How can ANYONE afford this???

[chadsurgtech]

---

Members don't see this ad.

😕

Researching the cost of DO schools, I noticed that on average the cost of tuition plus living expenses comes to a whopping total of around $190,000! I'm just wondering how some of you who have gone through school handled this. I have 2 kids to support and know that working is discouraged while in DO school. Did some of you work on weekends or just live on loans? I thought you were only allowed to borrow so much in loans and then they cut you off. Are there enough loans available to survive on with my added expenses? Do you recommend working or not? Any advice would be very appreciated! Thanks

 

[pem8erly]

😕

Researching the cost of DO schools, I noticed that on average the cost of tuition plus living expenses comes to a whopping total of around $190,000! I'm just wondering how some of you who have gone through school handled this. I have 2 kids to support and know that working is discouraged while in DO school. Did some of you work on weekends or just live on loans? I thought you were only allowed to borrow so much in loans and then they cut you off. Are there enough loans available to survive on with my added expenses? Do you recommend working or not? Any advice would be very appreciated! Thanks

one word: LOANS!

With your dependents it should work out that you'll receive enough financial aid (gov't loans) to cover the expense of attending school. Most likely you will have to take out private loans to cover the extra living expenses because you have a family to support. Private loans should not be too hard to obtain as most lenders see future physicians as a safe investment. I think working during school is extremely discouraged as you need to spend the majority of your time studying and learning. Some students may do work study but the pay is minimal and the cap is usually around 3K/year.

If you speak with the financial aid office they should be able to give you a better picture of how your finances will be addressed.

 

[Khirurg]

Its actually around 140-150K. i am graduating with about 140G's in loans. But as you start making money as an attending, it shouldn't be too big of a deal.

 

[llort]

Its actually around 140-150K. i am graduating with about 140G's in loans. But as you start making money as an attending, it shouldn't be too big of a deal.

how do you calculate 140-150k? most DO schools tuition is around 30K plus books, fees, health insurance comes to around 35k, then about 16k for cost of living, over four years is like 200k plus interest. anyway, to the OP, it isnt very hard to get a military scholarship if you can get into med school.

 

[kyriacos01]

...I thought you were only allowed to borrow so much in loans and then they cut you off....Do you recommend working or not

Stafford lifetime maximum is 189,125; including any outstanding undergraduate Stafford loans. I would not plan on working while in school; that seems crazy to me. As previously mentioned, there are alternative programs and private loan options. Perhaps there are scholarship opportunities that you may have overlooked. I agree with pem8erly, meet with your school's financial aid advisor.

All the best,
-ky

 

[bth7]

Does anyone have good info on how your credit rating effects this process? I know my credit is REALLY bad, though I've never declared bankruptcy.

Will I still be able to get private loans? How do know HOW MUCH you can get from a private loan? Who decides what your living expenses are, how much your rent is, etc?

 

[crys20]

Loans, baby.

The school determines what your TOTAL cost of living is - what tuition, books, rent, clothes, utilities, etc. cost for that year. For instance, as an undergrad in Ohio my total cost of living is around 20,000. That includes all of the above.

So you can get loans, including federal and stafford to go all the way up to that max amt your school sets...Minus any grants, scholarships, and whatever your estimated contribution is (what you should pay based on your income/parents income/etc)

With poorer credit, you can probably still get private loans. You may need a cosigner though. Often with poorer credit you'll get slapped with higher interest rates on the loans than someone with better credit would get.

 

[OSUdoc08]

😕

Researching the cost of DO schools, I noticed that on average the cost of tuition plus living expenses comes to a whopping total of around $190,000! I'm just wondering how some of you who have gone through school handled this. I have 2 kids to support and know that working is discouraged while in DO school. Did some of you work on weekends or just live on loans? I thought you were only allowed to borrow so much in loans and then they cut you off. Are there enough loans available to survive on with my added expenses? Do you recommend working or not? Any advice would be very appreciated! Thanks

This is way above the average. Your numbers are innacurate.

I am an out of state student, and I am paying double tuition at my school. My budget with loans is for $40,000 a year. This would bring me to a total of $120,000. Since I am paying the average at a private school, this would also be the budget. With college loans, I will have a total debt of $155,000.

The federal loan maximum is $189,000 lifetime total. Everyone is able to get enough loans, including this with families. Obviously that amount has to be under the number you have given, unless you take out private loans.

