Paying for Medical School

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Hey All,

Prospectively, it's looking like I'll have the stats to have a great shot at getting into a DO program. However, I currently possess a great uncertainty as to whether or not I'll be able to afford medical school. Here are my ongoing financial considerations:

1. I currently live paycheck-paycheck and have no savings, whatsoever. Consequently, I would be unable to pay for medical schooling out-of-pocket.
2. The amount of educational debt that I currently possess prevents me from qualifying for any private student loans (despite a good credit score).
3. My parents are non-creditworthy and therefore are unable to cosign private student loans. Even if they were creditworthy, my debts prevent approvals.
4. It is to the best of my knowledge that, even with an EFC of 0 on the FAFSA, that federal aid would not cover all expenses (tuition, fees, room/board).
5. I do not have any extended family who are both creditworthy and willing to cosign private student loans on my behalf.
6. My immediate family does not support my academic/professional goals to begin with (they wanted me to take over the family biz that made them miserable).

Does anyone have any thoughts or insights as to how I could make this work, financially?

Gratefully,
JPS

 

[ciestar]

Federal loans got your back. Can borrow up to COA

 

[DrStephenStrange]

Unsub/subsidized loans plus Grad plus loans like everyone else does it.

 

[Raryn]

Hey All,

Prospectively, it's looking like I'll have the stats to have a great shot at getting into a DO program. However, I currently possess a great uncertainty as to whether or not I'll be able to afford medical school. Here are my ongoing financial considerations:

1. I currently live paycheck-paycheck and have no savings, whatsoever. Consequently, I would be unable to pay for medical schooling out-of-pocket.
2. The amount of educational debt that I currently possess prevents me from qualifying for any private student loans (despite a good credit score).
3. My parents are non-creditworthy and therefore are unable to cosign private student loans. Even if they were creditworthy, my debts prevent approvals.
4. It is to the best of my knowledge that, even with an EFC of 0 on the FAFSA, that federal aid would not cover all expenses (tuition, fees, room/board).
5. I do not have any extended family who are both creditworthy and willing to cosign private student loans on my behalf.
6. My immediate family does not support my academic/professional goals to begin with (they wanted me to take over the family biz that made them miserable).

Does anyone have any thoughts or insights as to how I could make this work, financially?

Gratefully,
JPS

Grad school is different than undergrad. You can take out loans to the full COA, no parents involved.

 

[Allosteopath]

Grad school is different than undergrad. You can take out loans to the full COA, no parents involved.

I may be misinformed, but I think that many private loans do this as well assuming you are a US citizen. Please correct me if I am wrong.

 

[Schwifty]

Federal loans will cover up to your full cost of attendance, so you should be fine.

 

[DrStephenStrange]

I may be misinformed, but I think that many private loans do this as well assuming you are a US citizen. Please correct me if I am wrong.

Private loans is a bad idea, but yeah, they do the same.

 

[Allosteopath]

Private loans is a bad idea, but yeah, they do the same.

Only option for newer schools.

 

[DrStephenStrange]

Only option for newer schools.

There's only like a handful of schools that require private loans right now, and I wouldn't apply to them unless they were my only options.

 

[Allosteopath]

There's only like a handful of schools that require private loans right now, and I wouldn't apply to them unless they were my only options.

Well they are the only option for some, so it may be helpful for people to know that they are not dead in the water if they only get an acceptance to one of these schools.

 

[Angus Avagadro]

Do the math before you take out more loans. I Have students in debt for 350 k for college and med school. Med school now is heading to the 300s for 4 years. If the amount of debt is doable in your mind, then borrow the money. If not, consider military, or NPHS and pay back with active duty time or underserved population work.

 

[hungrydoc710]

You can take out up to like $76K to cover tution + COL.
If you don't want to do that, do the military gig... my girlfriend is doing it and her Dad is a doctor. She just doesn't want to deal with loans.

The point is, don't not become a doctor bc of money situation at present moment.

 

[Ho0v-man]

We all doing federal loans. Doesn’t matter what your credit score or what your parents make.

Don’t join the military just called your scared of loans. WCI did a write up a couple of years back and the breakdown showed that more or less FM breaks even on military scholarships vs general loan repayment plans. Everything else essentially a loss. I suppose peds would actually be good for it. This info might not be as accurate if you’re at say ccom or azcom I guess.

Although, you live like a king on a military scholarship in school and residency compared to everyone else.

 

[Allosteopath]

Dual citizens do not have the option of taking military route unless they are willing to renounce their non-US citizenship. For any readers who may be interested.