Medical School Financing

[notnarcsDO]

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Could someone explain the different options for financing medical school? I havent really decided how I am going to pay, and many of my secondaries are asking how I plan on financing it. I will be receiving some assistance from my parents, but most likely not all, and I really do not want to just put that "mommy and daddy are paying for it". What are different means of obtaining funding?? Scholarships, federal grants?

 

[nrddct]

just put student loans. I don't think it matters.

 

[notnarcsDO]

just put student loans. I don't think it matters.

Thank you!! Because I know they don't like "spoon fed" candidates, and I do want to help pay for some of it, I just wasnt sure exactly what the means were to do so. 😳

 

[OSUdoc08]

Could someone explain the different options for financing medical school? I havent really decided how I am going to pay, and many of my secondaries are asking how I plan on financing it. I will be receiving some assistance from my parents, but most likely not all, and I really do not want to just put that "mommy and daddy are paying for it". What are different means of obtaining funding?? Scholarships, federal grants?

No scholarships. No grants.

Stafford & Perkins Loans. Up to $44,500 per year.

 

[DrFeelgoodDO]

No scholarships. No grants.

Stafford & Perkins Loans. Up to $44,500 per year.

They have scholarships, albeit small in comparison to the total cost, at most med schools. OU does (MD). My school did (DO). Nice try, Claude.

 

[Amy B]

Stafford loans and private loans...you can borrow up to $52,000 per year. Which is a big help for schools that are costly. Of course you will have a huge debt load at graduation which will suck.

 

[OSUdoc08]

They have scholarships, albeit small in comparison to the total cost, at most med schools. OU does (MD). My school did (DO). Nice try, Claude.

Ok. Just the 20 schools I applied to don't.

That better?

 

[Raven Feather]

I put loans, scholarships, grants, and anything I can contribute--verbatum.

 

[cooldreams]

Stafford loans and private loans...you can borrow up to $52,000 per year. Which is a big help for schools that are costly. Of course you will have a huge debt load at graduation which will suck.

nah. that amount is dependant on the school.. will be different depending on the place you go, and how much you qualify for.

DEPENDING ON YOUR SCHOOL, they will allocate so much for you. this may be 10000 or 60000 or something else. but you cannot get anymore than what they say you can get.

then you can apply for stafford loans. the staffords let you take 8500 + 30000 = 38500 total federal MAX. if your school allocated less, then you cannot have that much.

Then you can get the difference between how much the school allocated - staffords in private loans IF YOUR CREDIT IS GOOD ENOUGH

example.
school allocates 32000 max.
you can apply for 32000 in staffords, pretty much guaranteed to get it.

example.
school allocates 55000 max.
you apply for 38500 in staffords. then apply for 16500 in private loans.

 

[babyruth]

I agree, most schools (DO) have small scholarships. The ones I received were after my application and were due to academic/community/minority reasons after my first and second year there. There are some schools that offer larger scholarships but I am not sure where and how much...

 

[DD214_DOC]

A) Out of pocket
B) Stafford Loans
C) Private Loans (plus Stafford)
D) Military scholarship (Full tuition and monthly stipend paid)

That's about it.

 

[Amy B]

You are correct cooldreams 😳 .... What I was meaning is that $52,000 is the max you can get but it is dependant on what your school allows for your cost of living budget. A friend of mine goes to EVMS (MD school) and she gets much less than me and the cost of living is more there but the school allows less than VCOM does.

 

[DrMom]

Stafford loans and private loans...you can borrow up to $52,000 per year. Which is a big help for schools that are costly. Of course you will have a huge debt load at graduation which will suck.

I personally have (when my husband was laid off) & know many others that regularly borrow more than that. I guess some schools are stricter in the budgets they allow students with families to present.

 

[cooldreams]

You are correct cooldreams 😳 .... What I was meaning is that $52,000 is the max you can get but it is dependant on what your school allows for your cost of living budget. A friend of mine goes to EVMS (MD school) and she gets much less than me and the cost of living is more there but the school allows less than VCOM does.

i know, but i meant to convey that many schools allow for MORE than that. it totally depends on the school.