Problem with finances

[AtulFarmer]

---

Members don't see this ad.

Hey guys! So hoping I could get some input on my situation. I got into a top 20 medical school, and accepted the offer. The problem is that my parents are being really difficult about tuition. They said they would help pay for it, allowing me to take out only 40K in loans, but now they're mad at me (for something completely out of my control) and are going back on what they said. Because they're physicians, I don't qualify for financial aid of any sort. I have 79K available to me in loans, (including grad plus). So I can technically pay for medical school, but I would have to max out my loans. This sort of financial situation is one that I'm completely uncomfortable with. Is it an option for me to decline my acceptance at this school and reapply in the coming year to go to a cheap in state school? I applied this year, got in but chose the top 20 over my state school. It would be roughly 13K cheaper in tuition and much cheaper with regards to living expenses. I might even be able to get a scholarship in state. I know people tell you not to decline and reapply but nearly 320K of loans is really staggering. $160K was manageable. Please help!

 

[gyngyn]

Hey guys! So hoping I could get some input on my situation. I got into a top 20 medical school, and accepted the offer. The problem is that my parents are being really difficult about tuition. They said they would help pay for it, allowing me to take out only 40K in loans, but now they're mad at me (for something completely out of my control) and are going back on what they said. Because they're physicians, I don't qualify for financial aid of any sort. I have 79K available to me in loans, (including grad plus). So I can technically pay for medical school, but I would have to max out my loans. This sort of financial situation is one that I'm completely uncomfortable with. Is it an option for me to decline my acceptance at this school and reapply in the coming year to go to a cheap in state school? I applied this year, got in but chose the top 20 over my state school. It would be roughly 13K cheaper in tuition and much cheaper with regards to living expenses. I might even be able to get a scholarship in state. I know people tell you not to decline and reapply but nearly 320K of loans is really staggering. $160K was manageable. Please help!

Take the loans.

 

[Time Table]

If you knew that you couldn't afford the Top 20, but you could afford the state school, why would you accept the top 20? I don't understand the thought process that people go through when they think about accepting a school. Do they just forget about reality and finances and go straight to their dreams? Anyways, gyngyn is right, take the loans and finish school, you'll be able to pay it back later.

 

[AtulFarmer]

If you knew that you couldn't afford the Top 20, but you could afford the state school, why would you accept the top 20? I don't understand the thought process that people go through when they think about accepting a school. Do they just forget about reality and finances and go straight to their dreams? Anyways, gyngyn is right, take the loans and finish school, you'll be able to pay it back later.

Believe me -- I did not forget about reality. I went to my state school during undergrad on a full scholarship. At the time, I could afford it. My parents had the means and were willing to give me 39K/year...So I made this decision based on that information.

 

[DarknightX]

It's July, you got an acceptance that quickly?

Didn't the application process just start or has it changed that much since I applied for medical school?

 

[AtulFarmer]

It's July, you got an acceptance that quickly?

Didn't the application process just start or has it changed that much since I applied for medical school?

No, this is an acceptance from last cycle. I'm starting school in two weeks.

 

[snowys435]

Hey guys! So hoping I could get some input on my situation. I got into a top 20 medical school, and accepted the offer. The problem is that my parents are being really difficult about tuition. They said they would help pay for it, allowing me to take out only 40K in loans, but now they're mad at me (for something completely out of my control) and are going back on what they said. Because they're physicians, I don't qualify for financial aid of any sort. I have 79K available to me in loans, (including grad plus). So I can technically pay for medical school, but I would have to max out my loans. This sort of financial situation is one that I'm completely uncomfortable with. Is it an option for me to decline my acceptance at this school and reapply in the coming year to go to a cheap in state school? I applied this year, got in but chose the top 20 over my state school. It would be roughly 13K cheaper in tuition and much cheaper with regards to living expenses. I might even be able to get a scholarship in state. I know people tell you not to decline and reapply but nearly 320K of loans is really staggering. $160K was manageable. Please help!

why are they declining now if you don't mind me asking? It may be something that will just blow over. I think parents love their children too much to screw them over. They can't be that mad unless its something really serious like idk you got arrested or something ( or some other crazy hypothetical)

 

[DarknightX]

No, this is an acceptance from last cycle. I'm starting school in two weeks.

It's your life, bro. If you really want to go that badly and become a physician, take out the loans and tell your parents to go F themselves.

Plenty of people don't have the good fortune of having their parents help them anyway.

 

[FutureOncologist]

Even better. Defer your acceptance and work. While working apply for the Army, Navy, or Air Force to pay for medical school. When you're done with residency and hate the military life, then go on somewhere else. No loans AND free health care!

 

[kyamh]

Take the loans, start school. Work you ass off to suck up to your parents, and research scholarships and grants you may be able to apply for. Does your undergrad offer graduate fellowships? Get a part time job like tutoring or babysitting....I know two MS1s who bartend.

 

[AtulFarmer]

why are they declining now if you don't mind me asking? It may be something that will just blow over. I think parents love their children too much to screw them over. They can't be that mad unless its something really serious like idk you got arrested or something ( or some other crazy hypothetical)

It's not serious. At all. It's a very specific situation that I'd rather not disclose, but it involves money. They might still come around, but the problem is that I have to accept my loans soon. Either I accept 40K or 79K.

 

[AtulFarmer]

Take the loans, start school. Work you ass off to suck up to your parents, and research scholarships and grants you may be able to apply for. Does your undergrad offer graduate fellowships? Get a part time job like tutoring or babysitting....I know two MS1s who bartend.

Noted. Thanks! I didn't think it was possible to work in med school.

 

[deleted480308]

Take the full loans, keep trying to make up with your parents (and not for the money, but because family is important), and if you can live cheap/save and not need all the money you can take less next year

 

[hoihaie]

Take the loans. If you parents come around, you can pay off those loans without any interest. It will be so much harder to get in med school next cycle if you decline one right now.

 

[DarknightX]

It's not serious. At all. It's a very specific situation that I'd rather not disclose, but it involves money. They might still come around, but the problem is that I have to accept my loans soon. Either I accept 40K or 79K.

Working in medical school is generally a very bad idea. I don't know how that's even possible unless you're really smart

Noted. Thanks! I didn't think it was possible to work in med school.

I definitely would not work starting out in medical school. Some people can handle it, but those people are rare.

Take out the loans, man up, and be your own man. Yeah you'll run some debt, but you'll be a self made man.

 

[Monika12]

-