When does the price difference become significant?

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TipToad

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I was just wondering when you all think the difference in COA between schools becomes significant, and it's better to go with the cheaper school. Like, a 15k over four years isn't bad. I just did some calculations, and my state school would be at least 80k cheaper over four years than the next cheapest school on my list.

At the same time, my state school is currently unranked. 🙁 So would it be better to pay more?
 
I was just wondering when you all think the difference in COA between schools becomes significant, and it's better to go with the cheaper school. Like, a 15k over four years isn't bad. I just did some calculations, and my state school would be at least 80k cheaper over four years than the next cheapest school on my list.

At the same time, my state school is currently unranked. 🙁 So would it be better to pay more?

$80k for me is worth it if I know I'll be significantly happier at the more expensive school. Basically I'm willing to spend $75k/yr to go wherever I think I'll be happiest. Any school with a greater total cost than that will need extra consideration.

As it stands, I don't have an II at my state school, but if I get into my top choice 🙂xf:10/15:xf:) I would really need to fall in love with state school to attend even though it would be close to $20k cheaper per year.
 
$80k for me is worth it if I know I'll be significantly happier at the more expensive school. Basically I'm willing to spend $75k/yr to go wherever I think I'll be happiest. Any school with a greater total cost than that will need extra consideration.

As it stands, I don't have an II at my state school, but if I get into my top choice 🙂xf:10/15:xf:) I would really need to fall in love with state school to attend even though it would be close to $20k cheaper per year.

Are there many schools that cost more than 75k/yr?
 
You are spending the next four rigorous years in this place, so you might as well enjoy the city where the school is.
 
I was just wondering when you all think the difference in COA between schools becomes significant, and it's better to go with the cheaper school. Like, a 15k over four years isn't bad. I just did some calculations, and my state school would be at least 80k cheaper over four years than the next cheapest school on my list.

At the same time, my state school is currently unranked. 🙁 So would it be better to pay more?

Many people on SDN seem to have the notion that price of attendance trumps anything, including rankings. However, there are many many things to take into consideration. Things like location, caliber of students/faculty/facilities, and opportunities such as abroad rotations are all things that you may find at some schools over others. It depends on what you value in a school.

Additionally, many of the top-tier schools you are looking at give generous financial aid packages, making the price of attendance likely comparable to your state school.
 
You have to keep in mind that $80k is not just $80k--it's significantly more than that once you pay off interest. I know it might not seem like a big amount now, but any chance to save money is a good one, IMO.

That being said, you have to ask yourself how much better the more expensive school is. Are you paying extra money because it has an amazing reputation? Or is it just marginally better than your state school? There's a huge difference between "state school vs. Harvard" and "state school vs. Drexel" (no offense intended to anyone at either of these schools--it was just an example). If the answer is the latter, you'd probably be better off staying in-state.

Also, if a school isn't ranked on US News, it doesn't mean it's inherently bad. It just means there wasn't any data obtained for the past year.
 
Many people on SDN seem to have the notion that price of attendance trumps anything, including rankings. However, there are many many things to take into consideration. Things like location, caliber of students/faculty/facilities, and opportunities such as abroad rotations are all things that you may find at some schools over others. It depends on what you value in a school.

Additionally, many of the top-tier schools you are looking at give generous financial aid packages, making the price of attendance likely comparable to your state school.

You have to keep in mind that $80k is not just $80k--it's significantly more than that once you pay off interest. I know it might not seem like a big amount now, but any chance to save money is a good one, IMO.

That being said, you have to ask yourself how much better the more expensive school is. Are you paying extra money because it has an amazing reputation? Or is it just marginally better than your state school? There's a huge difference between "state school vs. Harvard" and "state school vs. Drexel" (no offense intended to anyone at either of these schools--it was just an example). If the answer is the latter, you'd probably be better off staying in-state.

Also, if a school isn't ranked on US News, it doesn't mean it's inherently bad. It just means there wasn't any data obtained for the past year.

In the end, it's basically going to come down to my state school (arkansas) and Iowa (should I get accepted). I don't really care about getting accepted anywhere else. The difference in rank is pretty huge. Iowa has more to offer, but it's much more expensive, and the cost of living is higher in Iowa City than Little Rock.
 
