Financial Aid for MD/PhD Students?

[Naphtali]

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A few times while I was on the interview trail, I heard current MD/PhD students saying that they could get (and some did) financial aid, namely subsidized Stafford loans. (These were students in fully funded positions.

I project several expenses early on-- security deposit and first month's rent on an apartment, living expenses till I get paid, books, and certain fees that may not be covered by the program. I have a little money saved up, but not much. I could probably make do without the aid, but I think it would be easier with. (For example, I'd like to buy a car.)

Has anyone else heard of doing this? I'm assuming that I could take out a subsidized Stafford, and begin paying it back almost immediately... I'm sure I could have it paid off by the time I graduate, probably sooner. Is there anything I should be aware of (potential pitfalls)?

-Naphtali

 

[Simon]

Are the subsidized Stafford loans given out to all med students regardless of anything, or does there need to be a demonstrated financial need (i.e. filed FAFSA declaring own and parents' taxes, etc.)

~Simon

 

[Angeliqua]

On my way to the lab this morning, I was thinking of composing the IDENTICAL thread to this...I guess it is that time of year. Anybody?🙂

 

[tBw]

You don't need parental info for the stafford loans as you are independent grad students (parental info is only usually required for school aid at this stage).

So yes, you could qualify for a stafford loan if you went to all the bother of filling out the FAFSA etc. However, it's a waste of time. Many students have been in your position before and schools know that students do no necessarily arrive with funds so they often make some part of your stipend or school based loan available slightly early so that you can take care of these expenses. However, note that such an arrangement is only likely to cover first months rent and some books. Few FA offices will provide you with any funds towards a new car and it is illegal to use a stafford loan for such. Contact your schools FA office to look into when exactly you can start accessing funds from them.