ilona

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I have been working full time for about 5 years. I am starting to freak out that I won't have enough money (loans, scholarships) to live on while in medschool. Is the school going to take care of the paper work for me or I should start doing someting on my own? Where does the most money come from? Loans? How much will they give me?
I already filled out FAFSA, but since I have been making quite alot will the government give me any money?

:scared:
 

eldarion3141

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I have resigned myself to the fact that i will have to have to finance 100% of my medical school education from loans. :scared:

There are ways to reduce the bite of interest payments though,
try and stick to the government loans, like:

Stafford subsidized ($8,500 per year) loan that the governemnt pays off the interets for while you are in school. interest rate is based on the 90 day Treasury bill + 1.7%. There is a cap on interest rates of 8.25%

Stafford Unsubsidized ($ 30,000) loan that that government has, there is interest, but it starts to accrue while in school and payments start after the 6 month grace period. interest rate based on t-bill (see above)
Perkins Loans: dependant on financial eligibility based on FAFSA numbers

:eek: :eek: :eek:
PRIVATE LOANS: These are the worst types of loans to get, the interest accrues during school, and they are from private companies whose main goal is to make money. There are certain fees that also apply (0-6%) during repayment. There is NO CAP on interest rates! The various interest rates are based on your credit score as well

There is a way to finance your medical education from the various prgrams that ARMy, NAvy, and Air Force sponsor that pays for all of medical school, and books, plus a monthly stiped, all you have to do is serve for evry year that you took advantage of the program (after you do your residency, of course)

There are also loan repayment programs that some hospitals offer in exchange for a year or two of working

The National Health Service Corps also offers full tuition and required books as well as a stipend of $1200 every month. it is a minimum of two years off commitment www.bhpr.hrsa.gov/nhsc/

There is also the oppurtunity to live below your means and not borrow as much, books such as "Frugal Living for Dummies" ISBN number:0764554034
As well as "Personal Finance for Dummies" ISBN number: 0764550136

These are just general tips for a single person. It gets moe complicated for families because medical schools can only budget for the person attending medical school.

Check your credit score with www.freecreditreport.com, or you can pay for a 3 in 1 credit report from equifax.com, trans-union.com, or experian.com
make sure that all of the credit information is accurate.

good luck, and please let me know if i left something out!
 

wisconsinmilf

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ilona said:
I have been working full time for about 5 years. I am starting to freak out that I won't have enough money (loans, scholarships) to live on while in medschool. Is the school going to take care of the paper work for me or I should start doing someting on my own? Where does the most money come from? Loans? How much will they give me?
I already filled out FAFSA, but since I have been making quite alot will the government give me any money?

:scared:
Scholarships, wealthy family members, and winning the lottery aside, the maximum amount that the US Dept. of Ed will loan for health care education is 38.5k per nine month period; with a lifetime maximum of 189,125. FYI, this includes any undergraduate debt. Most of the money is in the form of an unsubsidized Stafford loan, with a maximum of 8.5k subsidized & lifetime 65.5k subsidized. Additional funds may come from a Perkins loan; however since W decided to cut Perkins funding, I am not sure how long this option will be available.

Since you have filed your FAFSA, your university should take care of 'putting together' your aid package; very similar to undergraduate, just a more numbers to the left of the decimal. As far as your current employment is concerned, it should not affect your aid eligibility only the manner in which it is allocated; i.e., unsubsidized vs. subsidized. If you will need more than is federally funded, I would start looking at private lenders; shop around for a reputable lender with low a low interest rate. Other alternatives include Armed Forces Scholarship Program, National Health Service Corps Scholarship, & Primary Care Loan to name a few. Most of these scholarships require a service commitment or defined area of specialty.
http://www.aamc.org/students/financing/start.htm
http://www.aamc.org/students/medloans/students/alp.htm

IMHO, you should call or visit your university's financial aid office; it is better to know upfront and early how much money you will be indebted.

Good luck,
-WM
 

BMW19

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what hospitals repay your loans and how do I find out a list of them!



eldarion3141 said:
I have resigned myself to the fact that i will have to have to finance 100% of my medical school education from loans. :scared:
What hospitals will pay back your lo




There are ways to reduce the bite of interest payments though,
try and stick to the government loans, like:

Stafford subsidized ($8,500 per year) loan that the governemnt pays off the interets for while you are in school. interest rate is based on the 90 day Treasury bill + 1.7%. There is a cap on interest rates of 8.25%

Stafford Unsubsidized ($ 30,000) loan that that government has, there is interest, but it starts to accrue while in school and payments start after the 6 month grace period. interest rate based on t-bill (see above)
Perkins Loans: dependant on financial eligibility based on FAFSA numbers

