How much out of pocket were you asked for?

[JDoctor]

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If you were recently accepted how many loans covered the cost, and how much did you have to find elsewhere?

 

[meupatdoes]

Federal loans can be used to cover up to the entire cost of attendance (tuition + living expenses). The cost of attendance and its breakdown is provided by each school. Then, you receive a financial aid package. The financial aid package will be a series of loans and scholarships (if fortunate) that covers the cost of attendance.

For example, lets say that your COA is $70k and you received no scholarships:
$~40k would come from federal direct unsubsidized
$30k would come from federal grad plus loans (has credit requirements)

You would complete a do a series of admin tasks (signing promissory notes and doing entrance counseling). Then, you are set for now.

If you receive scholarships, then you would reduce your loans. For example, if you received a scholarship for 20k per year. Your estimated costs would be 50k. You would use that same 40k from direct unsubsidized and 10k from grad plus loans.

The exact amount you would borrow would depend on your living style/budget, your savings, family contributions (if any), and scholarships.

Loans are usually distributed twice per year. The money would first go to the med school to cover tuition. The med school would then give you the remainder to pay for living expenses.

Other than a deposit (~$100), there is no down payment. You don't need to find money elsewhere or try to come up with other money. Obviously, scholarships/outside grants are wonderful. However, federal loans can be used to pay for all of it.

I would recommend looking at the federal student loans website. There is a lot of information, and it is important to understand the loan burden, etc.

 

[sovereign0]

Federal loans can be used to cover up to the entire cost of attendance (tuition + living expenses). The cost of attendance and its breakdown is provided by each school. Then, you receive a financial aid package. The financial aid package will be a series of loans and scholarships (if fortunate) that covers the cost of attendance.

For example, lets say that your COA is $70k and you received no scholarships:
$~40k would come from federal direct unsubsidized
$30k would come from federal grad plus loans (has credit requirements)

You would complete a do a series of admin tasks (signing promissory notes and doing entrance counseling). Then, you are set for now.

If you receive scholarships, then you would reduce your loans. For example, if you received a scholarship for 20k per year. Your estimated costs would be 50k. You would use that same 40k from direct unsubsidized and 10k from grad plus loans.

The exact amount you would borrow would depend on your living style/budget, your savings, family contributions (if any), and scholarships.

Loans are usually distributed twice per year. The money would first go to the med school to cover tuition. The med school would then give you the remainder to pay for living expenses.

Other than a deposit (~$100), there is no down payment. You don't need to find money elsewhere or try to come up with other money. Obviously, scholarships/outside grants are wonderful. However, federal loans can be used to pay for all of it.

I would recommend looking at the federal student loans website. There is a lot of information, and it is important to understand the loan burden, etc.

/thread.

You can also find COA averages for specific schools in the "Financials" section of the MSAR. It also includes an average graduate indebtedness, and breaks it down for IS vs OOS.

 

[familyaerospace]

My EFC is something like 14K.

I took out the entire amount of loans offered because there is a chance my partner will lose his job. I am planning to keep the excess in a bank account as it will be 6 months of expenses for all of the household if needed.

 

[JDoctor]

My EFC is something like 14K.

I took out the entire amount of loans offered because there is a chance my partner will lose his job. I am planning to keep the excess in a bank account as it will be 6 months of expenses for all of the household if needed.

My EFC is horrible, but granted it's community college. I will likely be married soon, which should make my income < poverty line by a bunch, and also independent student.

 

[familyaerospace]

My EFC is horrible, but granted it's community college. I will likely be married soon, which should make my income < poverty line by a bunch, and also independent student.

Independent student doesn't help much in medical school science you have to then put down spouse and parents.

OP was asking about medical school.

 

[deleted577188]

Independent student doesn't help much in medical school science you have to then put down spouse and parents.

OP was asking about medical school.

When you realize that is OP...

 

[familyaerospace]

When you realize that is OP...

Didn't notice since the original post (OP) asked about medical school and the quote said the person was in community college. What being soon to be married is going to do with helping an EFC, I don't know unless both are in school.

 

[JDoctor]

Independent student doesn't help much in medical school science you have to then put down spouse and parents.

OP was asking about medical school.

If I don't take any Financial Aid whilst a dependent student (meaning my parents' taxes are counted) then it will allow me to get a lower EFC because my income is poor, and as such more aid)

+ more loans hopefully.

 

[JDoctor]

Didn't notice since the original post (OP) asked about medical school and the quote said the person was in community college. What being soon to be married is going to do with helping an EFC, I don't know unless both are in school.

Sorry for double post.

I am hoping that I can take out a big loan to cover cost + living.

 

[familyaerospace]

If I don't take any Financial Aid whilst a dependent student (meaning my parents' taxes are counted) then it will allow me to get a lower EFC because my income is poor, and as such more aid)

+ more loans hopefully.

In medical school, you still have to list your parents regardless of if you are married or not. I am married and already have a post-graduate degree. I have to list my mother in medical school. It upsets her and really upsets me.

Only in undergraduate school will things matter and those things are up to the individual school you are attending.

 

[JDoctor]

In medical school, you still have to list your parents regardless of if you are married or not. I am married and already have a post-graduate degree. I have to list my mother in medical school. It upsets her and really upsets me.

Only in undergraduate school will things matter and those things are up to the individual school you are attending.

Do I have to put their information?

 

[samac]

Do I have to put their information?

It's different between medical schools. Mine didn't care about parents.
But regardless of parent income in medical school you can have federal loans up to the cost of attendance. Doesn't matter your parent's or partner's income. Everyone is the same.

 

[JDoctor]

It's different between medical schools. Mine didn't care about parents.
But regardless of parent income in medical school you can have federal loans up to the cost of attendance. Doesn't matter your parent's or partner's income. Everyone is the same.

Good, also totally random.

I notice this is the pre-req for most med:

• One year of biology
• One year of physics
• One year of English
• Two years of chemistry (through organic chemistry)

If I have that, and purely those classes does that count towards it? Or should I have obtained a BS/BA?

 

[samac]

Good, also totally random.

I notice this is the pre-req for most med:

• One year of biology
• One year of physics
• One year of English
• Two years of chemistry (through organic chemistry)

If I have that, and purely those classes does that count towards it? Or should I have obtained a BS/BA?

Most schools also list a requirement for a bachelors elsewhere under requirements. There are very few schools who will let you matriculate without a degree.

 

[familyaerospace]

Do I have to put their information?

Nearly all medical schools ask for parental information if you are applying for loans. Not all but most and if you are on scholarship they could not for the most part give a flying fig.

 

[familyaerospace]

If I have that, and purely those classes does that count towards it? Or should I have obtained a BS/BA?

You need a BA/BS unless you are in program that grants both which if you are going to a community college I assume you are not. Many applicants also have graduate degrees such as MS, PhD, etc.