Affording MedSchool

[tmjjj]

Not to beat a dead horse because I’m sure this thread exists a ton on the internet but… how do you AFFORD MED SCHOOL… seriously. I just filed the FAFSA and it seems like I get about half of my “fees” covered by sub/unsub. And the other half would be direct PLUS. With tuition for most DO schools being around the $50,000 mark, how do people avoid taking out ~$70,000 a year just to get by (rent, gas, food, bills, etc.)?? I left undergrad with $40,000 in debt so I don’t want to dig my hole even bigger. My mom said I would need to work through med school and I know that just will not be possible, and for my mental health I know that will just push me too far. There’s not enough hours in a day. Seriously. How do you do this?!

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[wysdoc]

Not to beat a dead horse because I’m sure this thread exists a ton on the internet but… how do you AFFORD MED SCHOOL… seriously. I just filed the FAFSA and it seems like I get about half of my “fees” covered by sub/unsub. And the other half would be direct PLUS. With tuition for most DO schools being around the $50,000 mark, how do people avoid taking out ~$70,000 a year just to get by (rent, gas, food, bills, etc.)?? I left undergrad with $40,000 in debt so I don’t want to dig my hole even bigger. My mom said I would need to work through med school and I know that just will not be possible, and for my mental health I know that will just push me too far. There’s not enough hours in a day. Seriously. How do you do this?!

You cannot work in med school. Loans are the main source of paying for school, so you will be taking out more loans

 

[DOVinciRobot]

Loans. Lots of loans. People frequently take out 80k+ in yearly loans

 

[Real McCoy]

It's a huge bet on yourself. Make sure you love it, and you have a good support system. If both of those things are true, take out the loans and go crush it. If those things are not true, go find a cheaper and less painful route to get to where you want to be.

 

[tmjjj]

It's a huge bet on yourself. Make sure you love it, and you have a good support system. If both of those things are true, take out the loans and go crush it. If those things are not true, go find a cheaper and less painful route to get to where you want to be.

I definitely agree. I’m definitely where I want to be. I just am struggling to grapple with the idea of taking on sooooo much debt. I guess not much I can do, but it is reassuring to hear I’m not alone with this fear and struggle.

 

[AlbinoHawk DO]

Not to beat a dead horse because I’m sure this thread exists a ton on the internet but… how do you AFFORD MED SCHOOL… seriously. I just filed the FAFSA and it seems like I get about half of my “fees” covered by sub/unsub. And the other half would be direct PLUS. With tuition for most DO schools being around the $50,000 mark, how do people avoid taking out ~$70,000 a year just to get by (rent, gas, food, bills, etc.)?? I left undergrad with $40,000 in debt so I don’t want to dig my hole even bigger. My mom said I would need to work through med school and I know that just will not be possible, and for my mental health I know that will just push me too far. There’s not enough hours in a day. Seriously. How do you do this?!

Student loans. Many of the younger students with wealthy backgrounds had parents paying living expenses while they took loans just for the tuition

 

[JMS54]

I’m not sure what state you are living in but I would consider your state’s National Guard (Army or Air Force). I know the Army National Guard will repay up to $250 K in medical student loan debt. Your commitment begins when you sign on the dotted line rather than after med school like the HPSP guys. You drill once a month in medical school which is super easy. I used to study the whole time. When you are a medical student or resident you are non deployable. Doing loan repayment adds an extra year for each year you take it but it’s still not bad. Also, each specific state has different benefits. For instance in NJ where I drill, all students attending any state school for any degree while in the guard are given a tuition waiver so all I have are fees from med school which I can get the guard to pay for with loan forgiveness (which extends my commitment) or I just pay them myself. You also do civilian match unlike the HPSP guys.

Please feel free to DM me if you have any questions. The National Guard is a hidden gem especially for people who want school paid for but are concerned about Army Medicine.

 

[Angus Avagadro]

NHS scholarships. You must work in primary care in an undeserved area, and I believe it is for 4 yrs. Also, go to the least expensive school possible. Lecom would be one to consider. Then there are military scholarships. I know several who went that route and enjoyed their military time.

 

[lucky02]

So I filled out the FAFSA and if I'm reading it correctly it says we can borrow $20,500 per year as Direct Unsubsidized loans and then the rest (up to the cost of attendance) as a Direct PLUS loan. Does that sound correct to others who are in the process? I think the 4% loan origination fee on the Direct PLUS loan seems like a lot on top of the 7.5% interest but obviously there isn't much we can do about it....

