a little help...

[mfernando87]

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hi everybody!!! i'm going to be starting college in the fall of this year and i'm a little worried about how to finance my education after my bachelors. i don't think i'll have any problem getting through my bachelors, but med school...that's a very different (and very expensive 😱 ) story...
from someone who's looking to come out of college in three to four years with no loans to pay off, but no money to use to pay for med school, do you guys have any suggestions for what i should start looking for? loans? scholarships? how much money will i need to show med schools before they let me in the door?
i don't really know too much about any of this stuff (i'm kinda new to this whole dealing with money situation...) so any advice at all would be helpful!
thanks everyone!

 

[OSUdoc08]

hi everybody!!! i'm going to be starting college in the fall of this year and i'm a little worried about how to finance my education after my bachelors. i don't think i'll have any problem getting through my bachelors, but med school...that's a very different (and very expensive 😱 ) story...
from someone who's looking to come out of college in three to four years with no loans to pay off, but no money to use to pay for med school, do you guys have any suggestions for what i should start looking for? loans? scholarships? how much money will i need to show med schools before they let me in the door?
i don't really know too much about any of this stuff (i'm kinda new to this whole dealing with money situation...) so any advice at all would be helpful!
thanks everyone!

you will be eligible for federal loans to cover all of your expenses

 

[DebDynamite]

you will be eligible for federal loans to cover all of your expenses

Only up to a point. Dig up the old thread "screwed" and avoid being one of the (few) unfortunate. It is possible to "run out of aid".

 

[Blade28]

I just made sure to submit my FAFSA every January 1st, starting from before I got into med school (during senior year of college). I took their max loans each year (around $38k), and struggled through med school, but made it.

 

[OSUdoc08]

Only up to a point. Dig up the old thread "screwed" and avoid being one of the (few) unfortunate. It is possible to "run out of aid".

1. don't get bad credit (stay away from large purchases and credit cards)

2. always fill out the FAFSA in a timely manner

3. don't work full time while in college (especially the last year)

4. don't get married until after you start medical school

If you do all of this, you will be eligible for the maximum stafford loans of $38,500/year, and a possible perkins of $6,000

 

[DebDynamite]

1. don't get bad credit (stay away from large purchases and credit cards)

2. always fill out the FAFSA in a timely manner

3. don't work full time while in college (especially the last year)

4. don't get married until after you start medical school

If you do all of this, you will be eligible for the maximum stafford loans of $38,500/year, and a possible perkins of $6,000

Good points.
Addendum to #3.......keep your undergrad loans as low as possible (if you can) by finding a job that allows you to study while at work, that just pays the "spending money" & it will help a LOT. I worked in homeless shelters all thru undergrad- there is a lot of sitting around time and you look like a bleeding heart on your vita (other ideas- library work study, alarm company call center - if in a low crime area- you get the idea). If you make less than 20K/year (even your last year of college), I don't think it effects much of your borrowing capacity in med school (but find a GOOD financial aid counselor & ask tons of questions).

By today's standards, I started med school with about 60K in undergraduate debt and will not have enough to finish on loans alone (my school is not one of the cheaper state schools)- BUT you don't have to be like me- and since you are projecting NOW, chances are good you won't be. I followed all of the points above, but still ran out of money - why? A second undergrad degree. So, realize that the current limit is about 189K for undergrad AND med school, and plan accordingly (you can actually borrow up to about 230K if your credit is good, via private lenders but that is the absoulte cap). This sounds overwhelming, but if you are really meant to end up im medicine, you will pay it back in time, and I think the avg debt it about 150K).

Also, look into Perkins and Pell grants if you can, and always file FAFSA ASAP.