What is your attitude about money?

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prettymonkey

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These ridiculous secondary fees along with looking at the super ridiculous tuition fees at medical schools and thinking about the amount of debt I will be in when I am done has given me a very strange attitude towards money. It's like I can't take it seriously anymore. What is $20 when in 5 years I will have at least $300,000 debt in loans (medical school plus the masters I just finished). So.... anyone feel like shopping?

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I'm taking a loan out to apply to school next June, and I don't even care that it is thousands of dollars. I don't want to do this a second time, so I have to say - I kind of feel the same way, but only in the sense that I don't mind taking out a random loan. It is really strange how much it all costs. Bizarre actually. Plus the random flights for interviews plus car rental and hotel. Crazy!
 
My dad sponsors the whole app process, but honest to god, I better get into a Canadian school, because otherwise he will have a heart attack - I can't obtain loans for US schools, so I'd have to ask him to fork over the entire US tuition. At least in Canada, I'll have enough loans to cover tuition and most of my living expenses, and he promised to give me a downpayment on an apartment. But I don't think he'll want to hear the "Um, I will need $200,000 in tuition anddddd another $100,000 for living expenses" phone call.:scared: :scared: :scared: Especially considering he was against this whole MD thing to begin with.:scared:



:scared::scared::scared:

I'm trying to enjoy the $$$ while I still have it.
 
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I used to not care about how much school cost, so I took out a lot of loans to pay for my private undergrad. After not getting accepted to med school the first time around, I really wish I was a little more fiscally responsible in my undergrad.

I'm not really looking forward to paying $200,000+ for med school, but I know I'll be able to pay it back some day, so it's not really a huge deal. that's of course if I get in to med school. carrying that kind of debt without a secure future is really daunting.
 
I'm not really looking forward to paying $200,000+ for med school, but I know I'll be able to pay it back some day, so it's not really a huge deal. that's of course if I get in to med school. carrying that kind of debt without a secure future is really daunting.
Exactly. I don't worry much about the prospect of taking out Canadian loans - I'll have a guaranteed job after graduation, after all. But then again, we generally take out less in loans than Americans do, unless you happen to get into an IS school with ridiculously low tuition....but Canadian tuitions of appx 15,000 are hard to beat. I know someone who graduated from McGill as an IP w/o a dime in loans! Their IP tuition for meds is like $4000 or something, and he continued working as an EMT all through med school to pay for his living expenses. Enviable, but in that case, I'd prefer loans over having to work on top of a med school courseload.
 
Good luck, jochi. I really do admire Canadians who get in, because you guys seriously have it hard (extremely competitive.) I know I would never get in! I think you guys deserve the tuition break just for getting in!
 
It all comes back to the money. I've spent a crapload all ready and I'm dreading having to fork over tons of cash for flight tickets. I don't know if i even have enough cash after secondary fees..... :scared: Crap. I think it may be time to look into loans........
 
Jochi, what the hell is an "Assist Mod?" Are you an assistant mod or assistant to the mod?
 
or an assistant to the mob? Ha...bad joke. I think I am tired of studying.
 
Jochi, what the hell is an "Assist Mod?" Are you an assistant mod or assistant to the mod?
Assistant mod. We had some changes implemented on the forums this weekend, and there are some more to come.
 
see, i don't really think canadian schools are harder relatively to top tier schools in the US (harvard, jhop, yale, etc)
canadian schools just care so much about gpa using specific equations (ie. best 2 years) and thats it (literally, u can have a extremely downward trend and they don't give a damn, someone with 4.0 freshman, 3.6 sop, 3.3 junior got in)
basically i know so many ppl who got in with no research experience, no clinical experience, no good LOR (a friend in UWO medicine used his high school teacher and the volunteer coordinator as LOR), no good mcat (30, 31),



the difference between those students and the students in a top US school is quite.... errr...... hard to say

u can tell that the kids here KNOW how to live fuller lives, but not the ones in canada (i did my ug in Toronto and g in NYC)

think of the majority of the canadian med students as


Good luck, jochi. I really do admire Canadians who get in, because you guys seriously have it hard (extremely competitive.) I know I would never get in! I think you guys deserve the tuition break just for getting in!
 
see, i don't really think canadian schools are harder relatively to top tier schools in the US (harvard, jhop, yale, etc)
Yeah, but US has "easy" schools to get in, and unless you're from Cali, you are often pretty much guaranteed a state school admission is you have a 3.5 and 28+. There are no "easy" or "backup" schools in Canada. It's basically like entering the app process with Harvard, Johns Hopkins and Yale being your ONLY options. That changes things significantly.
 
