how do you plan to finance your tuition?

[DrMattOglesby]

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i keep getting this prompt on the secondaries...and i havent developed a solid response aside from "FAFSA"
what else is there besides fafsa and private loans?

 

[spicedmanna]

i keep getting this prompt on the secondaries...and i havent developed a solid response aside from "FAFSA"
what else is there besides fafsa and private loans?

Really? That's an interesting question. I've never seen that on a secondary before, other than say, for Caribbean medical schools.

Most people take out federal stafford loans (which max out at $40,500 per year) + grad plus loans and/or sometimes private loans. Sometimes, parents can help a bit, and/or folks may have saved up some money. Other than that, I haven't heard of too many other ways.

 

[EEL08]

I just say that I plan on applying for student loans.

 

[Jpc984]

Wait a second... I thought all medical education was free!?! In fact, don't they give you money? Isn't that what the budget is? That is why I chose MSU... They give you the most money if you are out of state. Am I mistaken?

 

[EEL08]

Wait a second... I thought all medical education was free!?! In fact, don't they give you money? Isn't that what the budget is? That is why I chose MSU... They give you the most money if you are out of state. Am I mistaken?

You are correct but only on one account. They only offered you that deal because you're so freakin' awesome!! 😉

 

[Jpc984]

You are correct but only on one account. They only offered you that deal because you're so freakin' awesome!! 😉

haha I wish! So what school are you going to? Did your husband interview at DCOM?

 

[LauraDO]

I've had that question on every single secondary I've submitted, I think it is kinda weird too, I say I am applying for HPSP and if I don't recieve that I will rely on federal and private loans

 

[spicedmanna]

I've had that question on every single secondary I've submitted, I think it is kinda weird too, I say I am applying for HPSP and if I don't recieve that I will rely on federal and private loans

Huh, I see. This question of payment appearing on secondaries must be a new thing. That's kind of sad, actually. 🙁

 

[TexasTriathlete]

I put that I have a sugar mama

 

[EEL08]

I think as long as you don't say you'll be selling your body on the streets you'll be good. 👍

 

[TexasTriathlete]

Yeah because if you go to KCOM or somewhere like that, there may not be much money in that.

 

[RockfordWF]

i keep getting this prompt on the secondaries...and i havent developed a solid response aside from "FAFSA"
what else is there besides fafsa and private loans?

FAFSA is not a financing service. It only determines your eligibilty for aid. I would DEFINITELY not put this on your application, as it makes it appear that you have no clue about financial aid.

As a medical student, you can be eligible for:

-Subsidized Stafford Loan
-Unsubsidized Stafford Loan
-Perkins Loan
-Graduate PLUS Loan
-Residency & Relocation Loan
-Other Private Loans

You also may pay for school with a part-time job, money from parents, money from spouse, etc.

 

[DrMattOglesby]

thank you VERY much Rockford....that was a very useful and informative post!
-matt

 

[Lokhtar]

Hah, I just asked that. Could use advice.

 

[RySerr21]

you could go through a military scholarship and serve in the military for X amouint of years afterwards. some schools also have programs that help you pay. for example DMU has a few that ive been lookin in to. if you promise to practice for four years in a city in iowa with less than 10K peope, they pay for up to 100K of your education. there is also a program about doing a fellowship in OMM at DMU and helping teach first and second years or something like that. i dont know tooo much about that one but they will pay for some of your education if you do that. you can check it out on the dmu website for more specific info. i'm sure other schools have similar programs its just a matter of doing the research

 

[Beau Geste]

It's very hard to have a job in med school from what med students tell me. I'm sure it's not impossible though.

I'm in the loans boat, and will probably be using unsubsidized and private loans as I'm pretty sure my EFC will be really high since I'm married and our family income has been pretty good. Unfortunately, I'm the primary breadwinner, and financial aid doesn't take that into consideration. My husband's salary will cover the necessary expenses (mortgage, utilities) but not tuition or housing for me to be away. So, we'll be getting the loans.

 

[GreenShirt]

FAFSA is not a financing service. It only determines your eligibilty for aid. I would DEFINITELY not put this on your application, as it makes it appear that you have no clue about financial aid.

As a medical student, you can be eligible for:

-Subsidized Stafford Loan
-Unsubsidized Stafford Loan
-Perkins Loan
-Graduate PLUS Loan
-Residency & Relocation Loan
-Other Private Loans

You also may pay for school with a part-time job, money from parents, money from spouse, etc.

Minor correction: Perkins is undergrad only.

Your main sources will be Stafford & GradPlus unless you enter a military or primary care scholarship program.

 

[EEL08]

Minor correction: Perkins is undergrad only.

Your main sources will be Stafford & GradPlus unless you enter a military or primary care scholarship program.

You can get Perkins as a grad student but I don't know specifically about med school.

