Question regarding loans in medschool

[jillzhou]

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I'm only entering my second year at a private top 20 university and I must admit it's getting very expensive. Knowing that medschool will be expensive, will I be able to take loans under my name, or need to take them under my parent's name? I was told that I would need my own income in order to get loans for grad/med school under my name, is this true?

 

[MrBird]

.....you didn't know private schools would be frighteningly expensive?

You will be able to take out loans in your name in med school. Though, I would advise that going to a private med school in the future will also scare the shizznuts out of you.

 

[Hoya2009]

Yes, it it expensive. But for people who graduate medical school and place into a residency there is almost 0% unemployment, so you'll pay it off.

 

[cer26]

You don't have to have income in med school...however, you still have to put your parent's financial info (tax forms, W2) regardless of whether you are independent from them or not (ex: you are 30, married w/ kids...for loans, you still need for parent's info...)

 

[NickNaylor]

Yes, it it expensive. But for people who graduate medical school and place into a residency there is almost 0% unemployment, so you'll pay it off.

While true, that doesn't make going $300-400k in debt a good or smart decision.

 

[Hoya2009]

You don't have to have income in med school...however, you still have to put your parent's financial info (tax forms, W2) regardless of whether you are independent from them or not (ex: you are 30, married w/ kids...for loans, you still need for parent's info...)

That is 100% not true. Not even a little bit. Bad.
The federal government (if it exists in two weeks 🙁 ) will loan a medical student a bunch of money just for being a medical student, income of parents unknown.

While true, that doesn't make going $300-400k in debt a good or smart decision.

Agreed 100% Caveat Emptor. OP, Try to find a public school to take you, or one that gives generous fin aid. gl

 

[Mithril]

Yes, it it expensive. But for people who graduate medical school and place into a residency there is almost 0% unemployment, so you'll pay it off.

There's also almost 0% employment regardless of what med school you graduate from in the States and other schools may potentially be cheaper as well.

 

[sustentacular]

You don't have to have income in med school...however, you still have to put your parent's financial info (tax forms, W2) regardless of whether you are independent from them or not (ex: you are 30, married w/ kids...for loans, you still need for parent's info...)

Parent info is not required for the FAFSA. Some schools (maybe most/all?) require you to input your parents info if you want to be considered for need based scholarships.

 

[cer26]

Yeah, my school requires parent's financial info

 

[Andersen]

http://forums.studentdoctor.net/showthread.php?t=839080
http://forums.studentdoctor.net/showthread.php?t=840163
Check these links out. It may potentially help you with your decisions. I wish you the very best.

 

[Hoya2009]

Yeah, my school requires parent's financial info

But, you can receive FAFSA loans with no parent info without issue. If OP (or you) wants to apply for school aid, that's a whole different ballgame, but parent info is not needed for financial aid.

 

[pancakesyrup]

While true, that doesn't make going $300-400k in debt a good or smart decision.

Not unless you truly love medicine and can hardly imagine a different career, or are lucky enough to match into derm, ortho, neurosurgery, cardiology, ENT, or radiology.

 

[jillzhou]

Thanks for the replies, but does this apply for private loans as well? I don't plan to take out private loans undergrad, but I'm pretty sure I will have to for grad/medschool..

 

[Andersen]

Thanks for the replies, but does this apply for private loans as well? I don't plan to take out private loans undergrad, but I'm pretty sure I will have to for grad/medschool..

You are welcome! I'm glad I was able to assist you and broaden your knowledge. Good luck!

 

[Andersen]

Just make sure you use the search function next time. As you can see, I was able to find two threads that was quite relevant to your question in a relatively quick manner. Many people in SDN are somewhat bitter about people asking questions.

 

[Bacchus]

But, you can receive FAFSA loans with no parent info without issue. If OP (or you) wants to apply for school aid, that's a whole different ballgame, but parent info is not needed for financial aid.

Correct. I have to submit my parent's tax return if I want to be considered for FA, but I never enter it into my FAFSA.