How could I possibly afford medical school?

[mahnster13]

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I am already going to be in debt after graduating from the University of Washington, probably both with federal AND private loans, and obviously during medical school one does not have time for a job. How am I supposed to afford medical school if I am getting my medical education through student loans? Can I defer the loans until after I complete my residency?
I am kind of depressed right now because I want nothing more than to become a doctor, but I might not be able to afford to become one. 🙁
Any help or advice would be greatly appreciated!

 

[NotAndrew]

I am already going to be in debt after graduating from the University of Washington, probably both with federal AND private loans, and obviously during medical school one does not have time for a job. How am I supposed to afford medical school if I am getting my medical education through student loans? Can I defer the loans until after I complete my residency?
I am kind of depressed right now because I want nothing more than to become a doctor, but I might not be able to afford to become one. 🙁
Any help or advice would be greatly appreciated!

You will be able to afford medical school by using student loans. You will not be able to defer you loans during residency, however you can enter forbearance and thanks to a spiffy new program signed into law by the old president your minimum payment during residency will only be like 600 a month. This being said hundreds of thousand of others have gone to medical school before you, many without rich parents and they all manage to survive.

 

[starfishprime]

Ask again in Jan. 2013. I won't answer until then.

Don't you have an AP to study for or something?

 

[gumbyj]

I will have over 100k in debt after undergrad. MOST have loans.

 

[MaryLennox]

As long as you are in school, you won't be required to make payments on your loans. And yes, you will live on loans in med school.

But if you're lucky enough to get an acceptance, say, in fall or winter, that still gives you a good chunk of time to get a job and save up some money before you start the following fall. That's my plan, anyway. You'll still need to take out loans, but it's good to have some extra cash in savings just in case. If you can. Not everyone can and they are fine.

 

[airplanes]

You will be able to afford medical school by using student loans. You will not be able to defer you loans during residency, however you can enter forbearance and thanks to a spiffy new program signed into law by the old president your minimum payment during residency will only be like 600 a month. This being said hundreds of thousand of others have gone to medical school before you, many without rich parents and they all manage to survive.

That's misleading because each graduating class is accumulating much more debt than the last (yes, I am adjusting for inflation). Every year, med school grads are saddled with an even more unprecedented amount of debt and we really can't simply say that since docs in the past have been alright, we will be too. With stagnant salaries, at some point it won't be OK.

 

[megamega]

The financial aid at UW is extremely good. My entire undergraduate education was completely paid for at UW. You might want to check with the financial aid office if you're still there. You have other options in medical school, though. You could take the Health Professionals Scholarship Program (HPSP), which will pay your medical school tuition and give you almost $2000 a month to live on (which can help with your undergraduate loans).

 

[NotAndrew]

That's misleading because each graduating class is accumulating much more debt than the last (yes, I am adjusting for inflation). Every year, med school grads are saddled with an even more unprecedented amount of debt and we really can't simply say that since docs in the past have been alright, we will be too. With stagnant salaries, at some point it won't be OK.

If by stagnant you mean an increase of 3% each year for new 1st year residents with a 7% increase each successive year of your residency, then I agree.

 

[TheElement]

If by stagnant you mean an increase of 3% each year for new 1st year residents with a 7% increase each successive year of your residency, then I agree.

I doubt you can pay off your loans with a resident salary, I think they were referring to attending salaries.

 

[airplanes]

If by stagnant you mean an increase of 3% each year for new 1st year residents with a 7% increase each successive year of your residency, then I agree.

I'm sure that does a terrific job erasing the extra 100k+ in loans new grads are paying now vs. 10 years ago. Part of that percentage increase is a cost of living allowance, salaries get adjusted for inflation.

 

[atomi]

I am kind of depressed right now because I want nothing more than to become a doctor, but I might not be able to afford to become one. 🙁

If what you just said is true, then you should call the army. They will pay for everything and give you a stipend.