It would be a bad idea to work while in medical school. There is just no need for it.

 

[kyriacos01]

This is way above the average. Your numbers are innacurate....

I agree that the estimate is above average, but it is not out of realm of possibility. Obviously, it depends upon the school; my non-resident tuition, books, and fees are around 47.5k. So, sans cost of living expenses, I'm looking at 190k; yikes!

-ky

 

[kaikai128]

I agree that the estimate is above average, but it is not out of realm of possibility.

-ky

I do not think that 190K in loans is an over-estimate at all. I would be that it is average for someone who will be out of state and living off of campus. AACOM School Cost

According to this chart, tuition of KCOM and NSUCOM are somewhere in the "middle range" for out of state applicants. The budget for both of these schools for this year was between 52K and 53K for someone living off campus and from out of state. IF you base your cost of living off of the budget that they give you, it is easy to fathom having loans in the 200K range upon graduation if you don't have any scholarships.

Regardless, as physicians I am sure that nobody will have trouble paying off these loans over a period of 20 or more years. Also, there are many different types of programs that have loan payback incintives. I know NHSC offers it, the military does with FAP, and many hospitals will offer it in exchange for working there for a period of 5 or so years. I don't think the loans will be that big of a deal of most ppl in the future.

 

[chadsurgtech]

The $190,000 amount I posted was based on LECOM's figure on their website. This figure included cost of living and all that good stuff. I was just worried, b/c of my extra expenses. I also will have borrowed about 16,000 by the time I get my undergrad, which is taken off of my total allowance from financial aid. Private loans begin repayment immediately upon recieving them and alternative loans are also deducted from the amount you may receive from financial aid's total of $187,126 allowed to be borrowed. I know the money is out there, I have seen so many people in worse positions than me get through just fine. It's just the scary thought of not being able to get the money when you need it!!!! Also, I have heard of a lot of hospitals recruiting doctors and paying off their school loans for them.

 

[pem8erly]

chadsurgtech: I have heard (please don't hold me to this) that once you're in school, they will make every effort to make sure you can get through financially. So if in the middle of a year you find yourself struggling, a stop to the financial office will likely offer some good advice and help.

If possible I would highly consider the NHSC program. I am actually considering it for myself and is more inclined to go into that than go for a military scholarship.

 

[sunnyjohn]

Hey chadsurgtech, Where are you from??? If you are a Tejas resident, the tuition is near dirt cheap compared to most states. 😛


North Carolina ain't bad either....

Loans my friend, loans..

 

[Karina]

😕

Researching the cost of DO schools, I noticed that on average the cost of tuition plus living expenses comes to a whopping total of around $190,000! I'm just wondering how some of you who have gone through school handled this. I have 2 kids to support and know that working is discouraged while in DO school. Did some of you work on weekends or just live on loans? I thought you were only allowed to borrow so much in loans and then they cut you off. Are there enough loans available to survive on with my added expenses? Do you recommend working or not? Any advice would be very appreciated! Thanks

Two kids+Work+Med school=Insanity. I wouldn't even want to try to handle all of that responsibilty at once...and it seems like the only thing you could control is working. I worked throughout my undergrad years and pretty much paid for my education. So I have no undergrad debt. I know I will rely 100% on loans for med school. My family cannot support me in any significant way and I know I will not let money discourage me from being what I want to be...
So just take a deep breath...relax...you'll make enough money as a doc to pay that off soon after you start making money 🙂

Karina

 

[jkhamlin]

Everyone keeps mentioning the lifetime max on federal loans, but no one seems to realize that there is also an annual max of $18,500.

 

[kaikai128]

Everyone keeps mentioning the lifetime max on federal loans, but no one seems to realize that there is also an annual max of $18,500.

From my handout that I was given @ NSU from their financial aid department:
"Federal subsidized stafford loan. Amount: An $8500 per year max esists, with an aggregate total of $65,000 for all post secondary education....Federal Unsubsidized Stafford Loan: A $30,000 per year max esists for a nine month academic year. The total aggregate for Subsidized and Unsubsidized loans is $189,125."

I am pretty sure that $18K amount is either wrong or just for a specific in state school with a total budget of 18K/yr.

 

[jkhamlin]

From my handout that I was given @ NSU from their financial aid department:
"Federal subsidized stafford loan. Amount: An $8500 per year max esists, with an aggregate total of $65,000 for all post secondary education....Federal Unsubsidized Stafford Loan: A $30,000 per year max esists for a nine month academic year. The total aggregate for Subsidized and Unsubsidized loans is $189,125."

