Maximum loans, how much is too much?

[ixitixl]

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I've tallied up my med school expenses. It will cost me 80K/year in loans to attend the only medical school that's accepted me. While I know I will be able to get financial aid for the first 3 years, I'm worried about my final year which will bring the total loan amount over 250K, which seems to be the maximum for med school students. Can anyone offer any insight into this issue? Is it possible that I might get stuck because I max out on loans?

 

[Blade28]

Originally posted by ixitixl
I've tallied up my med school expenses. It will cost me 80K/year in loans to attend the only medical school that's accepted me.

Whoa, why that much? Is tuition $50k?

 

[ixitixl]

Originally posted by Blade28
Whoa, why that much? Is tuition $50k?

5.5K for tuition
another 10K for lab fees, books, insurance, parking etc.
1.5K for living expenses

Yeah...it's a lot.

 

[Blade28]

Originally posted by ixitixl
5.5K for tuition
another 10K for lab fees, books, insurance, parking etc.
1.5K for living expenses

Yeah...it's a lot.

Uh...did you mean 55k for tuition and 15k for living expenses?

 

[ixitixl]

Originally posted by Blade28
Uh...did you mean 55k for tuition and 15k for living expenses?

oh right...55K

 

[Blade28]

Originally posted by ixitixl
oh right...55K

I hear you...I live in Hawaii, where the cost of living is outrageously high. I pay around $27k for living expenses, MUCH less than you for tuition, thank goodness, but also quite a bit for books, parking, etc. I've been borrowing the maximum amount of financial aid every year, and I also worked during part of first and second year. It's been rough though.

BTW, I heard that you can talk to your financial aid office and ask for more money if your living expenses exceed the estimated (federal) ones.

 

[Vincristine]

Originally posted by ixitixl
I've tallied up my med school expenses. It will cost me 80K/year in loans to attend the only medical school that's accepted me. While I know I will be able to get financial aid for the first 3 years, I'm worried about my final year which will bring the total loan amount over 250K, which seems to be the maximum for med school students. Can anyone offer any insight into this issue? Is it possible that I might get stuck because I max out on loans?

Though this is currently a ixitixl-blade conversation, I'll see myself into it. I guess you're paying out of state tutition since I sure as heck don't pay 55K! Don't forget that while the lifetime max is $138.5K, this includes an standford loans from undergrad. Given that you can only recieve $8500 of subsidized direct loans every two semesters, the vast majority of your aid will be unsubsidized. However, the next important thing is the max federal loan money a person can recieve annually is $18.5K (including subsidized) So your question is not if you can finance the last year, but rather the extra bits each year. The answer is most certainly yes. Citibank student loans are VERY friendly people and will be happy to loan you an additional $110k (lifetime).

Your other options are to attempt to find teaching assist positions which can give you some sort of tution assistance.

I have to say that if you have minimal debt from undergrad, to borrow whatever is needed for medical school.

P.S. I just passed the $100k mark from direct loans (including undergrad) and they didn't even send me a card or anything. I did drink that night, though.

 

[Blade28]

Originally posted by keraven
P.S. I just passed the $100k mark from direct loans (including undergrad) and they didn't even send me a card or anything. I did drink that night, though.

Nice! When I passed the $100k loan mark (some time during this year), I didn't celebrate or anything. I may have cried, though. 🙂