In the end, it's basically going to come down to my state school (arkansas) and Iowa (should I get accepted). I don't really care about getting accepted anywhere else. The difference in rank is pretty huge. Iowa has more to offer, but it's much more expensive, and the cost of living is higher in Iowa City than Little Rock.

What specifically do you like about Iowa in comparison to Arkansas? I.e. what are the special opportunities Iowa has compared to your state school? Start there, then you can make a better decision.
 
In the end, it's basically going to come down to my state school (arkansas) and Iowa (should I get accepted). I don't really care about getting accepted anywhere else. The difference in rank is pretty huge. Iowa has more to offer, but it's much more expensive, and the cost of living is higher in Iowa City than Little Rock.



Add Cost of flying back home for Thanksgiving, Christmas, etc.
 
Can't put a price tag on happiness, not enough people seem to value this under-appreciated factor in decisions.
 
Choose the program with more opportunities which includes great mentorship and research in prospective fields. You have some idea of what you like to do, right? People say, you'll have a complete different idea of what your choices will be after you enter and before you entered. Well, I think the choices weren't really made on substantial thinking/reasoning, just some fantasy. I'm sure one could get a very significant event that changes interest, but that should be a rare instance. You know what you're good at, what you're bad at. Again, things like this may not seem to matter right now, but I think every graduate level decision (ie medical school, dental, PhD, etc) needs to be based on these sorts of things, not rankings. You're pretty much choosing your "major" again. And why is it important to choose earlier? Well, if you know what you want to do, you'll probably seek out steps to reach it faster. The ones who graduated from undergraduate in 3 years knew what major by, the latest, end of the 1st year.

Most of the time, the top ranked schools will seem to have all the leading individuals, but really, no... Of course, the top medical fields are restricted by medical school performance, but this idea should give you some guidance when having to make decisions.

I'm sure just from first judgment, Arkansas will be terrible because...it's Arkansas. And Carver...in Iowa City (Iowa City actually isn't that bad...)? Both of these places are probably associated with corn fields and such. But, it's your training so look deeper... For example, Iowa has pretty strong biophysics research along with strong ophthalmologists... Arkansas has decent cardiovascular clinical research as well as strong pediatric heart surgeons. Read some of the top pertinent journals to stay up to date, including research...for example, Circulation, Science, NEJM Cardiology/Genetics/Surgery. Look at the authors and the corresponding institutions. Look up some people at Arkansas and Iowa. So once you make this decision, you can also factor in life choices, price difference, etc. By this point, price difference will come into perspective.

Once you enter the program, make some proactive moves to seek individuals out and make connections. Then, mentorship could lead to connections or recommendations for your future. And when your recommendations are from the leaders of the field, they'll carry a lot of weight and open up many doors.

Reading and seeking out more about these programs should give a better systematic approach to choosing rather than just going off emotion or some other superficial comparison of the two schools. If you actually think this through with some substantial logical reasons, then you most likely will be "happy," right? Don't just go off of how you felt for that one interview visit. Or what other undergrads think about the program. Go off your own thinking, own research, the ones who've been at the field for a while (but not about to die...). I'm sure you actually looked into the school before you made your decision that you'd apply so all of this thinking you should ultimately narrow down your choice.
 
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top 20 (unless you plan on doing a non-competitive residency such as peds) > cheapest MD school > most reputable DO school.
 
top 20 (unless you plan on doing a non-competitive residency such as peds) > cheapest MD school > most reputable DO school.

I'd rather pay $37k/yr to go to Loyola than $27k for state school 🙂
 
I think the answer to this question largely has to do with desired specialties. The PCP's I know tell me every day, if you are considering primary care don't go anywhere but state school. The debt burden is just not worth it.
 
I'd rather pay $37k/yr to go to Loyola than $27k for state school 🙂


To each his own, but Maywood is a lot less convenient than where UIC is at, IMO. I'm an alumni of both universities and I know that either one will provide a solid education. UIC may be the more expensive option in any case because they dick you for summer tuition during your 3rd and 4th years, so it pushes the cost up to near where private schools charge.
 