I am pretty sure that $18K amount is either wrong or just for a specific in state school with a total budget of 18K/yr.

Your handout must be referring to additional loans such as Perkins loans or state programs. The Stafford sub + unsub absolute annual maximum, for any graduate level study, is $18,500.

See page 19:
http://studentaid.ed.gov/students/attachments/siteresources/StudentGuideEnglish2004_05.pdf

 

[OrthoFixation]

This is way above the average. Your numbers are innacurate.

I am an out of state student, and I am paying double tuition at my school. My budget with loans is for $40,000 a year. This would bring me to a total of $120,000. Since I am paying the average at a private school, this would also be the budget. With college loans, I will have a total debt of $155,000.

The federal loan maximum is $189,000 lifetime total. Everyone is able to get enough loans, including this with families. Obviously that amount has to be under the number you have given, unless you take out private loans.

It would be a bad idea to work while in medical school. There is just no need for it.

OSUdoc: How can you have only $40K per year budget? OSU out of state tuition is about $30K. So all your books, fees, insurance, room, board, personal expenses are only $10K? I was guessing about $20K would result. Do they give any scholarship money to reduce the total?

JKH and others: The maximum graduate government loans is $38,500 for a nine month school year. For a 12 month year, it is $43K+. Anything above that is pushed to private loans. A private educational loan can be deferred during residency, but the interest is capitalized.

Of the $38,500 government guaranteed (read credit does not matter), only $8,500 is subsidized. So the interest accrues on the difference too.

Private loans require decent credit or a co-signer. Rates are variable as are the origination fees.

 

[jkhamlin]

OSUdoc: How can you have only $40K per year budget? OSU out of state tuition is about $30K. So all your books, fees, insurance, room, board, personal expenses are only $10K? I was guessing about $20K would result. Do they give any scholarship money to reduce the total?

JKH and others: The maximum graduate government loans is $38,500 for a nine month school year. For a 12 month year, it is $43K+. Anything above that is pushed to private loans. A private educational loan can be deferred during residency, but the interest is capitalized.

Of the $38,500 government guaranteed (read credit does not matter), only $8,500 is subsidized. So the interest accrues on the difference too.

Private loans require decent credit or a co-signer. Rates are variable as are the origination fees.

Can you provide a link as I did that demonstrates this? I cannot seem to find this information. If you are correct, that is great, and I may need it this fall depending on how my interview at OSU goes on Monday.

 

[TheFish005]

The 18.5K max is for undergraduate schools. Graduate/profesional school allows you 8,500 subsidized, and 32K unsub'd (at least last year, if it's changed for next year, i haven't heard). Those numbers refer to STAFFORD loans. You may have to get PRIVATE loans to suppliment these loans to cover the difference between them and total cost of living (this mostly applies to private schools, which most DO schools are). Regardless of government loans or private loans, they will be in deferment during school so you aren't required to make payments while in school (you can if you like, however), although intrest will acrue on unsub'd and private loans during this time. All this info should be available on the FAFSA website. I belive it's www.fafsa.ed.gov. Even if that web address is wrong, just type FAFSA into any web browser and you should get there. Hope this answers your questions.

-E-
COMP 2008

 

[kaikai128]

Your handout must be referring to additional loans such as Perkins loans or state programs. The Stafford sub + unsub absolute annual maximum, for any graduate level study, is $18,500.

See page 19:
http://studentaid.ed.gov/students/attachments/siteresources/StudentGuideEnglish2004_05.pdf

I looked at my information again...and actually pulled my information from multiple different schools. You are allowed MORE than that 18K in federal loans.

From KCOM's Financial Aid Info:
"Federal Subsidized Stafford Loan: 8500/year max...65K for post secondary education max"
"Federal Unsubsidized Stafford Loan: 30,000/yr max for a nine-month academic year. Aggregate total for subsidized and unsubsidized loans in $189,125."
"Signature Loan: Borrower may receive a loan up to the cost of education minues other financial aid already received."
"Alternative Loan Program (ALP) Borrower may receive a loan up to the cost of education, minus other financial aid already received."
"Federal Perkins Loan: Award amount are 5000 a year with a max aggregate at 40000. Parental info must generally be submitted on FAFSA."

