Dismiss Notice

Interview Feedback: Visit Interview Feedback to view and submit interview information.

Interviewing Masterclass: Free masterclass on interviewing from SDN and Medical College of Georgia

how do you pay for med school?

Discussion in 'Pre-Medical - MD' started by anystream, Dec 1, 2005.

  1. anystream

    anystream Senior Member
    5+ Year Member

    Joined:
    Jun 26, 2005
    Messages:
    491
    Likes Received:
    3
    Status:
    Medical Student
    i don't know ANYTHING about financial aid. i went to a public school for undergrad, got some nice scholarships and i was fine. i want to attend a private med school but i'm stressed and don't know where to start looking for financial aid info.

    where do i start?
     
  2. tulane06

    tulane06 Private Joker
    10+ Year Member

    Joined:
    Sep 15, 2005
    Messages:
    1,076
    Likes Received:
    4
    Status:
    Resident [Any Field]
    Check out the financial aid office at your school(i'm assuming you've been accepted). Scholarships are harder to come by in med school than undergrad but they do exist. You can also get a military scholarship (HPSP), but it would probably be better to join up once you are a resident with the FAP program if the military is what you want to do. You can also just take out the loans and pay them off with your doctor's salary.
     
  3. izibo

    izibo Senior Member
    7+ Year Member

    Joined:
    Apr 8, 2005
    Messages:
    142
    Likes Received:
    0
    Ahhh, the joys of matriculating at an MD/PhD program ;)
     
  4. humuhumu

    humuhumu nukunuku apua'a
    7+ Year Member

    Joined:
    Jan 28, 2005
    Messages:
    953
    Likes Received:
    1
    Status:
    Resident [Any Field]
    Here: http://www.aamc.org/students/financing/md2/start.htm
     
  5. NapeSpikes

    NapeSpikes Believe, hon.
    10+ Year Member

    Joined:
    Mar 27, 2004
    Messages:
    1,653
    Likes Received:
    0
    Status:
    Resident [Any Field]
    On a related note, the other day I was wondering what happens to the loans if, in some tragic event, you cannot continue with medicine? I mean something really sad, like you die or become blind or something that serious. People usually don't have co-signers for med school loans, right? So is this all covered in the death and dismemberment part of the required health insurance? Does it all just go away? Or do they stick it to your next of kin? Do we need our own life insurance policy worth $200,000 then??
     
  6. MollyMalone

    MollyMalone I'm a Score Quadruplet
    Moderator Emeritus 5+ Year Member

    Joined:
    Sep 30, 2004
    Messages:
    5,796
    Likes Received:
    20
    I'm personally offering up my first-born child.
     
  7. Twitch

    7+ Year Member

    Joined:
    Jun 17, 2004
    Messages:
    1,450
    Likes Received:
    2
    Status:
    Medical Student
    Depends on the nature of the loan. Typically stafford loans are guaranteed by the federal govt (hence called federal student loans). As you know it comes in sub and unsub. In either case if you die, the govt. (aka all us taxpayers) pick up the tab.
     
  8. Bite, kick, and scratch to get into a state school. Seriously.
     
  9. odrade1

    odrade1 UASOM alum
    5+ Year Member

    Joined:
    Nov 4, 2005
    Messages:
    514
    Likes Received:
    3
    Status:
    Resident [Any Field]
    Don't take out a life insurance policy just to pay back your loans, unless you feel that you owe it to society or to the private bank you borrowed from, if you don't take federal loans. Get a life insurance policy so that your wife/girlfriend/boyfriend doesn't have to sell the house when you die, or so that your children can go to college.

    Educational loan repayment? It depends on the extent of the disability.
    death = no repayment obligation
    total disability (unable to work any job) = no repayment obligation
    partial disability = repayment obligation
    Educational loans are actually the most difficult financial obligation there is, in terms of ease of getting out of the repayment obligation.

    My partner is a dentist and has a special insurance policy that pertains exclusively to the loss of his ability to practice dental medicine. This is--of course--above and beyond the regular health & life inurance policies, etc. I would be absolutely shocked to find that such policies were not available for MDs & DOs, as well.
     
  10. DrBowtie

    DrBowtie Final Countdown
    Moderator Emeritus 10+ Year Member

    Joined:
    Feb 24, 2005
    Messages:
    15,489
    Likes Received:
    1,868
    Status:
    Resident [Any Field]
    They have MD disability insurance. I'm not sure if you can get it while in school though.
     
  11. ms1finally

    ms1finally Senior Member
    5+ Year Member

    Joined:
    Jul 8, 2005
    Messages:
    262
    Likes Received:
    0
    Government loans are forgiven upon death - regardless of whether that occurs prior to or during repayment. Private loans, on the other hand, are usually not forgiven upon death. I believe THE is the only lender that does forgive them if you die before you enter repayment. Once you enter repayment, you better make sure you have enough life insurance to cover any private loans.
     
