Financial question - please help

[Arista.MD]

I posted this on the financial aid forum but I got no response; only a question about "how does it work" (with my husband staying home and me going to work). So I am posting it here in the hope that someone might have been in a similar situation or knows anything about this.

My husband stays at home with our children. I am applying for the 2004 entering class. If I get in, when I will start school our income will go away, since I will be a full time student.
We have no consumer debt, but no savings either, since my income is only enough to cover our living expenses.
Does anyone know how will this work out for the financial aid package for the first year?

Thank you very much for your help.

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[pyau03]

Hi,

I may be wrong but my thinking is that if a med school really wants you to attend their institution, they will try everything to help you, maybe it be financial or academic assistance. If you are still worried you may contact the admissions office or the financial office of the schools that you feel you might have a pretty good chance of getting accepted. Again, please take my suggestion with a grain of NaCl b/c I am not even in med school yet. Good luck!

 

[pyau03]

Ooops, forgot to mention that as a med student you are eligible for low interest rate loans from the Federal gov't. The amt. depends of your circumstances/situation ie: one with dependent children. Plus, if you have good grades and ECs the schools might even offer you merit based scholarships, etc. Don't worry too much, the financial matters will be taken care of once you get in. Now, just focus on being accepted, ie: getting your secondaries in on time, etc.. Again, I might be wrong, get a second opinion if possible.

 

[Downhill Racer]

I have not fully researched this yet... but from what I gather financial aid determination is based on your prior year's tax return so it may impact you directly since your income will decrease once you matriculate. However, the majority of aid will be from loans for which the payments and interest don't begin until after you graduate and begin to make some albeit, nominal salary. I think almost all interviews include an overview of the financial aid process, so prepare your questions. Since the questions may require divulging personal financial info you may want to call the AdCom and speak with the financial aid office directly.

 

[mpp]

Your question was answered in the financial aid forum, but I'll answer it again here. As with every other medical student, you will be eligible for up to $38,500 per year in federal loans depening on your school's calculated annual budget. For institutional grants/loans, the school may expect your spouse to provide income and this may decrease your eligibility for these forms of aid.

 

[sounddiver]

Having a family and going to medical school presents a special challenge in many ways including financial. I'm married and have three children and while I have not yet decided, I am seriously considering either the health professions scholarship program through a branch in the military or the military medical school, USUHS. Both are great options if you don't want the financial burden of med school, but both have military requirements afterwards. The other option is as stated....borrow it all. If I end up borrowing I suspect it will be about 50k per year (stafford and private loans).

 

[Arista.MD]

Thank you very much for your answers.