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How are you paying for med school?

Discussion in 'Pre-Medical - MD' started by bball25, Apr 14, 2007.

  1. bball25

    bball25 Junior Member 2+ Year Member

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    Aug 11, 2006
    Florida
    Loans? Work exchange programs (army, navy, etc.)? mom and dad? At this point I'm looking into loans, but I really want to know of other programs/organizations besides the Army/ Navy that have work exchange programs that can pay for med school. I'm doing primary care most likely peds. What are you guys doing to pay for med school?
     
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  3. Anastasis

    Anastasis caffeinated for safety Moderator Emeritus 10+ Year Member

    9,817
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    Feb 20, 2005
    TX
  4. SupergreenMnM

    SupergreenMnM Peanut, not chocolate 2+ Year Member

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    Mar 27, 2007
    Full scholarship ;) Really though w/o it I would have done loans, as my single parent who is an 2nd grade teacher won't exactly have dough to throw my way. I considered military for a while, though some programs (ahem...navy) have a bad rep of pulling their grads out of their first year of residency to go do the doc on a boat gig :eek:
     
  5. jochi1543

    jochi1543 President, Gunner Central 2+ Year Member

    5,454
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    Apr 4, 2007
    Alberta, Canada
    MDApps:
    150K CAD loans + dad. They don't give you more than 150K CAD without a cosigner here, and I'm the only person from my family in Canada, so no cosigners for me. My parents are wealthy enough to pay everything cash up front, but I don't want to be a blood-sucking parasite, haha.
     
  6. bball25

    bball25 Junior Member 2+ Year Member

    224
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    Aug 11, 2006
    Florida
    Yeah I checked this out, but the deadline has passed :(
     
  7. Mr. Belding

    Mr. Belding The Dude abides 7+ Year Member

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    Dec 18, 2006
    Bat country
    Apply for it next year. It's not a 4 year commitment...
     
  8. etf

    etf Moderator Emeritus 10+ Year Member

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    Apr 27, 2005
    junk bonds.
     
  9. Returnednds

    Returnednds Member 10+ Year Member

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    Jun 20, 2006
    u live in texas, tuition is $10k a year. How much money do u need
     
  10. Vvandenn

    Vvandenn Member 2+ Year Member

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    Jul 16, 2006
  11. pyrois

    pyrois 2+ Year Member

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    Nov 22, 2006
    Berkeley, CA
    I fully intend on turning tricks at the corner of my med school dorm to raise money for med school.
     
  12. Doctor Bagel

    Doctor Bagel so cheap and juicy Moderator Emeritus 10+ Year Member

    Yeah, I don't think Texans are going to get much sympathy when they say they're sad about their loans. IMO, if you can get by only on staffords, then you're lucky. If you can walk out with less than $150k in loans, you're lucky.
     
  13. Tired Pigeon

    Tired Pigeon 7+ Year Member

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    Jan 27, 2007
    Worked prior to med school; paying tuition through savings & investment income.
     
  14. baylormed

    baylormed On the Search 5+ Year Member

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    Dec 4, 2005
    Right behind you
    Um...living money. You know, so that we don't have to live under a bridge or live off ramen noodles (yuck) for the next four years.

    But yeah, I agree that our tuition is pretty sweet.
     
  15. alwaysaangel

    alwaysaangel 5+ Year Member

    5,377
    34
    Sep 4, 2006
    Orange, CA
    MDApps:
    Loans loans and loans.

    If you are DEAD SURE you want Primary care then look for schools that have low interest primary care loans. Several do. I can't bring myself to do it since if I change my mind it will put the loans at something like 18% interest :)scared:). And EM and OB/gyn aren't considered primary care and I have some interest in them as well. So if you do a primary care commitment loan just be sure.

    The other option is just take the loans for now and when you do your first job find one with loan forgiveness. There are programs that will pay your loans off at a rate of x per year PLUS give you your pay.
     
  16. baylormed

    baylormed On the Search 5+ Year Member

    4,304
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    Dec 4, 2005
    Right behind you
    I sometimes device some of the most outrageous plots to pay my way through medical school. :laugh: I believe that writing the next best American novel has crossed my mind more than once. The only problem is that I have not managed to come up with any ideas yet.
     
  17. alwaysaangel

    alwaysaangel 5+ Year Member

    5,377
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    Sep 4, 2006
    Orange, CA
    MDApps:
    I recently took up pole dancing (yes an odd hobby but it doesn't have to be dirty - its just fun) and when I bought a pole to practice at home one of my friends' response was "well I guess you have to pay for medical school somehow."

