80 - 90 k cost of attendance

[gogetter898]

got my first financial aid package from a school and it was just 20k in loans and that was it. if this school has a cost of attendance of 85-90k, is it financially feasible for me to attend? How do people afford to go to school out of state and would i be dumb to do so?

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[KnightDoc]

got my first financial aid package from a school and it was just 20k in loans and that was it. if this school has a cost of attendance of 85-90k, is it financially feasible for me to attend? How do people afford to go to school out of state and would i be dumb to do so?

What kind of loans are you talking about? The federal loan limits are far higher than that! It sounds like that might be institutional loans, which would be on top of federal loans. I'll bet they are at a very attractive interest rate, no?

Is it financially feasible for you to attend? Of course it is -- loans to med students are widely available up to the full COA, which is why some people graduate with $400K+ in debt, including UG and accrued interest. Would you be dumb to do so? That depends on how badly you want it, and what your other options are.

 

[gogetter898]

What kind of loans are you talking about? The federal loan limits are far higher than that! It sounds like that might be institutional loans, which would be on top of federal loans. I'll bet they are at a very attractive interest rate, no?

Is it financially feasible for you to attend? Of course it is -- loans to med students are widely available up to the full COA, which is why some people graduate with $400K+ in debt, including UG and accrued interest. Would you be dumb to do so? That depends on how badly you want it, and what your other options are.

the 20k was a federal direct unsubsidized loan on the school's financial aid package...my fafsa only has me eligible for a 20k direct stratford loan. outside of that, im not sure what types of loans are available to me

my coa of attendance instate is 58k (tuition 37k) v 88k (tuition 55k) for this out of state program - however i absolutely love this out of state program. i dont want to be blinded tho and commit to my future financial downfall

is it normal for med students to be going to schools with 88 k coa?

 

[KnightDoc]

the 20k was a federal direct unsubsidized loan on the school's financial aid package...my fafsa only has me eligible for a 20k direct stratford loan. outside of that, im not sure what types of loans are available to me

my coa of attendance instate is 58k (tuition 37k) v 88k (tuition 55k) for this out of state program - however i absolutely love this out of state program. i dont want to be blinded tho and commit to my future financial downfall

is it normal for med students to be going to schools with 88 k coa?

I don't want to pry and ask what school, but something isn't right. Did your package really not refer to any other loan options to make up the $68K COA difference?

Limits for Direct Unsubsidized loans for med school are $40,500 for a 9 month year, with an additional $2,222 for each month greater than 9 in the academic year, up to $47,167 for a 12 month school year. You can also borrow from the Federal Direct PLUS program if you need more than that, up to the COA. Private loans might offer more attractive terms than one or both of them, but they won't have the benefit of federal loans, like potential income based repayment plans, public service forgiveness, very liberal forbearance policies, etc.

I don't know what you mean by "normal." Sure, people do it, but I don't know how many people do it when they have a $58K option. Only you can decide if it's worth the extra $120K over 4 years. Most people would say no, but, it's your life, your money, and therefore, your call. You also haven't explained how a $18K tuition difference becomes a $30K COA difference.

 

[Banco]

Something is missing here. You were offered 20k per year in loans - how does the school expect you to cover the rest? Usually they give a full package that covers the cost with various loans.

Also, I would really advise you to reconsider paying 90k per year vs. 60k - that's a pretty huge difference and unless the OOS school is miles ahead, would be a tough sell.


Average debt for medical students is around 200k (including undergrad) - but this includes rich students whose parents help them pay etc.

 

[DNAJB6]

got my first financial aid package from a school and it was just 20k in loans and that was it. if this school has a cost of attendance of 85-90k, is it financially feasible for me to attend? How do people afford to go to school out of state and would i be dumb to do so?

You can still get Grad Plus loans that will cover up to the remaining cost of attendance.

 

[proudofmykids]

Some school’s first pass financial aid offer will show necessary loans based on EFC or some internal assumption. Just ask them to show fin aid package for full Federal Stafford and Federal Direct Plus loans totaling their full COA.
It doesn’t sound like they didn’t give you any ‘aid’ at all.

 

[YCAGA]

Financial aid in medical school isn’t how it works in undergrad. Most medical schools give little to no scholarships and there is little to no need based aid. Yes there are exceptions at top schools and for URM’s, but most of us go to not-top schools and are Asian or white.

So you pay as much as you can with savings/parents money and then take the rest out in federal loans. DO NOT TAKE OUT PRIVATE LOANS. The interest rate for federal loans during residency is HALF of the advertised rate because you can do income based repayment and Uncle Sam pays half your interest. Federal Grad PLUS loans are unlimited, up to the cost of attendance. They will loan you $500k if that is what your school wants for a 4 year MD degree (U of Illinois out of state COA has entered the chat).

Btw, if you have savings, just keep them, maybe throw it in some muni bond funds to slightly hedge inflation. The interest rates on federal student loans are so low right now that during residency you will be paying like 2.4% interest which isn’t bad at all, then refinance to 3% as an attending. Having cash/liquid investment savings for emergencies and extra materials and maybe travel is worth taking out extra loan money at a low interest rate.

 

[middchild6]

Easy answer - talk to the medical school’s financial aid office! If you have other cheaper options though it is worth it to weigh pros/cons and cost may be a con for this particular school.