Awaiting Financial Aid for Medschool

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Hi Everyone!

As you probably already know, I applied for medical school last year, interviewed and was accepted. I will be starting in August — white coat ceremony is on day 1 of school!

If you’re curious how it feels, well, pretty damn good. I’m not accustomed to hard work begetting rewards, I had grown up with a empirical truth that hard work correlated to nothing more than hard times — thus, you best enjoy the journey — and so far I did. People often ask me a few questions:

Q: did you party like a rock star after getting into medical school?

I wasn’t showered in confetti, I didn’t go streaking down the street (I sort of imagined that’s how I’d celebrate, but alas now’s not a good time to pick up a misdemeanor), I didn’t take an extravagant excursions to Borneo, nor did I go spelunking. How do I celebrate? In a small way, for example “Man, maybe I shouldn’t buy this shirt..wait I got into medical school”. Those small rewards for myself are enough, because like many college students, I was trying to rival a monk on making due without for years — so, now I’m easy to please. Though, I’m amendable to my readers celebrating vicariously for me.

Q: given the smashing debt, why go into medicine at all?

It’s no secret that medical education is expensive in the US. The average medical student walks out about 180K in debt (not counting their previous debt from getting into medical school in the first place). I really had to ask myself this question, because well I turned down a full tuition scholarship to one medical school, and almost 100K from another. Now, I’m left waiting for my financial aid to be process at BU, and I’m not sure if I’ll be paying the bill by myself or with scholarships. I’ll let you all know soon how that worked out financially. Now, this may seem counter intuitive, especially considering how much I spent on applying. But, I think if anyone is going to use that annoying YOLO, it should be a medical student. You see, I grew up thinking I’d never do much for myself, in fact I thought as a child I’d be a trash man like my mom’s boyfriend  — I even considered the utility of going to college, being the first to go. So, now that I’m going, I decided to just go for it. The person who inspired me to take that chance was my research mentor, and pseudo older brother.

Now feelings aside it’s an investment, because even if I spent 180K on lottery tickets tomorrow, I’m still statistically very unlikely to receive a return that makes the investment worthwhile. I believe that a good ratio of your pay to investment of education is your expected salary versus the investment, obviously you’d like to make more than you spent. So, for example, if you paid 60K for a masters I’d think you’d like to make around that amount annually to stay financially solvent (because I am expected to pay this money back). With that example, you may pay for 60K masters and make 20K for 10 years, this would be a great intellectual and personal investment but perhaps not a financial one. On the other hand, if you paid 150K for a BA in Underwater Basket Weaving, then you may be in for a rough ride if you don’t have a follow up plan. I don’t expect to buy a island in the Caribbean, put showgirls through college, or play golf with the mayor. Heck, I grew up with one solid dream, that is make enough so I have: running water, power, and have a home (because at some point in my life I’ve not had one or more of those). Besides, how many people actually get paid to do what they want to do? So I feel pretty lucky.

I’ll keep you updated about my financial aid package (or lack thereof) in the coming weeks, should be coming soon. Be ready for the possible massive face palm, or the lackluster celebration on my part. On the side note, I think there’s something almost liberating about owing a 1/5 of a million dollars — it really puts every day expenses into perspective, and I find myself rewarding myself a little more than I used to.

#doctorbust find me on twitter @doctorORbust

 

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4 thoughts on “Awaiting Financial Aid for Medschool

    Z said:
    April 24, 2014 at 2:00 am

    I hope you get something awesome from BU. 🙂

    Sneha said:
    June 28, 2016 at 3:46 pm

    If you don’t mind me asking, which school did you get the full tuition scholarship at? And how long after your interview did they let you know?

      doctororbust responded:
      July 2, 2016 at 9:06 pm

      Hi,

      It was a school I flew out to visit called Oakland University William Beaument. It’s a good question, I had to look it up again, I haven’t thought of it for a while. I want to say they told me around late winter. I just remember it vaguely, but I recall them telling me before most other acceptances came in. But, it had a time limit on my response, I had to accept their offer even before I was finished waiting. I decided to gamble and wait and see what happens. It was a hard decision, I solicited a lot of advice from others about what to do.

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