Education cost and debt of MS students

Pre-Med & Medical School Pre-Med Topics
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<p><a href="https://www.aamc.org/download/152968/data/10debtfactcard.pdf%5B/url%5D"&gt;https://www.aamc.org/download/152968/data/10debtfactcard.pdf&lt;/a&gt;&lt;/p>

<p>Indebted Graduates, Class of 2010*
Public Private All
Mean $148,222 (↑0.1%) $172,422 (↑1%) $157,944 (↑1%)
Median $150,000 ( 0%) $180,000 (↑1%) $160,000 ( 0%)</p>

<p>Why are the debts not much different between a public medical school student and a private medical school student? (median $150,000 vs $180,000)</p>

<p>The only reason I can think of is that the families of the students at a private school tend to be richer.</p>

<p>I also believe it is more reasonable to look at the median than the mean.</p>

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<p>“Why are the debts not much different between a public medical school student and a private medical school student? (median $150,000 vs $180,000)”</p>

<p>-I calculated about the same difference between D’s private and publics. I told her that it is about the cost of one car and should not be considered in her decision making (I had to convince her there). At our state, the cost of last 2 years at publics is about the same as cost at private. The difference is only in first 2 years. Well, she ended up choosing the most expensive one, so be it. We will decide every year. </p>

<p>I do not think that families at privates tend to be richer. Many of D’s very rich friends are going for free Med. School. D. went to very expansive private HS with lots of kids having parents physicians. All of them (according to my D.) are going to local public Med. School because it is free for them (parents are working there). Some of the same type of families at D’s UG are also sending kids to publics. My D. could have done the same if I was not convincing her not consider cost and just choose which one is the best for her. I felt that she deserves the best and we did not pay UG tuition…and we can keep our cars a bit longer, I like them anyway.</p>

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<p>The only reason I can think of is that the families of the students at a private school tend to be richer.</p>

<p>That makes sense.</p>

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<p>Yeah, I wouldn’t be surprised if students from richer families placed a little bit more weight towards a school’s ranking than kids whose parents couldn’t help them pay. </p>

<p>Remember that half of that debt is living expenses, which is going to be basically the same whether you attend Yale or UConn.</p>

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<p>When our S was doing his apps we noticed that many publics have low tuition costs but then make up much of the difference in student fees and other charges. </p>

<p>The Texas Med schools are still really a bargain…total COA including living expenses is between $30 and $35K a year.</p>

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<p>MiamiDAP, While it is true you did not pay for UG, you paid for expensive private HS. “D. went to very expensive private HS.” LOL.</p>

<p>TufStudent, regarding “half of that debt is living expenses”: This is roughly true for a public medical school, but not necessarily true for a private one if the student does not get any free money. COA for a public is, say, 45-50K a year, and COA for a private is, say, 65K-70K. There is no way a student spends 30K+ a year for living expenses. (unless he lives in an expensive Manhattan apartment which costs $3000 per month. – There is no public medical school there.</p>

<p>eadad, Although it is no doubt Texas ones are cheap, they are not 30K to 35K right now for their COA. The cost of attendance is 45K at BCM for an IS this year. Other UT ones aren’t much cheaper either for an IS. The only thing that makes a school like UT-SW cheaper than BCM this year is probably because it more likely gives out some “free money” (5k-10k for MS1 only, less for other years.)</p>

<p>However, what you said would be true if the student does not spend all the money as estimated in COA. The living expenses are 23K a year for one of these schools.</p>

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<p>mcat</p>

<p>The estimated COA might have gone up in the last four years but I know what the first three years have cost my son and it isn’t $40-45K annually…he will graduate with about $150K of debt when all is said and done unless his anticipated costs for residency applications and interview travel FAR exceed what has been budgeted. </p>

<p>My son dramatically reduced his living expense from year two on by renting a 5 bedroom house with four other classmates for MS2 and when the owner was forced to sell the house we found a 4 bedroom house (one less guy as well) for MS3 and MS4. His rent dropped to $500 mo and shared utilities was only about $200. If they want to keep their costs down, they can find a way.</p>

