Loans for Pod School?

[LonghorninSA]

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I've been searching the web for pod school tuition and was wondering if anyone else has a spouse supporting you while in school. What can I realistically look at for 4 years of school, with my wife supporting me? I'm looking at DMU and Temple.

 

[JackedUp]

I'm not sure exactly what your asking here.

I am going to Scholl in the Fall, and the tuition there is about 25K a year, and along with the living expenses the estimated cost is about 44K a year. So for 4 years of school i'd say your looking at a debt of somewhere between 120K-180K. Everything depends on how much you're willing to pay upfront, based on how much you and your wife can afford. The more you pay upfront the less debt you will have accumulating interest in the end. Good Luck

 

[TheBee]

My husband will be working while I'm in Scholl over the next four years. Like JackedUp said, tuition and costs of living add up to about $44k per year. The amount you will need in loans will depend on how much your wife makes, and what your expenses are. I believe the $44k is the same for those with families as it is for those who don't have kids, so if you have kids, I'd think you'll need more. To start I've claimed the full amount, and we'll see how much we need as the year passes. You're allowed to give back any extra money you have, and adjust the amount of your aid checks, so it's pretty flexible.

 

[txlioness]

I've been searching the web for pod school tuition and was wondering if anyone else has a spouse supporting you while in school. What can I realistically look at for 4 years of school, with my wife supporting me? I'm looking at DMU and Temple.

I have just completed my first year at Scholl and I have 2 children. So I can give some valid advice on how my first year was. I asked for the full amount allowed for loans. However, i paid off many things BEFORE starting school while I was still working full time so that would not be an added burden on my spouse. I also saved extra money BEFORE I quit my job (working overtime, stopped shopping 🙁) so I would have an extra cushion. So I was able to comfortably pay my bills during the year.

What you need to look at also is the amount of expenses/bills that you have to determine what you will need. Our financial aid office DOES NOT give us more money because we have families. So budget wisely.

What may also affect you is the type of work your spouse does and if she is making "good" money. Or the type of lifestyle that you are accustomed to living. During the school year, I worked in the school library off and on. I don't make alot of money and I am basically getting paid to study. But the extra $50-150 bucks here and there has been helpful. 🙂 And it's not work study.

I am working this summer doing what I did prior (Medical Technologist) to pod school, so that I can build another money cushion for the upcoming year. There is nothing worse than being stressed out with school and about finances.

 

[vandamnx]

Hi TxLioness:

Questions
1) when you say you asked for full loan allowed, what were they? Stafford, Perkins subsidized...etc? Was your Expected Family Contribution higher since you have a working spouse? Did you apply to private loans and which ones u think have better benefits with option to repay with more than minimum? I'm kind of in a similar situation as you, but with no kids.

2) u coming from texas? how do you deal with the snow and relocation? I'm deciding between Scholl and CSPM in Cali (i'm from Cali). What other schools did you interview at and what brought you to Scholl versus the other schools?

Thanks so much for your input!!

 

[txlioness]

Hi TxLioness:

Questions
1) when you say you asked for full loan allowed, what were they? Stafford, Perkins subsidized...etc? Was your Expected Family Contribution higher since you have a working spouse? Did you apply to private loans and which ones u think have better benefits with option to repay with more than minimum? I'm kind of in a similar situation as you, but with no kids.

2) u coming from texas? how do you deal with the snow and relocation? I'm deciding between Scholl and CSPM in Cali (i'm from Cali). What other schools did you interview at and what brought you to Scholl versus the other schools?

Thanks so much for your input!!

I applied for the Stafford loans (sub and unsub), I got awarded a scholarship too. I didn't apply for any private loans though. I did apply for one other scholarship for the upcoming year. the loans usually start repayment after you graduated. But some you can defer while you are in residency but you have to check into the details. Also, some loans the interest can be deferred while in school (sub loans, I believe) but keep in mind that will be added to your principal balance making you owe more once you do start repaying your loan. Research the different loans and pick what is best for you. Try to find scholarships or grants if you can...everyone likes free money.

As far as the snow is concerned....absolutely hate it. I have lived in other areas with cold weather because of the military. I will be leaving this area (Illinois) as soon as I am able. 😀

Relocation wasn't too bad. I am used to moving around. I did leave a home in Texas but have a tenant leasing it so I don't have to worry about my mortgage not being paid. I got invites to Cali, Ohio, Temple, Scholl, and NYCPM. I interviewed at Cali, Ohio, Temple & Scholl...accepted at all. I chose Scholl because I liked the research that they offered. Also, it was a better area for my hubby to find a job (he got more response from the Chicago area when he was looking).

