Financial Planning Information

[Freesia88]

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I have been reading through a couple of threads on debt, both in undergrad and med school and trying to figure out a way to move forward without screwing myself over or being taken advantage of.

Currently, I have ~$5000 left to pay on my car and no other debt to speak off. Between next years tax return, my current job skill set which gives me some good employment options and the fact that I am moving in with family to cut cost, I plan to have that paid off by mid next year. Fall 2013, I will be transferring to a 4 year college to finish my prereqs and get a bachelors then apply to med school, likely in 2014 at this rate. I certainly will have to take out some kind of a loan to pay for school and some living expenses.

I am not familiar with the US financial system at all (not American, moved here within the last 4 years) and what I have read so far about student loans and stuff scares me to death. I would hate to fall into that trap.

Can anyone offer any reliable sources of information I can consult as I plan financially? I am pretty familiar with FAFSA and the options it comes with but that's about it.

 

[DrMidlife]

Sounds like you're doing the right things so far. Consumer debt payments are not consistent with being on a student budget, as I think you know.

I recommend finaid.org as a good place to start, to understand the basics of paying for school, and to get links to reliable information.

Some basics:

1. Wealthy families pay for their children's education.
2. Free money is doled out in grants and scholarships, from a variety of sources, based on a variety of factors. Being poor helps in undergrad, but it doesn't matter in med school.
3. Med students who aren't wealthy borrow incredible amounts of money and cross our fingers that the existing reasonable systems for repayment will be preserved for us after we graduate

I can't remember your residency status, but I'm hoping you have a green card. Non-permanent residents aren't eligible for federal loans.

Best of luck to you.

 

[Freesia88]

Sounds like you're doing the right things so far. Consumer debt payments are not consistent with being on a student budget, as I think you know.

I recommend finaid.org as a good place to start, to understand the basics of paying for school, and to get links to reliable information.

Some basics:

1. Wealthy families pay for their children's education.
2. Free money is doled out in grants and scholarships, from a variety of sources, based on a variety of factors. Being poor helps in undergrad, but it doesn't matter in med school.
3. Med students who aren't wealthy borrow incredible amounts of money and cross our fingers that the existing reasonable systems for repayment will be preserved for us after we graduate

I can't remember your residency status, but I'm hoping you have a green card. Non-permanent residents aren't eligible for federal loans.

Best of luck to you.

Green Card and thanks!!