 

[mastamark]

You can get up to $40,000 total from federal Perkins loans(total aggreagate, not per year). You can definitely get it for medical school, but the amount is limited. Also depends on the school you apply to.

 

[RockfordWF]

Minor correction: Perkins is undergrad only.

Your main sources will be Stafford & GradPlus unless you enter a military or primary care scholarship program.

Major correction: Perkins is for medical school also. Call any medical school and ask. I currently am taking out a Perkins loan.

 

[RockfordWF]

you could go through a military scholarship and serve in the military for X amouint of years afterwards. some schools also have programs that help you pay. for example DMU has a few that ive been lookin in to. if you promise to practice for four years in a city in iowa with less than 10K peope, they pay for up to 100K of your education. there is also a program about doing a fellowship in OMM at DMU and helping teach first and second years or something like that. i dont know tooo much about that one but they will pay for some of your education if you do that. you can check it out on the dmu website for more specific info. i'm sure other schools have similar programs its just a matter of doing the research

This is as long as you don't mind being told where to live (including Iraq, etc.)

 

[Nasem]

corner of 8 mile and livernois

 

[RySerr21]

This is as long as you don't mind being told where to live (including Iraq, etc.)

yes, i wouldnt advise any one to go into the military strictly to save money. i imagine it would be pretty miserable in all aspects.

 

[saylorsdad]

According to earlier posts, the perkins is 40000 yearly with med school costing close to this for oos students how much yearly can a student take additionally out to live on? Is 30000 extra to much?

 

[Bacchus]

According to earlier posts, the perkins is 40000 yearly with med school costing close to this for oos students how much yearly can a student take additionally out to live on? Is 30000 extra to much?

30,000 extra a year seems like overkill to me. Think of all those people making $20k or $15k a year and are still alive. Medical school is a time to be fiscally responsible.

 

[EEL08]

According to earlier posts, the perkins is 40000 yearly with med school costing close to this for oos students how much yearly can a student take additionally out to live on? Is 30000 extra to much?

Mastmark said it's $40,000 total, not per year. My husband says he thinks the maximum per year is 5-6k.

 

[saylorsdad]

how is a person to live on 5-6k per year? I know several doctors who went through four years of med school and are in debt 300000 in state school with tuition of around 30k yearly. That means they took out an additional 160000 (4*30k=120k 300K-120K=180K divide by 4 you get 45K yearly). Granted this doesn't include any interest accumulated so you can easlily say that they took out 30k yearly. With the given numbers I was wondering where they got the money?

I know that med school is susposed to be the time when you are responsible, however with family, rent, food, and car payment 6k isn't squat. Heck I currently have 2x that a year in payments alone.

 

[EEL08]

how is a person to live on 5-6k per year? I know several doctors who went through four years of med school and are in debt 300000 in state school with tuition of around 30k yearly. That means they took out an additional 160000 (4*30k=120k 300K-120K=180K divide by 4 you get 45K yearly). Granted this doesn't include any interest accumulated so you can easlily say that they took out 30k yearly. With the given numbers I was wondering where they got the money?

I know that med school is susposed to be the time when you are responsible, however with family, rent, food, and car payment 6k isn't squat. Heck I currently have 2x that a year in payments alone.

Because most people get Stafford Loans (subsidized and unsubsidized) which gives you a lot more money for school. Perkins loans are not the main type of loans used by students.

 

[Beau Geste]

30,000 extra a year seems like overkill to me. Think of all those people making $20k or $15k a year and are still alive. Medical school is a time to be fiscally responsible.

Unless you have a family. Then you may need to go for the extra bucks for things like mortgage, child care, diapers, food, etc.

 

[gasapple]

Most also supplement with private loans such as Nelnet or MedPlus.

 

[EEL08]

Now there's also Gradplus loans you can get but I don't know the stipulations for those.

 

[gasapple]

Now there's also Gradplus loans you can get but I don't know the stipulations for those.

Another federally endorsed private loan of sorts (IMO) - requires no adverse credit and/or credit-worthy coborrower.

From site:
Zero default fees with guarantors nationwide.
Immediate 1.25% interest rate reduction at disbursement.
Additional .50% QuickPay interest rate reduction.
Benefit repair option after 24 months of on-time payments.
Full deferment of payments while in school.
Life-of-loan servicing through Edfinancial Services.
24-hour online account access at Edamerica.net.
Borrow up to the cost of education minus other financial aid received. Many alternative loans have annual and aggregate loan limits.
Up to 25 years to repay based on flexible repayment plans and total amount borrowed.
There are credit requirements, but debt-to-income or credit scoring are not used. If you are denied based on adverse credit, you may obtain a credit-worthy endorser who is secondarily responsible for the loan.
Your rate may be lower depending on your state and school.