Once again, I do not think that three schools (I have sited 2 now) would give all students interviewing incorrect information...I just have a hard time believing that. Maybe you will get a pleasant surprise when the financial aid packages all come out. All of my resources say that there is a max at 38,500 per year in Stafford loans.

 

[OSUdoc08]

Your handout must be referring to additional loans such as Perkins loans or state programs. The Stafford sub + unsub absolute annual maximum, for any graduate level study, is $18,500.

See page 19:
http://studentaid.ed.gov/students/attachments/siteresources/StudentGuideEnglish2004_05.pdf

Nope.

I take out $38,500 in Stafford loans a year (sub & unsub)

I also take out $6,000 in Perkins a year.

 

[OSUdoc08]

OSUdoc: How can you have only $40K per year budget? OSU out of state tuition is about $30K. So all your books, fees, insurance, room, board, personal expenses are only $10K? I was guessing about $20K would result. Do they give any scholarship money to reduce the total?

JKH and others: The maximum graduate government loans is $38,500 for a nine month school year. For a 12 month year, it is $43K+. Anything above that is pushed to private loans. A private educational loan can be deferred during residency, but the interest is capitalized.

Of the $38,500 government guaranteed (read credit does not matter), only $8,500 is subsidized. So the interest accrues on the difference too.

Private loans require decent credit or a co-signer. Rates are variable as are the origination fees.

Sorry about that, my loans are actually about $44,500. I forgot the Perkins amount.

I pay $399 a month for rent, and live alone. The money will be more than enough.

 

[BMW19]

I actually have to agree with OSUdoc on this one. I have been told repeatedly from several different sources (PCOM financial aid recently) that you can take $38,500 per year in federal loans sub and unsub. Anything above and beyond that is either perkins, scholarship or private funding. I don't know where you guys are getting this 18,500 that barely covers half of PCOM's tuition let alone fees, books, parking etc.!

Nope.

I take out $38,500 in Stafford loans a year (sub & unsub)

I also take out $6,000 in Perkins a year.

 

[jkhamlin]

I looked at my information again...and actually pulled my information from multiple different schools. You are allowed MORE than that 18K in federal loans.

From KCOM's Financial Aid Info:
"Federal Subsidized Stafford Loan: 8500/year max...65K for post secondary education max"
"Federal Unsubsidized Stafford Loan: 30,000/yr max for a nine-month academic year. Aggregate total for subsidized and unsubsidized loans in $189,125."
"Signature Loan: Borrower may receive a loan up to the cost of education minues other financial aid already received."
"Alternative Loan Program (ALP) Borrower may receive a loan up to the cost of education, minus other financial aid already received."
"Federal Perkins Loan: Award amount are 5000 a year with a max aggregate at 40000. Parental info must generally be submitted on FAFSA."

Once again, I do not think that three schools (I have sited 2 now) would give all students interviewing incorrect information...I just have a hard time believing that. Maybe you will get a pleasant surprise when the financial aid packages all come out. All of my resources say that there is a max at 38,500 per year in Stafford loans.

Then explain the link I posted from the Department of Education. I want to believe you, but the Department of Education is a more solid reference on this than anything you have provided.

 

[jkhamlin]

The 18.5K max is for undergraduate schools. Graduate/profesional school allows you 8,500 subsidized, and 32K unsub'd (at least last year, if it's changed for next year, i haven't heard). Those numbers refer to STAFFORD loans. You may have to get PRIVATE loans to suppliment these loans to cover the difference between them and total cost of living (this mostly applies to private schools, which most DO schools are). Regardless of government loans or private loans, they will be in deferment during school so you aren't required to make payments while in school (you can if you like, however), although intrest will acrue on unsub'd and private loans during this time. All this info should be available on the FAFSA website. I belive it's www.fafsa.ed.gov. Even if that web address is wrong, just type FAFSA into any web browser and you should get there. Hope this answers your questions.

-E-
COMP 2008

Take a look at the link I posted. The $18.5K is for graduate and professional study. If you have a verifiable reference from a reliable source, please post it, I would love to see it.

 

[OSUdoc08]

Then explain the link I posted from the Department of Education. I want to believe you, but the Department of Education is a more solid reference on this than anything you have provided.

"Certain health professions students may borrow more then the graduate student limit above, up to $37,500 per year."