You are spending the next four rigorous years in this place, so you might as well enjoy the city where the school is.

Delayed gratification. Save money now so you can do what you want later. Remember, there is life after your twenties.
 
Can't put a price tag on happiness, not enough people seem to value this under-appreciated factor in decisions.

Yes you can. :laugh: Paying $80,000 more is ridiculous. I'd suck it up and stick it out at the school I "hate" because medical school is going to suck either way.
 
Yes you can. :laugh: Paying $80,000 more is ridiculous. I'd suck it up and stick it out at the school I "hate" because medical school is going to suck either way.

You mean second year of med school wasn't the highlight of your life? I LOVED spending countless hours on a beautiful day studying path, pharm, micro, etc......
 
You guys clearly have no idea how much $80,000 is. That's a sizable down payment on a house, or a kickass sports car, or several ridiculous vacations, or a college education for your future children.
 
You guys clearly have no idea how much $80,000 is. That's a sizable down payment on a house, or a kickass sports car, or several ridiculous vacations, or a college education for your future children.

Yeah, this is the biggest failing of our generation. Unless you're paying for your education with cash, price should matter for EVERYONE. It's NOT something that should just be dismissed with "oh, I'll have no problem paying that back." That's how people with six figure salaries somehow manage to go bankrupt.

A very rough but good rule of thumb is to assume that every dollar you borrow now will cost you 2-3 dollars once you pay back your loans. Obviously everyone's situation will vary, but this is how differences as small as $10k/yr make a huge difference over the long term.

(sent from my phone)
 
Can't put a price tag on happiness, not enough people seem to value this under-appreciated factor in decisions.

I'm sorry, but that is wishful thinking. Maybe you haven't had enough suck in your life, but you can absolutely put a price tag on happiness. For me, it's definitely not worth 80k minimum. Especially when you can be happy anywhere if you know what to do and how to get into the right mindset.
 
I'm sorry, but that is wishful thinking. Maybe you haven't had enough suck in your life, but you can absolutely put a price tag on happiness. For me, it's definitely not worth 80k minimum. Especially when you can be happy anywhere if you know what to do and how to get into the right mindset.

I quit a lucrative career in finance because I was not happy with my prospects about my future. I have made the personal decision to prioritize happiness over things like salary or loans. While it is true that 80k+ will be difficult to pay off in the future, it is not an impossible debt burden to bear. I will very readily pay the extra money to be in a place I enjoy than a place I will potentially be miserable in for years. While it may not be the case for everyone, it certainly is for me.
 
As someone who grew up poor I've learned that there are far more important things than money. Happiness and comfort are worth the extra debt in the future.

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As someone who grew up poor I've learned that there are far more important things than money. Happiness and comfort are worth the extra debt in the future.

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But is extra debt in the future happy and comfortable?
 
As someone who grew up poor I've learned that there are far more important things than money. Happiness and comfort are worth the extra debt in the future.

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The point that myself and others are trying to make, though, is that a decision to be "happy" now may cost you significant happiness in the future. Obviously everyone has their own expectations for the kind of life they want to live, but seeing thousands of dollars leave your pocket each month has a very real impact on your ability to do what you please with your income. Paying loans off in 5-10 years versus 20-30 years will, for most people, lead to a drastically improved quality of life. I'm obviously painting with broad strokes, but it's something to consider.

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If it's a difference between somewhere you love and somewhere you like, but aren't over the moon about, go with the latter if it's significantly cheaper. If you absolutely hate the cheaper school then fork out the money. My point is, if you can tolerate the state school then the savings are worth it. You can do great at any med school in the country as long as you put the work in. And, after all, it is only four years. Four years that you'll be so busy you won't have much to be enjoying the location anyway.
 
Harvard full tuition vs. State school full scholarship

which one would you guys choose?
 
Harvard full tuition vs. State school full scholarship

which one would you guys choose?

Would depend on a lot of factors. I would probably go to my state school (where I currently attend). I love it, it's close to home and it's not cold. Obviously getting a Harvard MD for only COL would be worth it,so long as you'd be happy in Boston.

I am interviewing in Boston for residency in a few weeks - really excited about it, but the COL and cold really scare me!
 
