Loan concerns..

[huskerdye]

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Originally posted in pre-medical forum, but realized as soon as I clicked post thread this would be much more appropriate.

Alright, so I have somewhat of a concern that would love to get addressed so I can stop stressing about it..

Right now in under-grad I'm having a hard time paying for school. My dad makes decent money, so we aren't awarded that much financial need (including loans). However, he also doesn't have the money to pay for my education. Right now I'm paying like fifteen hundred or so out of pocket each semester.. I know that some people probably have to pay A LOT more.

My question is, how do the loans work in medical school? Can you take out literally as much money as you need from the government or do you have to take out from private loan companies? I'm really worried about not being able to pay for med school, which obviously I couldn't out of my own pocket. This will probably turn out to be a stupid concern, but I'm tired of worrying about it and was hoping somebody could give me some insight.

For those of you in med school, do you have maximum loans from different sources? I just don't understand it. My other question is do you have to pay back your federal loans (from under-graduate) before or after you graduate from medical school..

I'm sick of worrying about finances and paying for school.. I'm prepared to take out what I need, which I know is great, I just want to know whether or not I'll be able to physically obtain the amount I need.

Thanks

 

[dpmd]

I think I understand your concerns. I went to an expensive undergrad, and despite my parents not having a lot of money to give I was at the limit of what the school would let me borrow without my parents getting a Plus loan (which I ended up having to ask them to do since I couldn't come up with tuition any other way at one point). For med school (and for people who have independent status like I did for the end of undergrad after I had joined the military) you are allowed to borrow up to the cost of attendance in federal loans (if you want more than cost of attendance for whatever reason that is where the private loans would come in). There are lifetime limits for stafford loans, but I don't know how much of a problem that became for people (I had a partial scholarship in med school so didn't take out as much as others). But you could still try for a Plus loan (it says you can't have an "adverse credit history" so not sure if everyone qualifies).

 

[Brachyury]

Every medical school had a cost of attendance (tuition, fees, and a budget for health insurance, room and board, books, transportation, etc). You are allowed to borrow subsidized stafford, unsubsidized stafford, and Grad PLUS loans to cover the cost of attendance (Grad PLUS loans are difference from undergrad PLUS loans, one benefit being that Grad ones are eligible for IBR). There are maximums of how much of the subsidized and unsubsidized stafford you can borrow, but there is no limit on Grad PLUS, i.e. you will never have to borrow private loans as long as you stay within the budget the school made for you.

Try not to worry about money: things work themselves out in the end. Medicine is a huge investment, but if it's what you want to do for the rest of your life, it's a sound choice