Paying for It.

[Kikaku21]

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So we all know that medical school is expensive. Now that I have been admitted somewhere, I actually took a look at some of the numbers, and they are outright daunting.

The projected cost was about $260K. Is someone actually going to let me borrow $260K? That is insane. You figure stafford will handle $154000 of it over the course of 4 years, but the rest, you have to get privately.

Anybody have any insight in this process at all? (i.e. how they package the loans, etc.) Are people really coming out with $260K of debt? The average is less... more like $150K... why the difference?

 

[WinterLights]

So we all know that medical school is expensive. Now that I have been admitted somewhere, I actually took a look at some of the numbers, and they are outright daunting.

The projected cost was about $260K. Is someone actually going to let me borrow $260K? That is insane. You figure stafford will handle $154000 of it over the course of 4 years, but the rest, you have to get privately.

Anybody have any insight in this process at all? (i.e. how they package the loans, etc.) Are people really coming out with $260K of debt? The average is less... more like $150K... why the difference?

I think that people who are already in medical school would have far more information about this than pre-meds would. You might want to make this same inquiry on the Medical Forums.

 

[drizzt3117]

So we all know that medical school is expensive. Now that I have been admitted somewhere, I actually took a look at some of the numbers, and they are outright daunting.

The projected cost was about $260K. Is someone actually going to let me borrow $260K? That is insane. You figure stafford will handle $154000 of it over the course of 4 years, but the rest, you have to get privately.

Anybody have any insight in this process at all? (i.e. how they package the loans, etc.) Are people really coming out with $260K of debt? The average is less... more like $150K... why the difference?

Wait for your finaid info... your school might kick in a bit as well in grants that do not need to be repaid. Also, you can apply for scholarships (national and otherwise)

 

[Luxian]

Anybody have any insight in this process at all? (i.e. how they package the loans, etc.) Are people really coming out with $260K of debt? The average is less... more like $150K... why the difference?

Nobody actually pays all $260k unless you happen to have it in your back pocket.

Grants, scholarships. Apply to any and all. Get your taxes squared away by March 15th so that you can submit your FAFSA. Also, you can work over the summer between first and second year. This isn't gonna make much of a dent, but it is something.

Before you pick a school look at average indebtedness. Some schools have more money to give out as scholarships than others. Even more importantly, wait until you have YOUR financial aid package. It can seriously differ by 20k a year depending on who you go with.

 

[bulb cavernosum]

I feel you Kikaku. I'm already 60K in from my graduate education, and my med school tuition over 4 years + 20K a year for living, etc. will put me at a grand total of over 300K (~340K). My wife plans on working while I'm in school, so that will help. The federal loan max is CURRENTLY 190K (I write currently because I think there's been some movement to increase total loan to 225K). The difference (for me) will be 340K-190K, or 150K. My graduate loans were consolidated through CHASE, and they also offer loans SPECIFICALLY for medical students, so I'll probably look to them for the difference. Yes, this is DAUNTING. But don't stress on this too much...as they say, "it takes a buck to make a buck," and everything will be fine in the end. Just bite the bullet, get the loans, and study your @$$ off in school!!!!!!

 

[elderjack21]

How much can you sell a kidney for? Given it is illegal here in North America, I am sure over in Europe somewhere you can get at least enough to pay for a semester of medical school. You only really need one of them anyway right?

 

[bulb cavernosum]

elderjack....yeah, you can live with one. I've also heard you can live without your spleen, one lung, 10% of your GI tract, 30% of your liver, so on and so forth. This could actually be quite lucrative, and maybe a suitable substitute for outside financial aid.

 

[littlealex]

edit: decided not to share.

 

[Kthanksbye]

Unless you have a really high paying job, working during the summer before med-school will be about as helpful as swatting misquotes in Alaska (there are a lot of misquotes in Alaska, btw). You might want to do something more productive with your time. Chances are, four years from now you'll wish you hadn't wasted your summer at some dumb job that did you zero good. Even if you could make about 20K as a waiter over a whole year (that's really good pay for a waiter, so, not very likely)....that knocks it down to $220K. This seems low to me, anyway, if you figure in all expenses, not just school expenses. Not very helpful. Pursue the kidney idea. Also, there is a large market for corneas as well. You don't really need them. You could maybe sell your whole eye. You don't need depth perception, really.

But in all honesty, you should learn to invest, and don't worry about borrowing money for medical school.

