after Financial Aid Packet

[altctrldel]

I just received my financial aid packet today in the mail and I really don't know what to make of it...Just to get an idea of what my debt will look like in four years, could you guys please post the following information? Thanks!!

Annual Budget (for your medical school):
Your total calculated Need (base loan+institutional scholarships):
Base Loan:
Institutional Scholarship:

Additional Loan (lender?):
Projected Debt (by end of four years of med school):

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[yadayadadude]

I don't really understand questions like this. What bearing does anyone else's situation have on yours? Does it really do you any good to know that my total debt (after four years) is $45K? Or that my school has given me more than $150K in need-based grants? Or that my husband works two jobs to keep our household afloat? Unless you go to my school, or have the blessing of a hard-working spouse, my situation has little to offer you.

What matters is _your_ debt. Schools vary tremendously, as do individual financial situations. You're going to need to crunch your own numbers. When you do, remember that you can't simply multiply your first year's borrowing by four to arrive at your total debt. Tuition and the cost of living goes up every year, and your unsubsidized loans begin accruing interest from the day they are disbursed. Then remember that, depending on your situation, you may be unable to make payments during residency, so the interest will continue to accrue on your unsubsidized debt and likely on your subsidized debt as well all throughout your residency. Once you estimate your likely total debt at capitalization, you can use an online calculator like the ones at www.finaid.com to estimate your payments over 10-30 years. That's the number you need to be looking at.

 

[altctrldel]

I understand everyone's situation is different. What I'm trying to get a feel of is how much people are taking out in terms of loans (subsidized and unsubsidized) to help pay for their expenses; how much people actually spend on books/equipment as allocated on the school's budget; etc.

 

[rgerwin]

UNECOM's budget for everything is currently $65K/year.