These ridiculous secondary fees along with looking at the super ridiculous tuition fees at medical schools and thinking about the amount of debt I will be in when I am done has given me a very strange attitude towards money. It's like I can't take it seriously anymore. What is $20 when in 5 years I will have at least $300,000 debt in loans (medical school plus the masters I just finished). So.... anyone feel like shopping?

Yeah. Money seems like more of an obstacle than anything else right now. $200 grand hovering over your head makes all the other money-related stuff seem petty. I'm starting to look at my credit cards so casually now without a shred of the reservations I used to have. If I get accepted this year, I just want to charge up all my cards and travel. Might as well live it up before med school and pay later. But I know that's not how I should look at it and be more conservative in my spending than less, but crap, 200k?
 
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it just makes me want to go out to a great dinner, buy a wonderful bottle of wine, and leave a huge tip. at least everyone would have fun. these secondary fees do not equal fun. i feel like i am gambling. i do not like gambling. i like to get what i pay for.
 
canadian schools just care so much about gpa using specific equations (ie. best 2 years) and thats it (literally, u can have a extremely downward trend and they don't give a damn, someone with 4.0 freshman, 3.6 sop, 3.3 junior got in)
Gotta correct this because this is misinformation....the 3 schools with rigid cut-offs are Ottawa, Queens, and UWO. Ottawa - weights your GPA with the more recent coursework getting more credit (e.g. your junior year grades will be weighted at 3x the value of your freshman year grades) - so definitely encouraging of the upward trend. And if I remember correctly, their cut-off was 3.83 for non-Ottawa Ontario residents and something like a 3.89 for non-Ontarians. Hardly a walk in the park.

Queens requires 3.78 in your 2 RECENT years if you can't meet the overall GPA cut-off of 3.68 (pretty high as well - above the average admitted GPA in the US, for sure). The fact that it's 2 recent years is also definitely in favor of the upward trend.

UWO is 3.7 in your BEST 2 years, however, they do evaluate your entire academic record once the cut-offs are made and the automatic interview offered, so your entire academic record still bears an impact on your admission.

All other schools also use the 2 best years only for cut-off purposes and then look at the entire record for interviews and/or admissions offers, like U of C, for example, or UBC, which looks at your cumulative GPA AND the last 60-credit GPA, so again, encouraging an upward trend.
 
sometimes I feel like I would rather the use those secondary fee's to play poo dollar with
 
Jochi, what the hell is an "Assist Mod?" Are you an assistant mod or assistant to the mod?
I am sad:(. Nobody got the joke. I guess nobody watches the office.
 
Honestly, I am still laughing and amused by the guy who posted that he applied to extra schools with money he earned online gambling. Only we, gunners, on SDN would do that. Most people go out and do something fun, but no - we, gunners, jump to use that extra money won by gambling to apply to schools! We all really are a strange bunch if you think about it. Because - admit it - if you were that guy who won by online gambling - you'd do the same thing (calculate how many more schools you could add to AMCAS).
 
Does anyone know how long it takes a practicing md to repay their loans?
 
Does anyone know how long it takes a practicing md to repay their loans?
I imagine it would depend on their specialty, how much they took out in loans, and how aggressive they feel like being with repayment. you could pay the minimums and take 30 years or you could continue to live like a poor resident and probably get them paid off in 10 or less with a high paying specialty.
 
Does anyone know how long it takes a practicing md to repay their loans?
i am not really sure about that...but i heard that if you compare a person that gets a full time job right out of high school and a person that goes to college, then medical school, then residency that the two are not equal in net income until they are 36 years old. the idea of going into medicine for "the money" is ridiculous. unfortunately.
 
