Accepted, drama commences.

[TheRunner]

Advertisement - Members don't see this ad

I was accepted yesterday and now I'm trying to figure out exactly how I'm going to pay for it. I've thought about it before, obviously. But frankly I had just counted myself out for this cycle, so I haven't exactly been planning anything.

So, for the finances, here's my plan: I'm planning on getting the kids on Medicaid and WIC. I'm going to have to take out the max for Stafford loans. I'm also going to need a Grad Plus loan. Unfortunately, I'm going to need a co-signer for the Grad Plus loan. Both of my parents are willing to co-sign for me, but one is self-employed and the other filed bankruptcy 6.5 years ago. Would this disqualify any of them for this Grad Plus loan? I was reading that so long as it's over 5 years ago, it's okay, but this still makes me nervous in applying for it. There are also my brothers, but I would hate to ask any of them to co-sign. Last resort.

As a side note, my wife's family have been real Debbie Downers. My mother-in-law basically tried to talk me out of going altogether because it "is just too expensive!" My wife tried to tell her that although it is expensive, it is an investment and it will pay off in the end once I'm an attending. Then she told my wife that there was always the possibility that I would leave her after it's all over. 🙄 Thanks, lady. My family, on the other hand, was quite supportive and incredibly excited about the prospect of actually starting. Thankfully my mother-in-law will be in another state entirely for all of med school.

Anyone have any idea about the co-signers for the Grad Plus? Any other financial aid / money saving ideas? How do you all make it work- those with kids?

 

[jsp132]

maybe you can try private loans as a last last last resort? are you all out of chances for scholarships and what not? or grants?

 

[n3xa]

Class of 2012? 😕

 

[TheRunner]

maybe you can try private loans as a last last last resort? are you all out of chances for scholarships and what not? or grants?

I actually haven't received a financial aid statement from the school yet. I was accepted off of the waitlist yesterday, so I'm still waiting on it. I just assumed since it was so late in the year that I wouldn't be given anything. Although, maybe that's not true.

Class of 2012? 😕

Oops. 2015. Thanks for the correction.

 

[DrMidlife]

There's only one med school left in the country that has instate COA covered under Stafford sub+unsub (ECU, ok two USUHS). Meaning the rest require GradPlus to cover COA. So if what, 30% of med students have substantial outside funding (I have no idea, that's a WAG), that means there are (20k)(0.7)(4)=56k med students using GradPlus to go to med school. Even if I'm off by half, that's still 28k med students. Lots. Not counting Carib et al which are also GradPlus eligible.

So unless you have a crappy credit history, you probably don't have a problem here. Call the financial aid office tomorrow to get a sense of your eligibility, they get this all the time.

Please avoid private loans if there's any chance of getting federal loans. You'll find there's very little overlap in fed vs. private repayment policies & options during residency.

Best of luck to you.

 

[gplex86]

There's only one med school left in the country that has instate COA covered under Stafford sub+unsub (ECU, ok two USUHS). Meaning the rest require GradPlus to cover COA. So if what, 30% of med students have substantial outside funding (I have no idea, that's a WAG), that means there are (20k)(0.7)(4)=56k med students using GradPlus to go to med school. Even if I'm off by half, that's still 28k med students. Lots. Not counting Carib et al which are also GradPlus eligible.

So unless you have a crappy credit history, you probably don't have a problem here. Call the financial aid office tomorrow to get a sense of your eligibility, they get this all the time.

Please avoid private loans if there's any chance of getting federal loans. You'll find there's very little overlap in fed vs. private repayment policies & options during residency.

Best of luck to you.

Go federal. You can always do income based repayment. I never heard of anyone not being able to get GradPLUS loans.

 

[StudyShy]

Just wanted to say congrats!!!!!

 

[CrushMCAT]

Congratulations! I have no real advice other than contacting your financial office (might as well go straight to the experts).

 

[chrissyxf]

Congrats on making it!
Fill out a FAFSA- like now. literally, stop reading and do this now.
Definitely contact your financial aid office.
Also, you shouldn't need a cosignor for a gradplus loan unless you've somehow never managed to establish credit (even bad credit is accepted- i'd call a gradplus administration i.e. your local bank to find out for sure), also do everything you can to fix your credit now so that next year will be better for you 🙂
If you have an IRA, you can use it for educational expenses. I personally would do this AFTER private loans (which you might have a hard time getting if your credit is bad) but it is an option.
You can always check into the health corp which pays for your education and subsidizes your living like a grand a month. you owe them a year for every year of assistance, min of 2.
Also look into food stamps. I had food stamps when I was in PA school. It's like 20 bucks/week for a single person, but hey, better than nothing, you'll probably get 50 for a family of 4. You've paid your dues into the system and let's face it, will be paying back the system in service for the rest of your life 🙂.
Finally, while in school, find ways to make money that take next to no time. For example, I gave plasma twice a week for year at a place that supplies pharmaceuticals. It takes an hour to two hours but you can study while you're there (bring headphones)-it's just like giving blood but they return the blood back to you so you're not even dizzy afterward, just cold from the saline they give you to boost your reserve. It earned me 245 bucks/month of cash that's NOT taxable. 🙂 I also participated in experiments on campus. The big ones are the ones where you take a medication (500 bucks for a couple of hours) but there are smaller ones like fill out a survey for 10 min for 10 dollars. I had friends who donated blood for movie tickets or gift certs to walmart and such (the buses are usually parked outside the place the $10 gift card is for).
I know it's intimidating, but you can do this. If you got into the medical school, you can definitely do this. Bask in the glory for a couple of days! Also I have a similar future in law situation. I know it's hard not to let it get you down, but you have a supportive wife who's standing up for you which is amazing.
Congrats again and good luck!

 

[Prncssbuttercup]

ChrissyXF, I used to work at the plasma center, yes the money is taxable, they send a statement into the IRS when you've made over $800. Either way, it can be a good source of income if your veins can take the 16ga needle 😉

Runner, congrats. I'm confused, your wife is an NP?? Why will the kids need to be on WIC/Medicaid? Will she not be working while you're going to school? I'm confused...

 

[chrissyxf]

I guess I should clarify:you wouldn't make enough through plasma donation to even have to file taxes. i.e. you wouldn't have to even file your taxes if filing separately from your wife ($3K is the cut off to not have to file if filing separately, something like 9K if you're single and 18K if filing jointly). if filing jointly: yeah, if you're wife makes over 18K in the year you're filing for, you should include it as income if filing jointly.
Anyway, that's the great thing about being single. You won't make enough money off any of these things to make it to over 9K in a single year so you don't have to even file.

 

[Prncssbuttercup]

Haha, I was wondering if that's how you made it 'tax free' 😉 I was just wondering about that, if you're living on loans with no income for 4yrs, what happens with your taxes? I have a house, so I could claim the interest, but... No income, so I don't know how that works... I guess I need to find me a tax accountant!!!