PornStarPreMed,
I thought lack of finances was a reasonable explanation as well, esp. considering my strong academic background and therefore lack of necessity for being enrolled in the SMP.
The fact is, I took out over $30k in loans, turned down a 35k job at the same time, therefore putting me over $60k in the negative for just doing the grad program. I wanted to drop the master's when I realized it was an SMP, get $20k back (for the last two quarters), and start working full-time in a health care related profession. I thought this was a reasonable plan, but many adcoms I met with disagreed. Hence why I'm still here :/
If you're in a similar situation and don't want to post publicly, feel free to PM me. I've pretty much went through every scenario with multiple advisers and maybe I can be of more help.
*edit* For many people doing a 2 year master's (or longer), be careful because several schools will require a final updated transcript with proof that you've completed your degree, and if it's a 1 year master's or SMP, I think almost all will require you to finish. However, I know several people who dropped the second year after being accepted during their first year, so apparently some schools do not care. Same with PhD; there are people who've applied in the middle, been accepted, and obviously could not finish. If this is your situation, some schools will require a letter from the dean or director of your program stating that they are aware of your application to medical school and therefore possibly not finishing if accepted. And correct me if I am mistaken, but I believe if you are accepted and have to send the final transcripts showing proof of program completion, you can pretty much just pass (C's) and they can't rescind your admission.