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- Jun 16, 2013
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I got into some great post bac, master's programs, and Caribbean schools only to discover there is no way financially hack it. I am currently making 800 dollar/mo payments on a private undergraduate student loans I began taking out at age 18. I took out private loans for undergrad because I was only eligible for a very small amount of federal loan assistance. When I spoke to a loan counselor years ago and explained my goals of getting into medical school I was told the loans could be deferred while in school. What the counselor neglected to tell me (and I neglected to read) was the fact that they could only be deferred 5 years after the disbursement date. I took a few years off between graduating and going back to school to work and spend time with my family (my grandmother became very ill.) I spoke to a loan counselor a few weeks ago and discovered I cannot defer these private loans. At all. I considered working while in a post bac program but I am nervous to bury myself in more debt, for my job would only allow me to make payments on my current loan, I would need to take out loans to pay for my living expenses and school. Although I got into Caribbean schools, you can only take out loans to pay for my estimated cost of attendance. If I did not get into medical school right away, I would be looking at an average of 40-50 thousand dollars on top of my existing debt which is an additional 400-500 dollars a month in loan payments. I can do 800 dollar/mo payments but I can't do 1200 or 1300 dollar a month payments until I'm making a phyician's salary.
Although a few weeks ago I wanted to just give into the "well, FML" attitude, I decided to still pursue my dream. It's what I was made to do, and I don't see myself in any other career. I will do anything to accomplish my goal. It might be crazy but aren't we all on this forum? I sucked it up, decided to go the unsexy route of living with my parents at age 27 and take classes at a state school in my own, made-up post bac program through Chico State's "Open University," which is a way community members can take classes individually without enrolling. I need to re-take science classes to improve my ochem grades (got a C-, ouch!) and get prof LORs (I only have one professor letter due to the amount of time that has passed since graduating and large UCSB class sizes, my school also does not do committee letters). I hope I am able to crash the courses I need to. I plan on applying for the military's health professions scholarships once admitted (fingers crossed) next year. I come from a military family and I know it will be tough, but I also know I have what it takes.
Is anyone else in a similar situation that has any other ideas as to paying of private student loan debt while in medical school? Thanks 🙂
Although a few weeks ago I wanted to just give into the "well, FML" attitude, I decided to still pursue my dream. It's what I was made to do, and I don't see myself in any other career. I will do anything to accomplish my goal. It might be crazy but aren't we all on this forum? I sucked it up, decided to go the unsexy route of living with my parents at age 27 and take classes at a state school in my own, made-up post bac program through Chico State's "Open University," which is a way community members can take classes individually without enrolling. I need to re-take science classes to improve my ochem grades (got a C-, ouch!) and get prof LORs (I only have one professor letter due to the amount of time that has passed since graduating and large UCSB class sizes, my school also does not do committee letters). I hope I am able to crash the courses I need to. I plan on applying for the military's health professions scholarships once admitted (fingers crossed) next year. I come from a military family and I know it will be tough, but I also know I have what it takes.
Is anyone else in a similar situation that has any other ideas as to paying of private student loan debt while in medical school? Thanks 🙂