 

[MedStew10]

One may consider going to study medical science abroad. I have a friend in Moscow Medical Academy in Russia, he's in his second year of studies. The program is taught in English and he pays roughly $12K a year in tuition and housing. He says there are more than a thousand foreign (non-Russian) students attending programs in Medicine, Pharmacy, Dentistry...There's bunch of info about such programs on mededabroad.com ... Just an idea

 

[DrYoda]

Edit: oh no, I got caught by a thread bumper/spammer 🙁

 

[cpants]

You'll definitely be able to get the money in loans. Whether or not you want to rack up the debt is up to you. Medical school is one of the few grad schools that it makes sense to borrow a couple hundred thousand for, since you will definitely be able to pay it off eventually.

 

[kennyram401]

I am worrying about the same thing. I'm doing well in a community college right now but I want to transfer to Columbia University in the City of New York and complete my med school at Harvard. BIG DREAMS, but how am I going to pay for this?

 

[deleted407021]

I am worrying about the same thing. I'm doing well in a community college right now but I want to transfer to Columbia University in the City of New York and complete my med school at Harvard. BIG DREAMS, but how am I going to pay for this?

Four year necro bump to ask that?

Take out loans. Education is expensive. Almost everyone has to personally shoulder the cost. You will have hundreds of thousands of dollars in debt, just like the rest of us.

 

[allantois]

Just no

:troll:

But with "bad credit" do you think I would even get student loans to get me started? I have the work to back up my goals.

In 2012, you wrote that you got 37 on your MCAT. Later in 2013 you asked how to study for MCAT, and now you are deciding where to go for ugrad? People can truly go back in time and regress along the way.

 

[kennyram401]

Four year necro bump to ask that?

Take out loans. Education is expensive. Almost everyone has to personally shoulder the cost. You will have hundreds of thousands of dollars in debt, just like the rest of us.

But with "bad credit" do you think I would even get student loans to get me started? I have the work to back up my goals.

 

[ketosisevangelist]

Education is a luxury.

 

[kennyram401]

Just no

What's the deal? there could be a Nobel Prize prodigy forming in these forums I have a two year member badge on my account and I still have no idea I'm doing. I just become president of clubs and raise my GPA to over 3.0 like probably a fourth of us are doing at least.

 

[kennyram401]

Education is a luxury.

oouu, yeah see thats the kind of answers I was hoping not to get. oh man and please don't start talking about studying abroad. Ill just go to the Caribbean then(sarcasim)

 

[kennyram401]

Just no

:troll:

In 2012, you wrote that you got 37 on your MCAT. Later in 2013 you asked how to study for MCAT, and now you are deciding where to go for ugrad? People can truly go back in time and regress along the way.

I'm sorry I just understood how to read your reply properly but I was just a noob studying the MCAT books my first semester in pre-med. If you will believe me now after that lie, I am a very accomplished undergrad with a 3.02 GPA shooting for a 3.8 to get into Columbia. Im the president of clubs and am working towards becoming the student body president of my community college. The last president of our community college was also pre-med and was accepted to Columbia for Bio-chemistry undergrad with a 3.98 GPA so I'm shooting for the same. Thanks for the reply,

 

[DermViser]

I am worrying about the same thing. I'm doing well in a community college right now but I want to transfer to Columbia University in the City of New York and complete my med school at Harvard. BIG DREAMS, but how am I going to pay for this?

Nice trolling and necrobump, but I'm sure the OP from 2009 has figured it out now.

 

[gettheleadout]

I am a very accomplished undergrad with a 3.02 GPA

Hmmm...


Sent from my neural implant using SDN Mobile

 

[Psai]

I am worrying about the same thing. I'm doing well in a community college right now but I want to transfer to Columbia University in the City of New York and complete my med school at Harvard. BIG DREAMS, but how am I going to pay for this?

I don't think you'll have to worry about paying for any of that.

 

[DermViser]

I don't think you'll have to worry about paying for any of that.

I see what you did there. 😆

 

[masaraksh]

Nice trolling and necrobump, but I'm sure the OP from 2009 has gotten into Harvard now.

ftfy

 

[F1rstGen]

3.02 gpa at a community college and a history of dishonesty?

I will be surprised if Harvard doesn't roll out the red carpet for you. If not, I see late night commercials that say this place is life changing. http://www.itt-tech.edu/m/

 

[kennyram401]

🤣I appreciate the support guys, us physicians need to stick together. When I write my first article ill remember to thank a couple usernames 😉 BIG DREAMS.