This is on the FAFSA website, just below the chart indicating loan maximums. Click on the question "How much can I borrow?"

http://www.fafsa.com/stafford.htm#loanamts

 

[jkhamlin]

"Certain health professions students may borrow more then the graduate student limit above, up to $37,500 per year."

This is on the FAFSA website, just below the chart indicating loan maximums. Click on the question "How much can I borrow?"

http://www.fafsa.com/stafford.htm#loanamts

Copyright © 2005 Student Financial Aid Services, LLC
This site is not affiliated with the United States Department of Education or any state agency, college or university.

 

[pem8erly]

Copyright © 2005 Student Financial Aid Services, LLC
This site is not affiliated with the United States Department of Education or any state agency, college or university.

http://www.studentaid.ed.gov/studen...ndstaffordloans.htm#maximum_annual_loan_chart

scroll down to "Maximal Annual Loan Limits for Subsidized and Unsubsidized Direct and FFEL (Federal) Stafford Loans" They don't explain where the numbers come from but the max is $138,500... which if you divide by 4 works out to be $34,625/yr.

Hope this helps!

OSUdoc08: thanks for that site. Its a lot easier to read than the gov't site.

 

[jkhamlin]

http://www.studentaid.ed.gov/studen...ndstaffordloans.htm#maximum_annual_loan_chart

scroll down to "Maximal Annual Loan Limits for Subsidized and Unsubsidized Direct and FFEL (Federal) Stafford Loans" They don't explain where the numbers come from but the max is $138,500... which if you divide by 4 works out to be $34,625/yr.

Hope this helps!

OSUdoc08: thanks for that site. Its a lot easier to read than the gov't site.

That's because it includes undergraduate aggregate debt. It states this right under where it states the $138,500.

 

[OSUdoc08]

Copyright © 2005 Student Financial Aid Services, LLC
This site is not affiliated with the United States Department of Education or any state agency, college or university.

I'm confused?

Why do you need a "reliable site" to tell you this?

I'm telling you this, and I go to the school you are interviewing at. Ask any medical student, and you will hear the same.

In fact, ask the office of financial aid next week when you come to interview, if you don't believe me. They will tell you the same.

 

[jkhamlin]

I'm confused?

Why do you need a "reliable site" to tell you this?

I'm telling you this, and I go to the school you are interviewing at. Ask any medical student, and you will hear the same.

In fact, ask the office of financial aid on Friday, if you don't believe me. They will tell you the same.

That's a good idea, I'll ask them (it is on Monday BTW). Please don't misunderstand. It's not that I don't believe you, it is just that it is a little more than questionable if it comes up in an important conversation with any financial aid department to say "Well, these dudes on the internet said so, and they say they are going to medical school." I just don't want to be laughed at by a financial aid rep. Talking with them is aggravating enough as it is. 😀 This actually came up when I interviewed at KCUMB and they couldn't find a way to get more government backed loans. I just want to be prepared, and I am sure the OP would like to be as well.

 

[pem8erly]

I have an idea: when you go to medical school and they offer you more than 18,500 in loans you should turn down everything over that amount because you don't believe that it is offered. I highly doubt someone who is currently in school would not know the amount of loans that he is taking.

Undergrad? Fine, let's subtract the 23K... that still leaves $115,500 giving $28,875/year. Which is still above the $18,500. I'm sure you did the math before posting your reply right?

 

[wertyjoe]

Check out these sites

http://www.aamc.org/advocacy/library/educ/ed0001.htm

http://www.aamc.org/students/medloans/students/stafford.htm

Believe it or not!

 

[jkhamlin]

I have an idea: when you go to medical school and they offer you more than 18,500 in loans you should turn down everything over that amount because you don't believe that it is offered. I highly doubt someone who is currently in school would not know the amount of loans that he is taking.

Undergrad? Fine, let's subtract the 23K... that still leaves $115,500 giving $28,875/year. Which is still above the $18,500. I'm sure you did the math before posting your reply right?

No need to be hateful.

 

[jkhamlin]

Check out these sites

http://www.aamc.org/advocacy/library/educ/ed0001.htm

http://www.aamc.org/students/medloans/students/stafford.htm

Believe it or not!

Thanks. That is what I was looking for.

 

[jkhamlin]

I have an idea: when you go to medical school and they offer you more than 18,500 in loans you should turn down everything over that amount because you don't believe that it is offered. I highly doubt someone who is currently in school would not know the amount of loans that he is taking.

