Financing Med school

[868651]

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Hi
If medical school costs between $100k to $300k, what percentage of that can I get paid for by federal student loans?

How much would I need out of pocket? Should I be asking family and friends for assistance?

Is there any way I can get 100% of my medical education for free?

 

[aaronrodgers]

Family contribution is always the best source of money if your parents can afford

Military HPSP will cover tuition, fees, books, and also give monthly stipend ~$2,000 (1 year of service for each year of tuition). $20,000 sign on bonus for a 4 year scholarship.

Military Financial assistance program will give $45,000 annual grant plus $2000 monthly stipend during residency. (1 year of service for each year of FAP plus an additional year of service tacked on)

Uniformed Services University is the military medical school with free tuition, fees, books, etc. and officer pay of ~$60,000 per year. Automatic 7 years of service obligation.

There are private loans and federal loans that are subsidized and unsubsidized, some will accrue interest upon disbursement, others will not need payment until after graduation. AAMC website has a lot of resources to read up on this.

Some schools have full ride scholarships like Ucla or Ucr... but they are merit based or require an obligation to serve in a certain community

Imo best way to finance through med school is having rich parents or a desire to serve in the military. Sorry I cant provide numbers like how much loans will cover, I'm going through it and figuring things out myself.

 

[LizzyM]

Some schools will make you a financial aid package that includes loans and need /merit based grants that don't have to be paid back. Some schools will expect you to tap your parents for help depending on their ages, your age, their income, etc. Take it one step at a time. In the meantime, keep your credit score up and don't acquire a lot of consumer debt.

 

[mariposas905]

Family contribution is always the best source of money if your parents can afford

Military HPSP will cover tuition, fees, books, and also give monthly stipend ~$2,000 (1 year of service for each year of tuition). $20,000 sign on bonus for a 4 year scholarship.

Military Financial assistance program will give $45,000 annual grant plus $2000 monthly stipend during residency. (1 year of service for each year of FAP plus an additional year of service tacked on)

Uniformed Services University is the military medical school with free tuition, fees, books, etc. and officer pay of ~$60,000 per year. Automatic 7 years of service obligation.

There are private loans and federal loans that are subsidized and unsubsidized, some will accrue interest upon disbursement, others will not need payment until after graduation. AAMC website has a lot of resources to read up on this.

Some schools have full ride scholarships like Ucla or Ucr... but they are merit based or require an obligation to serve in a certain community

Imo best way to finance through med school is having rich parents or a desire to serve in the military. Sorry I cant provide numbers like how much loans will cover, I'm going through it and figuring things out myself.

Do you know if we can choose to do the service commitment in the United States only?

 

[gyngyn]

Do you know if we can choose to do the service commitment in the United States only?

The NHSC does require service in the US or its territories.

 

[alana615]

Do you know if we can choose to do the service commitment in the United States only?

In short, no. if you sign up for the military, they tell you where to go based on where they need your specialty. However, you're most likely to get put somewhere like North Dakota anyway, because it's your first tour and the more exotic places tend to be more desired. You get to rank your preferences, but you don't actually get to decide.

Also, don't join the military just because you want them to pay for school. Imo, it should be a huge bonus but it shouldn't be the reason you do it. There should be some desire to serve apart from the monetary compensation. Otherwise you're in for four rather miserable years, I think.

As far as loans go, you can cover your education with them. If you use up the limit for federal loans then you take out private ones. Your school will help you do this and navigate the territory. If you're accepted, they are highly invested in figuring out how to help you get it paid. They'll help you, and they're very nice about it. They usually keep you well informed about grants and scholarship opportunities, too.

 

[Dox4lyfe]

In short, no. if you sign up for the military, they tell you where to go based on where they need your specialty. However, you're most likely to get put somewhere like North Dakota anyway, because it's your first tour and the more exotic places tend to be more desired. You get to rank your preferences, but you don't actually get to decide.

Also, don't join the military just because you want them to pay for school. Imo, it should be a huge bonus but it shouldn't be the reason you do it. There should be some desire to serve apart from the monetary compensation. Otherwise you're in for four rather miserable years, I think.

As far as loans go, you can cover your education with them. If you use up the limit for federal loans then you take out private ones. Your school will help you do this and navigate the territory. If you're accepted, they are highly invested in figuring out how to help you get it paid. They'll help you, and they're very nice about it. They usually keep you well informed about grants and scholarship opportunities, too.