 

[jr doctor in sd]

http://media.www.volanteonline.com/...Medical.Students.More.Than.120k-3023268.shtml


hate to be the bearer of bad news...
Im still riding on hopes that i can find that cure for cancer before i get in to pay for it all with the nobel prize winnings...🙁

 

[Perrotfish]

There's always the military. Not that money is a good reason to do military medicine, but if you have patriotic leanings anyway all expenses paid + $1900/month + $20,000 signing bonus + 01 pay for 45 days/year (minimum) + a lot of extra residency pay isn't a bad fringe benifit.

elderjack....yeah, you can live with one. I've also heard you can live without your spleen, one lung, 10% of your GI tract, 30% of your liver, so on and so forth. This could actually be quite lucrative, and maybe a suitable substitute for outside financial aid

Is a spleen really something you can sell? I thought the fact that you didn't even need one made it pretty much worthless.

 

[pcu]

A splenectomy leaves you a great risk for contracting sepsis (among other things). You most def do not want sepsis. If push comes to shove they will take your spleen as it is not a life supporting organ but to call it pretty much worthless is far from the case.

Just FYI. I have no idea of the spleens resale value.

 

[Perrotfish]

When I said worthless I meant street value. More specifically I meant that I didn't think they transplanted them into anyone, so why would anyone buy one. Paperweight, maybe?

 

[pcu]

When I said worthless I meant street value. More specifically I meant that I didn't think they transplanted them into anyone, so why would anyone buy one. Paperweight, maybe?

Gotcha. I do believe they are transplanted sometimes however. Could be wrong though.

 

[hereIcome]

Gotcha. I do believe they are transplanted sometimes however. Could be wrong though.

Nope-they're not. My soon to be sister-in-law is a nurse in a transplant unit for abdominal. Strictly pancreas, kidney and liver. They don't transplant spleens because you can live without them!

 

[Drogba]

A splenectomy leaves you a great risk for contracting sepsis (among other things). You most def do not want sepsis. If push comes to shove they will take your spleen as it is not a life supporting organ but to call it pretty much worthless is far from the case.

Just FYI. I have no idea of the spleens resale value.

Sepsis is not contracted. Sepsis is a state caused by infection, so not having a spleen leaves you more vulnerable to developing sepsis. Me correcting you on medicine is arrogant and pointless though, but I was bored. You probably have a good idea of what it is anyway.

I wonder why testicles can't be transplanted... or can they? You could sell one of your testicles to pay for your med education (assuming you have any). That would make for a hell of a PS.

 

[pcu]

Sepsis is not contracted. Sepsis is a state caused by infection, so not having a spleen leaves you more vulnerable to developing sepsis. Me correcting you on medicine is arrogant and pointless though, but I was bored. You probably have a good idea of what it is anyway.

Semantics.

 

[nlax30]

Sepsis is not contracted. Sepsis is a state caused by infection, so not having a spleen leaves you more vulnerable to developing sepsis. Me correcting you on medicine is arrogant and pointless though, but I was bored. You probably have a good idea of what it is anyway.

I wonder why testicles can't be transplanted... or can they? You could sell one of your testicles to pay for your med education (assuming you have any). That would make for a hell of a PS.

I think because a lot of people have already given their left one just to get accepted....... need to keep one around.

 

[alwaysaangel]

There's always the military. Not that money is a good reason to do military medicine, but if you have patriotic leanings anyway all expenses paid + $1900/month + $20,000 signing bonus + 01 pay for 45 days/year (minimum) + a lot of extra residency pay isn't a bad fringe benifit.

Really not worth it. Anyone who has not dreamed of being a military doctor since childhood should NOT SIGN UP FOR THE MILITARY PROGRAM ahead of time. Or the rural primary care programs, or any other presigned contract where they pay for your school.

Instead take out the loans and THEN join one of those programs. Same benefits (they'll pay you for your work plus pay off 1/4 of your loans every year for 4 years), but you get to finish medical school and be sure about what specialty you want before you sign yourself into something you hate.

There is pretty much no reason to presign up for any of those programs, you can get the same thing after the fact.

So we all know that medical school is expensive. Now that I have been admitted somewhere, I actually took a look at some of the numbers, and they are outright daunting.

The projected cost was about $260K. Is someone actually going to let me borrow $260K? That is insane. You figure stafford will handle $154000 of it over the course of 4 years, but the rest, you have to get privately.

Anybody have any insight in this process at all? (i.e. how they package the loans, etc.) Are people really coming out with $260K of debt? The average is less... more like $150K... why the difference?

