1. The SDN iPhone App is back and free through November! Get it today and please post a review on the App Store!
    Dismiss Notice
  2. Dismiss Notice
Dismiss Notice

Interview Feedback: Visit Interview Feedback to view and submit interview information.

Interviewing Masterclass: Free masterclass on interviewing from SDN and Medical College of Georgia

Can anyone top borrowing 185K for Med School?

Discussion in 'Pre-Medical - MD' started by kmy, Apr 23, 2002.

  1. kmy

    kmy Member
    7+ Year Member

    Joined:
    May 13, 2001
    Messages:
    71
    Likes Received:
    0
    I know there is a financial aid forum but Im curious to poll you guys... I just got a financial aid package and I am blown away by the amount they expect me to borrow. My family doesnt make a lot of money and wont be contributing so I am doubly stunned. Is this normal? I often hear the average med student is in debt 100 or 150K but not closer to 200!!!! Any thoughts, is this sort of thing pay-off-able?

    Can you sign up for loans with one school or one med school loan program, then get off the waitlist at another school just before classes start and switch your life and future earnings over to them?

    Just curious - nothing like the prospect of owing a quarter million dollars after interest to make you question your career goals <img border="0" title="" alt="[Wink]" src="wink.gif" />
     
  2. Note: SDN Members do not see this ad.

  3. Resident Alien

    7+ Year Member

    Joined:
    Jul 21, 2001
    Messages:
    1,041
    Likes Received:
    3
    Nah cant top it. But i'll be taking out close to $110,000 in loans, going to a state school.

    sigh... <img border="0" title="" alt="[Frown]" src="frown.gif" />
     
  4. E'01

    E'01 1K Member
    7+ Year Member

    Joined:
    Jun 26, 2001
    Messages:
    1,216
    Likes Received:
    1
    Status:
    Medical Student
    I have to take out about $130,000 and that's with a half-tuition scholarship. I still have 20K from undergrad too.
     
  5. CityIvy

    CityIvy Senior Member
    10+ Year Member

    Joined:
    Jun 14, 2001
    Messages:
    280
    Likes Received:
    1
    Yeah...my boyfriend is borrowing $208 grand for four years at NYMC!
     
  6. Barton

    Barton Senior Member
    10+ Year Member

    Joined:
    Jun 28, 2001
    Messages:
    401
    Likes Received:
    2
    I'll be borrowing $170,000 for my time at MCW.
     
  7. Scooby Doo

    Scooby Doo IEatShavedPussyCats
    10+ Year Member

    Joined:
    Jul 9, 2001
    Messages:
    3,797
    Likes Received:
    1
    The only reason the average debt is so low for most schools is b/c a lot of people are rich who go to the schools and can pay for it directly out of pocket. Or they don't have to take out many loans. But then you have people like the rest of us who are taking out 200K in loans. That then evens it all out to make the average debt of 100K
     
  8. E'01

    E'01 1K Member
    7+ Year Member

    Joined:
    Jun 26, 2001
    Messages:
    1,216
    Likes Received:
    1
    Status:
    Medical Student
    Are you guys borrowing the max amout of loans your school gave you? I'm trying to make up a budget so that I don't have to.... wow - room/board eats up all the $
     
  9. KyGrlDr2B

    7+ Year Member

    Joined:
    Oct 15, 2001
    Messages:
    2,045
    Likes Received:
    0
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by E'01:
    <strong>Are you guys borrowing the max amout of loans your school gave you? I'm trying to make up a budget so that I don't have to.... wow - room/board eats up all the $</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">I agree! Rent, utilities, and food have taken up so much money when I tried to figure out my expenses. It's unbelievable! My brother-in-law told me it's best to have a little bit more money than you need, than come up short (even though it accrues interest). He said if you don't have enough money, you are sh!t up a creek. *sigh*
     
  10. matthew0126

    matthew0126 Anaheim Angels
    7+ Year Member

    Joined:
    Feb 2, 2002
    Messages:
    1,152
    Likes Received:
    1
    i'm borrowing the max baby, aka the full cost for 4 years -- minus whatever money they give me in grants

    i haven't gotten a financial aid form from ucsd but 4 years cost=100k, +car=115k. minus 20% grants (rough estimate i got from ucsf), so i figure i'll be borrowing somewhere around 85k. yuck.
     