    If only we all truly could pay for medical school without loans :(
     
  18. PeripateticMD

    PeripateticMD Peripatetic 5+ Year Member

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    World
    i'm selling my kidney, gall bladder, appendix, and anything else that may be of use. HA. No, kidding. I'm getting into a car accident and sueing the hell out of that person... no just kidding there too. Luckily I've worked for a while, so I can make it the first full year. Then I can start worrying :). Or maybe i'll get a consultancy for the summer and make the next year's worth again... we'll see... it pays to have a masters and actually be able to make money...
     
  19. kylek044

    kylek044 2+ Year Member

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    Aug 22, 2006
    Ringwood, New Jersey
    How common is it to borrow every penny? I am a twin (the other half plans on grad school), and one of four - my parents own a failing business. I don't have money.The only schools that seem to be offering FULL loans are in the Caribbean
     
  20. kylek044

    kylek044 2+ Year Member

    245
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    Aug 22, 2006
    Ringwood, New Jersey
    Hahahahaa.

    I was actually born with clubfoot - the correction was a mess - I had surgeries until I was 9, and I still have problems (it breaks alot, cramps up, sometimes I even get to walk with a cane like Dr. House etc.)

    I actually told my parents that next time I have a problem with my foot, I'm dragging my self to the nearest quickcheck or 7-11 (preferably one of the ones with the yellow "wet floors" signs), laying down on the ground and yelling at the top of my lungs!

    Med school, here I come!

    Kidding, of course.
     
  21. shevie

    shevie 2+ Year Member

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    Apr 23, 2007
    mom and dad (I am really really lucky, and I thank them, and G-d every day)!
     
  22. I kinda like those... well, minus the oodles of sodium you get with 'em that make you feel like a goddamn planet for the next day or two.

    As for the OP's question: dunno yet.
     
  23. I wish I lived in Texas for the tuition; it's the only state I can afford without loans
     
  24. TheRealMD

    TheRealMD "The Mac Guy" 5+ Year Member

    4,773
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    May 23, 2007
    Houston, Texas
    MDApps:
    Everyone wishes. Few get. :D
     
  25. etf

    etf Moderator Emeritus 10+ Year Member

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    really? you would want to have spent your childhood/adolescence/everything else up to med-school age living in texas? i'd rather be from california and give up 2 years of physician's income because i couldn't get in anywhere, which is basically what happened. no free lunch.
     
  26. I thought Cali was really hard even for in state; I don't know how difficult Texas is for in state. I just wish I could afford the tuition in NY at any school (if any) that I could get into.. :( I can barely afford a couple years of state schools but I won't get in them. :(
     
  27. Statistically, our schools here in TX aren't exactly super-competitive for the most part. I mean, they do require that your transcript doesn't make you look like you spent your undergrad in a plume of weed smoke - some more than others (UTMB, UTSW, Baylor) - but on average, I'm pretty sure the California folks have it a bit harder than we do from a GPA+MCAT standpoint.

    Texas is also notoriously supportive of in-state students. I keep reading/hearing how 90% of classes are required by state mandate to consist of residents, but I never actually have found the statute saying so.

    Oh, and while I am not a Texas native, I have been here for many, many years. I hate the weather for the most part (esp. the southern area of the state), but I love the tuition... and the gun laws except for the open carry restriction, and a few other things, as well.
     
  28. Narmerguy

    Narmerguy Moderator Emeritus 7+ Year Member

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    I'm wondering, what if you took a year off to go live in Texas even if you had undergrad elsewhere? You could even use the year to beef up your application some more and get some more experience under your belt. Would they still count you as in state?
     
  29. TheRealMD

    TheRealMD "The Mac Guy" 5+ Year Member

    4,773
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    May 23, 2007
    Houston, Texas
    MDApps:
    Only if you lived and worked in Texas for 12 months otherwise, no. And it must be 12 months before June 1st of that application cycle.
     
  30. SB100

    SB100 7+ Year Member

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    Mar 22, 2007
    Cambridge, MA
    Loans, parents, inheritances
     
  31. Napoleown

    Napoleown 2+ Year Member

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    Jun 28, 2007
    Step 1: Go to medical school
    Step 2: ???
    Step 3: Profit
     
  32. Mayday

    Mayday 5+ Year Member

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    Feb 6, 2006
    Loans, loans, and more loans. Scholarships if I can manage it. My husband is going to school to be a nurse, he will be done long before I am, and he will support me while I go to school :D
     
  33. Oceaner

    Oceaner Certified smartass 10+ Year Member

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    May 13, 2007
    I've got it all figured out in 8 steps.

