medical school debt

[pepocho]

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[NickNaylor]

Federal loan programs offer income-based repayment; basically 10% of your monthly income goes to your loans, no more. This way there's a maximum and you're not bankrupted each month by loan payments.

 

[dudeliness]

What about non-trads like myself?
I've been worrying a bit lately about how to make ends meet for my family on the cost of attendance my school has out together. I wonder if many non-trads need to take out private loans beyond what the federal limits are, and how/where goes to get said private loans.

 

[CrimsonKing]

Don't worry about loans. IBR and PSLF are amazing and you'll be able to use one or the other no matter what.

Either way, you'll make significantly more money than if you joined the military, even accounting for those loan payments.

Go into HPSP because you have a desire to serve in the military; going in for any other reason is idiocy and you will sink your own career rather fast.

 

[pepocho]

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[TheWeeIceMan]

so what about during med school? how difficult is it to juggle a job and med school?

Pretty dang difficult, from what I hear. Unless, you have a very flexible, high paying job that won't cost you much study time.

 

[CrimsonKing]

so what about during med school? how difficult is it to juggle a job and med school?

The loans account for living expense. You don't need to work.

I personally work around 20hrs/week for Kaplan so I can enjoy a better lifestyle during the summer, but it is extremely difficult to do so while balancing coursework.

 

[pepocho]

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[GopherMD]

Im currently a pre-med but I'm not worried at all. As stated above, there are a lot of great repayment programs out there.

 

[carnelian]

What about a paid research position? Since a lot of people do research while taking classes anyway, is it common for people to do it for pay?

 

[Doctor Strange]

so you would recommend to not work? and if i really wanted to, to only work during the summer?

You only get one summer off technically in med school, which is after your first year. After that, the years run through the summers.

 

[Like]

Saw this yesterday, thought it might be relevant.

[YOUTUBE]http://www.youtube.com/watch?v=luZwDpjOJFs[/YOUTUBE]

 

[dudeliness]

Im currently a pre-med but I'm not worried at all. As stated above, there are a lot of great repayment programs out there.

I'm not worried about repaying loans, I'm more worried about having enough money each semester.

I'm not asking to live like a king, but half of my $2000/month "living expenses" money goes straight into rent. Then I've got wifi, food, gas, insurance on car and family, incidentals such as various car repairs or buying new clothes etc.

 

[CrimsonKing]

I'm not worried about repaying loans, I'm more worried about having enough money each semester.

I'm not asking to live like a king, but half of my $2000/month "living expenses" money goes straight into rent. Then I've got wifi, food, gas, insurance on car and family, incidentals such as various car repairs or buying new clothes etc.

See if you can do work-study with a research lab.

It takes more time away from your family (and that sucks), but it's better than private loans if you don't end up in a really high-paying field.

 

[Tots]

Even with all those forgiveness programs...loans terrify me. I don't want to commit to extra loans expecting to qualify for PSLH and then it gets cut before I qualify(since that is ~15 years away). It took me a long time to come to grips with the fact that if I want to attend medical school, I will likely need to take out a lot of loans.

 

[dudeliness]

See if you can do work-study with a research lab.

It takes more time away from your family (and that sucks), but it's better than private loans if you don't end up in a really high-paying field.

Here's my question about "private loans". Every one I've been able to find info at (from banks I do business with) it seems that they only lend UP TO your cost of attendance, as put out by your school. Isn't that the same as doing stafford and grad plus loans? Is there no way to borrow beyond what the school determines as your cost of attendance?
Kind of stinks that they can't make a separate estimated COA for married folks with kids.

 

[dudeliness]

Even with all those forgiveness programs...loans terrify me. I don't want to commit to extra loans expecting to qualify for PSLH and then it gets cut before I qualify(since that is ~15 years away). It took me a long time to come to grips with the fact that if I want to attend medical school, I will likely need to take out a lot of loans.

There will ALWAYS be avenues to pay off your loans. You may have to work in a less-desireable location for a while, or for an employer you don't like, and you may have to tighten your belt as much as possible (which should be done in the first place to minimize loans I guess) but you're not gonna default on loans if you're smart with your money.

Then again, I AM just a lowly pre-med.

