Financial feasibility.

[2DEG]

Hi all:

I feel like I am in an uniqute scenario. My wife stays home to be with our daughter. I am working fulltime now, but hoping to apply med schools in 2 years.

The thing that worries me the most is if I go to med school, there is no other income. My daughter will start going to school, so that may free up my wife to do some work. She is a foreign Medical Graduate and plans to take USMLE in future. But right now, with her degree, its hard to get a good job.

Even if I get admission at a state school, is it practical at all to count on loans alone to support my education as well as family?

These thoughts make me real pessimist about the whole thing. And in the end, I think financial difficulties will hold me back from going to med school assuming I get admission.

I would love to know if anyone else in such scenario or any advice on what I could do better.

Thanks and have a great thanksgiving.

Shahab

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[mpp]

Many people support their family during medical school using loans. The school will calculate an annual budget for you which includes tuition and living expenses for you and then provide loans/scholarship to assure you have enough money. Some schools will also include an amount for childcare expenses. Your wife's expenses are not included but you can either stretch things and live frugally or perhaps she work, even if it is part-time or not in her field to help out with living expenses. In addition, there are private loan companies that can provide more loans if needed.

 

[2DEG]

Thanks a lot for the reply. It is really comforting to know that.

Thanks again. By the way, I went to school in Duluth and I very much consider Minnesota, (duluth in particular) my home. I noticed you are from MN too.

Regards,
Shahab

 

[mpp]

Not from Minnesota...just visiting while I go to medical school. Duluth is a neat town.

 

[Cheeze Whiz]

I am in the same boat--my big worry is finances. how do schools determine the allowed loan amount for an older non-trad? based on your parent's income or the student's previous year's income? i am currently working F/T and wonder if this will hurt my aid package for med school. Also, are the loan packages dependent on my credit? i have bad credit to top things off. it's a shame financial issues worry me more than anything else about this process.

 

[mpp]

The eligibility for federal loans is partly based on your income and assets with no regard to your credit rating. Although they use the previous year's income to determine what you are expected to contribute to your tuition and living expenses, the financial aid office should alter this expected contribution knowing that you will likely not be working while in medical school. Most people (except those with many assets) will be eligible for $38,500 in unsubsidized Stafford loans).

 

[Cheeze Whiz]

WOW! THANKS! That is a great, great relief! I was aware of stafford loans but did not realize the full 38K was all non-credit based!

 

[DrWuStar]

also, most school offer additional loan programs that allow you to take out more loan money than your calculated "need" (for things such as supporting your wife, should you choose to do so). this extra money will be usubsidized and higher interest rate, but it will be there if you need it.

my understanding is that schools will let you take out a lot of money from their private loan programs - they like it cause they make more money off you that way.