    0. Do extremely well on the MCAT
    1. Prior to application to med school I am gonna hit American idol, get to the top 3, have a tragic fall on the show as to sabotage any chances of getting stuck with an idol contract, using the exposure I've gotten sign with a record and write/sing the best songs ever
    2. ...
    3. make profit
    4. start a non-profit
    5. ...
    6. as a world-famous singer apply to med school, and get accepted (a "calling"...good gpa? good ECs? good references?)
    7. ...
    8. more profit

    You bettah buy my records. I write dope ****. ;)

    plan B: Golddigger.
     
  34. artaxerxes

    artaxerxes Leg Kicker 2+ Year Member

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    Jun 5, 2007
    join the UFC, fight your way to financial success.

    Carlos "The Ronin" Newton was either premed/or partly through medical school before he started fighting in UFC and PRIDE.
     
  35. DeadCactus

    DeadCactus SDN Lifetime Donor Lifetime Donor Classifieds Approved 10+ Year Member

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    Oct 28, 2006
    Loans and any scholarship I can get.

    I thought about looking into the work-service type scholarships, but they're not all that worth it. You have to commit to do something years in the future and for what? So they pay for med school?

    Yea it sounds sweet, but the way I see it: They're still going to need a physician whether I sign the papers before MS I or after residency and they're just as happy to pay off loans as they are to pay for tuition...
     
  36. shevie

    shevie 2+ Year Member

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    Apr 23, 2007
    thank god im not the only one....my friends all look at me like im crazy or just plain irresponsible because im not looking into all the federal loans i could (should??) be taking out, or taking a higher paid job instead of a measly NIH fellowship salary to save my parents from having to dish out the $$ with which they are willing and able to provide me...lol...
     
  37. Law2Doc

    Law2Doc 5K+ Member Physician Moderator Emeritus 10+ Year Member

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    Piqued my curiosity. A quick google search suggests he might have put the med school dream on hold. He was interviewed in 2003 that he was "trying to get into medical school" and wanted to go into geriatrics, then in 2004 he was interviewed, wanted to be a "neurological psychologist", but was taking a break from his undergrad, still had a few years of studies to go, and was doing hospital volunteering and research in his spare time. Wiki suggests he is still in the latter stages of premed. I found no mention of him actually ever attending med school. He does mention a girlfriend who is in medical school.
     
  38. artaxerxes

    artaxerxes Leg Kicker 2+ Year Member

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    I find it somewhat strange that he considered Geriatrics
    Hmm, if what you say is true that somewhat strange.
    Newton had been fighting pro-since 1998/99, in fact he was UFC welterweight champ in 2001. By 04 he would have been around 26-27. If he still wants to go to med school, and I think he should since his fighting career has petered out and he's getting up there in age, he would make for an excellent non-traditional candidate:D
     
  39. Law2Doc

    Law2Doc 5K+ Member Physician Moderator Emeritus 10+ Year Member

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    He is listed as currently being the coach for the Toronto Dragons.
     
  40. LadyLightning20

    LadyLightning20 7+ Year Member

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    MDApps:
    I got a full scholarship for undergrad, so my parents are giving me whatever they saved for that, and I'm borrowing the rest from them and paying it back (yay for interest free loans)
     
  41. lawlz123

    lawlz123 Banned Banned

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    Aug 20, 2007
    prostitution, contract killing, drug smuggling, extortion.

    extortion might be challenging for a n00b, but definitely consider the former 3.
     
  42. littlealex

    littlealex little tiny alex 7+ Year Member

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    Apr 5, 2007
    Taking out a 300K loan from my mother, investing it in the mutual funds while using it to pay for med school/living expenses.
     
  43. Womialas

    Womialas 7+ Year Member

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    May 22, 2007
    Powerball. That, or I''m headed down to the horse tracks.
     
  44. Law2Doc

    Law2Doc 5K+ Member Physician Moderator Emeritus 10+ Year Member

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    None of these fields ever make the Forbes list. I think the short life expectancy and early forced retirement (aka prison) probably make these lower yield. But I suppose if you enjoy what you are doing...
     
  45. LikeClockWork

    LikeClockWork Guest

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    Jul 23, 2007
    KY
    I have some money my grandmother left me that would cover most of it, but I'm thinking I'll take out loans to cover as much as possible and invest granny's money. I'm not sure I want to pay off all my loans as soon as I graduate because if they do end up nationalizing healthcare, they'll have to include some sort of debt repayment for the docs who've paid $200,000 for med school and will now make squat in salary.
     