To the OP: Yes, its expensive. And yes, someone will loan you all the money you need for cost of attendance. May I ask what you're talking about? GW is supposed to be the most expensive school in the country and even for them the projected cost was only like 245k last year.

Anyway, if your parents don't make a lot of money then you have a good shot of getting some grants from your school. Then you'll take out your maximum Subsidized staffords (8.5k), then maximum unsubbed staffords (30k [or more if your school is on a 9 or 10 month year]). The rest you get from GradPLUS loans. They will lend you as much as you need up to the cost of attendance. Its only 8.5% interest, not much worse than the 6.8 of staffords.

Yes, its a ton of money, but you'll manage to pay it off over time. And if you are really adverse to being in debt then after med school and residency you can join one of the loan repayment programs. Or just go work somewhere where you specialty is really needed (eg. I know someone making 450k in no-where, Texas). If you're making 450k/year you'll pay off your loans REALLY fast.

 

[Doctor Bagel]

I think that people who are already in medical school would have far more information about this than pre-meds would. You might want to make this same inquiry on the Medical Forums.

Please don't because that would be cross-posting, which is not allowed on SDN. However, we do have a financial aid forum where you can find all this information.

To the op, I'd suggest searching in the financial aid forum, and you'll find that this has probably been asked before. In a nutshell, yes, people will lend you all the money you need up to what your school sets as its Cost of Attendance (COA) -- this includes tuition, fees, living expenses, etc..

 

[Depakote]

Please don't because that would be cross-posting, which is not allowed on SDN. However, we do have a financial aid forum where you can find all this information.

To the op, I'd suggest searching in the financial aid forum, and you'll find that this has probably been asked before. In a nutshell, yes, people will lend you all the money you need up to what your school sets as its Cost of Attendance (COA) -- this includes tuition, fees, living expenses, etc..

I'll go ahead and move this to the Financial Aid forum where you might get some better answers.

 

[Geekchick921]

With all the jokes about selling organs, I feel the need to point out something.

Sperm and Egg donation.

If you're comfortable with it, they will compensate you (very handsomely for egg donors especially, because it requires more on the donor's part), and I believe medical students are compensated even more simply because they're going to be doctors, which parents like to see when choosing their donor.

 

[rgerwin]

I do NOT recommend egg donation while in med school. I did 2 before. Yes, I made money, but's not that much considering the debt. The side effects of the meds not great, and, more importantly, they are variable. For me, the worst for school was loss of memory. Also, the timing is variable, and you have to be flexible or be in breach of contract. Getting to the actual donation is time and energy consuming.

Don't get me wrong. There multiple children from these donations that I still can't believe I helped bring into the world, and ecstatic parents. One of the best things I've ever done. But, I just want the reality of it to be out there.

Also, almost everyone from UNECOM will have close to $300K. Don't forget interest while in school!!!!

 

[Doctor Bagel]

I do NOT recommend egg donation while in med school. I did 2 before. Yes, I made money, but's not that much considering the debt. The side effects of the meds not great, and, more importantly, they are variable. For me, the worst for school was loss of memory. Also, the timing is variable, and you have to be flexible or be in breach of contract. Getting to the actual donation is time and energy consuming.

Don't get me wrong. There multiple children from these donations that I still can't believe I helped bring into the world, and ecstatic parents. One of the best things I've ever done. But, I just want the reality of it to be out there.

Also, almost everyone from UNECOM will have close to $300K. Don't forget interest while in school!!!!

Interesting. I heard some similar complaints. I wonder what/if there are downsides to sperm donation. You can only make like $200/month donating plasma. 🙂

It looks like alwaysaangel when through all the basics of financial aid. For this year, the total stafford cap went up to $40,500, so for example, I'm getting $8500 in subsidized staffords and $32000 in unsubsidized staffords. Full year students (3rd and 4th year) can get around $45k in staffords. Unfortunately, the stafford cap is $189k, so lots of us with prior debt will hit it in medical school.

There's no maximum amount for the GradPlus -- you can borrow up to the full cost of attendance less any other aid that you're receiving, so that is always an option. You do have to be somewhat credit worthy to get it or have a cosigner. You don't need "good" credit, but big adverse credit events like filing for bankruptcy or having a default on a loan can be a problem.

 

[IUgrad]

Dr. Bagel, I'm not disputing you because I'm sure you're right, but I wondered where did you find the information on the $189,000 cap? I can't find it online anywhere. Everywhere I look it has $138,000 as the lifetime limit. I'd like to have the most current information, which you cited. I appreciate your help! 🙂

EDIT: Never mind! I found where you posted it in another thread. Thanks! 🙂