Should I decline my acceptance last minute due to cost?
I’m absolutely freaking out. I am starting at MSU CHM in August and I had come to terms with the insane cost as I am considered out of state but I just found out it will be ~80k more than I expected.
Maybe I’m dumb but I didn’t realize summer semesters are a whole separate semester to pay for and that they didn’t include that in the budget they gave me for the first year. So when I chose them over another med school, I used the first year budget (they only included Fall/Spring) x4 plus what I expected them to raise tuition by each year. Doing that it was less expensive but adding on summer semesters its much more.
I will have 440k debt when I graduate medical school plus 25k from undergrad (without considering interest throughout med school). Im interested in ophthalmology and while I am a high achieving student, I also know how insanely competitive it is. I’m just overwhelmed, I did everything right but I feel like I’m financially devastating myself if I actually go through with this. I mean with interest I will have like 700k+ in debt when I’m an attending?!
I come from a middle class family with zero doctors or family support. Only 200k will be federal with the new limit, the rest private.
Tldr: I will have ~480k debt when I finish med school. I’m most likely doing ophthalmology. Do I go forward with this?
Edit:
Thank you all, I feel a lot better. I’m going to go through with it while looking into the VA HPSP scholarship.