Anyone else going all loans?

[Chadleez1]

I haven't had to pay for any of my undergrad schooling, thanks to my parents, but I am going to be paying for likely all my med school. I don't want them to have to take that on, and I have a younger sister who will be going into undergrad at the same time. So, I'm going to be going all loans, unless I get some scholarships. Is this pretty common of people here? I don't mind the loans and debt at all; it doesn't make me want to be a doctor any less. So, is this your story too?

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[Ai]

It certainly is my story

 

[THE instiGATOR]

Well, I had to go to UF instead of Emory because my parents wouldn't hook me up with $$$. I'll have to thank them for that someday because UF is AWESOME!!! Florida paid my tuition and books, so I only have debt from my living expenses and the new car I bought...can't beat that! The folks said they will dish out $5000.00/yr for my med school expenses. Anything above that will have to come from loans. I'll pay mom and dad back in the end, though. They are going to live veeeery well, my friend. After all the sacrifices they have made for my siblings and I, they deserve it! Gotta show the parents love!

 

[MSN1]

It is common for people to pay for med school entirely with loans.

 

[snowballz]

Since my parents do not pay for my undergraduate education, I am going entirely on loans and scholarships. If not for stafford loans, I'd still be working at GAP. So yes, many people go all loans. I suspect I will always be dependent upon loans.

Your parents can already afford five grand a year?

Alicia

 

[Chadleez1]

I totally agree with the guy who said he was going to be paying his parents back in the end. My parents have sacrificed so much for me and my sister, they deserve it. With me wanting to be a doctor and my younger sister wanting to be a lawyer, they should be living nicely in a few years!

 

[Barton]

all loans up in this piece.

 

[none]

As with the majority of students, I'm guessing I will be supported somewhat by my parents/grandparents and somewhat by loans. The exact mix of that remains to be seen. Hopefully there will also be some research grants involved in there somewhere. As adcoms know quite well, we will all be able to drive our Lexus to the bank to pay them off.

 

[THE instiGATOR]

Originally posted by snowballz:
•Your parents can already afford five grand a year?

Alicia•

They better be able to!!! They got off scott free when both my brother and I went to college! My sister didn't take the college route, so they didn't have to dish out money to her either. They've been living on their own for four years now! Unless they have been going wild, which is possible, they better have something set aside!

Seriously, though...I'm not expecting anything from them. If I have to pay entirely with loans, I'm willing to.

We're all gonna be po!!!

Anyone want some grilled cheese? Ramen noodles?

 

[SIXTHSENSE]

I'm the only one out of three children going to college, so I'm expecting at least some help...I'm counting on about maybe 10-12K per year (they have more than enough to afford that)...whatever else I need will be in loans...

 

[lilycat]

I'm an MS1, and am going to school completely on loans. My dad took care (and is still taking care) of undergrad, and I feel like it's just always been sort of assumed that I would take care of med school on my own. There are a lot of med students in this situation, and there are a lot that get significant support from family and sig. others. My best advice would be to talk to students during your interviews about the Financial Aid Offices at the various schools and see how helpful and realistic they are about budgets, emergency expenses that come up, etc.

 

[Rhiana]

I know I'm going tyo have to go all loans. I managed to work full time during my entire undergrad but I know i won't be able to do that for med. Taking on that significant amount of debt is scary at such an early age though. Maybe i'll do the army thing.

 

[NE_Cornhusker1]

I'm 100% loan and two to three part-time jobs and the occasional scholarship dependent. While it would be nice if my parents paid for my schooling I don't think I would get as much out of college. I've learned to work my a*s off, this is something that won't benefit me just in medical school, but also in life. I getting off my perch noe. Peace. AEKDB.

 

[none]

People! Doctors may not be Bill Gates, but they CAN pay off their med school loans and be extremely comfortable while doing it! You just don't see MDs on the street. Calm down!

 

[Badgerbabe]

I totally agree with NE_Cornhusker....while it's terrifying to sign that tuition check each semester, it's also really gratifying that I am doing this myself.

 

[THE instiGATOR]

Yep, I give props to all who are paying for their tuition. Avoiding tuition, though, is why I chose to go to UF. I don't know about others, but I haven't been sitting on my laurels. I have rent, car payments (finished with this, finally), utilities, food, insurance, etc. Work is good, and I've certainly done my share.

 

[lilycat]

Originally posted by none:
•People! Doctors may not be Bill Gates, but they CAN pay off their med school loans and be extremely comfortable while doing it! You just don't see MDs on the street. Calm down!•

Hmm... I'm not sure what your point is, or what initiated this response, but all I have to say is go to your FAO entrance interview/presentation during orientation and then talk to me. Loans, and loan amounts, is a totally valid concern for students to have. When you realize that your loan payments out of med school will be ~$1000-1500/month, and you are only making around $2000/month after taxes in residency and fellowship, that sort of gives me pause. For the vast majority of people, 6-figure debt is an intimidating concept and is not something that should be taken lightly.

