Army Reserve Stipend and Financial Aid?

[Dr.HessD.O.]

All,
If any of you future Docs are in the reserves receiving the monthly stipend ~ $1325, does this factor in to your schools method of determining your financial need?
I am asking becuase i was hoping to buy a house and use part of the 1325 a month as a buffer to pay a portion of the mortgage.
Any input would be greatly appreciated!

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[lilnoelle]

All,
If any of you future Docs are in the reserves receiving the monthly stipend ~ $1325, does this factor in to your schools method of determining your financial need?
I am asking becuase i was hoping to buy a house and use part of the 1325 a month as a buffer to pay a portion of the mortgage.
Any input would be greatly appreciated!

Well, I'm not in the reserves, but I did have a loan repayment program when I started med school (have since cancelled it) complete with $1500 stipend.

One thing to remember is that whatever you recieve from the military in the form of stipend is considered a part of your financial aid package and therefore you will recieve that much less in institutional loans. You will have to be able to live on your stipend plus whatever you recieve in loans (and the amount of money you recieve when borrowing your maximum student financial aid will not be greater than your classmates who are taking everything out in loans).

Whether that will affect your decision in buying a house is up to you. I own, but I am married, so my hubby's income works into our financial equation.

If you can buy for cheaper than you can rent, (make sure that you figure in interest and taxes plus insurance into the equation for your monthly payment) have some extra to pay for maintenance and either don't need to come up with a downpayment or already have something saved up for a downpayment and your closing costs, then I say that buying is a good idea.

If you have to pay closing costs and a downpayment, figure about $3K on closing costs and 3-5% of your loan amount for a downpayment. Those numbers may vary based on where you buy, but thats about what to expect where I'm from (midwest).

 

[Dr.HessD.O.]

Well, I'm not in the reserves, but I did have a loan repayment program when I started med school (have since cancelled it) complete with $1500 stipend.

One thing to remember is that whatever you recieve from the military in the form of stipend is considered a part of your financial aid package and therefore you will recieve that much less in institutional loans. You will have to be able to live on your stipend plus whatever you recieve in loans (and the amount of money you recieve when borrowing your maximum student financial aid will not be greater than your classmates who are taking everything out in loans).

Whether that will affect your decision in buying a house is up to you. I own, but I am married, so my hubby's income works into our financial equation.

If you can buy for cheaper than you can rent, (make sure that you figure in interest and taxes plus insurance into the equation for your monthly payment) have some extra to pay for maintenance and either don't need to come up with a downpayment or already have something saved up for a downpayment and your closing costs, then I say that buying is a good idea.

If you have to pay closing costs and a downpayment, figure about $3K on closing costs and 3-5% of your loan amount for a downpayment. Those numbers may vary based on where you buy, but thats about what to expect where I'm from (midwest).

Thanks So MUCH!!! I appreiciate it. I was thinking that as well. So I will not factor in any extra. Either way it is still a plus to get money even though I wont have extra for a mortgage like I was hoping. Thanks again!

 

[Flopotomist]

My military education benefits are subtracted off of my total aid package (unfortunately). Hence, my school calculates that I have 56K per year in expenses, subtracts the 15K in military benefits, and allows me to take out loans for the remainder.

 

[Dr.HessD.O.]

I am going to Albany Med anyone go there?

 

[lilnoelle]

I am going to Albany Med anyone go there?

You could always ask in the military med forum if anyone attends Albany Med. I think the easiest thing would be to call your financial aid office and ask.

 

[Nate]

moving to military medicine

 

[dpmd]

You should think about it this way. Even if they didn't factor it into your financial aid, the odds of you getting money you wouldn't have to pay back is small. If your stipend is the only money you get, that probably won't disqualify you for subsidized loans. Then you can still take up to the maximum stafford loans (and grad plus if you want). You just have to work out whether it makes more sense to take out extra loans, or try to keep your expenses down. Either way you would have to pay for living expenses. It sounds like you want to take out enough in loans to pay tuition and fees. Depending on how much this is you, can probably get it done with just staffords.