Glide/Gap Years

[MaenadsDance]

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Up until a week ago, I was certain that after graduating from St John's College in Annapolis, MD this spring I would complete the necessary pre-req classes at the University of Maryland, enrolled as a second-degree seeking student (so I could get financial aid, among other things). However, after a long conversation with my parents, I've decided I'll probably apply for at least two structured post-baccalaureate programs, probably the ones at Goucher and Hopkins, and possibly others (though I would strongly prefer to stay in Maryland).

For people who have done post-bacc programs at these expensive private institutions, how did you finance it? And what work did you get after completing your post-bacc that allowed you to pay your loans during the gap year? Because I already took two years off in the middle of my undergraduate career, I'm going to have some loans come due the moment I stop being a full-time student. I'm also worried about my ability to pay off 50,000 dollars worth of private loans from a private institution, during the gap year.

Thoughts?

 

[Lefty Doodle]

I didn't do an expensive post-bacc, but I had some thoughts. Finances are kind of tricky during the gap year. I am a scribe and make little more than minimum wage. I have a second job, as well, that basically pays the same (waitressing...it will probably pick up come fall though). I think it's hard to do much better when you can only work for one year plus have to tell them "um, I'm going to have between 0 and 15 interviews..."

My loans haven't come due yet (I'm trying not to think about it) but remember you will have other expenses too--not working/working part-time while you study for the MCAT, secondaries, interviews, not working while you go to interviews. I am in a financial hole I will not be able to get out of in time to re-apply next year if I need to (so I am going to skip next year's app cycle, a decision which relieves some of the stress of thinking about not getting in this year). But you will probably figure it out as you go along, like I have. It might be good to explain this stuff to your parents though, in case you really need their help. My post-bacc was ridiculously cheap but the federal loan system was having issues so I didn't see a dime in financial aid until second semester. My parents have bailed me out a few times in the past 12 months. I hope med school goes more smoothly...

 

[kraskadva]

I can't speak for financing the post-bac as I'm not there yet myself, but as to repaying the loans...
Talk to your loan company. You can get up to 3 years of "Economic Hardship" deferral if you're unemployed or making below a certain level. Even if you've already taken 2 years of this, you should still have at least 1 left. Or, if you paid on your loans while you took time off, and paid on time, you could probably negotiate a lower payment rate for a year or two that would be manageable even on a low income job. Sometimes they'll also let you make interest only payments.