Yeah, but US has "easy" schools to get in, and unless you're from Cali, you are often pretty much guaranteed a state school admission is you have a 3.5 and 28+. There are no "easy" or "backup" schools in Canada. It's basically like entering the app process with Harvard, Johns Hopkins and Yale being your ONLY options. That changes things significantly.

Really? What "easy" schools are these cause I have both your critera.. but must have missed them last application cycle.. cause here I am applying again :confused:
 
Really? What "easy" schools are these cause I have both your critera.. but must have missed them last application cycle.. cause here I am applying again :confused:
I'm talking about schools that everyone seems to use as a "back-up" - Drexel, RFU, etc. There's no such concept in Canada, because there is no one school that has acceptance averages of 3.5-3.6 or less and 30 or less.
 
Yeah, but US has "easy" schools to get in, and unless you're from Cali, you are often pretty much guaranteed a state school admission is you have a 3.5 and 28+. There are no "easy" or "backup" schools in Canada. It's basically like entering the app process with Harvard, Johns Hopkins and Yale being your ONLY options. That changes things significantly.
Oh, I really, really wish that to be true. It would take a lot of stress off the next few years. :p
 
Can you apply to canadian schools if you're a us citizen?
 
really?
lol i never notice
well, im not applying there anyway haha
trying to stick my ass in nyc or nashville



Gotta correct this because this is misinformation....the 3 schools with rigid cut-offs are Ottawa, Queens, and UWO. Ottawa - weights your GPA with the more recent coursework getting more credit (e.g. your junior year grades will be weighted at 3x the value of your freshman year grades) - so definitely encouraging of the upward trend. And if I remember correctly, their cut-off was 3.83 for non-Ottawa Ontario residents and something like a 3.89 for non-Ontarians. Hardly a walk in the park.

Queens requires 3.78 in your 2 RECENT years if you can't meet the overall GPA cut-off of 3.68 (pretty high as well - above the average admitted GPA in the US, for sure). The fact that it's 2 recent years is also definitely in favor of the upward trend.

UWO is 3.7 in your BEST 2 years, however, they do evaluate your entire academic record once the cut-offs are made and the automatic interview offered, so your entire academic record still bears an impact on your admission.

All other schools also use the 2 best years only for cut-off purposes and then look at the entire record for interviews and/or admissions offers, like U of C, for example, or UBC, which looks at your cumulative GPA AND the last 60-credit GPA, so again, encouraging an upward trend.
 
Can you apply to canadian schools if you're a us citizen?
To my knowledge, McGill and McMaster are the only Canadian schools that take international students. You would be outside of the in-province pool for both.
 
It's basically like entering the app process with Harvard, Johns Hopkins and Yale being your ONLY options. That changes things significantly.

The median MCAT for those schools is what 35? 36? I had no idea overall Canadian medical schools had median MCAT scores of 36.

Statements like these are clearly silly. Different schools (and countries in general) emphasize different aspects of the application making comparisons difficult.
 
This thread is amusing. It becomes like monopoly money.

Imagine how the reverse feels when you have a ton of it like Bill Gates. Is it it worth his time to bend over and pick up that 100 dollar bill laying on the ground...maybe...then again maybe not.

Dakota- I bet the median is at least 36 for those schools. Also with those top schools it's a good old boy system. Wink wink nod nod I got a good son here with a 34 MCAT and good grades let him in..ok. Then when you come from completely outside the "system" you have to practically break down the front door with a logjam to get into those schools with 40 MCAT and all.
 
My mom really wanted to help out and finance my application process, which is wonderful. However, i had absolutely no idea how expensive it would get and i am feeling really guilty about it. I feel like i should have been saving up for this since I got my first job!!! I do not like to think about money or how in debt i will be after medical school, but it is a reality that everyone needs to think about. I enjoy going out to dinner, going to see a movie, buying a book if i see something good...I am now realizing that I am pretty much not going to have any of these luxeries for the next 8 years or so. Time to find a rich boy :oops:
 
These ridiculous secondary fees along with looking at the super ridiculous tuition fees at medical schools and thinking about the amount of debt I will be in when I am done has given me a very strange attitude towards money. It's like I can't take it seriously anymore. What is $20 when in 5 years I will have at least $300,000 debt in loans (medical school plus the masters I just finished). So.... anyone feel like shopping?

