Average Financial Aid received per year

[WTTL]

Hello, (around) how much Financial aid does the average US med school student receive? It is almost all from FAFSA?

I am trying to figure out how much cheaper, if cheaper at all, a Caribbean med school would be. Thanks

*Also- For residency. Do you pay for tuition? Since you are getting paid while doing it- do you break about even here?

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[jung1]

Hello, (around) how much Financial aid does the average US med school student receive?

One hundred meeellliion dollars...

 

[Bernoull]

Hello, (around) how much Financial aid does the average US med school student receive? It is almost all from FAFSA?

I am trying to figure out how much cheaper, if cheaper at all, a Caribbean med school would be. Thanks

*Also- For residency. Do you pay for tuition? Since you are getting paid while doing it- do you break about even here?

Are u lumping loans, grants, scholarship 2gether as finaid? If so, that may be impossible to know.

For loans, the average graduating med student has $157K so division by 4 gives ~40K/yr..

I'm pretty sure u don't pay for residency, rather u start earning minimum wage, if that...

 

[ensuii]

Are u lumping loans, grants, scholarship 2gether as finaid? If so, that may be impossible to know.

For loans, the average graduating med student has $157K so division by 4 gives ~40K/yr..

I'm pretty sure u don't pay for residency, rather u start earning minimum wage, if that...

You can get loans to cover up the entirety of your education including living expenses if you so desire. My school's tuition is 46k a year which is a little above average for an OOS student. I take out about 65 to pay for tuition+room and board+car expenses+food+etc and live VERY comfortably. I have friends that will take out the full 80k and live like kings. I also have friends that go to BU med and take out 80k because the cost of living is really high. Basically I'm trying to say this: 1) don't count on grants and scholarships as being as available as they were in undergrad 2) figure out the cost of living and add that to tuition to get an idea of how much a school will cost 3) don't worry about getting money. worry about how you're going to pay it back.

 

[45408]

I don't know of any Caribbean schools that fall in the realm of "cheaper." Someone can correct me if I'm wrong, but they're usually quite expensive. That's why they're the last resort rather than the first option.

 

[WTTL]

I don't know of any Caribbean schools that fall in the realm of "cheaper." Someone can correct me if I'm wrong, but they're usually quite expensive. That's why they're the last resort rather than the first option.

Anybody have an opinion on this?

So you guys are saying students don't get any significant amount of grants? Can someone give me a realistic number I could imagine being received each year (from fafsa, for example).

 

[ThaliaNox]

Grants are nearly non-existent for medical school. Financial aide is nearly all in the form of loans. A very small number of students will get some need based aide and a small number will get merit based aide. The other 80 percent will get nothing at all. For the students who do get aide, it is usually realitively small, around 20% of their COA.

The amount students get will also vary depending on school. Some schools tend to give out more, some almost nothing. The ones that give out more tend to be the ones that are harder to get into. Basically, if your parents make more than 50-60 grand per year or you aren't an academic superstar, don't count on anything unless you are really, really lucky.

 

[justdoit31]

Tuition at my school is only 14k or so a year (thank God for Texas)- I get about $2,000 in scholarships/grants a year which waves me paying the higher OOS tuition. I believe I borrowed about 36k for this year after scholarships.

Another thing to consider is if there is a school close to home and if you would be willing to live with friends/relatives. My 3rd and 4th year clinicals will be in the same town my parents are so I can potentially only borrow 25k a year and live at home.

 

[235009]

1. you don't pay for residency...residency is a job with average pay depending on location but is usually somewhere in the 40k-60k range
2. caribbean schools are for profit and do not give out any need-based or merit-based scholarships. also there is the cost of flying there and back. usually they tend to be about the same as the most expensive private schools or typically more expensive (though living expenses i hear are cheaper). in general though you are getting little value for your money since you're basically paying the same price for a sub-par product.
3. your cheapest option is typically your state school though rich private schools (usually ivy league schools and schools that are highly ranked) might give you good need-based financial aid making their price comparable to a state school though this is rare. usually DO schools are more expensive and i've never heard of them giving any scholarships.

generally the amount of loans you take depends on many factors but you can take out the full cost of attendance (tuition + living expenses) if you need to