Money Question

[JayX]

I've submitted my application and will now wait for interviews. In deciding which school to attend, money is an issue. So when and how do you find out how much money a school is offering you to go there?

I understand FASFA is supposed to be completed in early january, but when do you recieve results for this when it is regarding medical school?

And also, when do schools say were offering you X amount of dollars to come to our program. Along with the acceptance? Or do you have to agree to the acceptance before they actully calculate grants for you? In addition, is it possible for a school you were accpeted to, offer you a grant early in the cycle, but if you don't accept can they take that off the table eventually? Thanks.

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[NickNaylor]

I thought there was a universal deadline for schools to offer you financial aid, but I can't seem to find it anywhere...

 

[Mattabet]

I don't think there's a date. If you've got acceptances to leverage (or even if you don't), you can send them an e-mail and ask for an offer, but I didn't find out about my aid until I got my financial aid package ~2 months before the first day.

 

[bertbacharat]

In my experience, you had to accept, pay a deposit ($100), and wait a month or two before you got the financial aid package. At least if you decide to go there the deposit will carry over into the tuition.

Don't expect a lot of scholarships unless your parents make less than the national average like $30,000 or less per year. All medical schools will give you enough loans to cover the COA.

Also, don't be thrown off by COA. My state school was more expensive than NYU.

Lastly, in my experience you only have a period of about 2 weeks to accept their offer or else it is revoked.

 

[turkeyjerky]

Unless you're an URM, don't expect any scholarships.

 

[Mattabet]

Some places have a fair amount of institutional aid; I'm as WASPy as it gets.

In fact, at many of the fancier east-coast places, very few people actually pay the sticker price - they've got hundreds of years worth of endowed scholarships to hand out.

 

[JayX]

alright. So i guess i just have to pick a school and hope they give me endowed money after the fact?

Medical Schools never offer an acceptance with money?

It seems wierd that you would kinda of just have to get lucky with how much institutional aid you should expect.

 

[Poliscidoc]

alright. So i guess i just have to pick a school and hope they give me endowed money after the fact?

Medical Schools never offer an acceptance with money?

It seems wierd that you would kinda of just have to get lucky with how much institutional aid you should expect.

You could always take out loans.. I mean I know they cover the cost of attendance (living expenses, tuition, everything related to school).. If you do the loans you cant live like a king but it will be a average living.

 

[Bacchus]

You don't have to make a matriculation choice until May 15. You should have most of your financial aid offers before then. The real problem comes if you're applying MD and DO. If you are, I'll elaborate.

 

[FutureDocWRX]

You don't have to make a matriculation choice until May 15. You should have most of your financial aid offers before then. The real problem comes if you're applying MD and DO. If you are, I'll elaborate.

I'm applying to both MD and DO. Please elaborate

 

[ChinaDoll]

You don't have to make a matriculation choice until May 15. You should have most of your financial aid offers before then. The real problem comes if you're applying MD and DO. If you are, I'll elaborate.

please elaborate...
I am wondering about the same thing...what if you get your acceptance 1st and have to reply within two weeks and you dont know how much money you are gonna get from this school??..it is a big issue to me...

 

[bertbacharat]

Here is what you do:

Accept the offers as they come until May 15th. Accept all of them. After May 15th reject all but the best offer. This is because after may 15th you can only hold one acceptance. If you continue to get acceptances off the waitlist after May 15th pick and choose the best as they come.

So here is a sample (Fake acceptances and offers) :

Before May 15th holding all acceptances and finaid packages (Cost ~$100 per school to hold)
SUNY Downstate: 160k
SUNY Upstate: 160k
Rochester: 210k
NYMC: 140k

After May 15th:
Reject all but NYMC:140k

June:
Off waitlist NYU: 60k
So, reject NYMC offer

Hope this helps. You won't be in a position to not see an offer because of another school. You will always be able to see and hold the best offers. The worst that happens is you'd lose $100 deposit. In the above sample you would lose $100 deposit from NYMC.