Financial aid for MD/PhDers

[X.O.]

Are Mudphudders eligible for the full subsidized stafford and unsub staffor loads at 38k/year?

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[BDavis]

Are Mudphudders eligible for the full subsidized stafford and unsub staffor loads at 38k/year?

Before I was married, I was eligible for the $8500 (our salary ranged from 16k in 1998 to 23K now) of subsidized loans and an additional $10K for unsub loans. I have been only taking subsidized loans for the duration of my training.

 

[b&ierstiefel]

Before I was married, I was eligible for the $8500 (our salary ranged from 16k in 1998 to 23K now) of subsidized loans and an additional $10K for unsub loans. I have been only taking subsidized loans for the duration of my training.

Wow! Stipend plus loans. You must be livin' la vida loca down there in Houston. (Houston's cost of living ain't that high is it?)

 

[BDavis]

Wow! Stipend plus loans. You must be livin' la vida loca down there in Houston. (Houston's cost of living ain't that high is it?)

Loans is the key word (i.e. must be repaid). You are right about the low cost of living in Houston, but FAFSA doesn't need to know about that.

 

[b&ierstiefel]

Loans is the key word (i.e. must be repaid).

What? Tell me you're lying. (just kidding)

You are right about the low cost of living in Houston, but FAFSA doesn't need to know about that.

Amen!

 

[X.O.]

Before I was married, I was eligible for the $8500 (our salary ranged from 16k in 1998 to 23K now) of subsidized loans and an additional $10K for unsub loans. I have been only taking subsidized loans for the duration of my training.

Was 10K the maximum eligible amount for unsubsidized loans for that income level or was more available to you? Thanks for the clarification.

 

[Neuronix]

This is one of those things that is completely program dependent so ask if you want to know! At Penn you can take out the amount of loans for cost of living that a medical student could if they were on full scholarship... i.e. like 21k/year. This is because the financial aid computers don't factor in our stipends and if they ever did we wouldn't get them. We can't take them during the grad school years.

Now at other schools I was told you weren't eligable for any loans. At others I was told you could take as much as you want. At still others it was still more of a maximum amount (I remember one saying $8,000) or some other rules/certain years/something odd.

 

[BDavis]

Was 10K the maximum eligible amount for unsubsidized loans for that income level or was more available to you? Thanks for the clarification.

That was the amount that was available for me at the time. I was penalized for having money in savings that I had built up during college. I filed my taxes separately from my parents (i.e. they did not claim me as a dependent). Furthermore, I was a TX resident so the Baylor tuition is lower for TX residents so my "need" was less. Baylor is pretty cheap relative to other medical schools. I probably would of qualified for more if I went to a more expensive school.

I don't know when you are entering school, but you can submit your FAFSA early and get this number called an "EFC" or expected family contribution; this number tells how much you are supposed to contribute towards your education.
http://www.fafsa.ed.gov/

Next, find how much the school of your choice will cost (tuition, room, food,board); this information is usually in the Office of Financial Aid website. For example, to go to Harvard
http://www.hms.harvard.edu/finaid/html/financial_need.html, the cost of education is $53,900 (or essentially one testicle or kidney). Once you get that number subtract the EFC and you will get a very rough estimate of what you can qualify for (this does not take into account scholarships and other aid the school gives you).

I think the max for graduate/medical students is $8500 in subsidized loans. It has been a while since I got financial aid so I might be wrong on some of this stuff.

 

[Reimat]

Just out of curiosity, what would be the purpose of taking out loans? Are the stipends usually not enough to get by? or are the loans taken out for the purpose of living a more 'normal' lifestyle until a real salary is being earned?

 

[BDavis]

Just out of curiosity, what would be the purpose of taking out loans? Are the stipends usually not enough to get by? or are the loans taken out for the purpose of living a more 'normal' lifestyle until a real salary is being earned?

Stipends can be somewhat inadequate in larger cities where the cost of living is pretty high, but the stipend is not proportionally increased. I imagine my stipend in Houston probably would not go as far in San Francisco or New York. Rent here is pretty cheap compared to those cities. Furthermore, some MSTP students have families and need the extra loan to help supplement their income. The loans certainly help in affording luxuries like a car or a larger place to live (or a more desirable area to live).

 

[freddytn]

Loans are available to you. In terms of how much you can get total is dependent on the medical school and what it deemed is the cost of living for the average medical student at their school. As an MD-PhD student you are eligible for those loans. In terms of why you would need to borrow the extra money, it simply ranges. Some programs don't give you a full stipend during all four years and so sometimes you might need to apply for loans to subsidize your living expenses. But I'm sure there are also plenty of other personal reasons such as perhaps if you have others depending on your income, or medical expenses, etc ...

Also bear in mind that it is not such a bad thing to borrow some money if you are truly in need for it. I know of some MD-PhD students who decide to take an extra jobs instead of taking loans in order to keep afloat. The NIH does offer a loan repayment program for up to two years I believe under the "The Clinical Research Loan Repayment Program" (More funding sources can be found at our website: http://www.physicianscientists.org/Funding.html).

Hope this helps.

 

[xanthines]

For the lazy AND curious, the NIH loan repayment site is:

http://www.lrp.nih.gov/

-X

The NIH does offer a loan repayment program for up to two years I believe under the "The Clinical Research Loan Repayment Program" (More funding sources can be found at our website: http://www.physicianscientists.org/Funding.html).

Hope this helps.