Money Issue..

[KornKobs]

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Can someone help me understand this...ok I still have a ways to go, but how do you all pay for things while in med school? I hear about how so many people don't work or if they do, it's not that much. I happen to come from a rather lower class type of family, and even now I hardly make enough to pay for the bills. Where does the money come from that supports you!?

 

[DrBowtie]

Loans.

 

[Bubchik]

And more loans...

It also depends on med school. If you go to your instate school and qualify for fin aid there is a big chance you will get a full ride or some tuition covered and the rest will be in loans. There are some scholarships available, but they are competative.

But if you are a US citizen or permanent resident they will help you to pay in one way or another.

 

[DW3843]

. . . If you go to your instate school and qualify for fin aid there is a big chance you will get a full ride or some tuition covered and the rest will be in loans.

whoa, what state do you live in?

loans, loans, loans -- you can't avoid them in most cases

 

[heech]

There's a new website comin' up that can be used to fill temporary gaps if your financial aid loans don't quite get it done. Check out Prosper.com. It's like an eBay in reverse, with users bidding to loan you money (based on your history + 'story').

It's not nearly as good as anything that comes through your school's financial aid office, but it's definitely a better than relying on credit cards.

 

[mlw03]

our school actually prohibits students from working during the school year - you really don't have time. like everyone else said, you may get a little scholarship money, but most of it is loans. schools try to give an appropriate amount of money based on tuition + required materials + cost of living in that area. so i get less money going to USF (state school) in tampa then would someone going to NYU (private school) in manhattan. if you budget your money then you certainly won't be eating steak and lobster twice a week, but you should be able to make things stretch enough to cover all your expenses for the year.

 

[rockit]

How can they prohibit you from working?

 

[akpete]

Honestly, this has gotta be one of the silliest questions I've ever seen.

 

[Blade28]

Loans.

 

[mlw03]

How can they prohibit you from working?

hmm... not sure what you mean. our student guidelines say that students are not supposed to work during the academic year. nobody goes around and checks up on people, and i would venture that perhaps some people keep some kind of part time job. but we're not supposed to have jobs.

 

[KornKobs]

Honestly, this has gotta be one of the silliest questions I've ever seen.

Not when you come from a family that makes less than 20,000/yr and on top of that, have bad credit. So, I guess I am a silly premed for asking such a dumb question.

 

[Blake]

It's not a silly question. It's just been discussed plenty of time on SDN, that's about it. 😉

 

[cromagnon]

quick and dirty...

your loan will include your tuition plus a cost of living allowance set by your school. from this you will have money to live from aug - may.

if your credit sucks, you need to work on fixing it immediately. it will be a major hassle if you dont. loan deals vary with credit, and you will probably have to have a cosigner if you have credit issues.

still doable but will be a major source of stress to get it sorted.

 

[synapse lapse]

quick and dirty...

your loan will include your tuition plus a cost of living allowance set by your school. from this you will have money to live from aug - may.

if your credit sucks, you need to work on fixing it immediately. it will be a major hassle if you dont. loan deals vary with credit, and you will probably have to have a cosigner if you have credit issues.

still doable but will be a major source of stress to get it sorted.

Not unless you go to a private school. You can borrow $38.5k a year through stafford which is not credit based, so that should cover most state schools. But yes you will need a cosigner probably if you need to borrow more.

 

[lattimer13]

Not when you come from a family that makes less than 20,000/yr and on top of that, have bad credit. So, I guess I am a silly premed for asking such a dumb question.

yeah i agree w/ you... you kind of are silly...as you could have easily answered this question yourself by doing a bit of legwork or research on your end.