Loans and Financial Aid, From the Beginning

[luckyzero]

Hello everyone, I just found this place and it has so much useful information.

I have decided after much carefull thought that I want to go to medical school. I am 21 and have a wife and 1 and a half year old son, and currently I am making not to much doing computer sales and tech support.
I do not have much of a savings, and have not completed any college (besides some worthless computer 'diplomia') so I have to start from scratch.

My plan at this time, loosely, is to go to a community college for about 2 years, then transfer to a major university (UF, FSU, etc).

What I want advice on is: Would I be able to support myself and my family with loans, grants, and other types of financial aid without working, as I am completing college?

From what I have read, you can get med-school loans and such to pay for your living expenses, tuition, pretty much everything.

But what about while I am just getting my college classes out of the way?

I would much prefer not to have to work, so I can really give my studies 100% and keep my GPA as high as possible, but is it unrealistic for me to think I can go to school and not work?

I also know that this would get me further in debt on down the line, but from where I am at now (dead-end jobs, low salary)
I would rather owe a lot in student loans and have a fufilling, enjoyable job making enough to where I could repay the loans.

I feel if I have to work to support my way through school, my grades will suffer, and I will have to go part time, which it will take even longer to finish.

Sorry so long, I look forward to your advice!!!

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[thackl]

You're in a tough position and will have to be creative. Does your wife have a degree? How much can she make? Someone will have to bring home the bacon if you are to be a full time student. you are not going to be eligable for the kind of loans med students get.

You will probabaly have to work part time and have your wife work. Try to move someplace that has family close by (family willing to help with childcare). People do this all the time, but it will not be easy.

 

[luckyzero]

What about some kind of undergraduate stafford loan?

My wife would basically have to settle with entry level jobs, and She only wants to work part time, doesn't wanna be away from our son too much.

I'm gonna keep looking into things, check with the fin-aid ppl at the school nearby, any more advice or opinions would be appreciated though

 

[group_theory]

Stafford Loans allow

dependent undergraduates to borrow up to
$2,625 their freshman year,
$3,500 their sophomore year,
$5,500 for each remaining year

independent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized stafford loan for
$4,000 the first two years,
$5,000 the remaining years.

There are also cumulative limits of $23,000 for an undergraduate education. (For independent students and for students whose parents were denied a PLUS loan the cumulative limit is $46,000.)

A far cry from $38500/year ($8500 in sub, $30,000 in unsub) that medical students can get.

However, be aware that there is a cumulative limit on stafford loans - $189,125 ($65,000 limit for subsidized stafford loans for undergraduate AND graduate/professional, $124,125 limit for unsubsidized stafford loans for undergraduate AND graduate/professional)

Source of numbers for cumulative limit - NowLoans
http://www.nowloans.org/dental_loans.htm

Have you considered Pell grants? The amount you get may depend on the school (with a upper limit set at $4000/year) - but another source of federal money.

Also consider part-time school, part-time work. You may end up graduating in more than 4 years, but at least your family won't suffer as much during those college years. Don't forget to include the cost of textbooks when factoring in the cost.

 

[kdanderson1]

"Hello everyone, I just found this place and it has so much useful information. "

I have decided after much carefull thought that I want to go to medical school. I am 21 and have a wife and 1 and a half year old son, and currently I am making not to much doing computer sales and tech support.
I do not have much of a savings, and have not completed any college (besides some worthless computer 'diplomia') so I have to start from scratch. "

Been there done that!

"My plan at this time, loosely, is to go to a community college for about 2 years, then transfer to a major university (UF, FSU, etc)."

A wonderful way to start. You may want to knock out the non science courses in this setting ie. english, history, etc. Save the bio, chem, org chem, physics for the 4 year school. Assuming you are able to get GREAT grades from the comm. college, you will still need to show that you can hang in the "big leagues" by doing well at the 4 year school.

"What I want advice on is: Would I be able to support myself and my family with loans, grants, and other types of financial aid without working, as I am completing college? "

Why would you. When and if you get into Med school you are going to take out yet more in debt. Do your self a favor and WORK while attending courses. It is completlely possible to juggle bothat least at the comm college level. (READ ABOVE) I'm sure your local comm. college offers night and weekend courses. Their is no law that states that you must take 16 credits/semester. I know that due to scheduling probs I sometimes was limited to 8 credits/sem. Unfortunately, the fact is your a family man, and your 1st responsiblity is .....family. You may not-probably will not-be able to take care of the preq. in 4 years. don't sweat it. As far as fin aid, you will more than likely be able to get grants that will cover the COST of tuition, books, etc. Do not take out the loans to help with living expenses, ontly costs associated with schooling-assuming you are not able to pay out of pocket.

"From what I have read, you can get med-school loans and such to pay for your living expenses, tuition, pretty much everything."

Yes! Pretty hard to work through med school. Not that hard to work through comm college.

"But what about while I am just getting my college classes out of the way?I would much prefer not to have to work, so I can really give my studies 100% and keep my GPA as high as possible, but is it unrealistic for me to think I can go to school and not work?"

Read above.

"I also know that this would get me further in debt on down the line, but from where I am at now (dead-end jobs, low salary)
I would rather owe a lot in student loans and have a fufilling, enjoyable job making enough to where I could repay the loans."

Take out a boatload of debt now and you will regret it later.

"I feel if I have to work to support my way through school, my grades will suffer, and I will have to go part time, which it will take even longer to finish."

Don't be impatient. Believe me time will fly if you work and go to school. You may have to put in the hours but in the end it is all worth it!!!!

Sorry so long, I look forward to your advice!!!

 

[kdanderson1]

Sorry about the above reply. I thought I had made my post red