  46. armybound

    armybound future urologist. Physician Moderator Emeritus 10+ Year Member

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    Uranus
    Winning the $171,000,000 Mega Millions tonight.
     
  47. pakbabydoll

    pakbabydoll Average student 7+ Year Member

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    Jun 23, 2007
    I did not you could a scholarship for medical school. I thought every one took out loans. Ok I know this brilliant guy. 3.9 GPA all through undergraduate school ( his mom told me) and he got a very good in his MCAT and he has a master in biochemistry ( combined degree) and he had to take out $100K to cover his expenses and he is going to a very expensive medical school. He is going to USF medicine.


    ""There's nothing wrong with a one-hitter, there, Barbie. In fact, it's miraculous. And I won't have you of all people cheapen what should be an endless pursuit of perfection just because you want the world to laugh with you tonight. Now, call it."

    Is that from that one scrub episode where Dr. Cox keeps his 12 patients alive all night and then one of them dies like 5 min before 12am the next day?
     
  48. alwaysaangel

    alwaysaangel 5+ Year Member

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    Sep 4, 2006
    Orange, CA
    MDApps:
    Yup he's trying to keep them alive for his whole shift and she wants to wait to call it so he can have his perfect "no-hitter"
     
  49. Fiddlergirl

    Fiddlergirl 7+ Year Member

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    Jan 20, 2007
    I'm desperately trying to talk my way into the HSPS program through the Army. This is a little bit of a challenge since some fairly major surgery as a child means that I've got a giant metal plate on my left fibia, but I think I've got at least a 50% chance of talking my way past the physical. It would pay for school, and there is absolutely no way I am taking out loans. Plus, since the GI bill paid for my Dad and Grandad to go to college, I'm considering it in the family tradition. (Of course, there's no reason to tell my grandmother, who freaked out when I mentioned the possibility last year. She thinks I'm going to be killed by a terrorist while in medical school if I get into the program.)
     
  50. Jolie South

    Jolie South is invoking Domo. . . Physician Moderator Emeritus 10+ Year Member

    i'm talking with the air force right now as well.

    however, i want to rule out the slim chance of a full ride at my school of choice before signing any contract.
     
  51. alwaysaangel

    alwaysaangel 5+ Year Member

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    Sep 4, 2006
    Orange, CA
    MDApps:
    Seriously think about this before you do it.

    Why are you so opposed to loans? They're not the devil and student debt is considered "good" debt...

    And if you consider the fact that you have to give the army 4 years to pay back them paying for your school, and you will earn less than you would earn as a civilian doctor - it may not be financially worth it.

    Eg. Lets say you want to specialize but the army wants you as a general physician. Not only do they pay you less than a general physician would make in the civilian world but you're making far less than you would as a specialist.

    Say they pay you 70K + living expenses (my understanding is this is pretty close estimate). We'll say the living expenses is worth 20k.

    Say you wanted to specialize in EM which generally pays like 250k.

    Say you would have to take out 50k/year in loans for school.

    4x90k=360k over 4 years with the army.
    4x250k = 1,000,000 over 4 years on your own.
    4x50k=200k in loans +30k or so in interest (this is close to my loans and thats approximately the interest I will rack up.

    1,000,000-230,000=770,000

    770,000 your first 4 years out even after paying back loans. Compared to 360,000 in the army.

    (I know I didn't factor in taxes, etc. but you get the idea - the army really doesn't pay for itself - its not worth it. They get far more out of you then you get out of them)

    Add in the fact that the army will tell you where to live, how to live, etc. etc. etc and it really isn't worth it unless you truly have a passion for protecting your country.

    If you are concerned about loans look into programs where you can get loans paid for you AFTER med school. Lots of areas need different specialties and pay you well + give loan forgiveness. And they aren't just rural areas, urban areas in bad parts of town have similar programs. I know someone doing EM in bum-**** Texas who is being paid 450k to be doing it there. Someone else is in a rural area of Kentucky and their work pays them like 100k as a primary care doctor plus they pay about 75k of their loans each year. After 3 years all this guys' loans will be paid back and he will have made more than you would have in the army.

    If you don't care where you live there are plenty of programs you can join after the fact to pay back loans. Don't tie yourself into a program before you know what you want to do in medicine. You may find you want to do something the army can't at all use you for and then you'll be miserable.
     

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