How to finance an SMP?

[Nasrudin]

Without capital. How would someone go about financing an SMP?

20-30+ G's tuition
another 20-30 or more for living expenses

For just one year of an smp.

How do you convince a lender to make up the difference after financial aid with the prospect that you might get into med school and could therefore could eventually pay them off, presumming you graduate and make it through residency.

The allure for these programs is evident for the applicant looking to make the grade for real. But what are the nuts and bolts of paying for them starting with nothing?

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[TheGalvaniFrog]

With Stafford + Grad PLUS loans, you can cover the entire $50,000. I went through the financial aid process without any hassles about convincing lenders. It was just some forms on the web.

 

[Nasrudin]

With Stafford + Grad PLUS loans, you can cover the entire $50,000. I went through the financial aid process without any hassles about convincing lenders. It was just some forms on the web.

No ****. Just like that. Suprinsing and welcome news.

Are you aware of any limitations in terms of caps from undergrad. Say you were 25 G's in the hole to Uncle Sam's bankrollers...Would they still give you the chance to get the degree?

If so. This is the finest country in the world. To give a guy the chance to wager a half a million bucks of somebody els's money on his own "future" success..... beautiful.

G-frog, who is the recipient of your hedge fund...if your don't mind me asking. I am sincerely trying to troubleshoot the smp thing.

 

[rich4k]

The Stafford/Grad PLUS loans are standard for paying off traditional masters programs, correct? I don't think SMPs wouldn't be any different.

Nasrudin brings up a good point about loan caps. In addition to undergrad loans, would you possibly hit a loan cap after 1 year of SMP loans and 4 years of med school loans?

 

[TheGalvaniFrog]

No ****. Just like that. Suprinsing and welcome news.

Are you aware of any limitations in terms of caps from undergrad. Say you were 25 G's in the hole to Uncle Sam's bankrollers...Would they still give you the chance to get the degree?

If so. This is the finest country in the world. To give a guy the chance to wager a half a million bucks of somebody els's money on his own "future" success..... beautiful.

G-frog, who is the recipient of your hedge fund...if your don't mind me asking. I am sincerely trying to troubleshoot the smp thing.

I do believe there is a max limit on the Stafford loans, but I don't know the specifics (is it $200,000 max?). Not sure what you mean by hedge fund, but I go to Georgetown SMP.

 

[Nasrudin]

I do believe there is a max limit on the Stafford loans, but I don't know the specifics (is it $200,000 max?). Not sure what you mean by hedge fund, but I go to Georgetown SMP.

Just joking about the huge money the smp turned medical student will have to shell out. The amount seemingly enough to start your own hedge fund.

 

[Farmy]

From a UC Masters student who paid (will pay?) himself....

The Stafford and GradPlus will cover the COST OF ATTENDANCE for your program. This includes tuition plus the projected amount of money you'll need for books, rent, utilities, etc. This magic number is determined by your program. Most students should have no problem getting the full amount. It is possible (I'm not sure) that in some places you could go over the max amount (i.e. Goergetown tuition + DC cost of living) but I don't know what the limits are or any particulars. WHEN you get into med school, you will still be a full-time student, so your repayment will be deferred for 4 more years.

No, its not cheap, but it's entirely possible...and if medicine is what you really want, it will definately be worth it!

 

[CTDent]

Graduate Stafford loans: $18,500 annual loan max / $138,500 aggregate loan max. (Increasing to $20,500 annual after July 2007)

Grad PLUS loans: Borrow up to the full cost of your education less other aid received.

Got this info from Salliemae.com (which is the lender I've used for all undergrad + grad loans). It's almost TOO easy to borrow money for edumacation...
The key is to take as much subsidized stafford as possible, then unsubsidized, and the remaining with PLUS loans, as the interest rates increase respectively.

 

[nanaschool2000]

just my thoughts on SMPs...

WHy do they have to be located in most expensive cities? Boston... Washington DC.... Chicago.....Philly... $$$

 

[PlAnEjaNe]

just my thoughts on SMPs...

WHy do they have to be located in most expensive cities? Boston... Washington DC.... Chicago.....Philly... $$$

LOL, this reminds me of a post that I saw a while ago that said something like the average cost of a home was around 250K for where a student would be attending (they were whining about this), and all I could think was...HOLY S**** !! Where the hell is that because I gotta move! You can't even buy a stick on the street for that price where I live...let me just put it this way...250K is only a fraction of the loan my husband and I had to take out to buy our dang condo and that was with a hefty down payment.

I don't mean to say that those areas aren't expensive or anything, it just reminds me of the tiny bubble that I live in and how much I long to live in places where Farari's and Bentley's aren't the everyday cars that you see on the freeway (and then think, damn...I will NEVER have that much money!)

It really does suck to have to pay that much $$$ for a box on the corner of a 'skid row' like street.

The key, if you get accepted to one of the programs in one of the aforementioned cities..is to A: get a roommate B: get a roommate, and C: live outside of the downtown area (i.e. find a place that's in between a 'wilshire blvd' and 'skid row'-like area). You would be surprised at the number of ways you can minimize costs by living in such places.

-PlAnEjaNe