Curious: What effect do the 4-7yrs of service have on retention of knowledge gained during med school? Do those students go through transition shock when they enter residency or is this dealt with somehow?

 

[Peach Newport]

Curious: What effect do the 4-7yrs of service have on retention of knowledge gained during med school? Do those students go through transition shock when they enter residency or is this dealt with somehow?

Usually that service starts during residency (if you do a military residency, I believe it counts a little bit toward your service requirement, but cant count for all). If you do a normal civilian residency, your service might start after residency. Depending on the branch, they have a lot of options for this. The exception I believe is the navy, which requires you to serve a year on a ship or something like that before starting a navy residency.

Sorry, it’s been a while since the recruiter tried to sell me on it.

 

[CyrilFiggis]

Curious: What effect do the 4-7yrs of service have on retention of knowledge gained during med school? Do those students go through transition shock when they enter residency or is this dealt with somehow?

Your years of service is as a military doctor. You will go through residency either at a civilian institution, but more likely at a VA or military hospital. Just like traditional MDs you match into specialties. Your knowledge is no different than anyone else in your specialty. The only consideration is if you go into the Navy. More than the other branches, some graduating MDs will end up doing a 12-18 month GMO (General Medical Officer) tour prior to residency. That's based purely on availability of residency placement and service need. Some have complained of coming back from service feeling unprepared to go into residency, but it's never been a major issue. At the end of the day, the government is spending a little less that $1 Million to train each physician. It's in their best interest to keep you as well trained and up to date as possible.

 

[BunnyMan17]

USUHS Navy here. @CyrilFiggis is correct. Your 7 years starts after residency but the residency time does count for retirement/pay purposes. If your residency is longer than 7 years then A) I'm sorry and B) That will be the new length of your commitment.

Residency is at variety of locations you apply for just like civilians. Navy is most likely to be Norfolk, Bethesda, San Diego, or Hawaii. San Antonio is also big, but mostly Army/Air Force. Rotations are all over the place. Pyscation in Hawaii is definitely a thing

I think the current GMO rate is about 50% for Navy. Some that go wanted to go, some didn't. Although I've never met a Doc that regretted doing one and it is a significant boost on your residency application. So pick your poison there.

Take home pay is about 55k after taxes plus 5% matching, full medical, dental, vision, etc. Additional pay when you start going on rotations and all equipment/books are provided.

 

[Piglet2020]

Residency is at variety of locations you apply for just like civilians. Navy is most likely to be Norfolk, Bethesda, San Diego, or Hawaii. San Antonio is also big, but mostly Army/Air Force. Rotations are all over the place. Pyscation in Hawaii is definitely a thing.

You’re telling me I could have gone to Hawaii all this time? I should have applied to USUHS. Med + vacation = Medication

Lol.

In all seriousness, are students able to finance their way through med school with local/small scholarships? In all likelihood, I doubt I would get a full merit scholarship from my school but hoping for a partial scholarship.

 

[21Rush12]

I finance myself (as do many of us) with federal loans and it has never been a problem. The grad plus loan is enough to cover it.


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[CyrilFiggis]

Hi
If medical school costs between $100k to $300k, what percentage of that can I get paid for by federal student loans?

How much would I need out of pocket? Should I be asking family and friends for assistance?

Is there any way I can get 100% of my medical education for free?

In all seriousness, are students able to finance their way through med school with local/small scholarships? In all likelihood, I doubt I would get a full merit scholarship from my school but hoping for a partial scholarship.

If accepted, your medical school will provide you with financial aid package that would cover up to the full amount of tuition and COL. If you apply for certain need or merit based scholarships, they will often ask for financial information on your parents, guardians or spouse.

Paying for medical school is never an issue. It's repaying back your loans for med school that is the burden to students. So as long as you can stomach the fact that after four years you'll have $100-200K+ worth of debt and the letters MD after your name, you'll be fine.

 

[Senescence kid]

If accepted, your medical school will provide you with financial aid package that would cover up to the full amount of tuition and COL. If you apply for certain need or merit based scholarships, they will often ask for financial information on your parents, guardians or spouse.

Paying for medical school is never an issue. It's repaying back your loans for med school that is the burden to students. So as long as you can stomach the fact that after four years you'll have $100-200K+ worth of debt and the letters MD after your name, you'll be fine.

How about it the letters are DO?


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