Wow $80k cheaper? That's a lot and would certainly make me pick the cheaper school. The exception would be if I definitely could not see myself attending that school on interview day (I visited one med school that I would rather have reapplied than attend TBH. My lack of enthusiasm was probably pretty evident so I didn't get accepted there lol)
 
Harvard full tuition vs. State school full scholarship

which one would you guys choose?

Full scholarship for sure. However your own career goals should be considered here - if you want to be a hot shot academic, then Harvard is probably worth the cost.
 
At the end of the day, medical school is a training facility for residency. You shouldn't be blowing through 75k/yr when you can go to a 20k/yr school. Cream always rises to the top, so do well on your Boards and get into a good residency.
 
But is extra debt in the future happy and comfortable?







The point that myself and others are trying to make, though, is that a decision to be "happy" now may cost you significant happiness in the future. Obviously everyone has their own expectations for the kind of life they want to live, but seeing thousands of dollars leave your pocket each month has a very real impact on your ability to do what you please with your income. Paying loans off in 5-10 years versus 20-30 years will, for most people, lead to a drastically improved quality of life. I'm obviously painting with broad strokes, but it's something to consider.

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In most cases even a primary care physician can live comfortably while paying off med school debt. I underatand we all have different ideas of what comfort is, but im quite alright with not buying a Ferrari 10 years out of residency.

4 years at an undesirable med school is worse than 20 years of no private jet and no 50' yacht.

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As someone who grew up poor I've learned that there are far more important things than money. Happiness and comfort are worth the extra debt in the future.

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Unfortunately, all three of those things are not mutually exclusive.
 
Unfortunately, all three of those things are not mutually exclusive.

I don't know what you mean? Is it better If I say perceived happiness and perceived comfort?
😕
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I don't know what you mean? Is it better If I say perceived happiness and perceived comfort?
😕
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This is 2012.

Comfort is directly related to money (albeit depending on lifestyle/personality). Happiness in itself has a component that comes from comfort. In other words, it is short-sided to try and fully distinguish between all three.
 
This is 2012.

Comfort is directly related to money (albeit depending on lifestyle/personality). Happiness in itself has a component that comes from comfort. In other words, it is short-sided to try and fully distinguish between all three.

Sure but the amount of money necessary for comfort is subjective. Maybe you need $200k disposable income andaybe I need only $80k. What I'm saying is I'm willing to spend more money to be comfortable for four years of medical school.

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Sure but the amount of money necessary for comfort is subjective. Maybe you need $200k disposable income andaybe I need only $80k. What I'm saying is I'm willing to spend more money to be comfortable for four years of medical school.

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Right. I don't view that as comfort. I view that as a subjective feeling based off a short interaction.
 
4 years at an undesirable med school is worse than 20 years of no private jet and no 50' yacht.

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No offense, but that is immaturity of the utmost magnitude. I am also clearly not talking about having private jets or yachts. Let's be real here.

(sent from my phone)
 
No offense, but that is immaturity of the utmost magnitude. I am also clearly not talking about having private jets or yachts. Let's be real here.

(sent from my phone)

No i understand. It was an extreme example to make a point. Having a butt load of disposable income at the age of 35 is not a high priority for me. Maybe I'm being too idealistic but most people make 50k per year. If im making 180k and spending 80k on loans, taxes, etc, I still have 100k.

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No i understand. It was an extreme example to make a point. Having a butt load of disposable income at the age of 35 is not a high priority for me. Maybe I'm being too idealistic but most people make 50k per year. If im making 180k and spending 80k on loans, taxes, etc, I still have 100k.

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🙄 Please don't confuse household with individual income.

It's very easy to say all of this now, but you cannot even be sure of how your perception on this issue will be 3-4 years from now. What happens if you meet someone in a couple years (not in your class)? Have a kid(s)? You might be kicking yourself when you can't get that vacation or if daycare or some other expense takes up >50% of your income all because you had this weird idea you could only be happy in one city vs another.
 
No i understand. It was an extreme example to make a point. Having a butt load of disposable income at the age of 35 is not a high priority for me. Maybe I'm being too idealistic but most people make 50k per year. If im making 180k and spending 80k on loans, taxes, etc, I still have 100k.

