Loan Concerns - NYCOM

[nvshelat]

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I really enjoyed NYCOM and am hoping for an acceptance. If I do get accepted, I'm thinking about going there but am totally freaked out about the cost. I already have $40k in loans from undergrad. If I go into something like Emergency Med, will I be able to pay off the loans from NYCOM (about 240k from what I've been reading)??? That's daunting as hell 🙁

 

[HunterGatherer]

I really enjoyed NYCOM and am hoping for an acceptance. If I do get accepted, I'm thinking about going there but am totally freaked out about the cost. I already have $40k in loans from undergrad. If I go into something like Emergency Med, will I be able to pay off the loans from NYCOM (about 240k from what I've been reading)??? That's daunting as hell 🙁

you'd be better off posting in the EM forum. Premeds are not going to be able to answer this so well.

 

[supersash]

all the doctors i talk to tell me not to worry about the debt you will incur from school. once you are making a doctor's salary, you will pay off the loans, and the rates aren't like credit card rates, they are reasonable. go to school at a place you love. unless you decide to work in a clinic in africa, you will pay the loans off, and still have money to live

 

[supersash]

all the doctors i talk to tell me not to worry about the debt you will incur from school. once you are making a doctor's salary, you will pay off the loans, and the rates aren't like credit card rates, they are reasonable. go to school at a place you love. unless you decide to work in a clinic in africa, you will pay the loans off, and still have money to live

 

[PlasticMan]

What happens when you hit the $189k federal cap and have to go into personal loans? On my interview day, the financial aid rep told us, "If you want to go to NYCOM, you will have to either take personal loans or get family support." I've read on SDN that you can do things to defer paying back federal loans until after residency, but what happens with the private loans? Can you defer these also? How can one pay these back on a resident's salary? 😕 NYCOM students must have some opinions about this as I'm sure many go over the $189k cap.

 

[nvshelat]

What happens when you hit the $189k federal cap and have to go into personal loans? On my interview day, the financial aid rep told us, "If you want to go to NYCOM, you will have to either take personal loans or get family support." I've read on SDN that you can do things to defer paying back federal loans until after residency, but what happens with the private loans? Can you defer these also? How can one pay these back on a resident's salary? 😕 NYCOM students must have some opinions about this as I'm sure many go over the $189k cap.

A friend of mine at NYMC said that everyone there has like $200k in loans for med school, so I suppose everyone gets through it. Their tuition is higher than NYCOMs. Also, theres that thing that was mentioned about a scholarship for NJ residents doing primary care after med school in NJ... so maybe that could help defray some cost. As for the cap, another friend of mine told me that some private loans offer a deferment of a portion of the loan until post-residency - however, the portion defered accrues interest. so basically, those private loans are higher interest, unsubsidized Stafford types of loans, if that makes sense. In the end, all doctors get through it somehow, so I suppose there must be a way...