Early selection and financial aid

[morningdew1]

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I am applying to an early selection program at a private medical school with exorbitantly high tuition that offers early admission to second semester sophomores without taking the MCAT. A student who was admitted to the program informed me that financial aid information is provided senior year, by which time it would be too late to take the MCAT and apply elsewhere during the fall (the admission is forfeited if I were to take the MCAT). With the understanding that medical school debt is a very real factor to consider, I am concerned that I may not be able to afford the school if I were to be offered admission. Would it be acceptable to bring this issue up during the interview? Is it unheard of for students in similar situations to hear about aid early on?

Thank you

 

[Loveless]

You shouldn't worry about being able to afford medical school even if it has Harvard level tuition. You can borrow up to $40,500 a year through direct unsubsidized loans with an aggregate limit of $189,125 to $224,000. Anything over that can be covered through a combination of GradPLUS and/or Perkins (if you qualify). Worst case scenario, you take out a private loan.

Check it out for yourself.

The debt may cut into a large chunk of your physician's salary for a number of years, but you shouldn't have much of a problem paying it off regardless of specialty.

 

[DokterMom]

Is it a reputable program?

The combination of "exorbitantly high tuition" and "forfeit your spot if you take the MCAT" raise some red flags.

 

[morningdew1]

Yes, it's a school with a solid reputation. I assumed most early selection programs required a similar condition. I'm conflicted because the state medical school would be so much more affordable, but I do like the school I am applying to, and would go if the aid worked out.

 

[xffan624]

Yes, it's a school with a solid reputation. I assumed most early selection programs required a similar condition. I'm conflicted because the state medical school would be so much more affordable, but I do like the school I am applying to, and would go if the aid worked out.

Medical school is not college. Don't expect grants, scholarships, etc. unless you are extraordinary student (and even then it's not guaranteed). If you are not willing to go the loan route whole hog (i.e. take out the entirety of your tuition and living expenses on loans) then you need to speak to your school about how realistic your chances of getting fin aid beyond loans is before you apply to this.

 

[DokterMom]

How competitive is your state school and how strong is their in-state preference? And how competitive an applicant are you likely to be?

If you're a great enough applicant to reasonably hope for scholarships at mega-expensive private school, then you're pretty darned likely to be accepted as an in-state applicant to your state school. (Most states -- not Cal...)

Conversely, if your qualifications are such that you're not highly likely to be accepted to your state school (the 'you've got an offer - better grab it!' school of thought), then you're unlikely to get any substantive financial aid from the expensive private school.

So the real choice is: Guaranteed acceptance versus a very high price tag. Non-acceptance risk? Or certain mega-debt?

 

[Sophocles]

Medical school is not college. Don't expect grants, scholarships, etc. unless you are extraordinary student (and even then it's not guaranteed). If you are not willing to go the loan route whole hog (i.e. take out the entirety of your tuition and living expenses on loans) then you need to speak to your school about how realistic your chances of getting fin aid beyond loans is before you apply to this.

I don't know if this pertains to the OP, but many schools give out need based financial aid, as well. Also, something I recently found out is that some schools will give out institutional loans which are better than the federal loans. Things to think about as well.

 

[Gauss44]

I don't know if this pertains to the OP, but many schools give out need based financial aid, as well. Also, something I recently found out is that some schools will give out institutional loans which are better than the federal loans. Things to think about as well.

Which schools?

 

[Sophocles]

Which schools?

I don't have a comprehensive list, but I know schools like Columbia, Brown, Penn, etc. do this. Usually, well established schools that have alumni who sponsor these loans. You can do a Google search for medical school institutional loans and find them.