 

[Like]

There was another video from that Thompson guy where he mentioned taking out $75,000 in federal loans. I haven't done my research yet so can't really help you there; yet to get in. Buuuuuut the HSPS gets a lot of negative feedback from what I've seen.

 

[TheWeeIceMan]

Even with all those forgiveness programs...loans terrify me. I don't want to commit to extra loans expecting to qualify for PSLH and then it gets cut before I qualify(since that is ~15 years away). It took me a long time to come to grips with the fact that if I want to attend medical school, I will likely need to take out a lot of loans.

Bro, aren't you looking at some serious scholarships? Your stats are WAY too good to put you in "a lot" of debt.




As for me, I'm begging my parents to loan me the money. I feel awful asking, but staring down the barrel of 6 figure debt is really scary.

 

[dudeliness]

There was another video from that Thompson guy where he mentioned taking out $75,000 in federal loans. I haven't done my research yet so can't really help you there; yet to get in. Buuuuuut the HSPS gets a lot of negative feedback from what I've seen.

That's because it's equal to or worse than (depending a lot on your specialty) going with federal loans and civilian life; speaking from a purely financial perspective. Like many have said, HPSP should only be done if military service is definitely your thang.


Seriously though, does anyone have any more info about private loans? Lol

 

[Doctor Strange]

Here's my question about "private loans". Every one I've been able to find info at (from banks I do business with) it seems that they only lend UP TO your cost of attendance, as put out by your school. Isn't that the same as doing stafford and grad plus loans? Is there no way to borrow beyond what the school determines as your cost of attendance?
Kind of stinks that they can't make a separate estimated COA for married folks with kids.

I may be wrong, but I was flipping through one of my school's financial aid books and did see a chart in there that took into account spouse/children. So maybe there is a separate COA for married/with kids people?

 

[Sophocles]

I may be wrong, but I was flipping through one of my school's financial aid books and did see a chart in there that took into account spouse/children. So maybe there is a separate COA for married/with kids people?

I spoke to a fourth year recently and he said that he basically gets the regular package that single students get every year, and then he has to go to the financial aid office and request additional funding because he has a wife and kids. I don't think that he had to provide much if any paperwork and he said it wasn't that big of a deal. They have basically increased his loans or grants every year when as he needed and he has always had enough to provide for his family.

n=1 though

 

[mvenus929]

What about non-trads like myself?
I've been worrying a bit lately about how to make ends meet for my family on the cost of attendance my school has out together. I wonder if many non-trads need to take out private loans beyond what the federal limits are, and how/where goes to get said private loans.

Most people at my school don't have families, but those that do have a working spouse or are MD/PhD and thus get a stipend each month.

The really non-trads in my class (the ones coming into medicine from another career, rather than just having taken a few years off with the intention of going to med school) are still single, so they survive much like the rest of us. One was able to continue working for his job over breaks, and he was in computers, so it paid pretty well for minimal work.

 

[dsoz]

That's because it's equal to or worse than (depending a lot on your specialty) going with federal loans and civilian life; speaking from a purely financial perspective. Like many have said, HPSP should only be done if military service is definitely your thang.


Seriously though, does anyone have any more info about private loans? Lol

Dude, I thought you were trying to get an HPSP. Did that not go through for you?

My wife read your post above, and said that "it sounds like he is starting to freak out about how much it is going to cost." I laughed because that is how she was acting a few months ago. Then we realized that it would all work out somehow.

Did you get into the ISAC program?

Make sure you tell me when you are planning on moving up to Oregon. It would be cool to meet up again.

dsoz

 

[Lys Ile Glu Leu]

Here's my question about "private loans". Every one I've been able to find info at (from banks I do business with) it seems that they only lend UP TO your cost of attendance, as put out by your school. Isn't that the same as doing stafford and grad plus loans? Is there no way to borrow beyond what the school determines as your cost of attendance?
Kind of stinks that they can't make a separate estimated COA for married folks with kids.

Quite concerned about this too. It's gonna be tight, but if what the school says they'll allow (COA) is all I get, I can still handle it..marginally.

