debt before med school

Started by ams502
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ams502

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okay...I'm always hearing about how much debt medical students have after medical school, but I haven't seen anything about undergraduate debt and how this factors in to the application process. Right now, I have a lot of debt for an undergraduate (about $50,000). The reason being is that my husband and I were both in school and had to take out extra loans to live off of and send our child to daycare with, so because I had the slightly better credit score I took out loans for both of us. Now I'm wondering if the medical school I'm applying to will see my outstanding debt and if they do will be less likely to accept me because of it. Do most med schools look at credit reports along with your background check? Does it matter? Will this hurt my chances of receiving financial aid if I am accepted? Thanks!
 
ams502 said:
okay...I'm always hearing about how much debt medical students have after medical school, but I haven't seen anything about undergraduate debt and how this factors in to the application process. Right now, I have a lot of debt for an undergraduate (about $50,000). The reason being is that my husband and I were both in school and had to take out extra loans to live off of and send our child to daycare with, so because I had the slightly better credit score I took out loans for both of us. Now I'm wondering if the medical school I'm applying to will see my outstanding debt and if they do will be less likely to accept me because of it. Do most med schools look at credit reports along with your background check? Does it matter? Will this hurt my chances of receiving financial aid if I am accepted? Thanks!
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Don't worry!! I have alot more debt than you with my PharmD and they are happy to loan me the money....As a MD they know you will have a better chance at repaying the loans than most.
 
Good to hear. I just started undergrad (I'm 23), and my wife is a full-time student too, so we will probably end up amassing some debt. Besides, I didn't think $50,000 was that much UG debt (students at private institutions would have quite a bit more, no?)
 
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sgtbrushes said:
Good to hear. I just started undergrad (I'm 23), and my wife is a full-time student too, so we will probably end up amassing some debt. Besides, I didn't think $50,000 was that much UG debt (students at private institutions would have quite a bit more, no?)
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Hey, if you do private undergrad and private med school, then the debt will get up there.

I am not one in it for the lifestyle of a doctor. I will just buy a reasonable home and treat my loans like another mortgage. I just will not be able to get the beach house for some time! 😀
 
whew! thank you guys so much for all the feedback! I'm feeling a little better now! i guess as long as i can actually get into med school to pay this stuff off someday i'll be okay!
 
ams502 said:
whew! thank you guys so much for all the feedback! I'm feeling a little better now! i guess as long as i can actually get into med school to pay this stuff off someday i'll be okay!
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According to people on SDN, by the time you graduate from Med School and start practicing you'll be so deep in debt that you'll be eating ramen for breakfast, lunch and dinner. Go figure! 😱

LOL j/k
 
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