Financing Med School...

[SolZer]

I'm a little discouraged here. Anyone else in my type of situation? I am married with two kids, a house, cars, etc. etc. I don't have great credit, but good enough for a house. I will have to sell me house and make some serious changes in order to go to med school, which I am totally fine with, but I'm totally stressed about living while in school. I have always had a good paying job to support my family. Is it possible for someone to go to med school that doesn't have a lot of money and good credit? I obviously can't work during school, but my wife will probably work a little although we would both rather have her home with our kids. Anyway, someone please give me a little hope and encouragement

Thanks,
Neil

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[Fenrezz]

I don't know for sure, but I imagine you should be able to get a loan even with not so good credit. Although you may end up paying more interest. Also, if worse comes to worse, you could go for a private loan with a co-signer (if you have one).

I've never heard of a case where someone got accepted in medical school and couldn't go because he couldn't get credit. As long as you make it through, your future earning power is pretty good incentive to loan you the money. But, again, im speculating.

 

[SolZer]

Fenrezz,

Do you know how tough it is to get Stafford loans? Won't they cover the cost of medical school alone? I heard the max they will lend you is like 180k.

 

[ussdfiant]

Originally posted by SolZer
Fenrezz,

Do you know how tough it is to get Stafford loans? Won't they cover the cost of medical school alone? I heard the max they will lend you is like 180k.

Stafford loans are guaranteed, everyone who fills out an application gets the $38,500/year.