One of the thing I really can’t understand is they charge a high price for couple’s match. The algorithm in that is nothing special and yet they charge an absorbent amount of money to just let some one have the privilege. It sound like a rip off.
The discrepancy is due to those 8000 applicants not receiving any interviews. You can’t submit a ROL unless there’s something to rank. Primarily those missing ROLs belong to FMGs or USIMGs,
NRMP data only includes those who actually submit a rank list. The stats don’t include those who applied for Match, but didn’t submit a ROL because they had no interviews. Because of this the typically quoted 40% match rate for FMGs/USIMGs is actually much lower than it appears to be.
Some FMGs are experienced physicians in their home countries, but applicants from countries that produce a high numbers of applicants annually (India, Pakistan, Nigeria) are most often recent med school grads who have not practiced in their home country. (India, Pakistan and Nigeria accounted for over 2100 FMG applicants in 2013, the last year that country of origin data was reported.)
I wonder if anyone is tracking Chinese medical schools. Apparently people from India are going there to get a degree because private school education is lot cheaper in China and these schools teach in English.
The NRMP no longer tracks or reports the countries where ECFMG applicants earn their MD degree. (Too many off shore medical schools got butthurt by the data and asked that it no longer be reported and allegedly followed up their request with a lawsuit.)
When students spend time after 4 years of MD, during residency or fellowship, are there any tuition or fees they need to pay to school / hospital?
In other words, will there be any expense which may qualify for 529 after completing MD 4 years? Thanks.
We are in the last year of D’s 4 years med school, so we have studied the situation. No, she will not be qualified for 529 afterwards as she is considered “employed” and no longer a student.
She can otherwise to cancel the 529 and receive the balance of the account. She has to pay taxes on the gain, nevertheless.
Does 529 work for continuing education?
It depends on the exact situation.
In general, yes, continuing ed classes can be paid for using 529 funds, but…the beneficiary has to be enrolled at least part time as a student in an accredited educational institution.
So “continuing education” classes required for physicians to maintain/renew their medical licensing—not eligible for 529 reimbursement.
Residents may have test fees they need to pay for and license application fees, but none of those expenses are paid to the program.
Residents/fellows are not considered students and are not enrolled in accredited educational institution so 529 fees cannot used to pay for their expenses.
I think it’s amazing that some folks have paid for undergrad, and medical school costs and still have money left in a 529.
I believe this 529 money can be used for educational purposes for a different beneficiary…like maybe grandchildren someday?
@thumper1 - I believe @goldenrock is planning ahead! His D has not started med school yet and she finished undergrad early almost on a full scholarship if I am not mistaken.
@GoldenRock excellent not to pay anything for undergrad. Unless your DD really hits the jackpot, you probably will use a good chunk of that 529 for medical school…
And if that’s not the case and you are the owner, I believe you can change beneficiaries to other of your kids…or grand kids.
@BelknapPoint I. Relieve I’m correct about this 529 money…right?
Generally, a 529 beneficiary can be changed, limited to rules set by the IRS.
Also, for the comments saying that 529 money cannot be used to pay for this, that and the other: generally, 529 money can be used to pay for anything. The question becomes one of whether or not the money is being used for a qualified or non-qualified expense. If it’s a non-qualified expense, the earnings portion of the 529 distribution is subject to tax, and possibly also a penalty of 10% additional tax.
@thumper1 Thanks for the follow up and adding experts on this topic.
May be some $20k or so will remain eventually. I could have spent $4-5k on her Room for 2018. May be it is too late. I need to spend some time to research on tapping 529 and at the same time using AOC which I used last year. So now mostly may not be able to go back and get the money for 2018 rent (it is not allowed because, you can not double dip, also it impacts profile if not done on the same tax year, but we never filed FAFSA.). It gets too complicated.
Credit goes to my DD, the only child I have. Right or wrong, she is frugal, principled and risk taker. It worked out so far.
@goldenrock - time to start attending school!
@texaspg Your post makes me to share 2 memories of my family.
- When she was in in school (7th to 10th), I used to keep telling her, whenever you go to college, I will join that college and will do my Ph.D to overlap the 4 years and support you. She used to be so thrilled and agreed. Alas, once she reached 11 & 12, her position changed and once she entered college, she told, after your visit during the orientation day and settle me down, don't bother to visit me at all (which we have not done). Time changes. Wish kids remain kids forever! So there goes me attending school!
- When I informed my DD that probably we may have $20k or so left in 529, without a blink she responded, why don't you transfer it to my children. My wife said OMG and we were spellbound!
For anyone is looking for a unique gift for your new med grad–I have an suggestion. A custom-made scrub cap if your young doctor is heading into a “messy” field (anything surgical or where they’re exposed to bodily fluids). There are even special caps for individuals with long hair. I’ve seen scrub caps with terrycloth brow pads on the inside to keep sweat from rolling down the doctor’s forehead during procedures.
Etsy has a bunch, or, if you (or someone you know) has some basic machine sewing skills, there are dozen or so patterns available on the 'net–including some free patterns. (PM me if you want some hints on where to find those patterns).
D2 ordered a couple for herself so she could stand out in the sea of green scrubs. It’s adds a bit individuality and flair.
Thank you WOWM for good suggestion. But when I got to Esty, my head spins. How could I order some thing for D with so many patterns and colors? I know whatever I buy won’t be her taste. Man o Man…
Good wishes to all who are up for matching this year. Isn’t that news set to come out? I thought students find out IF they match maybe on Monday…and then where they match next weekend.
Is that right?
Good luck to all!!
Yes, by Monday March 11, they will know if they have matched in the NRMP main match(not knowing where they have been matched) or not, if not, they are going to SOAP for three rounds. Everyone will get the match and SOAP results on March 15th.
We are taking a BIG vacation in April-May(about three weeks) to celebrate this, Good Luck for everyone.