What constitutes a significant difference in financial aid?

w8ting2exhale

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I know this is something I have to use my own judgment on, according to my own situation and the desirability of the schools I'm considering. But still, I'm curious what would generally be considered a significant difference in financial aid (for med schools)?

Totally random example: a difference in $5K/yr amounts to $20K after 4 yrs + interest, at which point it can double to a difference of $40K. I guess the bottom line is how best to approach/compare these financial aid packages?


Thanks! :)
 

Untraditional

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You could make a simple spreadsheet that estimates your debt load at graduation and grad + 5 years. Do one with and without deferred interest. Plug in your loan numbers from your aid offers and see which shakes out the best for you.

There's probably something out there that will do this for you. I'd go to google. A current med student might have a better method.
 

illegallysmooth

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Good question, I'd like to hear from some medical students or graduates on this matter. Also, perhaps it should be a question of percentage rather than dollar amount?

EDIT: Actually, after thinking about it more, maybe not. My situation is odd because I'm going to be looking at a huge amount of debt no matter what, so less than 50k really doesn't make a huge difference to me. However, 150k vs. 100k of debt seems like a bigger deal.
 
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Bacchus

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I chose a school that was about 10,000 more in tuition than another. More than that, I'd have to seriously think about the financial implications.
 

metallica81788

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A significant difference is whatever you view as significant.

Some people think >$10k/yr is significant, some think >$2k/yr is suicide. Just depends on how you feel about debt.