 

[tmjjj]

So I filled out the FAFSA and if I'm reading it correctly it says we can borrow $20,500 per year as Direct Unsubsidized loans and then the rest (up to the cost of attendance) as a Direct PLUS loan. Does that sound correct to others who are in the process? I think the 4% loan origination fee on the Direct PLUS loan seems like a lot on top of the 7.5% interest but obviously there isn't much we can do about it....

I’ve since filled out the FAFSA and yes, sounds about right. Undergrad loans were about 5% for each unsub/sub so 7.5% sucks but isn’t awful as compared to Sally Mae or other outsides. Seriously I would be okay taking out loans if the interest rates were 0. I could live a happy life if they were 0 or paused during the time were in school 😭

 

[Fluidity of Movement]

NHS scholarships. You must work in primary care in an undeserved area, and I believe it is for 4 yrs. Also, go to the least expensive school possible. Lecom would be one to consider. Then there are military scholarships. I know several who went that route and enjoyed their military time.

Pardon the ping, but did you mean NHSC or the national honor's society?


Also as a note if referencing NHSC, they include Geriatrics and Psychiatry in their terms of pcp, but not EM.

I know a lot of folks will categorize primary care differently.

 

[Angus Avagadro]

Pardon the ping, but did you mean NHSC or the national honor's society?


Also as a note if referencing NHSC, they include Geriatrics and Psychiatry in their terms of pcp, but not EM.

I know a lot of folks will categorize primary care differently.

Thanks for adding the additional texture.

 

[DoctorSparkles]

Not to beat a dead horse because I’m sure this thread exists a ton on the internet but… how do you AFFORD MED SCHOOL… seriously. I just filed the FAFSA and it seems like I get about half of my “fees” covered by sub/unsub. And the other half would be direct PLUS. With tuition for most DO schools being around the $50,000 mark, how do people avoid taking out ~$70,000 a year just to get by (rent, gas, food, bills, etc.)?? I left undergrad with $40,000 in debt so I don’t want to dig my hole even bigger. My mom said I would need to work through med school and I know that just will not be possible, and for my mental health I know that will just push me too far. There’s not enough hours in a day. Seriously. How do you do this?!

Would you consider the military HPSP program? All tuition and fees paid plus job security after residency! PM me if you have any questions.

 

[Bluesandstuff]

Not to beat a dead horse because I’m sure this thread exists a ton on the internet but… how do you AFFORD MED SCHOOL… seriously. I just filed the FAFSA and it seems like I get about half of my “fees” covered by sub/unsub. And the other half would be direct PLUS. With tuition for most DO schools being around the $50,000 mark, how do people avoid taking out ~$70,000 a year just to get by (rent, gas, food, bills, etc.)?? I left undergrad with $40,000 in debt so I don’t want to dig my hole even bigger. My mom said I would need to work through med school and I know that just will not be possible, and for my mental health I know that will just push me too far. There’s not enough hours in a day. Seriously. How do you do this?!

If you’re going to a DO school assume you are going ~400,000k in the hole. You need to spend thousands on things like uworld, BNB/Sketchy, Sub-Is, interviews above and beyond rent and gas.

 

[Entadus]

-scholarship(s)
-prior savings/independently wealthy
-parents/family assistance
-military
-loans as a last resort

^I took advantage of the bolded.

read white coat investor early in your journey. started watching Dave Ramsey on YouTube. beans n rice. I made my own coffee and drank it black.

all the debt is paid off now, it took sacrifice and a lot of good fortune.

 

[annoyedpsychiatrist]

I had about 360k when i finished residency. Im at about 320k after a couple years. But realistically im more focused on PSLF which I think is the best way to go currently for large loans. I invest most of the money i would otherwise use towards loans. My residency gave me 4/10 years. I have additional 2 years of attending, and 4 to go. Pretty great program since many hospitals are not for profit.

 

[lucky02]

I had about 360k when i finished residency. Im at about 320k after a couple years. But realistically im more focused on PSLF which I think is the best way to go currently for large loans. I invest most of the money i would otherwise use towards loans. My residency gave me 4/10 years. I have additional 2 years of attending, and 4 to go. Pretty great program since many hospitals are not for profit.

When you were applying for residencies, did you factor in which ones would qualify for PSLF? Did it impact the matching process for you?

 

[annoyedpsychiatrist]

i didnt factor that in, just got sorta luckily. All 10 that i interviewed at i think qualifed though

 

[gyngyn]

Also as a note if referencing NHSC, they include Geriatrics and Psychiatry in their terms of pcp, but not EM.

Don't forget OBG!