 

[aisha]

but u dont have to pay back when u are still doing residency or fellowship. and it isnt 1000-1500, its only a couple hundred a month, right? atleast thats what i thought. and u can defer payments of ur loans until u actually start making money, which is technically after ur training (including res & fell)

am i right?

 

[mcnugz]

i'm not sure how it is for med school loans, but for my undergrad loans, you get a 6 month deferrment period once you graduate (unless you go on to higher education such as med school)...then you start paying...so i think lilycat is right when she says that you'll be starting to pay back your loans during your residency/fellowship...as far as how much per month...well i'd assume that all depends on how much you've borrowed during your undergrad and med school years combined...for some people (unfortunately including me), that could easily add up to $1,000/1,500 a month

 

[E'01]

I'm assuming that you'd want to begin paying off your loans during residency - and at least $1000/month - since interest will be building up (unsubsidized loans). By the way, there are at least 10 different types of deferrment (i.e. unemployment deferrment) - not just educational deferrment. Does anyone know how financial aid works if you have a sibling in college? I heard that only one child will get a financial break. Chadleez1 I totally hear you. W/ my parents shelling out 18K/year for my sister and my brother going to college a year after I enter med school, I really forsee taking out practically all loans. But at this point that's not a deterrent for me... I don't mind it. It's all about sacrifice and delayed gratification (monetary-wise).

So folks, when do we start applying for financial aid? Automatically in Jan or when we get accepted to a school?

 

[racergirl]

You don't have to wait until you're accepted, but you have to fill out you taxes first. Basically you do your taxes, fill out the FASFA, and get a credit report.

I paid for my own undergrad without any loans (going 3/4 time and living like a field mouse) so right now I don't have any student loans. I expect to pay for med school entirely with loans and any grants I can get!

 

[lilycat]

Originally posted by aisha:
•but u dont have to pay back when u are still doing residency or fellowship. and it isnt 1000-1500, its only a couple hundred a month, right? atleast thats what i thought. and u can defer payments of ur loans until u actually start making money, which is technically after ur training (including res & fell)

am i right?•

Deferral of med school loans during residency and fellowship is a big fallacy, in other words, a big lie. You are expected to start paying within 6 months of med school graduation. You can try to seek various hardship deferments if you circumstances permit it, but you also will be adding tens of thousands of dollars to the amount to be paid back, so it really is in your best financial interest to start paying loans back during residency and fellowship.

Actually, in terms of unsubsidized Stafford loans and private loans, which may make up the bulk of your financial aid if you are going all loans, it would be wise to try and pay off some of the interest during med school. If you do have any amount of decent financial family support, it might be best used by putting it towards your interest during school.

As for the monthly amount you are expected to pay, yes you could pay just a couple of hundred a month if you want to be paying loans off until you are 60. Basically, the monthly amount will be calculated based on how much you borrowed total, and how long to repay based on a 10-15 year repayment schedule. Some programs will use a straight payment the whole way through, some will use a "sliding scale" that adjusts to factor in your income -- so you pay less per month during residency, and more once you are actually practicing. However, assuming you borrowed more than $30,000 (for example) for all of med school, it will be more than $200 or $300 a month, otherwise you won't even be keeping pace with your interest.

Also, residents typically make between $30-35K per year. Fellows make around $40K per year. (I think the minimum base stipulated for a fellow is $33K, and it can go up to $45K if there is funding).

 

[lilycat]

As for when to apply for financial aid, I believe FAFSA becomes available in January. That is step one of the process. If you are filing taxes for this year, it would be wise to have your 1040 completed already, or to at least have your W-2 handy, and have a good estimate of how you are filling out your 1040. Then you can fill out your FAFSA. If you use estimates based on a 1040, you are expected to update your FAFSA once you have completed your 1040.

Also, please note, when you are filling out your FAFSA, and are designating schools that you want to receive the report, go ahead and put down all the schools you interviewed at if you are seriously considering attending there, even if you haven't yet received an acceptance. This will greatly speed up the process if you receive a few late acceptances and need to make some quick decisions in the spring or summer.

Schools that have accepted you will send out their own financial aid paperwork usually by March or April. At that time you will also be asked to select your lender.

Once all your paperwork has been received it will take anywhere from 1-4 weeks for an aid package to be drawn up for you.

 

[dustinspeer]

I agree with some of the others, why WOULDN'T you want to begint o pay off during residency? I am married and my wife realizes that during med school she will be the only one working and during residency she will probably still have to work some. And I also will be going almost all loans. Since I am married and poor, however, the government does help me some. Thank you FAFSA!

 

[E'01]

Thanks Lilycat and Racergirl for the information. Btw, it's good to have you back on here Racergirl