<p>I agree that costs go up each year but they have not been significant, actually more incremental based on 11 months vs 9 1/2 month academic calendar and allowing for clothing for third and fourth year etc. Fourth year is by far the most expensive and will approach the numbers you mentioned but the first three have been significantly less than that.</p>

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<p>

Thanks for the comforting info.
I do not know it could be cheaper if not living in the dorm. I always thought it is cheaper to live in a dorm. Guess I am mistaken.</p>

<p>We wish the total debt will be around $150K 4 years later. I hope it is not totally wishful (or even magical) thinking. Ouch…just thought of this: it may not be 4 years only.</p>

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<p>mcat2,
"MiamiDAP, While it is true you did not pay for UG, you paid for expensive private HS. “D. went to very expensive private HS.” LOL.</p>

<p>-Yes, but we did not pay full price there either, again bacause of Merit scholarship based on placement test before entering HS. So, our price was not that bad, about the same as catholic HS’s, although D’s HS is the most expansive in our area.</p>

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<p>We’ve also found it’s cheaper to share a house. D1 went UG a state flagship (where med school is also located). She dormed until the end of her sophomore year. After that, she moved out into a shared house/townhouse. She’s lived in 4 different houses–they’ve all been less expensive overall than the dorms. </p>

<p>Right now she’s in a very nice 3 bedroom/2.5 bath townhouse with 1 roommate about 2 miles from campus. (Which, btw, is actually closer than the grad dorms.) Her rent is $500/month plus 1/2 utilities (total monthly utilities including internet under $250/month–so $125 each). If they decide to take a third roomie, costs will go even lower.</p>

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<p>mcat2, if you are thinking about a 5th year, check with the school in question. Some schools have 5th year “tuition-free” under some circumstances. My kid is planning to do a research year between MS2 and MS3.</p>

<p>I’m, praying for $150,000, too, but don’t know if we’ll make it. :(</p>

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<p>Gosh. D just moved from her shoebox to a large 3br with two med school roomies. Although it will be a good deal cheaper than her shoebox, it’s still much, much higher than what eadad’s or WOWMom’s kid is paying. New Haven rents are not cheap and the dorm is quite a bit less.</p>

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<p>D’s studio will be $815 / month + utilities. It is cheaper than in some other places that we have visited, but her school is very expansive, about $50k for tuition only. First year, computer + microscope is estimated at $4k on school’s cost sheet.</p>

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<p>S lived in a brand new 700 sq ft one BR apt almost on campus his first year…reduced rent due to early signup was $910…when they announced renewal was going to be $995 he said “no mas”…</p>

<p>The first house was truly a “rent house” in every way but at $2500/mo it was a real deal…big yard and a pool and the rent included lawn AND pool maintenance! When they negotiated the lease they requested (and got) a 6 month window to renew for two more years but right before they were going to exercise the option the owner announced that she was getting divorced and had to sell and needed them out earlier than the full year.</p>

<p>They/we were able to negotiate that the owner fully refund the security deposit, no questions asked, pay their moving expenses and reduce monthly rent until they could find something else. It was hard to find another 5 BR house at that time that I would even consider letting them live in that wasn’t $4000/ mo so they had to split up…S and two others went one way and added a fourth roommate. I found them a much nicer house, fully renovated with two masters but no pool. Rent went up by $50 a guy but utilities dropped significantly so it was a wash.</p>

<p>Both houses were in N Dallas and about a 15 minute drive to campus/hospitals but at the time of day they are driving now, it takes no time to get to the hospitals and they LOVE living in a house.</p>

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<p>^D. has mentioned something like that. My answer was: it is for guys. Based on above, I believe I was right. She should be able to walk to school with others. Renting office said that they usually have about 45 M1’s every year and they mostly walk in groups. No UG’s and no pets allowed, I liked that. They also have shuttle bus to school.</p>

