TDuncan21

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Hey all - I am considering a career change to medicine, but unfortunately, I am still carrying a large amount (100k+) of loans from college and graduate school. I feel that I have gone down the wrong path career-wise, and medicine is where I should be, but I don't know how I could ever pay for it, given my already large amt of loans. Is anyone else in this boat? I know there are limits on the total amount of loans that one person can get in his lifetime through the government, but I'm unsure how much they are. Am I basically screwed unless I can convince a bank or private lender to bankroll me? Thanks for your help.

Frustrated
 

mpp

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The limit on aggregate Stafford loans is $189,125 for medical students (this includes Stafford loans for undergrad and graduate school).
 

TDuncan21

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Thanks MPP for your info. I would estimate that I have used around 120k of my Stafford loans to date. That would leave 70k available for med school, which is more than I expected. I still would have to get funding from another source, and I'm not certain how crushing debt would otherwise affect that need. Does anyone else have a similar experience or problem? Thanks.
 
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datchado

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TDuncan 21,
I am in the same boat where I was going down one path and circumstances and a change of heart decided to pursue osteopathic medicine. Now I have been accepted to UNECOM- but how will it be financed. I also have debt from previous education following me-actually about 185,000..so Stafford is not an option for me. I am sure I am unable to qualify for private loans and dont want to anyway because of poor credit( that occurred while I was recovering from a car accident).. It is hard to ask my parent to fill out loan applications since they had already tried to help me out with my previous path. I did apply for the NHS but will not find out until Sep and if receive funds wont until Nov.
so right now i am dedicating myself to looking at every sort of scholarship database and inthe process of interviewing for more work that can help with moving expenses.
anyway, if you want to pm me.we can give each other support advice on anything else we stumble along through the process.

anyway, in the end something will work ...just dont give up.
 

hokte

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Hey TDuncan 21 and datchado,
Did you guys come up with a solution for funding med school?? I'm in the same boat with you. I guess this really isn't that uncommon. Let me know if you get anymore information!! :)
 

datchado

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Hello hokte,
generally I am in the midst of talking with financial aid office and trying to see all the other possible alternatives. Also, I would keep searching around for scholarships by going to fastweb or consider doing a military scholarship or signing up for the national helath scholarship next year.
if i have more concrete answers, I will pm you...dont despair...something will some how work out.
 

meanderson

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datchado said:
TDuncan 21,
I am in the same boat where I was going down one path and circumstances and a change of heart decided to pursue osteopathic medicine. Now I have been accepted to UNECOM- but how will it be financed. I also have debt from previous education following me-actually about 185,000..so Stafford is not an option for me. I am sure I am unable to qualify for private loans and dont want to anyway because of poor credit( that occurred while I was recovering from a car accident).. It is hard to ask my parent to fill out loan applications since they had already tried to help me out with my previous path. I did apply for the NHS but will not find out until Sep and if receive funds wont until Nov.
so right now i am dedicating myself to looking at every sort of scholarship database and inthe process of interviewing for more work that can help with moving expenses.
anyway, if you want to pm me.we can give each other support advice on anything else we stumble along through the process.

anyway, in the end something will work ...just dont give up.
I didn't know it was possible to amass 185k in educational debt in something other than medical school. 185k going into medical school is a ton. After all the interest on that bulids and builds during school and residency, and then all the interest from the unsub. portion of your med school loans builds during residency, you might be looking at around 400k(!) debt just going into residency. After residency is over it will balloon even higher. Some of the higher paying specialties(radiology, urology, ent) will be tougher to get coming from UNECOM, and even if you do decide to say pursue int. cards or int. rads to actually pay off that sum of money, the residency + fellowship(+ another fellowship in some cases) will take 7-9 years which will force the loans to balloon even more.

But hey, I guess doing something you know you want to do is worth it......I just think there is a very good chance that you will be borrowing a total sum of money that won't be feasible to pay back and at the same time have a decent lifestyle as an attending. Of course you already know there are ways to cap the loans at 185k and go into national service programs or the military, but then you really cut into your post-residency earning power, which would be fine if it weren't for the 185k in existing loans. Good luck....
 

hokte

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datchado,
thanks for your reply. The most important thing is to keep a positive attitude. Most people I approach with the subject of already having extreme loans, think it's crazy to add more. I'd much rather have a gigantic payment and really enjoy my profession than the other way around. And anyway I believe payments can be based on your salary. So you won't make $5000.00 per month and be expected to make a $5000.00 per month student loan payment. Good Luck, I hope the best for you. Is your original profession in the health sciences???
 

peehdee

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it it possible for you guys to ask your parents to borrow the money for you?

i mean undergraduates can get 'parent loans'. is that possible for medical school??

just a thought.
 
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