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How much will you be in debt?

Discussion in 'Pre-Medical - MD' started by brandonite, Jan 25, 2002.

  1. brandonite

    Moderator Emeritus 7+ Year Member

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    Just read SMW's thread about FAFSA, and I got a bit curious... Exactly how much in debt do you expect to be in by the time you finish med school?

    I couldn't qualify for financial aid at a US school, so I'd have to borrow the full amount. But I did my undergraduate degree debt free.

    So, if I go to one of my dream schools (should I ever get an interview, ahem), I will be about $200,000 in debt when I graduate. Should I go to my school in my home province, I would qualify for financial aid (which is really good), and I'd only be about $30,000 in debt.

    Amd I an idiot for even considering going away? I can't even begin to describe how much I would like to go to a Duke or a Stanford, but $170,000 is a lot of money!!!

    So, how much does everybody expect to borrow between med school and undergrad??
     
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  2. Lecular

    Lecular Member
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    If I go to my state school,
    I'd be about 8,000 in debt.

    If I go to an out of state school, 80,000 in debt but I am hoping that scholarships and competitions will help bring it down lower.
     
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  3. rajneel1

    rajneel1 Senior Member
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    i'm going to work my tail off in order to not have much debt. stanford is $70,000 and hopkins is $70,000. i'll probably try to cut costs, borrow books, TA, get research stipends, etc. anything helps. i feel your pain my friend. debt is not fun. my sister is going to have around $200,000 which will take her a long long time to pay off (i guess unless you are in some super money making speciality but it still takes a while i heard...around 7-8 years to pay off on average). i'm married, so when i get out i want to actually have a life and maybe a home or a car...
     
  4. med student

    med student Senior Member
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  5. SMW

    SMW Grand Member
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    How are you able to borrow that much? I thought I just learned in the FAFSA thread that $38,500 was pretty much the upper limit per year.
     
  6. brandonite

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    There are plenty of private loan sources that will loan you however much you need. Doctors are good credit risks, evidently. :D

    It's nice to see that I'm not insane for even thinking about borrowing $200,000!
     
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  7. Ibis

    Ibis Senior Member
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    SMW,
    There are alternative sources (private loans), if you can prove you need it. For instance, the annual budget for the school I will attend is about $46,000. 38,000 will come from federal staffords (8,000 sub. and 30,000 unsub.) and the rest, from a private source.

    Well, here's my completely bleak outlook of expected debt :confused: :confused: :

    Undergrad - $70,000
    Med school - $175,000
    -----------------------
    Total $245,000


    Can anyone top this? :rolleyes: :( :rolleyes: :(
     
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  8. rajneel1

    rajneel1 Senior Member
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    at the school i will probably go to they have research fellowships and a majority of their med students do research. they also have TAships that pay well. that is why their average debt is like $70,000. also they have good grant money. and i've already applied for some scholarships. i am not talking about having a real job...that would be too hard.
     
  9. Whisker Barrel Cortex

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    I will be about 170,000 in debt (actually I already am since I'll be done with school in 4 months and got my last loan check yesterday). Our school generally gives school loans to cover the difference between the 38,500 stafford max and the 42,000 cost of attendance.
     
  10. SMW

    SMW Grand Member
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  11. Dr. Kermit

    Dr. Kermit Senior Member
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    Hey SMW (my fellow Sinai dreamer :) )-

    From my understanding at FA meetings at schools, most students will automatically qualify for Stafford loans (both subsidized and unsubsidized.) However, you still need to complete the FAFSA to apply for Stafford loans. BTW, it's $8500 subsidized and $30000 unsubsidized for a total of $38500. If your school is >$38500, then you will be expected to take out personal loans from a bank/lendor and the interest rate is usually higher. Many schools offer institutional aid/loans and the grants are usually only given to the very very poor which med schools evaluate by your and parental income (which is why school's ask for your parent's income.) Many schools just want to be sure that they aren't going to loan you money and then find out your parents are helping you out.

    Like you stated, my parent's income is going to hurt me, but they are only going to help me out by paying my room/board. They're essentially raising my niece, but they don't claim her on their taxes, so it essentially looks as if they are done raising two kids and ready to retire!

    But, it's 4:20 out on the east coast and I need to get some sleep. Good luck!
     
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  12. Jamier2

    Jamier2 SDN Hillbilly Moderator
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    My undergrad debt is ~30K

    I'll almost double that my first year of med school. The next three years I hope to only borrow around 15K a year, bringing my total to ~105 if things go well. If not, I'll owe around 150K.

    I guess it's not as bad as some have it. :)
     
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  13. brandonite

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