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<p>Son is looking at places now and is trying to decide between roomate or no roomie.</p>

<p>Option 1- with roomie is a 2 bedroom apt/1 bath about 1 mile from campus with bus stop .5 mile away. Rent is $800 so $400 plus utilities…running $75 per month.</p>

<p>Option 2- no roomie for a 1 bedroom, 1 bath +den 800 sq ft., 3 miles from campus but bus stop is 50-100 yards away, has a pool, 24 hr gym, and is $660.</p>

<p>At same location, a 2 bdr, 2 bath 1300 sq ft is also available, townhome, upstairs downstairs…$730, only more because of fireplace and full washer/dryer rather than stackable. He could rent this now and find a roomate at a later date. Parking available at both. But since the bus (UNC school shuttle) stops at both he would not need a vehicle. Shuttle runs every 5-10 minutes and late into the night, stops in front of med school doors and clinics all along the way and is free for students.</p>

<p>Son was awarded a full tuition scholie+fees, laptop so for now he has to cover his living expenses with loans (another scholie is pending for residual). He would like to keep expenses as low as possible so wants a roomie for that reason but also likes his down time and study time.</p>

<p>I have been stalking craig’s list for furniture, and household stuff and raiding my cabinets for cooking stuff and linens from my linen closet. Not all his stuff from undergrad survived, some did, we salvaged what we could!</p>

<p>Was able to locate a free sofa and love seat and $100 table and chairs from Craig’s list, love my old junkie truck! Working on the rest. Was able to pick up a $10 toaster at JCPenneys over the weekend and one of those burger machines as well, a some flatware for cheap. His research finishes 8/3 and classes start 8/8.</p>

<p>Since cost of living is pretty low in our neck of the woods it won’t be too bad.</p>

<p>He is hoping to minimize his loan amount so I am on a very strict budget!! (what else is new??)</p>

<p>Kat</p>

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<p>Doing great, Kat. !! D found a new desk (table) today that came with 4 chairs for $40. lol. Bet it’s nice. ;)</p>

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<p>My 1100sf, 2bd/1ba (newly renovated!) apartment is $775/mo + utilities + cable/internet, ends up close to $900, which I split with my roommate (so $450 each). We’re half a mile from campus and plan to bike most of the time (luckily have great parking in a garage at the med school for bad weather days).</p>

<p>Looking at right around $130k in loans after 4 years.</p>

<p>Guess modest cost of living and reasonable tuition are two benefits of mid-Missouri :)</p>

<p>And generous parents help a lot too ;)</p>

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<p>The new large apartment is costing the 3 girls $2500 a month. I just about fainted. But, it is cheaper than the $1100 plus for her studio. When I first heard that one, I think I did faint. </p>

<p>Paying for med school for our bunch consists of loans @50%, and then FA and parents pay the rest. And then, my kid blows past the living expenses component of COA by a fair amount. Trips to see the boy, trips with the boy to the beach, trips with the boy to NYC. I see a theme. :wink: That’s on her and she finances it by babysitting for some kids with specific needs (epileptic, etc). Sounds crazy but she makes a ton, can study when the kids are asleep, is in great demand, and enjoys the kids. </p>

<p>I guess it helps that the seemingly non-random boy is interning (experimental psychology?) at Cleveland Clinic. If he was local, she may not be able to do that.</p>

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<p>Curm- you would be surprised at what I find on Craig’s list!! The table and chairs turned out to be some wonderful Ethan Allen table and chairs. Nice color, sturdy and not horrible to look at…pretty swanky for us! Kiddo is thinking about the matching wall unit the people have…would have to fork over another $100 or so but it’s 5 pieces and holds a ton of books, so we’ll see…something like 8-9 feet long.</p>

<p>Did I say how much I love, love my 8 ft bed truck???</p>

<p>Kat</p>

<p>$1100 for a studio? oh my…oh my…the 4 bedroom unit/townhome runs $1049…gulp</p>