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Non trad (family of 4) do loans cover expenses?

Discussion in 'Financial Aid' started by GIGATT, Apr 16, 2007.

  1. GIGATT

    GIGATT Member 5+ Year Member

    127
    0
    Jul 22, 2004
    IF my husband is accepted then financially I'm just not sure how it'll work. How do other non-trads with families do it? What is the total loan amount you were able to get?

    We're hoping for Davis, praying for Davis and waiting for Davis to show us some looooove. :0) At the same time, i'm afraid of what will happen financially- i just need to know that our needs (not wants) will be covered. I"m focusing purly on this budget.

    Tuition/school expenses: whatever it is at Davis
    Rent: 1,400/mo
    food: 600/month
    health insurance: hopefully!!!

    Did your loans cover this amount???

    I'm not worried about budgeting. We're not the kind to overspend-we live within our means always and actaully, for the past 6 years we've been able to survive off of 12k a year...of course, we didn't have health insurance or ability to go to the Dr either!...
     
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  3. bkpa2med

    bkpa2med 10+ Year Member

    1,328
    1
    Jun 26, 2004
    I don't mean to sound rude, but how can you survive off $12k/yr when the costs that you are projecting are $24k/yr, double that?
     
  4. GIGATT

    GIGATT Member 5+ Year Member

    127
    0
    Jul 22, 2004
    Thats a valid question but what i meant was that in the past (before medical school was a consideration) we were both in school and we supported our family off of the remants of our student loans which amounted to 12 thousand dollars. My point in mentioning that was simply to illustrate our ability to live with very little monetary support.

    My question at this time is: Will loans give us the ability to pay for medical school and enable us to cover our living expenses? How much of the loan money is left over after school expenses are paid?

    :0)
     
  5. AnEyeLikeMars

    AnEyeLikeMars Member 7+ Year Member

    478
    0
    Dec 2, 2005
    Carrboro, NC
    You can only take federal loans up to the cost of attendance, as determined by the school. The website below has the cost of attendance.


    http://www.ucdmc.ucdavis.edu/ome/finaid/MD-SEB-0708.pdf

    It looks like they budget about $16500 a year for house/food/personal/transportation expenses. So, you can cover that much in federal loans. If you need more than that, there are private loans, but those are going to have higher interest rates. The loans are out there, the only question is how costly they'll be. Good luck
     

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