<p>Aaaaccckk!! Too. Complicated. </p>
<p>O.K. MCAT2. One benefit my kid is getting from her research year is that all her STEP 2 stuff is long since done. Another (at her school) is she is doing some of her MS4 stuff in the research year leaving not that much left to do in MS4. I could be wrong but I think just a few months worth. </p>
<p>As to STEP2 scores, somehow my kid had as a “go to” a score 10 points higher than whatever you score on STEP 1. Have no idea where she got the idea.</p>
<p>trying to go 10 points higher??</p>
<p>S was over 265. I don’t think you can go 10 points higher. He was happy with 10 points lower. Again I think scoring 10 points higher or more may have more impact when starting from a lower Step 1 or if applying to competitive program/specialty.</p>
<p>Hey. Just know what I’m told 
and what I was told was that you want a STEP2 score higher than your STEP1. </p>
<p>Probably not as important if you maxed out STEP 1. My kid and your kid had almost reverse scores.</p>
<p>curmudgeon - congrats to your kid.</p>
<p>
</p>
<p>Sure you can - classmates of mine were in the 270’s and 280’s.
Generally it’s just seen as beneficial to have a higher Step 2 score than Step 1. Saying “it needs to be at least 10 or 20 over” is just pulling random numbers out of your…
Unless you bombed Step 1, your Step 2 score is minimally important for most specialties as long as you stay in the region of your Step 1 score (obviously, doing OK on Step 1, then barely passing Step 2 would be a bit of a red flag). It’s all a grey area, ok? :)</p>
<p>I don’t have the foggiest idea what any of this means. It is opaque. She just feeds me little tidbits to keep me happy.</p>
<p>Had a chat with D1 this afternoon about residencies, potential practice options/locations and a variety of other non-medicine topics when the words, " I’m meeting with my financial planner" came out of her mouth. </p>
<p>I nearly swallowed my tongue in shock!</p>
<p>When the heck did this happen? D1 is my grasshopper child and now all of sudden she’s sounding like grown up, financially responsible adult type person. Next thing you’ll know she’ll telling me about Roth IRAs and the importance of diversified investment portfolios.</p>
<p>JUG- due to the vagaries of interview offer timing combined with available interview dates, DD has traveled to some cities twice and one region 4 separate times. She also had the sad need to fly to her own program in between two other interviews! </p>
<p>She made use of free places to stay whenever she could and also used miles whenever possible. I am sure a research year could have been a sweet way to make this less intense, but her school does not seem to promote that the way some others do.</p>
<p>DD did try to make the interview dinner whenever possible, some were impressive, some not, when only 1-2 residents show up. Sometimes it was impossible with the flight times and other commitments (10 interviews in 20 days!)</p>
<p>DD was surprised by some programs she was impressed with, surprised at how much she liked some just based on that 24 hours, she was also surprised a couple of times by how disinterested she was in some. Reminded me of stories of college tours and kids refusing to get out of the car.</p>
<p>somemom:</p>
<p>S didn’t have the interview roller coast ride that your D had. As the interview experience is quite taxing, I hope she’s recovered.</p>
<p>S reported almost verbatim your D’s impressions about his interview dinner and day experiences as well. One program he had thought for sure going in would end up high on his rank list ended up on bottom.</p>
<p>I’m not sure if your D is resident or MS4. If she’s MS4, good luck with match.</p>
<p>wowmom</p>
<p>I’m meeting with my financial planner" </p>
<p>I’m sorry but my inner antenna twanged too much for me not to post. I suspect this post will get me some blow back but I’m a big boy I can take it.</p>
<p>Hopefully D’s financial planner (FP) is some known and trusted family CPA, banker, lawyer, family member, etc., although even though a lot of very rich, very smart, and very financially savvy people trusted Bernie Madoff.</p>
<p>Whoever it is, possibly worse if it’s some guy who has just set up shop on campus to push financial products to smart but financially na</p>
<p>I would assume as a student at the moment, she is still spending money and whatever planning is being done to get ready to have an income as a resident and plan on how to pay off any student debt?</p>
<p>Her FP is a fee based CFP who I’ve worked with for several years. I’ve also introduced D1 to my broker. What D1 is trying to do is establish a reasonable plan for loan repayment while at the same time opening a retirement account so she can start contributing to that. She also wants to make sure her credit-worthiness is good because she and her SO are looking at buying a new ranch once she gets done with her residency.</p>
<p>While there are special loan programs for new docs to buy houses that don’t look at student debt, I’m not sure that ranches (which are businesses rather than family homes) are eligible.</p>
<p>texaspg: As I’ve gotten older I’ve come to believe the worst four letter word in the dictionary is “debt.” Individual debt can be a necessary evil (mortgage, student loans, etc), but can also be emotionally, mentally, physically crippling. I think it’s great that a med student or anyone for that matter get solid financial advice early on. But I also think that there are FPs that have their own issues with debt and facing their own need to support themselves/family may push na</p>
<p>I agree. I was saying the FP must be for debt control more than investment at this time. I am assuming she will need a Bernie level advisor probably in 3-6 years when there is real money involved which is when she needs a good planner.</p>
<p>Debt repayment is numero uno is how I operate too.</p>
<p>Jug- thanks for posting that, a good warning for people to think twice about each decision.
WOW- glad you have someone you trust.</p>
<p>I think it could be good for us to be exchanging some of these planning ideas, too.</p>
<p>I think no one would argue that the new MDs should max any employer matching for 401ks, after that it can be considered many ways. ROTH IRA before student loans or not?</p>
<p>Pay them off ASAP, plan for PLSF? If you are doing surgery and you have a 5 year residency followed by a fellowship, I cannot see how PLSF wouldn’t be the right choice, assuming the govt does not change the rules later. But if you do a 3-4 year residency, then what? Also, planning for PLSF where you pay 10-15% of income and the remainder is forgiven after 120 payments, well, what about getting married & being dual income? Buying houses?</p>
<p>Aaaaaaccckk! You people need to warn me before you start talking about this stuff.</p>
<p>During the break, DS wanted to find out how deep the hole he has dig himself in. ( in terms of his accumulated debt.)</p>
<p>
</p>
<p>Agreed.</p>
<p>Speaking of which, I suppose that I should get caught up on loan info. and the like. At least I’m a pro at filling out the FAFSA after filing one for the past four years.</p>
<p>Keep talking people. The lurkers are listening.</p>
<p>Financial tip for doctors making real money - in Texas, doctors build/buy mansions to protect themselves from lawsuits since homestead does not allow people to recover money from home equity.</p>