 

[dudeliness]

I may be wrong, but I was flipping through one of my school's financial aid books and did see a chart in there that took into account spouse/children. So maybe there is a separate COA for married/with kids people?

I spoke to a fourth year recently and he said that he basically gets the regular package that single students get every year, and then he has to go to the financial aid office and request additional funding because he has a wife and kids. I don't think that he had to provide much if any paperwork and he said it wasn't that big of a deal. They have basically increased his loans or grants every year when as he needed and he has always had enough to provide for his family.

n=1 though

Dr Strange and Sophocles,
This would be awesome news if I can confirm that it's true in my case. I am doing HPSP, and up until this year, the monthly stipend wasn't counted as "financial aid" since it's actually reserves pay or something like that. Now, my school counts it as part of the financial aid package and it subtracts from the total COA. This means I won't be able to take out more than a couple of thousand extra in federal loans.
When I asked my school about COA and how it's only calculated for a single student (they calculate something like $600/month for rent which is awesome for a single dude but horrible for a family) they told me sorry but it's federal law that it gets calculated that way.
Sigh, I guess I should talk to them again or to someone else in the FA office. Lol

Dude, I thought you were trying to get an HPSP. Did that not go through for you?

My wife read your post above, and said that "it sounds like he is starting to freak out about how much it is going to cost." I laughed because that is how she was acting a few months ago. Then we realized that it would all work out somehow.

Did you get into the ISAC program?

Make sure you tell me when you are planning on moving up to Oregon. It would be cool to meet up again.

dsoz

Yeah, maybe freaking a tiny bit.

PM sent

 

[anguisette]

Here's my question about "private loans". Every one I've been able to find info at (from banks I do business with) it seems that they only lend UP TO your cost of attendance, as put out by your school. Isn't that the same as doing stafford and grad plus loans? Is there no way to borrow beyond what the school determines as your cost of attendance?
Kind of stinks that they can't make a separate estimated COA for married folks with kids.

A quick search in the non-trad forum suggests that

1) COA is based on you as a student, but you can ask for a slight increase/adjustment per dependent child (not spouse).
2) if you borrow federal loans up to your full COA, it usually leaves ~20k/year to live off
3) private loans can be borrowed after you've exhausted the federal ones beyond your COA, but it's not generally recommended

check out:
http://forums.studentdoctor.net/showthread.php?p=12965519
http://forums.studentdoctor.net/showthread.php?p=10985163
http://forums.studentdoctor.net/showthread.php?p=9053311

or post a new thread in the non-trad forum i think

 

[dudeliness]

A quick search in the non-trad forum suggests that

1) COA is based on you as a student, but you can ask for a slight increase/adjustment per dependent child (not spouse).
2) if you borrow federal loans up to your full COA, it usually leaves ~20k/year to live off
3) private loans can be borrowed after you've exhausted the federal ones beyond your COA, but it's not generally recommended

check out:
http://forums.studentdoctor.net/showthread.php?p=12965519
http://forums.studentdoctor.net/showthread.php?p=10985163
http://forums.studentdoctor.net/showthread.php?p=9053311

or post a new thread in the non-trad forum i think

Thanks!

 

[Mt Kilimanjaro]

A quick search in the non-trad forum suggests that

1) COA is based on you as a student, but you can ask for a slight increase/adjustment per dependent child (not spouse).
2) if you borrow federal loans up to your full COA, it usually leaves ~20k/year to live off
3) private loans can be borrowed after you've exhausted the federal ones beyond your COA, but it's not generally recommended

check out:
http://forums.studentdoctor.net/showthread.php?p=12965519
http://forums.studentdoctor.net/showthread.php?p=10985163
http://forums.studentdoctor.net/showthread.php?p=9053311

or post a new thread in the non-trad forum i think

Would also add...Depending on how many kids you have and what state you live in, your HPSP scholarship income will probably make you eligible for federal assistance of some sort. We got WIC when our son was born and paid zero dollars for his birth (which was covered by school's health insurance, but we stilled owed a few grand and applied for assistance from the hospital). You might qualify for Section 8 housing, Medicaid, and free/reduced price lunches if your spouse does not work. Definitely would try to avoid private loans if at all possible!

 

[pepocho]

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