Money is just paper/cotton. It doesn't make you happy and it doesn't make you a better or worse person. It is a means to an end. I will spend what I must now to get through this process, and hope that I get in so this won't make a big difference later.
 
To my knowledge, McGill and McMaster are the only Canadian schools that take international students. You would be outside of the in-province pool for both.
I think I read somewhere on the University of Toronto's website that 7 med-school spots are reserved for international applicants.
 
random question:

does canada make enough of its own docs or does it have to import them like the US does?
 
I tend to think of taking out loans as a worthwhile investment in myself and future. At least that is what I read off of one of the SDN interviews. I don't really think that way but I'm trying hard to be optimistic, dammit.
 
random question:

does canada make enough of its own docs or does it have to import them like the US does?
Canada also has a shortage of doctors, and the schools are working on increasing the number of seats. I believe UBC increased its seats by something like 25 this year and plans to double the enrollment within the next 3-4 years or something like that (not applying to that school, so I may be a little off with the numbers). There have also been special residency spots open for IMGs, to allow foreign doctors to become able to practice in Canada - but this goes hand-in-hand with the increase in immigration. It'd be silly to keep shunning IMGs when you both have a doctor shortage AND a steady influx of highly educated immigrants, many of them with MDs.

US has traditionally been sucking Canadian medical graduates out of Canada. However, the numbers have improved significantly. I think in 1995, on the order of 20% of Canadian MD graduates flocked to the US, and now this number is hovering somewhere around 7% (again, may be slightly off with the exact #s - but this is all available online). Canada has really been working on retaining docs...and the soaring malpractice rates in the US have made the choice a lot less obvious for many grads.
 
These ridiculous secondary fees along with looking at the super ridiculous tuition fees at medical schools and thinking about the amount of debt I will be in when I am done has given me a very strange attitude towards money. It's like I can't take it seriously anymore. What is $20 when in 5 years I will have at least $300,000 debt in loans (medical school plus the masters I just finished). So.... anyone feel like shopping?
No, it's not much in the scheme of things, but forming good financial spending habits WILL matter. You could save a lot of money throughout med school by living with a roommate, driving an older car, not going on expensive vacations you can't afford, etc.
 
I think I read somewhere on the University of Toronto's website that 7 med-school spots are reserved for international applicants.
Yeah, you're right, I checked. As I said, I just listed the schools I knew for sure. There are also schools that definitely do not accept any international students - U of Calgary (contract agreement countries only), U of Alberta, U of Manitoba I know for sure.
 
The median MCAT for those schools is what 35? 36? I had no idea overall Canadian medical schools had median MCAT scores of 36.

Statements like these are clearly silly. Different schools (and countries in general) emphasize different aspects of the application making comparisons difficult.
I think the simple fact that we have Canadians flocking to SDN to apply to medical school attests to where it's harder. I don't see Americans on our Canadian site....not a single one in my 2+ years on there. And the fact that every year we have someone from there who gets into like 5 American schools (and that's with the uphill battle of being international, don't forget, and no state schools to fall back on) but either gets rejected flat out or waitlisted at Canadian schools supports this idea. There's someone who applied THREE times to Canadian schools with no success and then got multiple interviews (and an acceptance very quickly) in the US on their first try, and there was my other friend who applied to Canada with a 3.8 and 34S and didn't get in anywhere on her first try....then on her second try, secured 3 US acceptances and 2 waitlists in Canada (although she did eventually get off the Canadian waitlist - at her in-province school - and stayed home). On the contrary, I've never heard of anyone being admitted in Canada and rejected in the US (though I know at least 1 person who's been rejected at both). With the tuition being 3x higher in the US and various roadblocks related to citizenship status and its effect on residency success, etc, it's pretty obvious what would keep motivating Canucks to apply to medical school in the US. And I constantly advise Canadian med hopefuls to take courses which would make them eligible to apply to the US (such as physics and English), b/c we've all heard many a story of the Canuck with great stats who had to apply 5 or 6 times. Which is why I'm applying to the US this summer, even though it'd be much more troublesome for me to attend a US medical school - but it's better than no medical school, which could easily be the outcome if I were only applying to Canada.
 
