Effect of $125,000 in Undergraduate Student Loans on Need Access / Financial Aid

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

financialaidquestion

New Member
7+ Year Member
Joined
Feb 22, 2014
Messages
2
Reaction score
0
So my wife and I made around 65K last year, putting our FAFSA EFC at 16800. Luckily, the Need Access form actually acknowledges the existence of our student loans: $125K for me (private southern school), and $35K for my wife. My parents make less than 20K and have no assets. Given our extensive student loan liabilities, what effect do you think this will have on potential institutional aid, if any? Any experiences?

Members don't see this ad.
 
God bless your soul. Are you admitted? Call the school. You're a "student" now so you have priority
 
The problem with SDN is that they assume there is any rhyme or reason to how schools assign free money scholarships for medical school. There is no rhyme. There is no reason. Poor students get denied scholarships. Rich students get free money. And the opposite also happens.

Everything is so school specific and so arbitrary that there really is no advice to offer besides "go for it".

The big kicker is you might not even get offered a scholarship until after May 15th and you are already committed to a school, so it isn't like you can use scholarships to decide on a school either.
 
  • Like
Reactions: 1 user
Members don't see this ad :)
How is it possible to have 125k in undergrauate loans, with parents that only make 20k? Didn't you get any grants?
 
The problem with SDN is that they assume there is any rhyme or reason to how schools assign free money scholarships for medical school. There is no rhyme. There is no reason. Poor students get denied scholarships. Rich students get free money. And the opposite also happens.

Everything is so school specific and so arbitrary that there really is no advice to offer besides "go for it".

The big kicker is you might not even get offered a scholarship until after May 15th and you are already committed to a school, so it isn't like you can use scholarships to decide on a school either.

This is all so true. I am in no need for money at all (I have zero debt, parents are paying my living expenses) and get TONS of scholarships thrown at me (almost 20k a year). I also got all my scholarships after I decided on my school.

And OP you might want to consider joining the army or something. You're setting yourself up for 300k+ loans after med school and that will put you in a huge hole
 
How is it possible to have 125k in undergrauate loans, with parents that only make 20k? Didn't you get any grants?

Long story -- parents lost their framing business in my sophomore year; the school didn't adjust my financial aid accordingly. I did a post-bac; then my spouse and I worked for one year which enabled us to pay for an extensive app cycle (40+ schools) to maximize my chances of not having to repeat a cycle (it worked). It was great having two incomes for a year, but now it is seeming to bite us in the end...
 
So my wife and I made around 65K last year, putting our FAFSA EFC at 16800. Luckily, the Need Access form actually acknowledges the existence of our student loans: $125K for me (private southern school), and $35K for my wife. My parents make less than 20K and have no assets. Given our extensive student loan liabilities, what effect do you think this will have on potential institutional aid, if any? Any experiences?

My current salary will be lost when I matriculate into medical school. Like you, my EFC reflects this income, which is quite high. This raised a major concern for me, so I contacted the director of financial aid at the medical school I am matriculating (Mayo) and was told that my current income will have no bearing on my aid, because they understand it will be lost. Now, I'm still not positive how this plays out on the federal level for the first year, but I rest assured that my institution is going to approach this in a suitable manner. I'm not sure how amenable other institutions are about these kinds of things, but Mayo is amazing when it comes to taking a personalized approach, in my experience.

I would advise you to contact your financial aid department and ensure that they recognize your situation and are able to navigate it appropriately. You have to be proactive about having your financial aid package adjusted accordingly.
 
Your existing loans are irrelevant to future aid. Any aid a school may award you will be based on your efc/your parents assets, or your academics. Hopefully your existing loans are federal and not private.
 
So my wife and I made around 65K last year, putting our FAFSA EFC at 16800. Luckily, the Need Access form actually acknowledges the existence of our student loans: $125K for me (private southern school), and $35K for my wife. My parents make less than 20K and have no assets. Given our extensive student loan liabilities, what effect do you think this will have on potential institutional aid, if any? Any experiences?

I believe that medical schools have to report average "indebtedness" of students upon graduation. And (I believe) that most medical schools don't want that number to be big, because big numbers make them look bad.

What I've been wondering about is whether or not ADCOMs would be hesitant to accept someone with substantial undergraduate debt ($100-200k) because it would impact those statistics (just described)?

I was also wondering if someone in their 30's was to enter medical school with $100-200k in undergraduate student loan debt, if anyone at any medical school would be likely to favor them for a scholarship to help offset the debt? (Becoming an attending at age 50 with $500k in loans plus interest might not be a good career choice financially.)
 
Top