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Financing for Medical School

Discussion in 'Pre-Medical - DO' started by jmor702, Dec 30, 1998.

  1. jmor702

    jmor702 Member

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    I haven't been accepted, but I have applied at OSU-COM. I have an overall GPA of 3.7
    (4.0 science). I have an average MCAT of 9.7 (10 Verbal, 8 Physical, 11 Biological).

    I went for an interview on Dec. 17. At that time we were told that because of the holidays, the admissions committee would probably meet on Jan. 5, 1999. I hope to hear results by Jan. 7.

    Both interviewers made favorable to me. The first interviewer told me that I did okay. The second interviewer told me that I definitely had the passion.

    I believe that I have good chance of being admitted, even though I'm 43 years old.

    My main concern now is. Where does the money come from? I'm guessing that I will have to have at least $25,000 - $30,000. Has anyone had real problems getting financing?

     
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  3. Gregory Gulick

    Gregory Gulick Senior Member

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    Well, I do hope it works out for you. Be sure and share your acceptance with us online here. There is a great thread here called "acceptances" and I would love it if you would post your acceptance there!!

    As far as financing, I too shared your concerns ... until yesterday. I'll be attending NSUCOM in the fall and I've spent the past two days looking at housing. While there, I spoke with someone in financial aid and I learned that I can borrow up to $38,000 from the Stafford loan program. This put me at ease because I will have no problems making ends meet. This applies to NSUCOM, but I imagine that there are similar figures for OSUCOM.

    Good luck to you.

    Gregory Gulick
    Accepted, NSUCOM '03
    http://www.osteopathic.com/gregory
     
  4. StillBorn

    StillBorn Member

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    Unless they have changed the rules in the last few months, you can only borrow 18,500 through the stafford loan program (10000 unsubsidized, and 8500 subsidized), the rest needs to come form alternative loan sources. Last year the government allowed students to meet there entire need through stafford because of the discontinued HEAL program. They are not allowing that this year, or, from what I've been told, in the future.
     
  5. Gregory Gulick

    Gregory Gulick Senior Member

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    That's what I told them, Stillborn. I said, "I thought I could only borrow $18.5k" and they told me that wasn't the case anymore. I'll fill out the paperwork and see what happens, I guess.

    Gregory Gulick
    Accepted, NSUCOM '03
    http://www.osteopathic.com/gregory
     
  6. Brooke

    Brooke Junior Member

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    Gregory,
    I called Nova and they said that the financial aid paperwok wouldn't be ready until February. Is that what they told you when you went down there? I'm just curious and don't want to get a late start because I definitely need all the help I can get!!
    Brooke
     
  7. Gregory Gulick

    Gregory Gulick Senior Member

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    Could be, Brooke. They didn't give me anything to take home except a list of about fifteen possible scholarships -- all for underrepresented minorities and women. So maybe we'll be getting more info in the mail soon.

    Gregory Gulick
    Accepted, NSUCOM '03
    http://www.osteopathic.com/gregory

     
  8. Deb

    Deb Senior Member

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    Don't sweat it!!!!!! You'll get all the financing you need.
    Our yearly budget is approx. $39,000 (tuition is 25,000) and I've
    not had any problems. Also, so far I've been fully funded by stafford
    (both sub and unsub). However, the max (around $140,000-160,000...I
    know it's somewhere in that range) for stafford (both types) will be
    exceeded during my third year. At that time I will utilize an
    "outside lender". The terms of the loan will be similar to stafford
    but with a higher interest rate (2 or 3 points). The school will handle
    everything just as they did with stafford. There's only one catch...you
    must have a good credit report. If you have any problems you should try
    to clear them up now. However, at a state school like OSU, you probably
    won't even exceed the stafford limit.

