Paying for medical school/living

[MrChance2]

If your parents can't/choose not to help you with medical school are you still able to have money to spend in medical school? I'd really prefer not to live on a Ramen Noodles/Tang budget if at all possible especially if school is going to be very demanding, it would be nice to have money to get a nice dinner every now and again or something. Can you get loans for personal money in addition to tuition? How much can you get? Are the interest rates on these loans reasonable if you have good credit?

---

Members don't see this ad.

 

[Jas1360]

Here is a good place to start looking:

https://www.aamc.org/services/first/first_factsheets/249340/applicantsandstudents.html

 

[Ismet]

When you get accepted to a medical school, they'll send you a financial aid award letter. If you received any scholarships through the school (merit or need-based), they would show up there, but the letter will also include the maximum amount of federal unsubsidized and graduate PLUS loans you are eligible to take out. They calculate this amount based on tuition, fees, and estimated cost of living. Each school obviously has different tuition, but cost of living also greatly varies depending on setting (rural, urban, suburban, etc). You can take out all of it or you can specify how much you want to take out. I'm not sure about COL at other schools, but you should be able to cover rent and other living expenses (utilities, food, random necessities) with budgeting the loan money. You won't be living like a king, but you won't be scraping by on Ramen and Tang.

As for interest, the federal unsubsidized is 6.8%. I honestly can't remember the graduate PLUS loan rate...I think it might be over 7%?

 

[darkjedi]

If your parents can't/choose not to help you with medical school are you still able to have money to spend in medical school? I'd really prefer not to live on a Ramen Noodles/Tang budget if at all possible especially if school is going to be very demanding, it would be nice to have money to get a nice dinner every now and again or something. Can you get loans for personal money in addition to tuition? How much can you get? Are the interest rates on these loans reasonable if you have good credit?

You're allowed to take out loans on top of tuition for what is referred to as "cost of living."

The school sets for you what that budget may be, but it is generally around $20,000 a year.

On top of tuition which is generally between 45-50k at private schools, you are looking at 65-$70k of total "cost of attendance."

Many schools provide aid in either scholarship or school loans as well to help out.

 

[Cuongoff]

Will the loans be in our name? Does it require credit? I recently had to take out a private loan and had use my mother as a cosigner because I don't have credit. I don't want to use her as a cosigner for the loans for my medical education.

 

[darkjedi]

Will the loans be in our name? Does it require credit? I recently had to take out a private loan and had use my mother as a cosigner because I don't have credit. I don't want to use her as a cosigner for the loans for my medical education.

Nope, you sign for them alone. They are from the government, and unless your credit is completely destroyed, you should qualify for them.

 

[Blackhawkdown24]

I thought the govt got rid of unsubsidized loans for graduate school students ??? : /

 

[NickNaylor]

I thought the govt got rid of unsubsidized loans for graduate school students ??? : /

Yes. That doesn't mean there aren't any federal loan programs. It just means your loans accrue interest during school, i.e., the principal on your loans is always growing until you start making regular payments.

 

[Blackhawkdown24]

Yes. That doesn't mean there aren't any federal loan programs. It just means your loans accrue interest during school, i.e., the principal on your loans is always growing until you start making regular payments.

Nah, the difference is that the interest rate will be higher now ( I believe 6.8%) for unsubsidized loans and will also accrue interest as well. The only type of loan that doesn't accrue interest is subsidized which is not available to grad students anymore.

 

[Blackhawkdown24]

I thought the govt got rid of unsubsidized loans for graduate school students ??? : /

Edit: subsidized not unsubsidized which means that the interest accrued over four years will be ridiculous.

 

[Ismet]

Nah, the difference is that the interest rate will be higher now ( I believe 6.8%) for unsubsidized loans and will also accrue interest as well. The only type of loan that doesn't accrue interest is subsidized which is not available to grad students anymore.

Erm...
-I'm pretty sure federal subsidized and unsubsidized loans for grad students have been at 6.8% for the last several years (until the change this summer got rid of subsidized loans for graduate students).
-Subsidized loans don't accrue interest while you're in school, but they start accruing the interest once you graduate.

 

[amad01]

wife

 

[deleted451730]

Why in the world would you get rid of subsidized loans if you want to motivate people to move onto higher education? Same thing concerning GME funding cuts. For instance, how does cutting funding for residencies and expecting more med students to enter primary care motivate MORE people to choose entering medical school in the first place?

 

[NickNaylor]

Nah, the difference is that the interest rate will be higher now ( I believe 6.8%) for unsubsidized loans and will also accrue interest as well. The only type of loan that doesn't accrue interest is subsidized which is not available to grad students anymore.

Both loans have been at 6.8% for grad students. My sub and un-sub loans for last year were both at 6.8%.