I love this school! But I may have to decline. With absolutely no financial aid help, I calculated the cost as the following -
Immediately after medical school, I will owe: $330,172
If I make no (or minimal) payments during a 4 year residency: $440,392
If I make no payments 6 years after residency (which is unlikely): $784,394
If I make $200,000 (which seems pretty generous) coming right out of residency and pay off my loans in 6 years (~$700k) - I will take home about $83k / year before taxes.
However, if I get taxed on that $200k /year at, let's say 30%, I'll bring home: $23k
That may not be survivable, so let me pay off the loan in 10 years. My take home salary will be: $70k during those 10 years. I could do that...but it sure would be nice if I didn't start off with so much debt.
I'm struggling to find scholarships and as much as I hate to turn CWRU down, I just got off the waitlist at a much cheaper school. Ack! Tough decision! If anyone has some good advice, or a helpful perspective, I'd love to hear it.