fin aid for state schools

[Hanss]

I just received my fin aid package from Downstate and I am very disappointed. They expect me to borrow about 100K for all 4 yrs. Considering that although I am working now, I am not making all that much, and my parents have no assets, no properties, and make less than 50K per year,I expected to have loans that are close to the state school avg of 60K for 4 yrs. Am I expecting too much?
I would really appreciate info on what other students' fin aid package is like. Thank you!

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[GreatPumpkin]

What did you think they were going to do pay it for you? Grants are not that numerous during med school. The avg financial aid bill for my class is about 120,000, and I also go to a state school. The only way to keep it lower is have another income source, rich parents, lottery, etc.. You could also go for one of the primary care grants, or military if you want to sign your choices away.

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Rob
http://views.vcu.edu/medimf/rob/greatpumpkin.shtml

 

[kimberlicox]

<font face="Verdana, Arial, Helvetica" size="2">Originally posted by Hanss:
I just received my fin aid package from Downstate and I am very disappointed. They expect me to borrow about 100K for all 4 yrs. Considering that although I am working now, I am not making all that much, and my parents have no assets, no properties, and make less than 50K per year,I expected to have loans that are close to the state school avg of 60K for 4 yrs. Am I expecting too much?
•

Yes. Medical schools do not operate like undergraduate schools. Grants and scholarships are much fewer and farther between.

Nearly everyone, and especially those at private colleges of medicine, are using loans to finance their education. We are one of the few countries in the world to charge its citizens such high tuition rates to study medicine.

Frankly, I think some of the students at places like Georgetown or Finch would LOVE to have only $100K in debt after 4 years of medical school. Their totals will be closer to $200K.

Get used to it and join the crowds of the debt-ridden medical students!

 

[abbeydesert]

One thing you should realize is that the 60K figure probably reflects the average debt of last year's graduating class, i.e., the entering class of 1996. As tuition goes up every year, average student debt likewise increases every year, so 100K may not be that far off from the current average.

Also, it's possible you weren't eligible for as much grant money this year due to a higher EFC. If you worked last year, you are expected to contribute 50% of your earnings towards your education (minus a small allowance for living expenses, etc.) Once you get in med school, your income will be lower, so maybe next year you'll be eligible for more grant money (or at least lower-interest subsidized loans!)

 

[puffy1]

A good way to slash those totals is to live with your parents. You don't have to pay rent or utilities, thereby saving yourself in excess of between $5,000 to $8,000 per year ($20,000 to $32,000 over four), or more depending on how much you're planning to spend for housing.

 

[abbeydesert]

Hmm, let's see...I hadn't thought of that...I could either live with my mom and commute 3000 miles to class every day- or live with my dad and have *only* a 900-mile commute each way. Just a quick inexpensive jaunt on the Concorde ;-) Sorry, couldn't resist!
Seriously, though, I wonder how many medical students are fortunate enough to have parents who happen to live in a city with a medical school (not to mention the chances of getting ACCEPTED to that med school!)

<font face="Verdana, Arial, Helvetica" size="2">Originally posted by puffy1:
A good way to slash those totals is to live with your parents. You don't have to pay rent or utilities, thereby saving yourself in excess of between $5,000 to $8,000 per year ($20,000 to $32,000 over four), or more depending on how much you're planning to spend for housing. •