subtle1epiphany said:
I didn't know that prior Stafford Loans are considered...I feel like I've invested too much time and happiness in MSU to just throw it away...I'm making the right decision, right?
subtle1epiphany,
I feel you pain. I too found out the unfortunate news that I was not selected as a recipient of the Non-resident scholarship. Sticker shock has quickly set in; 52k per year for tuition, health insurance, and books/instruments is a hefty price tag to swallow.
Without an Osteopathic school in Wisconsin, I have no in-state alternatives. I only applied to Osteopathic schools as this is the type of doctor I wish to become. With two in-state allopathic schools it would have an easier financial option; however, I truly feel that MSUCOM is the best fit for me. I am excited by the program, school, & opportunities.
Yposhelley's advice to call financial aid is on point. I too am very concerned about financing my education and living expenses, so I called Judy Marks
[email protected] (517) 353-5188 yesterday. She was very informative and helpful in pointing me toward sound financial options.
Here is the loan breakdown:
Per annum Stafford loan 8,500 subsidized / 30,000 unsubsidized or any combination thereof which may total 38,500 for each 9 month period. Lifetime amount 189,125. This also includes any unpaid undergraduate loans yet outstanding.
Perkins loan changes from year to year; but you should be awarded around 1,400 - 1,500 per year.
Education Opportunity Fellowship 2,400 per year with outstanding ug loans indebtedness of 25k or greater.
Other various incoming scholarship opportunities...
http://www.com.msu.edu/ss/scholarships.html
http://www.aacom.org/financialaid/index.html
http://finaid.msu.edu/med/sources.asp
Private loans:
http://finaid.msu.edu/med/altloans.asp
Private loan interest rates are variable but (at present) range from 3.5 ~ 5.5%.
Or
You could always defer admission to 2006 and establish yourself as a resident of MI. This is not an option I am willing to pursue; I will just have to 'make it work.'
Tuition, health insurance, and books/instruments:
189,125 (lifetime Stafford) / 38,500 = 4.9 years
So, if you have little ug debt left outstanding, the Stafford loan will cover the Fall/Spring semesters for all four years (154,000)
This leaves you 35,125 applied to the summer periods ~ 2years.
Obviously, you will have to borrow from a private source, but is not as bad as you may think. Besides the non-resident scholarship only covers two years of your education, and those who were this year's recipients may or may not be selected for the following academic year.
Also, MSUCOM has tuition reciprocity for non-residents who do their residency in the state of Michigan. This is a retroactive refund to the principle borrowed for the final 12 months of your medical education. With the present rate of tuition, this is about a 26k non taxable deduction.
The debt is scary to say the least; but irrespective of your school of choice, you will incur a huge debt; I say go where you feel drawn, comfortable, and have a strong desire to attend.
I have begun looking for various housing options; if you wish, send me a pm and we can chat further.
With ALL that said, I hope that you do not let financial concerns limit your decision of becoming a physician.
-WM
