the fact that my wife works, and there is at least an $80,000 difference. Big number for sure, but that's just because UAMS so cheap. WFU is priced pretty well for a private school. Still, money's money.

I don't know about specialty. I answer with IM but am aware that may change and WFU probably offers more in those competitve specialities if I decided on something like those.

My wife is all about WFU, plain and simple. We both went to a small university and feel like it's time to do something bigger. Our gut feeling is to go there, but the money issue bugs the mess out of us.

Yea, with your scholarships and your wife working it would be way less than 240 for Wake right?

Its good that you know where both of your "gut" feeling is... I can understand your dilemma as 80K is a big number, but you'll do best where ever you are happiest. This is what it seems like to me:

You and your wife both know you would rather go to Wake Forest. Not for rank, but just because you really liked the school and are ready to move out of Arkansas. So it seems the real question isn't UAMS vs Wake Forest, right? You guys have already "decided" on Wake. The question is, how big of a deal is 80K more in loans? I think it is definitely a big deal, but not a "deal breaker." But 80K sounds scary as a whole number... Do this...

Go to this website:
http://www.finaid.org/calculators/loanpayments.phtml

First enter in your total debt coming out of UAMS and see what your monthly payment would look like. Then enter in your total debt coming out of Wake, and see what your total monthly payments will look like. That monthly difference is a real number that you can grasp and understand. Then you can weigh that monthly difference against your desires to attend Wake.

 

[Chemist0157]

Yea, with your scholarships and your wife working it would be way less than 240 for Wake right?

Its good that you know where both of your "gut" feeling is... I can understand your dilemma as 80K is a big number, but you'll do best where ever you are happiest. This is what it seems like to me:

You and your wife both know you would rather go to Wake Forest. Not for rank, but just because you really liked the school and are ready to move out of Arkansas. So it seems the real question isn't UAMS vs Wake Forest, right? You guys have already "decided" on Wake. The question is, how big of a deal is 80K more in loans? I think it is definitely a big deal, but not a "deal breaker." But 80K sounds scary as a whole number... Do this...

Go to this website:
http://www.finaid.org/calculators/loanpayments.phtml

First enter in your total debt coming out of UAMS and see what your monthly payment would look like. Then enter in your total debt coming out of Wake, and see what your total monthly payments will look like. That monthly difference is a real number that you can grasp and understand. Then you can weigh that monthly difference against your desires to attend Wake.

Thanks for that link. I'll have to play with that later when I can look at my paperwork.

 

[DrJD]

Thanks for that link. I'll have to play with that later when I can look at my paperwork.

Out of curiosity, how'd the monthly difference look?

 

[Chemist0157]

Out of curiosity, how'd the monthly difference look?

I didn't really like the over-simplicity of the calculator so I separated the loans into the different categories since the rates are different.

UAMS
$140,000 total CoA
$106,000 ($34,000 should be subsidized)
$91,000 ($15,000 freshman scholarship)
So, I should have $91,000 in unsubsidized loans at a rate of 6.8% = $1,047.23/month for 10 years + paying back interest-free $34,000 (could do like $285/month over 10 years) = $1,332.23/month

Even better, my wife is working and could pay for living expenses.
$80,000 school expenses
$65,000 ($15,000 freshman scholarship)
$31,000 ($34,000 should be subsidized)

$356.75/month for 10 years + $34,000 = $641.75/month

Wake Forest
$240,000 total CoA
$206,000 (-subsidized)
$196,000 (-scholarship)

$138,000 in unsubsidized Stafford = $1,588.11
$48,000 in Grad PLUS = $595.13
$12,000 other loan = $145.59

+ Subsidized loan = $2,613.83

Wife working:
$160,000 school expenses
$126,000 (-subsidized)
$116,000 (-scholarship)

$116,000 in unsubsidized = $1,334.93 + subsidized = $1,619.93/month


Phew. Now, I did this quick so I didn't account for little things like tuition increases, interest during school, etc. but I'm also assuming that my wife is making only $20,000 a year. So, if she gets a decent job that pays for living expenses and then some and other scholarship opportunities arise in WFU, we'll be just fine. But the price difference is obvious, even though these aren't the absolutely exact numbers.