As far as my EFC is concerned, it's hard to say because our income changed from last year to this year. i was working last year so the income reported on my FAFSA for this past school year is significantly different from what I reported for the 08-09 school year. Your EFC will depend on what you &/or your spouse is making.

Hope this helps! 😀

 

[vandamnx]

I applied for the Stafford loans (sub and unsub), I got awarded a scholarship too. I didn't apply for any private loans though. I did apply for one other scholarship for the upcoming year. the loans usually start repayment after you graduated. But some you can defer while you are in residency but you have to check into the details. Also, some loans the interest can be deferred while in school (sub loans, I believe) but keep in mind that will be added to your principal balance making you owe more once you do start repaying your loan. Research the different loans and pick what is best for you. Try to find scholarships or grants if you can...everyone likes free money.

As far as the snow is concerned....absolutely hate it. I have lived in other areas with cold weather because of the military. I will be leaving this area (Illinois) as soon as I am able. 😀

Relocation wasn't too bad. I am used to moving around. I did leave a home in Texas but have a tenant leasing it so I don't have to worry about my mortgage not being paid. I got invites to Cali, Ohio, Temple, Scholl, and NYCPM. I interviewed at Cali, Ohio, Temple & Scholl...accepted at all. I chose Scholl because I liked the research that they offered. Also, it was a better area for my hubby to find a job (he got more response from the Chicago area when he was looking).

As far as my EFC is concerned, it's hard to say because our income changed from last year to this year. i was working last year so the income reported on my FAFSA for this past school year is significantly different from what I reported for the 08-09 school year. Your EFC will depend on what you &/or your spouse is making.

Hope this helps! 😀

Helpful indeed. I don't doubt one bit that you'll make a wonderful doctor. You're very detailed in trying to help others... Hats off to you!!

Two more questions:

1) So, sounds like loans are done every year. I know the FAFSA has to be reported each year. But can you also apply for Stafford/other federal loans yearly? Cuz I know those have a limit on how much you can take out, but is that limit just for the year in which you apply?


2) What was your impression of the pod school in California? likes, dislikes...impression of students/faculty....and what were the questions asked there?

If you can't remember any of this, I'll understand 🙂 But I do hope you remember your overall impression of the pod in Cali at least🙄

Again thanks so much for your help😳 Good luck to you!

 

[txlioness]

Helpful indeed. I don't doubt one bit that you'll make a wonderful doctor. You're very detailed in trying to help others... Hats off to you!!

Two more questions:

1) So, sounds like loans are done every year. I know the FAFSA has to be reported each year. But can you also apply for Stafford/other federal loans yearly? Cuz I know those have a limit on how much you can take out, but is that limit just for the year in which you apply?


2) What was your impression of the pod school in California? likes, dislikes...impression of students/faculty....and what were the questions asked there?

If you can't remember any of this, I'll understand 🙂 But I do hope you remember your overall impression of the pod in Cali at least🙄

Again thanks so much for your help😳 Good luck to you!

1. Yes, you should be considered for the Stafford, Perkins loans yearly. I do believe the limit is just for that particular year. but there may be an overall total limit after 4 years. But each year's amount should cover your tuition and living needs for the most part. REMEMBER TO BUDGET WELL. not saying you can't party or anything but when you are waiting for your disbursements, you may have to resort to eating Ramen noodles

2. I'll PM you. 🙂

 

[vandamnx]

1. Yes, you should be considered for the Stafford, Perkins loans yearly. I do believe the limit is just for that particular year. but there may be an overall total limit after 4 years. But each year's amount should cover your tuition and living needs for the most part. REMEMBER TO BUDGET WELL. not saying you can't party or anything but when you are waiting for your disbursements, you may have to resort to eating Ramen noodles

2. I'll PM you. 🙂

Wow! Noodles for 4 years? Can't hardly wait😱

It's so cool getting FREE advice on here. Still, I almost feel dirty and guilty😕 about it...

Anyhoo...thanks a bunch!!😳

I'll definitely refer patients your way, when I retire (j/k)

 

[txlioness]

Wow! Noodles for 4 years? Can't hardly wait😱

It's so cool getting FREE advice on here. Still, I almost feel dirty and guilty😕 about it...

Anyhoo...thanks a bunch!!😳

I'll definitely refer patients your way, when I retire (j/k)

just kidding about the Ramen noodles. but serious about the budgeting. if you don't you may find many ways to eat Ramen noodles.

www.ramenlicious.com

http://www.budget101.com/ramen_noodle_recipes.htm