Paying for med school

[ixitixl]

For those of you already in med school, how are you paying for it? Did you just fill out the FAFSA and wait around until a FA package came or did you go looking for other sources of funding?

Also, any comments on the military HPSP?

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[ek6]

First, you fill out the FAFSA to procure federal loans, which bring in around 18K a year. Then you contact your school's financial aid office once you get in to take out private/bank loans, your school's loans, or state loans, etc. For this, you would likely need your credit reports (the school itself would tell you how to do this, if you're curious now, just email their finaid office).

Regarding military HPSP, I've thought about that also. To do that, it's a little late in the game now, but still possible to apply. You would have to contact your area recruiter to get the information on applying (this also requires a physical, etc.). Expect to fill out a lot of paperwork! Google HPSP to find their 800 number - those people can then get you in touch with a local recruiter.

HPSP basically works like this. You get a 4 year scholarship. You then do a residency at a military hospital and after that, you are required to serve at a military base, hospital, or wherever they send you for 4 years (+2-3 more on the reserve list, I think). During med school, you do OBC your first summer and then do some rotations at military facilities. If you want more exact details, go to the "military residencies" forum of SDN - the people there know a lot more about than I do. The general advice they give is that you should do it more out of a dedication to the military, than simply for money...but I tell you, the financial benefits are awesome!

 

[ek6]

to be more specific, by 4 year scholarship, I mean, ALL of your tuition is paid for. In addition, they give you like a 15K/year stipend for cost of living. They also pay for your books, stethoscope, microscope, etc. - literally everything!

 

[Amy B]

Correct me if I am wrong but it is $38,000, not $18,000 for med school, right?

You apply through FAFSA putting down all the schools you think you still have a chance to get into. You then will get a letter from the schools that have accepted you with the amount they are willing to give you.

 

[ek6]

It may be 38K then. I'm only starting med school this fall and 18K was just what I was told by one of the contact people at FAFSA. The main thing is, that loans in any shape or form are available to those of us, certainly me, who will need it to pay for grad school - even if minimal outside (namely, parental) support is expected.

Another thing to take note of is that interest rates are apparently very low right now (although this may not apply to some private loans) at around 3%.

 

[ixitixl]

Is it possible for procure grants on top of the loans just by filling out the FAFSA?

 

[mpp]

There are no federal grants for medical school. There may be private or institiutional grants and scholarships available at your school.