Loans!!!

[thejanitor99]

How much in loans are you going to be taking out per year to pay for med school? I have a wife and kid and will be attending DMU next year. They budget us around 51K to live off of and pay for tuition. i know that we will need more than that. I was figuring that we could live extremely comfortably on ~60K a year. My wife will not be working so this will all be loan money...... = 240K in debt after 4 years of school. Is this reasonable or am I getting in way over my head? How much are you all taking out per year? Anyone else in the same boat and taking out loans for EVERYTHING for the next 4 years!!!?!!?

Also, for those of you already in school and that have taken out private loans, which lenders do you recommend (best interest rate, etc.)

 

[FrkyBgStok]

i am hoping to attend DMU, and I am in almost the exact same situation. bought a house, have a wife, and kid, etc, but my wife will be working as a CPA so she will be able to easily support me. Worst case i will get what DMU tuition is so about 120K, but would prefer less.

 

[JohnUC33]

Yea, I'm leaning towards WVSOM, and I will be around $250,000 by graduation. I've trying to reason it out in my head. I know it will take forever to pay that off, but I'm hoping to get a job with loan repayment once I graduate. Once you get done, you'll be able to pay it off. Its mainly deciding how much you want to have to pay off.

 

[Krazykritter]

I'm a first year at DMU. My wife is a teacher so, needless to say, that is not much of an income. However, I have found that we are living quite comfortably on her salary. I accepted only the Stafford loans which comes out to slightly over 40k, but I am now going back to get less than I had previously thought we would need.

So I guess my point is that DSM is a fairly affordable place to live as long as you live within (actually below) your means. I cannot recommend an outside lender (thank God) b/c I haven't used one, but I would expect that Wells Fargo may be a good lender due to their huge presence in DSM. Good luck.

 

[Huntr]

Hey Janitor99,

I am in the exact same boat as you. I am married and have a son and I am also attending DMU next yr. Although my wife is an RN, she probably won't be able to work as much. I estimated about that much in amount in loans. If any current med students at DMU could give some insight on this subject, I would really appreciate it as well.

 

[Doctor Bagel]

i didn't think you could borrow more than the school's budget even through private educational lenders. i guess you could just get a regular loan at a bank, but i'd hate to see the interest on that one. most schools also state that they don't allot more money for the care of a spouse or children, but i don't know specifically if dmu says that.

 

[Redneck]

I'm a young future student myself with no dependents, but I'm looking to pinch pennies where I can. Take my advice how you will. Here are some ideas. Look to joining your state osteopathic association. They offer loans and scholarships that can be applied for. Although you have a family and personal space is greatly valued, consider roping in a classmate for a roomate it could save around $3600. Heck could save more, with carpooling if your far from campus, sharing books too. This summer grow a garden and can food. Memorize what's in the dollar store. Go deer hunting if you can for meat. Don't ever eat out. Get close enough to not need a car so you'll only have one beater for the Mrs and kid(s). Essentially Roommate, Food, and Cars are where you can save money.

If this still doesn't cut it, I believe alternative loans, family assistance?, Mrs. job hunting, or the morning reveille calling your name in the military.

 

[MikeyLu2010]

Go deer hunting if you can for meat.

your kidding rite?

 

[FrkyBgStok]

LOL!!!! deer hunting. and growing your food. in iowa you need a LARGE garden so you have enough for the entire year. that is really good.

my wife and i are getting another $15,000 now just to help out so I can spend less time working and more time with my daughter. I figure i will be in more debt than imaginable, whats a little more.

 

[CatsandCradles]

Also, for those of you already in school and that have taken out private loans, which lenders do you recommend (best interest rate, etc.)

Anyone want to to chime in? I think that's a good question he/she is asking.

I knew I should have bought 100 shares of Google when it went IPO at $80.00. Damnit!

100 shares of Google = 1 year of medical school.