  12. -Goose-

    10+ Year Member

    Joined:
    Jul 7, 2005
    Messages:
    1,728
    Likes Received:
    9
    Status:
    Resident [Any Field]
    there's probably alot of wisdom to this statement
     
  13. MollyMalone

    MollyMalone I'm a Score Quadruplet
    Moderator Emeritus 5+ Year Member

    Joined:
    Sep 30, 2004
    Messages:
    5,796
    Likes Received:
    20
    Not all state schools are cheap. :(
     
  14. anystream

    anystream Senior Member
    5+ Year Member

    Joined:
    Jun 26, 2005
    Messages:
    491
    Likes Received:
    3
    Status:
    Medical Student
    yea isn't the average debt like $135k for a private and $100k for a state school? i am not smart with financial stuff...but it really doesn't seem like a big difference to me. PLUS i am from california...*maybe* i'll get into a UC but i'm not holding my breath
     
  15. JonnyG

    JonnyG IN the hospitals....
    7+ Year Member

    Joined:
    Oct 13, 2004
    Messages:
    1,045
    Likes Received:
    3
    Status:
    Resident [Any Field]
    marry rich
     
  16. unfrozencaveman

    unfrozencaveman not a dude
    7+ Year Member

    Joined:
    Apr 24, 2005
    Messages:
    1,251
    Likes Received:
    0
    I admire your love of WaWa by the way. I miss those italian hoagies.
     
  17. SanDiegoSOD

    SanDiegoSOD Milk was a bad choice
    7+ Year Member

    Joined:
    Jul 5, 2004
    Messages:
    2,794
    Likes Received:
    8
    Med school financing, for the most part, is all about loans. Unless you're from a low income family, you pretty much have no chance of getting need-based grants. Scholarships for med school are few and far between, so unless you got a few tricks up your sleeve, you're really looking at loans (and family help, if applicable). What sucks about averages that schools post is that they include students who got need based grants, scholarship students, and trustfund babies who leave med school with about $20k in debt. The rest of the class is leaving with $200k+, but the average doesnt really reflect that. If you end up going to a private school (or out-of-state public) as a non-scholarship student, you're really looking at a number that high - some students leave med school with a quarter million in debt. :eek:
    I'll bet you're waiting for the little call from UCI now, aren't you ;)
     
  18. letmein!please?

    letmein!please? Senior Member
    5+ Year Member

    Joined:
    Nov 24, 2005
    Messages:
    117
    Likes Received:
    0
    Status:
    Pre-Medical
    Are you serious? Are there some other expenses I am overlooking? By the way, If you've worked to pay for stuff through college (food, gas, clothes, etc.), how do you do this in med school? Can you take out loans for these expenses? Im working 30 hours a week now but I don't think I could do 10 in med school...hmmm :confused: I'm screwed.
     
  19. SanDiegoSOD

    SanDiegoSOD Milk was a bad choice
    7+ Year Member

    Joined:
    Jul 5, 2004
    Messages:
    2,794
    Likes Received:
    8

    No joke. Take, for example, one of the notoriously expensive private schools, like Georgetown or Tufts. You'll be paying roughly $40k/year in tuition, and in cities like DC or Boston, your cost of living will be nearly $20k/year. If you have no grants or scholarships, over the course of four years, you'll have to take $240,000 in loans. Add that to any undergrad loans you may have, and you could easily be over a quarter mil in debt by graduation.
     
  20. the negative 1

    the negative 1 Bovie to "war crimes" please
    10+ Year Member

    Joined:
    Aug 14, 2004
    Messages:
    1,099
    Likes Received:
    38
    Status:
    Attending Physician
    I was thinking along similar lines.

    Perhaps selling my spleen and a kidney on the black market.

    Anyone know the going rates?
     
  21. jebus

    jebus Membership Revoked
    Removed 5+ Year Member

    Joined:
    Aug 22, 2005
    Messages:
    2,526
    Likes Received:
    6
    Wow, I'm impressed everyone's restraint. This thread hasn't gone prurient at all. It's time to change that.
    Me, well, I'm willing to do some movies if you don't show my face and promise to be gentle.
     
  22. letmein!please?

    letmein!please? Senior Member
    5+ Year Member

    Joined:
    Nov 24, 2005
    Messages:
    117
    Likes Received:
    0
    Status:
    Pre-Medical
    Why would you be gentle, there's no money in that! :laugh:
     
  23. ShyRem

    ShyRem I need more coffee.
    Physician Moderator Emeritus 10+ Year Member

    Joined:
    Jun 17, 2004
    Messages:
    9,798
    Likes Received:
    126
    Status:
    Attending Physician
    Last I knew you could get about $60K for a good kidney.
     
