<p>Acceptd,
"? Do not understand… for med schools, finances are usually one of the most heavily weighted factors for students. 200k+ in debt vs full-ride for the same MD? Unless YOU are paying and not your D? I r confuzd. "</p>
<ul>
<li>If family can afford it, why not? In our specific case, we did not pay UG tuition because of merit scholarships, so we will support D. thru med. school. According to OP, his family is not concerned and are willing to pay for whatever, why he should be?</li>
</ul>
<p>It does look like merit based scholarship for IS medical schools is rather rare. Considering $40K(IS) vs. $60K (private or OOS), parents may be willing to pay for more especially if their kids have been on a full-ride in UG.</p>
<p>^Yes, diff. in total cost between cheapest and most expansive on D’s list is about $45K. It is not significant enough to be considered in decision making. But at this point she has only one school in her pocket, so will see. </p>
<p>OP might confirm with his family their position in terms of finances, unless it has been stated clearly already. Some families are willing to fork over huge $$ for UG. If so, then go for the best.</p>
I feel like your situation is rather atypical - not the norm. It is my (possibly erroneous) perception that most students are supported through undergrad by their parents, and then on their own for grad school - hence the reason $200k+ in debt is such a concern in choosing medical schools.
Again, I think it is more typical that a student’s family supports the best possible UG that the student is accepted into. </p>
<p>If the student is receiving support for med school by his/her family, then I would agree to go for “the best.”</p>
My D also choose the “scholarship to UG to save our money for medical school route”. Atypical? Maybe so, but there’s a least two of them. ;)</p>
<p>Probably more to the point, for most students the difference between expensive and inexpensive UG’s is much greater than expensive and inexpensive med schools. Some aspiring pre-meds have college paid for them by the school but I don’t know of anybody -non-military- getting a free-ride to med school whether merit-based or need-based. Some full-tuitions and some taking out only unit loans at Harvard or Yale (and a few others). </p>
<p>For my D the sticker difference between her highest and lowest med school COA was $30K a year but that’s because she’s a Texan. For most med students I’d guess it’s closer to $15K/year between IS and OOS publics and privates. I’ll look up a couple and post.</p>
<p>"Again, I think it is more typical that a student’s family supports the best possible UG that the student is accepted into. "</p>
<p>It may be true for parents with single child. For a family with multiple children, this may not be realistic. Furthermore, if a student will be pursuing MD or an advanced degree, UG is really not that important. I think that I understand MiamiDAP’s view. I do not know OP’s family. I have three sons. I can only promise each of them a fixed amount toward their total education. I am counting on 2.5 full-rides from our state college.</p>
This is very true. One student DS knows about got into one of top colleges but she has 2 or 3 younger siblings. It gave her family a lot of stresses when they needed to decide whether to send her there. This was before the “financial aid reform” at some top schools that happened about 2 or 3 years ago. She did go there in the end. It must have been very painful for their family to get through this. What if other siblings also want to go to a comparable school?</p>
<p>lol. I don’t know how common it is. It was never my plan. In our case, it was a deal sealed in blood on our front porch. “Dad. If I turn down the elite school for UG in favor of a full-ride at a school I like a lot, will you spend what you would have spent for UG on med school?” Yep. </p>
<p>Most people probably get parental support. Do the math. The average debt is in the 160,000 range (120k for public schools). The cost of attendance for 4 years is approx. 200k -300k over 4 years. Most med students have 0 income and 0 savings. Most med students also don’t get any substantial scholarships/grant. So, where do you think the 100k difference comes from?</p>
<p>loans. expecting mom and dad to pay for med school when retirement looms is just not reasonable for most/many. lots of ways to finance an education…not so much for “the golden years.”</p>
<p>My D. did not expect any help, she was offerred it because of our unique situation. I do not believe in loans, paid fully for my S. and he expressed his appreciation many times, having friends around him struggling with loan payments and starting families. We have not discussed this with D., I just keep telling her not to worry about finances, and I hope she understands what that means. We are both very lucky to have jobs, no other dependents, no mortages/loans and I have made a decision not retire because I have no idea what I will be doing with my time if I do not work. Of course, I could be kicked out any time, there is no quarantee. And the last, but not the least, UG tuition was covered by numerous Merit $$.<br>
Everybody should assess their unique situation, confirm with parents who is paying for what and how much and decide accordingly.</p>
<p>norcalguy…re-read your first sentence. I would hazard a guess that it is not as universally true that most get parental support. Good for those who can pay for some/part/all of their kids’ med school. </p>
<p>As a family that has several doctors in its midst, I can say that they all did quite well for themselves despite having to fund their own medical school costs. So, I guess I will not feel too badly for following suit.</p>
<p>Again, good for those of you who can help your kids out. They are fortunate.</p>
<p>^ The MSAR book includes the average graduate indebtedness for each school. It is usually on the last sentence near the right most corner of each page.</p>
<p>I do not have a new MSAR. The 2008-2009 version shows the following number for, say, Columbia, and UT-SA:</p>
<p>I am surprised to find that the difference between these two schools are not that huge, considering the non-insignificant differences in tuition/fees and living cost. Is it possible that a higher percentage of the students at Columbia come from families with more financial resources? (At least we know that the family of one MS student at the former school posted fully supports his post-graduate education financially because he got a free education in the honor program at his state school :))</p>
<p>I have seen the combined number for all schools, but could not remember where I saw it. But I think the number norcalguy quoted seems not far off.</p>
<p>We do not think we are capable of helping finance my child’s post-graduation. Too bad for him, but I thinks he would understand. He is fully aware that it is already a stretch for us to finance his UG.</p>
<p>Everyone worries about debt. I don’t see how bad it is to have debt for higher education. </p>
<p>If you really think that debt is bad, then save more when you finally becomes a physician. If you can just cramp up living with your parents for two years, and if you can make $80,000 per year, then save 1/2 for it would be enough to get out of 1/2 of your debt. </p>
<p>Again, undergraduate reputation is helpful. Unlike engineering where market, connection, funding, and culture can make a difference in prospect engineering students.
if you go to a very good school, with effort getting into a great medical school isn’t a problem.</p>
<p>Unless you want to become the next Bill Gates, then medical is not for you. This is more MBA, and engineering (with science of course).</p>
<p>My point is that we don’t have to guess. The numbers are all there. </p>
<p>$300,000 for 4 years of a private medical school.</p>
<p>Average indebtedness of $160,000 (so the med student is taking out $160k in loans)</p>
<p>There is a $140,000 difference. Where does it come from? </p>
<p>The average 23 year old has no income while in medical school and likely no savings. Most med schools offer few merit scholarships. So, there is no way most students are contributing anything towards their education. The $140,000, most of the time, come from the parents. </p>
<p>Look at the financial aid application process. In order to be eligible for any institutional aid, you must submit your parents’ financial info, even if you are 30 years old. Med schools are expecting and practically forcing parents to contribute. </p>
<p>The numbers don’t lie. On average, parents are contributing somewhere in the range of 100-150k over 4 years per student.</p>
<p>“if you go to a very reputation school, with effort getting into a great medical school isn’t a problem.”</p>
<p>D. was not concerned about getting into elite UG at all, neither she is concerned with getting into top ranked Med. School. Most of pre-meds are in the same boat. Yes, there are some very ambitious ones somewhere, who dream about Harvard and John Hopkins. D. did not apply there even after strong advice from her pre-med advisor. She did not see any reason, but others might which is OK. The point is most pre-meds are OK with entering ANY American Med. School and most UG education will provide them with this opportunity. I am not talking about slacking though, everybody knows that high GPA and decent MCAT is a must.</p>