Hopefully money will be a huge motivating factor to get accepted. I think I feel even worse because my parents are helping me out. But debt from medical school is all mine. :oops:
 
Hopefully money will be a huge motivating factor to get accepted. I think I feel even worse because my parents are helping me out. But debt from medical school is all mine. :oops:
I don't know how most of my friends are dealing with undergrad debt - at least with med school, you will eventually have a well-paid job. I know so many people who graduated with 20-60,000 in undergrad loans (I went to a private college), and all they do is waitress or work all these jobs that are supposed to really help you with your career, but pay $7 an hour and somehow never end in a long-term employment offer. And then they still somehow manage to buy sick amounts of weed and booze. I just can't help but wonder how they get by.:confused:
 
I go both ways. On the one hand, I try to avoid spending money wherever possible. A car, for example, while a very nice thing to have, isn't a necessity and just seems like a giant black hole into which money will be sucked (probably even more so for a cheaper, older car). The cafeteria gets repetitive, but I eat there every meal just because, well, it's already paid for.

On the other, I'm beginning to wonder what the point of working during the summer/school year is. Unless you have the tightest job ever that pays great for easy work, it's just a huge waste of energy for what is, frankly, ****-all money in the grand scheme of things. My life isn't gonna be made any easier down the road by the few thousand dollars I managed to accumulate; it's really just a drop in the bucket. And it doesn't seem like med schools hold employment in any high regard.

So...I don't know. I'm starting to come around to your point of view I guess.
 
I don't know how most of my friends are dealing with undergrad debt - at least with med school, you will eventually have a well-paid job. I know so many people who graduated with 20-60,000 in undergrad loans (I went to a private college), and all they do is waitress or work all these jobs that are supposed to really help you with your career, but pay $7 an hour and somehow never end in a long-term employment offer. And then they still somehow manage to buy sick amounts of weed and booze. I just can't help but wonder how they get by.:confused:

The sheer volume of debt post-med school... I guess that's what worries me. But you have a good point, job prospects are good and the debt should come down with time.

For sure I'm missing out on the weed and booze... but I'm sure there will be plenty of time for that in the summer before med school, catch up for 4 years in one summer :laugh:
 
After learning that I need to win the Lotto to pay for secondaries, I can't wait until I apply.


Btw, how do you think they came up with the Lotto anyway?
 
After learning that I need to win the Lotto to pay for secondaries, I can't wait until I apply.


Btw, how do you think they came up with the Lotto anyway?


Good question. I've wondered about where they came up with the word "Boss," now I'll wonder about "lottery" as well.

As opposed to thinking debt automatically = bad, I think ROI. The most important thing to me is treating patients...but I also want to make money. Truth be told, I'm not really sure why I applied to any private schools as the ROI will be so much worse. Medical school is really expensive, but some schools are more expensive than others, i.e. $100,000 in debt vs. $250,000. Regardless of where you attend, if you do well on the USMLE Steps and in class then you're going to get a solid residency and you're going to come out making good money. Going to Harvard or to jhop won't, in all likelihood, get you more salary bang for your tuition buck so why bother? If you're interested in doing research, then I completely understand as academic pedigree is everything in that world, or if you can't get admitted to your state school or don't have a state school then it makes sense to go private or OOS... but if you're looking to treat patients and not stroke your ego then, as far as I can tell, there's no advantage to taking on significantly more debt by going to a private school. Just my $.02
 
this is my second time applying so i feel like there are a few things i should do differently. and i have already done things differently. i didnt think i needed one of those expensive mcat review courses. this time i took one ($1800 or something for Kaplan). i didnt think i needed books on how to apply. this time i bought 4 books on writing essays and applying and interviewing for medical school. i also plan to spend a good amount of money on a tailored suit and a very professional looking beautiful bag to bring to interviews and a great pair of shoes. i do not plan to do this again.
 
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