How do you afford for an SMP?

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Shwin36

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I apologize if this has been asked before but I cannot seem to find a comprehensive answer. I somewhat understand that federal loans will cover a part of tuition but how do you then pay for the cost of living (i.e. rent, food, etc.). I imagine you then have to take out private loans or something? If that is the case then how much will private loans generally cover? Will that greatly increase the level of debt? What is the average debt after an SMP? I really feel completely in the dark.

If someone could please either explain this in moderate detail to me or direct me to where I could find out about it, I would greatly appreciate it. THANKS!

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If you are a full-time student, you can borrow the "cost of attendance" (COA) which is a figure that includes tuition, fees, books and living expenses.

A SMP will put you into debt if you are borrowing for it.

Here's how to consider a SMP. You are starting medical school. If you do very well, you will be permitted to begin again and repeat first year and continue on from there. If you do not do very well in this first year of study, you will be in debt and unable to get into a medical school to continue your studies. That is to say, there is quite a bit riding on a SMP and it has no value in the market place (employers aren't hiring people with a masters degree in anatomy) so you need to do well or you've wasted your time and your future earnings. Choose wisely.
 
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Thank you so much for your answer. That is precisely the concept that I was missing.
 
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