 

[Redneck]

mikeypo0,

I am completely serious. A blacktail doe in my neck of the woods can weigh 70lbs dressed out and yield 35-42lbs of meat. Considering the place in question is Iowa, they will have larger, better tasting, 'corn fed' whitetail deer (sadly I doubt they have elk or a sizeable bear population). 40+ lbs of meat should be expected, and considerably more if a buck. Considering tags (dependent upon state) are about 20 and processing of meat into hamburger that isn't a steak cut costs about 20 dollars (if you don't do it yourself). If you get really resourceful you can also sell capes to a fur/hide business recouping your initial investment. Plus you have meat that costs less than a dollar a pound, is organic, quite tasty, and plain fun to get. If your lucky you live in state that can take more than one deer and you can feed your family. You also get a reminder of anatomy and how you don't wish upon any one a GSW. So, yes, go hunting.

 

[Huntr]

LOL!!!! deer hunting. and growing your food. in iowa you need a LARGE garden so you have enough for the entire year. that is really good.

my wife and i are getting another $15,000 now just to help out so I can spend less time working and more time with my daughter. I figure i will be in more debt than imaginable, whats a little more.

Hey, frkyBgStok are you at DMU right now? and if so, where did you go for the extra funds you talked about? My wife and I will probably need about the same amount, and I echo what you said, what's a little more. Also, the deer hunting idea is great, I love to hunt here in my home state (utah) I hear the hunting out in Iowa is great.

 

[jonb12997]

To the OP - here's what I found out about loans. You can't get more than what they allow for loans. Either your wife is going to have to get a job, or you're going to have to survive on just your loans. I don't want to sound so rude and forward, but I had to find this out the hard way. My wife had trouble getting a job when we first came to UNE and she needed health insurance. We bought it from the school and therefore my loan checks (supposed to be my living money) was VERY low my first semester, things were really tight. I know it sux, but unfortunetly that's the way the rules are set up. She has since found a GREAT job, but this is one of the big things keeping my wife and I from starting a family now. There are a few exceptions. You can take out half the cost for your children's health insurance costs (not your wife's) and you can get and increase for the costs of your child care costs (at a day-care, but that's not going to matter since your wife is staying home which by the way I think is a wonderful thing for your children, good for you for making that decision).

 

[thejanitor99]

To the OP - here's what I found out about loans. You can't get more than what they allow for loans. Either your wife is going to have to get a job, or you're going to have to survive on just your loans. I don't want to sound so rude and forward, but I had to find this out the hard way. My wife had trouble getting a job when we first came to UNE and she needed health insurance. We bought it from the school and therefore my loan checks (supposed to be my living money) was VERY low my first semester, things were really tight. I know it sux, but unfortunetly that's the way the rules are set up. She has since found a GREAT job, but this is one of the big things keeping my wife and I from starting a family now. There are a few exceptions. You can take out half the cost for your children's health insurance costs (not your wife's) and you can get and increase for the costs of your child care costs (at a day-care, but that's not going to matter since your wife is staying home which by the way I think is a wonderful thing for your children, good for you for making that decision).

Hey thanks for the info jonb12997. I found out the same thing by calling and talking to the FA office. From talking to some other married med students with kids, they were saying that I wouldn't need to purchase health insurance for my wife and baby. Since we are so poor and have no income (just loans) we could get medicaid to cover health care costs for her and the little one. Not trying to milk the system or anything, but every little bit helps. Anyone else thinking about doing this????

 

[jonb12997]

Since we are so poor and have no income (just loans) we could get medicaid to cover health care costs for her and the little one. Not trying to milk the system or anything, but every little bit helps. Anyone else thinking about doing this????

there are a couple people in my class who are in the same position and are doing this. you're going to be "working for medicaid" someday and getting paid next to nothing for it (and if congress has their way, medicaid reimbursement is going to be going down again), nothing wrong with taking a little back. IMO, that's what those systems are set up for, to help people get through the tough times so they can be productive and give back later in life.

 

[Huntr]

there are a couple people in my class who are in the same position and are doing this. you're going to be "working for medicaid" someday and getting paid next to nothing for it (and if congress has their way, medicaid reimbursement is going to be going down again), nothing wrong with taking a little back. IMO, that's what those systems are set up for, to help people get through the tough times so they can be productive and give back later in life.

I agree 100%, I will probably have to do the same thing.