Paying for med school?

[Jmukhalian]

How have most of you paid for med school? I know loans and grants as much as possible but do the majority of you have scholarships as well and if so how much did your scholarships pay for?

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[LuciusVorenus]

How have most of you paid for med school? I know loans and grants as much as possible but do the majority of you have scholarships as well and if so how much did your scholarships pay for?

Most people pay for the entire thing through loans alone.

 

[Jmukhalian]

Pretty sure I won't be able to get $230,000+ in loans.

 

[Grobe57214]

Yes, you can. Through Grad PLUS loans (uncapped) on top of the federal Stafford subsidized/unsubsidized (which is capped). Because Grad PLUS is uncapped, the terms aren't as good...7.8% and the interest accrues as soon as you take the money out. The Stafford Subsidized loans (6.8%) wont accrue interest until a half year after you graduate. The Stafford unsibsidized (6.8%) will accrue interest once you take the money out. It is obviously much better if you can do without the Grad PLUS loan.

If you enroll into a SUNY school, they may have an option for you to take out a Perkins loan at 5% subsidized but they only give you a very very limited amount (almost negligible but still better than any other loan out there).

Of course, you can also take out private loans but their rates are variable and unsubsidized, which means they will **** you over the first chance they get.

 

[mvenus929]

Pretty sure I won't be able to get $230,000+ in loans.

Why not? I'm taking out 48K in loans this year and would've taken out more had my school not given me a 17K grant. You certainly won't like taking out that much in loans, but you can do it.

 

[LuciusVorenus]

Pretty sure I won't be able to get $230,000+ in loans.

You will. If you're getting federal loans for medical school they almost always give you enough to cover your costs. Are you planning on taking out private loans for some reason?

 

[Jmukhalian]

Ok well maybe I have been misinformed I was not aware they would allow you to take out so much in loans, my credit is not so good though, its not BAD its just I don't really have anything that I put on my credit except for a few fill ups at the gas station and I was late on the payments. Thanks for all of the info, cause my finances are the biggest concern for me being able to go to med school.

 

[mfrizzo3]

Shhhhhhhhhhhhhhhh..........................

 

[morning]

Ok well maybe I have been misinformed I was not aware they would allow you to take out so much in loans, my credit is not so good though, its not BAD its just I don't really have anything that I put on my credit except for a few fill ups at the gas station and I was late on the payments. Thanks for all of the info, cause my finances are the biggest concern for me being able to go to med school.

Stafford loans = no credit check. Grad PLUS loans do check credit, but if they're anything like Parent PLUS loans for undergrad, it's not the kind of credit check you're thinking of. It has nothing to do with your FICO score, they check whether you've been through a foreclosure, defaulted on federal student loan debt, etc. It's not as strict as a traditional credit check.

"Credit Requirements: To qualify, your credit report cannot reflect any of the following adverse items:

Currently 90 days or more delinquent on repayment of any debt

Debt discharged in bankruptcy during the past 5 years

Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV debt during the past 5 years"

 

[Cypher321]

My current plan is loans + finding a wife

I've also looked into the HPSP with the military but that's 4 years of active duty plus 4 more inactive. Far as I know every branch does it but after hearing stories from a buddy of mine in the army, AF seems the way to go if you're at all interested in Uncle Sam paying your med school bills.

 

[Jmukhalian]

Thanks for all the suggestions and information guys, was really worried once I found out how much it was really going to cost.

 

[JJMrK]

Most people use some combination of loans, grants, savings and income.