Need Advise: HOW TO PAY FOR MED SCHOOL

[i77ac]

As many of us are now planning ways to support ourselves thru the costly education for med schools, I think it would be helpful to start a thread to share ideas/tips/advise. Personally, I am clueless of this process.

For those who are more familiar, including those who are already in med schools, I have some questions I'd like answered.

1. FAFSA- when do they need to be filed? I think I heard Jan. 1st or so. Is this correct?

2. Do we also have to file financial aid form from each school?

3. How much do they usually give in loans? grants? It seems that loans are easy to recieve. Is this true? Is there a limit?

3. Most important: I hear that each applicant's credit is important? Well, I have excellent credit (have few properties under my name), but I thought that each school likes to give money to those who show the NEED for cash. It seems to me there is a conflict, to have a good credit AND have the NEED for cash. I'm just wondering if I should sell/transfer all my properties before I apply for financial aid. Any ideas?

Your input will be greatly appreciated.

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[Rogue_Leader]

1. FAFSA requirements vary by school, check with them to find out what the required dates are.

2. The FAFSA can be sent to multiple schools, but almost all schools have an additional suplemental financial aid form to fill out as well. Again, you have to check each school's individual requirements.

3. The composition of your financial aid package is dependent on a lot of things. In some cases, the time you submit your application is critical, since a school may run out of grant money and then you're package will have more loans in it. Need can also play a role. Applicants with more demonstrated need as indicated by the FAFSA and other forms could receive more grant money when those with less need. Loans are easier to get than grants, that's for certain. There are some limits in regards to loans. For federal unsubsidized loans, the yearly limit is $30,000, and for subsidized loans (if you qualify) the limit is something like $8000. Schools will also often arange their own loans to you, which have very good rates (usually 0% during school, and then a very low rate afterwards). So a financial aid package will include all the school aid plus federal aid up to the cost of attandence or the federal loan limits, whichever is lower. The cost of attandence is the sum of tuition plus books, supplies, and living expenses for the year. If the school's aid package doesn't meet the cost of attandence, you can arrange a private loan to cover the difference. You can borrow as much as you want, but your total total aid (which would include the private loan) can not exceed the cost of attandence (the private loan company will ask to have your loan certified by the financial aid department so that they confirm that you aren't borrowing an excessive amount of money, so they can lower the amount of your private loan without your consent). Your credit rating is only used for approving loans. People with poor credit can't get loans, or they get loans with higher rates and fees. Having good credit works in your favor, and doesn't have anything to do with need. However, if you want to demonstrate more need, you'd do best to not have those properties in your name, since they count towards the assets you could be using to pay for med school. Also, most med schools require your parents information when determining your need, even though the FAFSA considers your an independent student.

 

[MCAT45T]

awesome thread, let's keep this going.

 

[GATORade]

Check out the Financial Aid Forum on SDN. I had most of my questions answered by viewing the Updated 2004 Financial Aid Links thread. Excellent resource IMO.

 

[i77ac]

rogue leader,

thanks so much for the info.

any more advise?

 

[bridge01]

i77ac - you were accepted to mayo right? dont they heavily subsidize tuition so that its pretty affordable?

 

[SanDiegoSOD]

i77ac - you were accepted to mayo right? dont they heavily subsidize tuition so that its pretty affordable?

From what I hear, Mayo is basically free. $10,000 a year for a top private? Unreal...

 

[Medikit]

rogue leader,

thanks so much for the info.

any more advise?

The word is spelled advice

I want to make some comment about you being accepted to Mayo and not knowing how to spell but I spelled 'sense' wrong for years so I can't really be one to talk. Plus spelling is stupid anyways.

 

[i77ac]

i77ac - you were accepted to mayo right? dont they heavily subsidize tuition so that its pretty affordable?

Yea, I've been fortunate to be granted full ride as well. But that doesn't mean I don't need additional money for housing, food, fees, etc. So I'm just trying to find more resources.

 

[i77ac]

The word is spelled advice

I want to make some comment about you being accepted to Mayo and not knowing how to spell but I spelled 'sense' wrong for years so I can't really be one to talk. Plus spelling is stupid anyways.

haha. ok ok. a-d-v-i-c-e. ya happy?

i've been also spelling verticle for all my life, until one of my students corrected me few months ago... ain't that something.

anyway, back to the topic?