Financial Aid Confusion!!

[ExPhys82]

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Hi everyone,

This is my first post, and I've read countless information on this topic on various sights including SDN. I just wanted to get some opinions from everyone, as Im sure SOMEONE must have gone through what I am.

Here is my story:

Im a non-traditional student who is about to apply to med school. I have a background in exercise physiology (undergrad), and also as a prior enlisted US Marine.

I will soon be applying to schools, and I dont think getting accepted will be a problem...its what happens after enrollment that Im worried about (Financial Aid). Being that I am a non-traditional student, I have incurred some debt in the "real world". I also know that I CAN'T work while in med school, which leaves about $2000 a month in unpaid bills, before tuition, books, and other necessities.

Im grinding through info on Scholarships (NHSC, HSPS), as well as taking out loans.

Scholarships always "sound" attractive, but Im worried about getting the shaft during residency (Military), or being limited by specialty (NHSC). THe good thing about these programs is a stipend, which means I could keep up with my credit, but I also know that I'd have to deal with crappy working conditions and less pay once I am trained...for a number of years.

Loans are possible as well, which would mean I would incur more debt, but I've read posts of people who would still reccomend Loans over the limitations of scholarships, do to the difference in pay, and the ability to pay these off pretty quickly.

Heres a question:

Has anyone in the same boat as me (bills, and living expenses), gotten enough in student loans to pay for school, and stay on top of their finances, without a scholarship? How did you do it?

As we all know, we can't just blow off our other financial obligations to pursue med school...or maybe its just me! What should I consider most?

Sorry for the short story...Im out of breath now!

😀

 

[DrMidlife]

I will soon be applying to schools, and I dont think getting accepted will be a problem

Whoa. That's cocky. Is your mom the dean of admissions somewhere? Maybe you're a Vanderbilt?

It's LATE for fall of '08. Aggressive candidates have their applications completed by the end of June. The rest of us get to wait in line. If by "soon" you mean you're applying next year, for fall '09, then you've got lots of time to dig yourself out of debt.

Just in case you're not aware of it, there are 17,500 seats and 40,000 applicants per year. The 22,500 rejected applicants, on average, are great candidates. Even if you have a 4.0, 45T, piles of DABs, recommendations from Nobel laureates, etc., you don't have a lock. Adcoms need to think you're a great fit. It's a beauty contest, really.

DO is just as competitive, just a bit lighter on the numbers. The rejection percentages are about as discouraging for DO as for MD.

As for money, there are a lot of nontrads here who downsized our lives to pursue med school. If you have a mortgage and/or home equity that's beyond student means, then you want to sell that house. If you have a car loan, then you probably need a cheaper car or a bike. If you've got a pile of unsecured credit card debt, then you might want to get to know eBay.

Depending on how much debt you have, you can theoretically raise your med school loans to absorb it. The MSAR and aamc.org have resources to help you figure out what you can borrow and under what terms. But my real questions are what's the debt for, what lifestyle is it sustaining, is there a family to support, and if you are talking about staying free of scholarship attachments, wouldn't it be just as easy to kill that debt?

I don't mean to be discouraging, but I've spent the last two years getting spanked by this premed process, and I come from a career where I was the one that did the spanking. It's humiliating. So maybe you can imagine why I'm not blowing sunshine at you.

Good luck, regardless.

 

[ExPhys82]

oops!

Thanks for the recommendations! 😀

I dont own a house, and may seriously consider going the loan route, it I can get some extra cash for my other bills. It just seems like there is a negative stigma associated with the HPSP and other scholarship programs


Let me clear some things up:
I know that its late for '08, but I don't plan on applying for another 1-1.5 years. I may be ready in '09, so I have a little time. I'm going to try get my finances in check before embarking on the journey. Good ideas!

Also, I am fully aware of the competitiveness of med school admissions, DO and MD, and It was not my intent to make it sound like a walk in the park. There is a difference between being cocky and being confident. Now, if I was to say: "I'm 100% sure I'm going to get accepted to med school, because I'm the smartest person alive"...Id say I was cocky! I merely said that I didn't think it would be a problem, and didn't mean to take anything away from those who have or haven't made it!

 

[Doctor Bagel]

Well, the problem with the other scholarships are what you've pointed out -- they come with obligations that might be greater (to you) than the value of the money you received. If you're hesitant about the military or not sure you want to provide primary care to underserved populations, it might be best to just borrow money.

As for borrowing money, most students can get enough. You can get $40,500/year in staffords and can borrow GradPlus loans beyond that. Where you run into trouble is when you need to borrow beyond what your school says you should need to borrow, and it sounds like you might hit that if you need $2k/month to live on because most schools only budget around $20k/year for living expenses. If the issue is prior debt, you need to do as much as you can to pay it off and downgrade before starting school. If it's budgeting, you just need to go back to living like a student, which I'm sure you did when you were younger. It's hard but doable. 🙂