:eek: :eek: :eek:
PRIVATE LOANS: These are the worst types of loans to get, the interest accrues during school, and they are from private companies whose main goal is to make money. There are certain fees that also apply (0-6%) during repayment. There is NO CAP on interest rates! The various interest rates are based on your credit score as well

There is a way to finance your medical education from the various prgrams that ARMy, NAvy, and Air Force sponsor that pays for all of medical school, and books, plus a monthly stiped, all you have to do is serve for evry year that you took advantage of the program (after you do your residency, of course)

There are also loan repayment programs that some hospitals offer in exchange for a year or two of working

The National Health Service Corps also offers full tuition and required books as well as a stipend of $1200 every month. it is a minimum of two years off commitment www.bhpr.hrsa.gov/nhsc/

There is also the oppurtunity to live below your means and not borrow as much, books such as "Frugal Living for Dummies" ISBN number:0764554034
As well as "Personal Finance for Dummies" ISBN number: 0764550136

These are just general tips for a single person. It gets moe complicated for families because medical schools can only budget for the person attending medical school.

Check your credit score with www.freecreditreport.com, or you can pay for a 3 in 1 credit report from equifax.com, trans-union.com, or experian.com
make sure that all of the credit information is accurate.

good luck, and please let me know if i left something out!
 
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ilona

ilona

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wisconsinmilf said:
however since W decided to cut Perkins funding, I am not sure how long this option will be available.

He DID! didn't he!!! *&%*&^(#&^$#$# :mad:
 

JimmyMallo

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I was recently told by a doctor friend of mine that here in Texas you can apply for a government sponsered jobs in areas they consider "underserved" and they will pay back your student loans over time, he said most get everything paid for in 4 years and the salary is still great and you get government benifits. He said he is still kicking himself for not taking it. He also mentioned that there is another program to pay for your entire program in exchange for 1 year committment per year they pay for. I don't know the details but it sounds kinda sweet to me :cool:
 

OSUdoc08

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ilona said:
I have been working full time for about 5 years. I am starting to freak out that I won't have enough money (loans, scholarships) to live on while in medschool. Is the school going to take care of the paper work for me or I should start doing someting on my own? Where does the most money come from? Loans? How much will they give me?
I already filled out FAFSA, but since I have been making quite alot will the government give me any money?

:scared:
Almost everyone pays for med school entirely with loans. You will have enough to finance your education and for living expenses. It will be lower for the first year, but after the second year of school, you will get the maximum amount of scholarships, since your income will be zero at that point.
 

(nicedream)

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Borrowing the amount for the total cost of education, $50,000 in the case of my school (40k in staffords, 10k in private), affords a very comfortable lifestyle. I've had absolutely no issues with lack of funds.
 
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ilona

ilona

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(nicedream) said:
Borrowing the amount for the total cost of education, $50,000 in the case of my school (40k in staffords, 10k in private), affords a very comfortable lifestyle. I've had absolutely no issues with lack of funds.
So you are paying $50,000 per year or total? What ill be your total debt? How long will you have to pay it off? How much interest will you pay?
 

OSUdoc08

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ilona said:
So you are paying $50,000 per year or total? What ill be your total debt? How long will you have to pay it off? How much interest will you pay?
Keep in mind that because the tuition in Texas is so low, you will not be eligible for the full $38,500 maximum allowed by the FAFSA.
 

(nicedream)

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ilona said:
So you are paying $50,000 per year or total? What ill be your total debt? How long will you have to pay it off? How much interest will you pay?
The way it works is the school calculates a "cost of education" which includes tuition and ALL other living expenses (housing, food, car, books, clothing, insurance, etc). The cost of education calculated by the school is the amount you are allowed to borrow. In the case of my school, the tuition is 25k/year and the cost of education is 50k/year. So in the Fall, after tuition is taken out, I get 13k, and then in the Spring I get another 13k. I think you have like 30 yrs to pay it off - the interest rate varies between the sub. stafford, unsub. stafford and the private.
 
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ilona

ilona

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so how much money did they allow you to borrow just for living expenses (including housing)?
 

(nicedream)

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ilona said:
so how much money did they allow you to borrow just for living expenses (including housing)?
Well you don't get a certain amt. dedicated to each thing - you just get the total amt. and are free to use it for whatever you want. Take it to Vegas if you like. In the case of my school, we got 50k/year - so after the 25k tuition, that leaves 25k left over. 12.5k each semester. The cost of education is calculated by each school based on the cost of living in the area the school is located in - for example, those attending school in NYC will borrow more than those living in Pikesville, KY.