Med Schools and Money

[JulianCrane]

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So, I am looking at various medical schools around the country and am trying to decide where to apply. Everything sounds well and good until I observe the cost of everything. When I enter medical school, I will be a 20-something with virtually no money. How in the world am I supposed to come up with that amount of money for 4 years??? Everytime I apply for federal aid, the gov't says my parents mae too much money, so how am I do deal with that?? Can someone explain these MEDLOANS to me? Should I even consider med school at all?

 

[Doctora Foxy]

Most med students have federal loans plus private loans that they pay back using their doctor's salary later on. It will be tough at first, but it shouldn't be a problem later on when you are making money and can easily afford to pay it back.

If you want a cheap school, aim for your state schools, but always have a back-up plan. 🙂

 

[detm78]

Could you explain your situation further? Is your EFC really big? Or do the schools themselves say that your parents need to contribute more to sending you to school?

 

[detm78]

Oh sorry Julian, I missed the part about you still choosing where to apply. I think getting loans for undergrad is different from getting loans for medschool. The amount of loan money you can get for professional or graduate school is more than you can get as an undergrad. Furthermore, once you turn 23, you're considered an independent student rather than a dependent, which should lower your EFC (expected family contribution)--i think it's a different ballpark. Don't get discouraged about paying for medschool. It's do-able--or so I've heard. And I'm counting on that to be true.

 

[CANES2006]

Of course, you can go to medical school. The government also doesn't give me any help whatsoever. I guess they believe my mother makes too much money (what bulls**t). Just do what everyone does: get loans. Try to concentrate on getting in. Everything else will work out in the end. Good luck. 🙂

 

[paean]

As a professional or graduate student, you are considered an indepentant student regardless of age by the federal government. This is good news for getting federal stafford loans of 8,500 subsidized and 30,000 unsubsidized per year at most schools. Almost all schools consider you dependant for the purposes of institutional aid (grants and good-terms loans) regardless of age, marital status, or anything else. But beyond the 38,500, there are private loans. Check out the financial aid forum for more answers (there are lots of similar posts there), but overall, don't worry about it, just focus on applying.