  11. E'01

    E'01 1K Member
    7+ Year Member

    Joined:
    Jun 26, 2001
    Messages:
    1,216
    Likes Received:
    1
    Status:
    Medical Student
    Yeah isn't it crazy KyGrlDr2B?! I'm hoping that because we'll be soooo busy in med school, we won't have too much time to eat - hence smaller eating budget. I guess worst comes to worst, I can always go back home on Sundays and load up the car with goodies. I think that' the least my parents can do since they're not helping with my tuition :rolleyes:

    Are any of you planning to work a per-diem/part-time job? I don't think I'm qualified to teach MCAT stuff ( I don't remember a thing anyway) - but I hear a lot of med school students do it.
     
  12. E'01

    E'01 1K Member
    7+ Year Member

    Joined:
    Jun 26, 2001
    Messages:
    1,216
    Likes Received:
    1
    Status:
    Medical Student
    OOOOhhh thanks Moleculo!
     
  13. Epi

    Epi Fuzzy Tiger
    7+ Year Member

    Joined:
    Jul 28, 2001
    Messages:
    292
    Likes Received:
    0
    Status:
    Medical Student
    I probably be borrowing around 160K for school.

    I guess that just makes me average...
     
  14. trouta

    trouta Senior Member
    7+ Year Member

    Joined:
    Apr 3, 2002
    Messages:
    502
    Likes Received:
    3
    Status:
    Resident [Any Field]
    Although I havent received financial aid packages yet I know it will be awful b/c my family makes enough money but they wont be contributing b/c they are both getting ready to retire.

    You can get off the waitlist at another school and enroll there up until the day that you begin classes at the school you are currently looking at. I dont know about backing out of private company loans.
     
  15. lyle

    lyle Member
    7+ Year Member

    Joined:
    Apr 2, 2002
    Messages:
    82
    Likes Received:
    0
    I have to borrow full cost for 4 years plus interest plus hefty undergrad. debt. By the time I can start loan payments, I am expecting my debt to have reached close to $300K or more.
     
  16. reesie0726

    reesie0726 Senior Member
    7+ Year Member

    Joined:
    Dec 23, 2001
    Messages:
    221
    Likes Received:
    0
    I am in the same boat as lyle. It will cost around 49k each year plus my undergrad and grad school loans. I dont even wanna think about how much debt i will have.
     
  17. otter

    otter Senior Member
    7+ Year Member

    Joined:
    Oct 31, 2001
    Messages:
    478
    Likes Received:
    1
    At Tufts, we were told that the budget for 4 years will be about $240,000 as of now. as daunting as that figure may seem, we've just got to suck it up, borrow it, and not think about it.
     
  18. otter

    otter Senior Member
    7+ Year Member

    Joined:
    Oct 31, 2001
    Messages:
    478
    Likes Received:
    1
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by reesie0726:
    <strong>I am in the same boat as lyle. It will cost around 49k each year plus my undergrad and grad school loans. I dont even wanna think about how much debt i will have.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">How much are you in debt from undergrad and grad schools? Geez, that will be tough.
     
  19. Vdawg

    Vdawg Senior Member
    7+ Year Member

    Joined:
    Oct 23, 2001
    Messages:
    129
    Likes Received:
    0
    I don't have a car right now but will definitely need one for med school next year. How easy is it to have them calculate this into the loan? or is it not even considered and I have to take an outside loan for it. I don't mind borrowing money but I don't want to have to worry about high % accruing while I am in school!!
     
  20. warpath

    warpath Officer Cadet
    7+ Year Member

    Joined:
    Dec 2, 2001
    Messages:
    187
    Likes Received:
    0
    Yep. Because I'm an international student, I was going to have to borrow $210,000 (private company loans). Thankfully, I got a scholarship so I'll have to borrow less than a third of that.
     
  21. For those of you wanting to buy a car (I've been thinking of doing the same and trying to figure out how I can do it from my student loans) a lot of schools figure in a lot for transportation. One school figured in 3500 for the first year alone, which is a nice chunk of change to make a car/insurance payment, especially if you live close by, you would never need that much money. Some schools when I went to interview said that if you expect to pay a car payment, the most feasible way would be to take a roomate to save on rent.

    I think it's definately possible, but you'll probably have to take the max loans.
     
  22. Whisker Barrel Cortex

    10+ Year Member

    Joined:
    Aug 10, 2001
    Messages:
    1,785
    Likes Received:
    20
    I took out the max every year and will be 170,000 in debt from med school plus 12,000 from undergrad when I graduate in a month.
     
  23. oldman

    oldman Senior Citizen
    Gold Donor 15+ Year Member

    Joined:
    Feb 3, 2002
    Messages:
    4,657
    Likes Received:
    40
    Status:
    Attending Physician
    youch!

    i'm hoping to get some grants/scholarships...please god!
     

Share This Page