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To each his own, however I will leave you with this. I have never once heard a physician advise choosing a top ranked school over a lower ranked school if it meant having significantly more debt. I have also never heard a physician complain about their school choice but have heard MANY times physicians advising to go with your cheapest option.

Finally, how do you know you're making a choice that will make you happy? What do you do if you're unhappy and paying $60k/yr to attend a particular school? Thinking you are doomed to be unhappy at a school because of the 10 hours you were on the campus is a foolish assumption. Obviously you can leave with impressions, but impressions have nothing to do with your future happiness.

You're gunna do what you're gunna do, but I would strongly advise you to be careful about chasing some elusive and largely imagined perception of "happiness" at any cost.

(sent from my phone)
 
🙄 Please don't confuse household with individual income.

It's very easy to say all of this now, but you cannot even be sure of how your perception on this issue will be 3-4 years from now. What happens if you meet someone in a couple years (not in your class)? Have a kid(s)? You might be kicking yourself when you can't get that vacation or if daycare or some other expense takes up >50% of your income all because you had this weird idea you could only be happy in one city vs another.

Ok so if household is
$50k then my point is even stronger...




To each his own, however I will leave you with this. I have never once heard a physician advise choosing a top ranked school over a lower ranked school if it meant having significantly more debt. I have also never heard a physician complain about their school choice but have heard MANY times physicians advising to go with your cheapest option.

Finally, how do you know you're making a choice that will make you happy? What do you do if you're unhappy and paying $60k/yr to attend a particular school? Thinking you are doomed to be unhappy at a school because of the 10 hours you were on the campus is a foolish assumption. Obviously you can leave with impressions, but impressions have nothing to do with your future happiness.

You're gunna do what you're gunna do, but I would strongly advise you to be careful about chasing some elusive and largely imagined perception of "happiness" at any cost.

(sent from my phone)


I understand and I know anyone with multiple acceptances has a lot to consider.
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You guys clearly have no idea how much $80,000 is. That's a sizable down payment on a house, or a kickass sports car, or several ridiculous vacations, or a college education for your future children.

Yeah, but this is only relevant if you need a house, kickass sports car or ridiculous vacations to be happy. I agree with you, 80000 is a TON of money, and repaying the debt I expect to have is scary and daunting. But money isn't everything, and if it means going to a medical school that I think is a better fit for me, and provides me better preparation for my career, I will be worth the debt that I will certainly be capable of repaying (though it won't be fun) with a physician's salary.

Lucky for me, my state school is by all measurements an EXCELLENT school. But if it turns out I'm a better fit at a school for double that cost (and it probably won't be that much), and I'll have to live in a small two bedroom house or a split with a used car for 10 more years, then so be it. I won't worry about the future when I have to worry about my life right now.
 
I won't worry about the future when I have to worry about my life right now.

Oh... oh my.

"Screw my financial future, I need to decide if going to this school to learn a standardized body of material and paying twice the cost is better than going to THAT school to learn a standardized body of material at half the cost! At this one school there a such a cool lounge and call room that it's totally worth it!"

I'm obviously having some fun here, so don't get too worked up.

(sent from my phone)
 
Oh... oh my.

"Screw my financial future, I need to decide if going to this school to learn a standardized body of material and paying twice the cost is better than going to THAT school to learn a standardized body of material at half the cost! At this one school there a such a cool lounge and call room that it's totally worth it!"

I'm obviously having some fun here, so don't get too worked up.

(sent from my phone)



I'm not worked up don't worry....

But I don't think my argument is foolish like you're making it seem. Why buy a huge house when I can live in a small one? Why buy a ferrari when a 5k used corolla will get me from point a to point b just as well? Why fly first class when I can fly business in the same plane? Why stay in the Ritz-Carlton when I can stay at the Best Western? Why waste all my time trying to court a hott girl when I can date an ugly girl who I can still make babies with?

The information might be standardized, but the delivery is different. There are certainly idiosyncrasies in each curriculum that make certain medical schools more favorable than others to different people, and I think this supersedes cost. Again, on a physician's salary, I'll be more than capable of repaying any debt I accumulate now.
 
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