  24. the negative 1

    the negative 1 Bovie to "war crimes" please
    10+ Year Member

    Joined:
    Aug 14, 2004
    Messages:
    1,099
    Likes Received:
    38
    Status:
    Attending Physician
    Well that's a start at least.

    Looks like I may have to consider plan B: starting a meth lab or being coke mule
     
  25. MollyMalone

    MollyMalone I'm a Score Quadruplet
    Moderator Emeritus 5+ Year Member

    Joined:
    Sep 30, 2004
    Messages:
    5,796
    Likes Received:
    20
    Wait, I have an even better idea.

    Me, well, I'm willing NOT to do some "movies" if you'll throw a little cash my way. I mean, come on, think of the children! Think of your eyes! I promise you -- it will be money well spent. ;)
     
  26. notdeadyet

    notdeadyet Still in California
    Moderator 10+ Year Member

    Joined:
    Jul 23, 2004
    Messages:
    11,656
    Likes Received:
    1,785
    Status:
    Attending Physician
    Yeah, but give up two and you're looking at $120K. Sweet!
     
  27. mustangsally65

    mustangsally65 Sally 2.0
    7+ Year Member

    Joined:
    Oct 6, 2004
    Messages:
    2,529
    Likes Received:
    4
    Did you guys see the med student on Jeopardy! this week? He won three days, and got over $70,000. That'll be nice to help pay down those loans. He was from Texas, too.

    Wouldn't it be nice if we could all win that kind of money? I wonder how much you actually get after taxes, though.
     
  28. anystream

    anystream Senior Member
    5+ Year Member

    Joined:
    Jun 26, 2005
    Messages:
    491
    Likes Received:
    3
    Status:
    Medical Student
    UCI really impressed me, and their subsidized housing is impressing me even more now... : )

    about the rest of what you said- if private school debt for most people is actually much higher than the projected average, couldn't you also conclude the same about debt from public med schools?
     
  29. little_late_MD

    little_late_MD Ready To Jump
    5+ Year Member

    Joined:
    Sep 26, 2005
    Messages:
    446
    Likes Received:
    3
    Status:
    Pre-Medical
    All the strippers I meet say they're dancing to pay tuition. YOu don't think they're lying to me do you?
     
  30. SanDiegoSOD

    SanDiegoSOD Milk was a bad choice
    7+ Year Member

    Joined:
    Jul 5, 2004
    Messages:
    2,794
    Likes Received:
    8

    Ya, definitely. Someone who goes to say, UCI, will graduate with ~$160,000 in debt if they are ineligible for grants, don't have a scholarship, and don't have parental help. That's a big difference from the published average debt of $75k. However, compare that to the little school up the road in downtown LA, where someone in the same financial situation will graduate with ~$240,000. That $160k doesn't look so bad anymore :cool:
     
  31. letmein!please?

    letmein!please? Senior Member
    5+ Year Member

    Joined:
    Nov 24, 2005
    Messages:
    117
    Likes Received:
    0
    Status:
    Pre-Medical
    :laugh: How much do you think I could get for my heart? my soul? :idea:
     
  32. mdforlife

    mdforlife Senior Member
    7+ Year Member

    Joined:
    Jan 8, 2004
    Messages:
    113
    Likes Received:
    0
    stripper at Scores, NYC
     
  33. astrife

    astrife Senior Member
    5+ Year Member

    Joined:
    Sep 30, 2005
    Messages:
    428
    Likes Received:
    0
    Status:
    Pre-Medical
    Ok... question...

    I want to do peace corps during my life, and I'm thinking it'd be best to do it right after college graduation (won't take MCAT till senior year). I'd graduate college at 22, and I'd finish peace corps at 24. This means when I apply I believe I'm beyond the age where I am considered a dependent of my parents(I believe it's 24, but not sure). Does this mean that I will theoretically have 0 income without a job, and schools that do offer grant/scholarships to extremely needy students will give me money as I'm basically on my own at that point?
     
  34. NapeSpikes

    NapeSpikes Believe, hon.
    10+ Year Member

    Joined:
    Mar 27, 2004
    Messages:
    1,653
    Likes Received:
    0
    Status:
    Resident [Any Field]
    No, institutional aid/need-based scholarships take into account parental income regardless of age. If it were otherwise, most traditional applicants would qualify for huge grants because they usually have little income and assets, and thus leaving no way to distinguish between anyone. However, loans will be available without any parental info.

    You could be married with kids and financially independent for ten years, but the schools will still ask about parental income for institutional aid/need-based grants.
     

Share This Page