     
  9. IUHoosier

    IUHoosier Member

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    Gregory,

    I was reading through the messages looking for info on financing my education, and I saw what you stated about the Stafford Loan. I was wondering if you have heard anything yet on that. Were you able to receive the entire amount of 140,000 to 160,000. I just received the FAFSA (the original sent to me was lost in the mail, supposedly). I am a little worried about how I am going to pay for this. My parents are middle to upper class yet they are persistent on having me pay for all of it. I really don't blame them. Do you or anyone else know if I should claim independence or dependent on my parents. Finally, how do I get the application for the Stafford Loan. Does it come to me after I send in the FAFSA or do I have to call someone to get it. Thanks for the answers in advance, and I am sure I will have more.

    Josh
     
  10. VM

    VM Senior Member

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    IUHoosier,
    Medical students are considered independent for the FAFSA and Government Loan Programs. If you wanted a Perkins Loan (need based, which sounds to me you can't acquire due to your parents income) you then would have to list your parents income. Check with your school, but I'm pretty sure about this. By the way, I'm originally a hoosier (not IU Hoosier though) too.
     
  11. OldManDave

    OldManDave Fossil Bouncer Emeritus
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    Just a smidge of information on the 18500vs 38500 controversy. Mark Jackson, financial director at KCOM, gave a wee bit of a presentation on the very beast y'all are discussing. Used to be, Stafford [sub + un-sub] was limited to 18500/year for ALL grad students, medical and otherwise. However, the HEAL loan program was phased-out, beginning this year. So, to make-up for the gap, for medical students the Stafford cap was raised an additional 20000/year. Therefore, before this year, you would have gotten up to 18500 from Stafford and an addtional 20000 from HEAL. Beginning this fall, that entire amount will come from Stafford. Clear as mud?

    Oh yeah, Deb's right...everything in excess of 38500 comes from that eerie grouping, 'the alternative loans.'



    ------------------
    'Old Man Dave'
    Senior, Neurosciences
    Univ of Texas at Dallas
    Class of 1999

     
  12. IUHoosier

    IUHoosier Member

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    Thanks to both of you for the reply. I talked to CCOM and they said that I will automatically be thought of as independent because I was born before Jan. 1, 1976. This is good news because my parents income will not affect my financial needs. Hopefully, I will be able to get some kind of financial aid without having to take a loan.

    One more question. I was wondering what are some of the alternative loan programs that many talk about getting if Stafford does not give you all that you need. I have a few weeks to think about it, but if some of you have suggestions that would be great.

    By the way, VM where abouts in Indiana are you from and where did you move to? I bet you miss it, HE HE! Nice to hear from another native Hoosier.

    Josh
     
  13. VM

    VM Senior Member

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    Hey Josh,
    I'm glad to hear you've got a handle on the financial aid situation. I am originally from Wheatfield (don't laugh everybody). It is north of Purdue University (your (I.U.s arch-nemesis)) about 40 minutes. To be honest with you, I do miss the country (grew up in rural area) a lot. People, of course, are also much more friendly it seems. It's also good to hear from a fellow hoosier. I also lived in Chicago during my previous career. I beleive CCOM is in Downers Grove. I used to go there to visit friends, but I never saw CCOM (but, then again, I wasn't looking for it back then). Its suburban, and used to be pretty nice. It takes a while though to get into downtown Chicago because of the traffic. I believe it takes about 45mins - 1 hr. 15 mins depending on the traffic, etc. to get downtown. I have made the trip in less than 30 minutes before (drove like a maniac though). CCOM would be great for driving into the city on a Saturday if you have time to have some fun. And Downers Grove is much more laid back than Chicago. The rent isn't too much better from what I've heard. There is a ton to do in Chicago, of course, if you have time.

     
  14. danny

    danny Member

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    Is it safe to assume I will (along with most others) be loaned enough for a $25,000 tuition plus living? Just with Stafford?
    Thanks, Danny
     
  15. incompetentnerd

    incompetentnerd New Member

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    hi ppl...before reading this post the only things i worried about were mcats and actually getting into med school...but you guys got me thinking :) anyways, i have a question...do the medschools give out scholarships???and is it really hard to get those? also, a little of the track..but what the heck...do you have to send like a taped introduction of yourself on vhs???
    well..yah... thanks!
     

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