How do you pay for Medical school?

[Jasminegab]

How do you pay for medical school? I don't own a home so I can't mortage a house. I'm in $45,000 debt from undergraduate school and I will probably be in $90,000 by the time I even begin to apply to med school. I've read that you can only have $130,000 total federal debt before you can't apply for any more loans.

I'm beginning to really worry. Is medical school financially affordable to me. My credit is shot and there is no way I can clean this up before I get into medical school due to me having a car repoed and other debts. I sure can't pay off my debt because I don't work full-time while I go to school. I'm going to need to go to graduate school because I don't want to do a post-bac certificate program. Although, the post-bac program I would choose to go to is Temple since they are the cheapest I could find and the easiest to get into for non-science majors.

So, tell me how you do it? I'm at a lost and feel that financially, I just can't afford to go to medical school .

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[rgporter]

It's a question of timing really. You can't afford to go now but if you take a few years off and apply yourself to fixing your credit you will be fine. I took four years off, not for financial reasons though, and was accepted this year. Taking time off gave me time to get some things in my life in order. Life isn't a race that is won by those who finish the fastest. Do what you have to do, have patience.

 

[zinjanthropus]

Originally posted by Jasminegab
How do you pay for medical school? I don't own a home so I can't mortage a house. I'm in $45,000 debt from undergraduate school and I will probably be in $90,000 by the time I even begin to apply to med school. I've read that you can only have $130,000 total federal debt before you can't apply for any more loans.

I'm beginning to really worry. Is medical school financially affordable to me. My credit is shot and there is no way I can clean this up before I get into medical school due to me having a car repoed and other debts. I sure can't pay off my debt because I don't work full-time while I go to school. I'm going to need to go to graduate school because I don't want to do a post-bac certificate program. Although, the post-bac program I would choose to go to is Temple since they are the cheapest I could find and the easiest to get into for non-science majors.

So, tell me how you do it? I'm at a lost and feel that financially, I just can't afford to go to medical school .

there are still a number of loan program that are need based that you can qualify for and other ways to get alternative loans...i wouldn't worry about that aspect right now...just work hard and worry about getting in!

 

[Jim Picotte]

For medical school your cap for direct loans would be $189,125 or which $65,500 can be the subsidized type and the rest the unsubsidized type.