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Award Package question

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Hi guys,
I'm pretty oblivious to the whole financial aid thing and wanted to ask a couple questions...
I just received my award package which gives me around 61k for each year (31k fall and 31k spring).

The tuition and fees is around 45k/year.

I am supposed to notify the financial aid dept whether I want to accept/decline....as its looking does this mean that Ill have around ~15k each year for living etc expenses?

Do students typically take out as much(or all) of the award given to them?

Thanks in advance, Im just trying to make out this money stuff since I never really understood how it worked...appreciate it!
 

mpp

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I assume these are loans. This will be your package for this year only. Borrow whatever you think you will need. Borrowing $60,000+ each year is going to be a whopper of a total loan in the end, especially since much of it will be private. Check to see that these private loans are deferable while in school and while in residency otherwise you may have difficulty paying it back. Realize that you may not be able to live the life you were expecting to live as a doctor once you begin paying back close to $300,000 (which will be much more when you include the interest). So borrow wisely...
 
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