WVSOM advice needed

[Dr Dazzle]

Recently got my first acceptance to WVSOM, but now have to worry about a $3000 OOS deposit in about a week. I am wait listed at my instate DO school which would put me in $160k total debt versus $300k debt from WVSOM. I like my instate school much better, but it seems like I don't have much of a choice at this point.

It seems that if I want to attend med school in the fall WVSOM is my only option. What would you guys recommend for my situation? Would appreciate your insight as to what I can do. Really don't want to invest so much in a deposit to a school which would cost me a lot in the long run.

Thanks

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[DrMeows]

Recently got my first acceptance to WVSOM, but now have to worry about a $3000 OOS deposit in about a week. I am wait listed at my instate DO school which would put me in $160k total debt versus $300k debt from WVSOM. I like my instate school much better, but it seems like I don't have much of a choice at this point.

It seems that if I want to attend med school in the fall WVSOM is my only option. What would you guys recommend for my situation? Would appreciate your insight as to what I can do. Really don't want to invest so much in a deposit to a school which would cost me a lot in the long run.

Thanks

I'm not sure what you want people to tell you here. I know the money can be a tough pill to swallow, but the $3000 deposit is just a drop in the bucket compared to the debt you'll have at the end of the day. But let me ask you this: if WVSOM is the only school that accepts you, would you rather be $300K in debt or rather never be a physician? Sometimes it can be more expensive than we want it to be, but that's the path we all have to take.

And who says you won't get pulled off that other waitlist in the next 5 months Don't jump to conclusions yet!!

 

[coolingglasses]

Pay the deposit. It sucks, but it's what you deal with this late in the cycle.

 

[Dr Dazzle]

I'm not sure what you want people to tell you here. I know the money can be a tough pill to swallow, but the $3000 deposit is just a drop in the bucket compared to the debt you'll have at the end of the day. But let me ask you this: if WVSOM is the only school that accepts you, would you rather be $300K in debt or rather never be a physician? Sometimes it can be more expensive than we want it to be, but that's the path we all have to take.

And who says you won't get pulled off that other waitlist in the next 5 months Don't jump to conclusions yet!!

indeed! Dr. Meows the positive one! Yes, sometimes tough pills have to be swallowed I guess.

 

[DrMeows]

indeed! Dr. Meows the positive one! Yes, sometimes tough pills have to be swallowed I guess.

Hahaha that's what I'm here for! Depending on the waitlist you're talking about ( ) most movement happens in spring so the best movement is yet to come! Wait as long as possible to pay the 3K, but I think you should pay it if you need to.

 

[Path hall]

You should pay the deposit.

 

[hallowmann]

First off, CONGRATULATIONS!! You did it!

Don't rush to pay it, just make sure you pay it before the deadline. You should definitely NOT let the deadline pass without another acceptance.

For those with more experience, is there any way to leverage this acceptance at a school you are waitlisted at to get them to hurry on an answer, or is it safer/better to just let the process take its course?

 

[Dr Dazzle]

First off, CONGRATULATIONS!! You did it!

Don't rush to pay it, just make sure you pay it before the deadline. You should definitely NOT let the deadline pass without another acceptance.

For those with more experience, is there any way to leverage this acceptance at a school you are waitlisted at to get them to hurry on an answer, or is it safer/better to just let the process take its course?

Thanks! Yes, I like the leveraging an acceptance to persuade wait listed schools to hurry.

 

[DrMeows]

Thanks! Yes, I like the leveraging an acceptance to persuade wait listed schools to hurry.

I know LECOM Bradenton encourages you to tell them if you have other acceptances. I'm sure other schools like to know that too, just not sure which ones would take it into consideration. Couldn't hurt.

 

[Temperature101]

Recently got my first acceptance to WVSOM, but now have to worry about a $3000 OOS deposit in about a week. I am wait listed at my instate DO school which would put me in $160k total debt versus $300k debt from WVSOM. I like my instate school much better, but it seems like I don't have much of a choice at this point.

It seems that if I want to attend med school in the fall WVSOM is my only option. What would you guys recommend for my situation? Would appreciate your insight as to what I can do. Really don't want to invest so much in a deposit to a school which would cost me a lot in the long run.

Thanks

You should call the school that waitlisted you and explain them the situation...May be they can 'un-waitlist' you before making that $3000.0 deposit. My gosh that is a lot of money to throw away!

 

[GypsyHummus]

Question: can you use financial aid to pay deposits? Like just roll it up in the school loan?

 

[DrMeows]

Question: can you use financial aid to pay deposits? Like just roll it up in the school loan?

People don't get financial aid until the school year almost starts (I want to say federal is like 10 days before classes starts) so unless the OP currently has financial aid to put toward it, can't be done

 

[Dr Dazzle]

People don't get financial aid until the school year almost starts (I want to say federal is like 10 days before classes starts) so unless the OP currently has financial aid to put toward it, can't be done

At this point, all you can do is fill out FAFSA right?

 

[DrMeows]

At this point, all you can do is fill out FAFSA right?

Right. Then through your school they decide how much you are allotted (this is just federal loans) and u decide if u want that or a lesser amount. How it is for my school and for my grad school was the money is given to u 10 days before class so I assume that's pretty standard (though I'm not an expert). I still have to really lean about the grad plus loan process.

 

[hallowmann]

Yeah, financial aid/loans aren't available yet. You could put it on credit and then just pay it off when school starts, but I hate interest and cc debt, so if you can scrounge up the money by any means (e.g. sell that guitar, PC, and TV you haven't used in a while or sell your furniture/bulky belongings since you'll have to move soon anyways), I'd do that.

 

[gc91]

Pay it. I'm going to WVSOM next fall, and I've decided to just ignore the numbers for the most part.

 

[Dr Dazzle]

Pay it. I'm going to WVSOM next fall, and I've decided to just ignore the numbers for the most part.

Are you OOS? Sound financial advice lol.

 

[bluezoom21]

Dr. Dazzle hear is the easy math 3000 now which if you get off the wait list you are now in debt 163,000. If you do not get off the wait list you are 300,000 but are a physician and you get to be a part of the coolest med school family out there. That being said wait until the due date just in case.

 

[gc91]

Are you OOS? Sound financial advice lol.

Yup. Lol, it's the only way I won't cry when I look at my financial statement.

 

[UCLAbruins2012]

Recently got my first acceptance to WVSOM, but now have to worry about a $3000 OOS deposit in about a week. I am wait listed at my instate DO school which would put me in $160k total debt versus $300k debt from WVSOM. I like my instate school much better, but it seems like I don't have much of a choice at this point.

It seems that if I want to attend med school in the fall WVSOM is my only option. What would you guys recommend for my situation? Would appreciate your insight as to what I can do. Really don't want to invest so much in a deposit to a school which would cost me a lot in the long run.

Thanks

I'm actually in a similar situation as you. WVSOM is my first choice out of the ones that I got accepted to, but second to the one I'm waitlisted in. I ended up saving money just for that deposit. In the end, 3K will not matter. I understand the huge cost difference, but you have to think about the future here and not about your current financial situation, as you will be broke no matter what. I suggest that you pay the 3K just in case you don't get into the other school. Plus, the cost should even out more than what you stated because housing in WV is A LOT cheaper than most places. You could have your own nice 1bed room apartment for $700/mo easily..which is something you would not see in a lot of other states.