Undergrad? Fine, let's subtract the 23K... that still leaves $115,500 giving $28,875/year. Which is still above the $18,500. I'm sure you did the math before posting your reply right?

BTW, if you want to do it correctly:
Subtract $46K (the REAL undergrad maximum) from the $138,500. That leaves $92,500.
Divide this by 5 and you get exactly $18,500. Apparently the government is being nice and building in an extra year's worth of loans just in case. Remember the maximum is an absolute, not a target.

 

[pem8erly]

BTW, if you want to do it correctly:
Subtract $46K (the REAL undergrad maximum) from the $138,500. That leaves $92,500.
Divide this by 5 and you get exactly $18,500. Apparently the government is being nice and building in an extra year's worth of loans just in case. Remember the maximum is an absolute, not a target.

Ok, I'll give you that. So we were both wrong. At least now we have the right answers.

 

[jkhamlin]

ok... i know that my original post wasn't what you were looking for... 2 things though... 46K is for independent students so I guess it just depends on how you look at it. And why are we dividing by 5?

Thanks for the AAMC links they really helped.

$46K is the absolute maximum that any undergrad can take no matter who you are. That is what they would figure into the aggregate for undergrad + grad, not the lower dependent student maximum. I already explained the dividing by 5. First, it works and makes more sense. Second, the extra year stands to reason because in undergraduate, they allow borrowing at each loan level for more than just a year in case you need it. I admit, there is not 100% certainty that this is right, but who can ever explain why the government does what it does? 😉

 

[TheFish005]

I went through the federal aid handbook that you posted and frankly, I was very confused as you seem to be. I know how much aid I've received under the STAFFORD loan program, and it was quite a bit more than they were quoting. I went to my school's website and looked up financial aid. I'm not sure, but I think the amount you can get can be and is modified by where you go to school and what sort of program it is because many schools act as their own lender for federal loans. Here's the link to COMP's amounts, and as you'll see, the maximum amount you can borrow is modified by which program you are in (since Western also has Vet, Pharm, PA, PT, and Grad Nursing programs). http://www.westernu.edu/financial/deptedu.xml
I assume other schools have pages similar to this one, though I haven't looked. The best advice has already been said above: Ask the question at your interview. Almost every interview I went to last year included a semi-orientation to financial aid anyway, so it'll probably be addressed without even having to ask. Good Luck!

-E-
COMP 2008

 

[kaikai128]

Princeton Review Link

Med School Advice Page

I know these are not "government" sites...but here are a few more....just in case you need to be convinced a bit more.

 

[Cutter]

Chad, I am no expert on student loans but I am an expert on Surgical Technology. Depending on where you decide to go to school and your willingness to stay at work and do homework on the weekend, you may have an opportunity that is not available to most students. The standard of care for many communities is moving towards an O.R. that is staffed 24/7. Many EMS systems will now put a hospital on a divert status if an O.R. crew is not immediately available. The downside to this is that in-house call is becoming more prevalent, the upside is that finding a position working weekends with little or no job responsibilities, aside from the occasional trauma, is not that hard. I am a CFA with a position at a medium sized tertiary center and I am on duty from Saturday morning until Monday morning. I am “clocked in” sixteen hours per day and sleep in-house for triple call pay. Perhaps more importantly, I have been able to maintain health insurance for my family and I am “trapped” in a quiet O.R. (study hall) all weekend no matter how nice it is outside. Our hospital has averaged four cases per weekend for an average of about eight hours per weekend that I actually have to work. For the bean counter types this equals about 35K per year with benefits. If that doesn’t meet your needs you can work an additional three days a week during the summer break for an additional 10K. These numbers assume a wage of $18/hr, $2/hr on-call, and $7.50/hr incentive registry. I cannot say that this is sustainable through the first two years of med school, but I was able to complete three years of undergrad at 18-21 hour/semester with no debt. I have no idea what this has done to my financial aid status but I will have that information in a few weeks. Good Luck.

