MSUCOM Cost of Attendance Question

[492618]

So I was looking at MSUCOM's total cost of attendance.

And I took a look at the sample total cost estimate provided here:

http://www.finaid.msu.edu/read/budchm.pdf

I just wanted to clarify something regarding this sample budget. I see that it is divided into several Blocks, and within each Bock are Fall/Spring and Summer sections detailing the estimated cost.

I wanted to know then is whether the total cost estimate of attending MSUCOM are all of those put together. For example, as a resident of Michigan, MSUCOM predicts the total resident cost to be:

49632+9782+48842+20579+51300+20579+49698= $250,012

Is that correct?

When I was looking at the average indebtedness for 2012 graduates:

http://www.com.msu.edu/Students/Fin...dInformationfo ProspectiveCOMStudentsfs13.pdf

I see that 182/192 w/resident tuition rates had an average of $188,591 of debt, but that total includes undergraduate + graduate/professional study (whereas the estimate above only was for medical school).

Obviously, each person is in a different financial situation, but I was just surprised to see a $60,000 difference between the total estimated cost for a resident and the actual average indebtedness for residents. Is this mostly due to parents helping out?

Even though I won't be graduating with an undergraduate debts (scholarship + parents will cover that), I won't be getting anymore help and taking out a 250k loan seems so awful. Medical school is so frickin expensive...part of me thinks I should do HPSP even.

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[SurgeDO]

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[492618]

I believe the $250,000 number is assuming you take out all the loans allotted to you. I also believe it is assuming you do not receive any scholarships (there's a ton at MSU).

I would recommend contacting financial aid at MSUCOM.

Well, how would you afford it otherwise if you don't take all the loans? I'm an undergrad, I don't make any money, and my parents are likely going to stop paying for me once I finish undergrad (or I'll feel guilty and tell them to stop).

I sent the financial aid an email. Hopefully they can get back to me. I hope they offer scholarships, but I can't imagine getting anymore than 10 grand a year. I highly doubt I'm going to be receiving a 60k scholarship.

 

[Elevencents]

You're going to pay 200k+ at most DO schools. Most people live frugally and don't take out the max allotment of loans.

 

[492618]

You're going to pay 200k+ at most DO schools. Most people live frugally and don't take out the max allotment of loans.

If living frugally, how much is typical non-tuition expenditure?

 

[cliquesh]

If living frugally, how much is typical non-tuition expenditure?

Everyone is different. Figure out what you typically spend. How much for rent? for food? entertainment? transportation? Insurance? Cell phone? etc.

 

[Elevencents]

If living frugally, how much is typical non-tuition expenditure?

Varies a ton by area (Think Chicago vs Kirksville). Just plan on taking out 200k+ pretty much no matter what.

 

[492618]

Can a 200k+ loan even be paid off within a decade?

 

[Brain Stain]

Can a 200k+ loan even be paid off within a decade?

Yes.

 

[492618]

Yes.

I just look at realistic examples such as these and freak out:

http://www.kevinmd.com/blog/2011/04/real-life-medical-school-debt.html

 

[Elevencents]

I just look at realistic examples such as these and freak out:

http://www.kevinmd.com/blog/2011/04/real-life-medical-school-debt.html

That's reality. Unless you are one of the kids who drives a brand new beamer and has a condo paid for thanks to dad.

 

[492618]

That's reality. Unless you are one of the kids who drives a brand new beamer and has a condo paid for thanks to dad.

I come from a middle class family, so no that's not me. But it does upset me a lot knowing I won't be able to help mom and dad as much when they retire because all my salary is going towards my own family and student loans.