Do Medical Schools WANT you to take out loans??

[drmoon]

I'm wondering because I read on another post that they prefer this (financially) as opposed to someone who already has the resources. If this is true, do you think that they might take another candidate who is planning to take out loans if the applications are otherwise equal?

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[lilycat]

I don't think this is true, but perhaps it varies by school. At my school at least, my financial aid office wants to help me every way they can to minimize my debt. Loans or personal funds -- either way schools are going to get their money. I do think they may be leary of accepting people with poor credit history however, since their track record does not demonstrate someone who is capable of handling such a situation financially.

 

[KyGrlDr2B]

One of my interviewers asked me how I planned to pay for my schooling and I told them loans. They said I should try to receive as much help from my parents in order to minimize my debt because many students borrow too much and have a hard time paying back, etc. I thought it was odd to receive a "lecture" during the interview, but I pointed out that I received 4 scholarships during undergrad that paid for tuition plus everything else so I was in no debt whatsoever.

So I don't think you're right. Besides, isnt it discrimination to not accept someone due to financial status?

 

[drmoon]

Thanks for the input. I hope I'm not right. That's why I'm asking! I'm planning on paying for everything on my own and I don't want such a ridiculous thing to hurt my admission chances.

 

[Medic171]

why the hell would they prefer, or care how you pay as far as admissions is concerned?

 

[cchoukal]

The department of education probably makes a lot of money on loan interest. Do you think they make enough to make it worthwhile to give kick-backs to universities for bringing the DOE more loan business? In other words, does the university have any reasonable incentive to prefer students take out loans? I'm as suspicious as anyone, but I'm not seeing it. Besides, physicians have a notoriously high default rate on school loans. If anything, the DOE would incentivize the universities... Interesting question

 

[iowaboy]

To answer your question..I don't think they'll admit someone on the basis of how they will pay for their tuition.
As far as my school goes, the average cost for in-state first year is $26,000. Unless you have $26,000 tucked away someplace, you're gonna have to take loans. About 97% of students at my school take some sort of loan, whether it is federally funded or private. I would first worry about whether you get into the school that you want to first, then you can look into financial options. Its not that most schools "want" you to take loans, its that most schools anticipate that you'll take out a loan. Just compare this to buying a house or a car. Do most people really have that much money tucked away someplace for a $20,000 car or a $200,000 home?? No. They get loans. Same is true for a medical education. I hope this addresses your question....

 

[iowaboy]

sorry there, didn't read your second reply. If you have the money to pay for everything yourself..GO FOR IT!! Wow, you won't have to worry as much when you're in the residency program about having to payback your loans!! My roommate in our M1 year paid for everything on his own without loans. Again, i don't think it will matter for the schools how you pay for tuition, as long as they get their money!

 

[edmadison]

cchoukal are you serious? Thats quite a conspiracy.

Ed

 

[Mutterkuchen]

Plus the "government" loans that you get are actually private loans from private banks. Banks, not the government, are getting your money. The government just backs them up if you default. That's how banks can keep the rates so low.

 

[cchoukal]

edmadison, what I meant to say at the end was that, if anything, the DOE would incentivize universities to encourage other students (with lower default rates than medical students) to take out loans. But no, this probably doesn't really happen...

 

[Maran]

How realistic is it to try to work some kind of part-time job while in med school?