How much are you borrowing?

[DannMann99]

I was curious how much everyone was borrowing for loans this year.

After taking into account tuition and cost of an apartment. I was trying to figure out how much I would need to take for books/supplies in school...

I cant imagine that much but what does everyone think?

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[meggielou]

I'm borrowing so much that it makes me want to throw up. But your school should have a fairly detailed breakdown of expenses, including about how much you'll need for rent, food, books, transportation, etc. That might give you a better idea.

 

[TexasTriathlete]

one billion dollars

 

[djnels01]

I was curious how much everyone was borrowing for loans this year.

After taking into account tuition and cost of an apartment. I was trying to figure out how much I would need to take for books/supplies in school...

I cant imagine that much but what does everyone think?

tuition ~ $34k
extra chedda for living expenses ~$17k

So just about $51k

Scary to see that number actually... oh well primary care pays well right?

 

[DannMann99]

Yea. I'm at ~55k

Pcom is telling me in their booklet I should alot ~1800$ for books and supplies; and ~1000$ for instruments and equipment.

I honestly can't see spending almost $3000 on books, supplies, and equipment.

Undergrad I was ~$250books/semester depending on the semester...

I'm just trying to save some $ here before I sign loan papers

 

[heyjack70]

As far as "books and supplies" expenses, you'll have very few. You may spend a couple hundred on books, but not thousands. I would recommend First Aid for the USMLE for every student starting from the first day 1st year. Use it as a review for classes and take notes in it as you go along. By the time boards come around 2nd year you'll be set.

I'm a 4th yr DO at COMP, and the only classmates who bought all the recommended books were military or HPSP, needless to say they were getting everything free.

I would recommend taking out the max loans (or well above what you think you will need if not the max), and if you have any left over at the end of the year, pay it against the loan balance. It's more expensive this way than if you had taken out less in the first place, but you'll have the money if you need it.

(My real advice: since it's only May, you have a few months to meet a wealthy significant other who can pay for your living expenses. Just don't get married or they'll be entitled to half what you're making as a doctor. Good luck.)

 

[djnels01]

For what it's worth, I bought maybe 1-2 books per semester TOPS my first year. Not sure how PCOM works but at DMU we had mp3's, ppt's, class notes, and notepool (if you were a member) to study from. That's 4 sources per lecture; I didn't need to add a book on top of that. I did just fine in my classes in case you're wondering.

Review materials (FA, BRS book(s), etc) are worth investing in, as was stated above!

 

[GreenShirt]

Yea. I'm at ~55k

Pcom is telling me in their booklet I should alot ~1800$ for books and supplies; and ~1000$ for instruments and equipment.

I honestly can't see spending almost $3000 on books, supplies, and equipment.

Undergrad I was ~$250books/semester depending on the semester...

I'm just trying to save some $ here before I sign loan papers

Books add up quickly since they can easily run over $100 a piece. At my school we have $130 stethoscopes, $600 ophthlamoscope sets....well, you get the idea that it adds up quickly.

If you want to save some money, hold off on purchasing the books and talk to your classmates about which books you'll actually need. Most of the time you're going to be reading wikipedia or emedicine because you don't have time to drudge through a text. If your schools allows you to buy your own equipment, I'm sure you can find some deals on ebay.

You don't have to take out the entire amount they offer you up front, if you think you might over-spend. Your financial aid office can disperse GradPLUS loans anytime throughtout the year if you need them.

 

[WestcoastMedicine]

I am entering my fourth year so things may be different for the incoming students, but here is my experience:

PCOM provides you with a Cardiology III litmann stethoscope as well as a white coat. I guess technically POMA provides it. Anyhow, you are required to buy a BP Cuff, Opthalmoscope/Otoscope kit. That goes for a few hundred so that is probably what they mean by "equipment". No one buys/rents a microscope anymore for histology, we all just use computer based learnign for that.

As far as books, if you join SOMA during the first week when we have a club fair you will get a free Netter for anatomy. Again, you don't really need a histology book. I bought alot of books first year(Robbins Pathology, Foundations of Osteopathic Medicine, Microbiology Review Book, Guyton's Physiology, Biochemistry, Bates Physical Exam, Embyrology Review book, Katzung Pharmacology), 1 or 2 2nd year, and now just get review books from the library for each rotation. Regardless, I think 3000 is alot for books and supplies.

Don't forget, they have to make a budget for loan purposes. Whatever they quote the total expenses at is the cap for the total amount you can borrow under government loan programs. Maybe they just overestimate a little bit so money won't be as tight for other expenses?

Personally, I got out of undergrad in december and worked insane hours for 7months before school so my first year I didn't take out alot, but since then I have taken out 50 for the three subsequent years.

 

[Seneca20]

I was advised by several to apply for the full amount the first year, if I didn't end up needing it all, then not to use it all.

COA (cost of attendence) for us is right around $65K per year, $35K of which is alloted for tuition, the rest for cost of living, supplies, and other expenses. Loads of fun right.

Oh well, on the plus side everyone, sign on bonuses with a new position are more the rule now than the exception. And if you are comfortable working somewhere other than downtown major metro, many hospitals are offering loan repayment with 2-5 year forgiveness periods. Some of these are federally funded and others privately funded directly through the employing institution. There is hope out there....

 

[DannMann99]

well if im not mistaken i think ~ 41k/ year is the max amount on the stafford, the way it looks im going to need ~55k...

I got 0 financial aid during undergrad so stafford is all I know. Will I be eligible for other gov. aid to cover the remaining 14k/yr?

Thx for the help guys.

 

[MikeyLu2010]

^ you need to apply for a private loan...OR gradPLUS...gradPLUS is federal..and its at a fixed rate of 8.5% ..