 

[chadsurgtech]

Chad, I am no expert on student loans but I am an expert on Surgical Technology. Depending on where you decide to go to school and your willingness to stay at work and do homework on the weekend, you may have an opportunity that is not available to most students. The standard of care for many communities is moving towards an O.R. that is staffed 24/7. Many EMS systems will now put a hospital on a divert status if an O.R. crew is not immediately available. The downside to this is that in-house call is becoming more prevalent, the upside is that finding a position working weekends with little or no job responsibilities, aside from the occasional trauma, is not that hard. I am a CFA with a position at a medium sized tertiary center and I am on duty from Saturday morning until Monday morning. I am “clocked in” sixteen hours per day and sleep in-house for triple call pay. Perhaps more importantly, I have been able to maintain health insurance for my family and I am “trapped” in a quiet O.R. (study hall) all weekend no matter how nice it is outside. Our hospital has averaged four cases per weekend for an average of about eight hours per weekend that I actually have to work. For the bean counter types this equals about 35K per year with benefits. If that doesn’t meet your needs you can work an additional three days a week during the summer break for an additional 10K. These numbers assume a wage of $18/hr, $2/hr on-call, and $7.50/hr incentive registry. I cannot say that this is sustainable through the first two years of med school, but I was able to complete three years of undergrad at 18-21 hour/semester with no debt. I have no idea what this has done to my financial aid status but I will have that information in a few weeks. Good Luck.

That is very interesting, I kind of planned on working during the weekend for ends meat as a surg. tech. so knowing that things as such are available is good to know. Thanks a lot for the insight!

 

[sunnyjohn]

Chadsurgtech,

Cutter is right. You can make a decent amount of cash as a surg tech and CFA. It is also possible to get the kind of positions Cutter talks about. I have made that and even more working as a traveler and on the "weekend special" shifts.

Here are my only concerns.

I have spoken to a few adcom members and med school students. The first 2 years of medical school are often compared to taking 30 hours of undergraduate upper level science classes WITH lab. This is a far cry from an 18-21 hour undergrad course load.

If you take the kind of position mentioned, you will spend entire weekends away from your family. While I understand that will happen at times regardless of whether you work or not, when you do have a free weekend wouldn't you rather spend it with your kids than in a hospital?

While I do think it may be possible to work a little in med school, it may be down right difficult.

Have you considered the possibility of working PRN? You will be called when they have need and have the option of saying no when you are busy (too tired, have to spend extra time studying for a test, want to pay ball with your kids, etc...)

It may not be as regular, but if you are in a fairly large metro area and sign up with a few agencies or hospitals, you can get a decent amount of hours per month.

Do the full time thing in the summer.

Cuttter did mention that he/she had children and his/her post was very informative. I never dismiss a fellow Surgical Technologist, especially one who had taken the time and effort to become a CFA. 😛 👍

As a former financial services broker and advisor, I understand your desire to stay away from the crushing debt the most med students identify with. When I look at the cost of attending, my debt aversion sometimes makes me ill. I keep my fingers crossed for a full scholarship a combination of grants that will cover living expenses.

I have been assured by all my research that it is possible to minimize this debt, excel in med school and still spend time with my family.

I admire your forward thinking and attempt to ensure that yorf family is looked after while all of you make you transition to "doctorhood".

Agape

 

[Dr.D-man]

Does anyone have good info on how your credit rating effects this process? I know my credit is REALLY bad, though I've never declared bankruptcy.


Can anyone answer this?

 

[medicine1]

Serve your country and apply for scholarships!!
Armed Forces Health Professions Scholarships though the Air Force, Navy, and Army.
http://www.d.umn.edu/~lenn0040/armed.htm
National Health Service Corps.
http://www.dphhs.state.mt.us/hpsd/pubheal/healplan/primcare/nhscsch.htm

Private loans do consider credit scores. If your credit score is bad, or not that great, one is required to have a co-signer (through SLM):
http://www.salliemae.com/apply/borrowing/privatecredit.html
http://www.meditec.com/slmfinancial.html

 

[Khenon]

Does anyone have good info on how your credit rating effects this process? I know my credit is REALLY bad, though I've never declared bankruptcy.


Can anyone answer this?

It's going to be specific for the loan company that you're applying to. As with any creditor, some are more lenient, while others want a *****-and-span clean record. Keep in mind, that if you do find a creditor that's willing to give you a loan, you may need a co-signer and/or will have higher interest rates then others with perfect credit. There's really no way to answer the question, because it will all depend on who you turn to for your private loan. The federal loans are unaffected by your credit report. You're guarranteed your $38K no matter what (unless you've defaulted on a previous student loan).

 

[medicine1]

Federal Loans, grants, and private scholarships don't consider credit history.
Private, alternative loans do consider credit history.