Should I defer my acceptance for a year to go from a full tuition scholarship to full cost of attendance?
I’m facing a very unique situation, and honestly I’m having a crisis over it. I am very fortunate to have received a 4 year full tuition scholarship plus a partial cost of living grant for school. This would have me taking out 25k in federal loans for my first year and a similar amount for the next 3. Here’s the interesting thing: my school recently reached out and offered to up my grant to full cost of living for 4 years (about 39k/year) IF I defer my enrollment to summer 2027.
On one hand, graduating completely debt free is a blessing I can barely comprehend. I’m a very frugal person and finances often severely stress me out. With that said, not having to worry about money during school and residency(!) would remove a huge burden for me mentally.
On the other hand, I’ve already signed a lease near my school and mentally, I’m ready to start. I’ve already taken 2 gap years. I work as a CNA currently and while I learned a lot from this job, I’m over it and ready to move on at this point. I have modest savings (20k) but no travel partner so it’s not like I’d really be able to spend this unexpected gap year quitting my job and traveling or doing anything really meaningful/exciting in that way. I’m also not currently in a lab, so I wouldn’t be able to treat this as a research year for residency apps. I have to make this decision by Monday, so it doesn’t really leave me anytime to put out feelers or line up a research job. Also, realistically 100k in debt is not a ton for an MD and I think I do have the willpower to pay it off quickly once I have an attending salary. Medical training is also a long process, so I kind of just want to start now and get on with my life. But is toughing it out for one more year worth it if it will remove significant financial stress for the next 10? I’d love to hear your thoughts!