only freak out about the loans if you are not absolutely sure medicine is what you want to do or you are have some reason to believe you might not make it through unscathed (80-85% probably do make it though unscathed) I can tell you that if you are an average resident in an average primary care program in an average state and make it through medical school and residency with no major black marks, you should easily land a 45-50 hour week job in a major metro area which can pay that 300K mark off in 4-5 years, about 3 years if you are willing do urgent care or hospital work. If you are intent on practicing on either coast that may affect things. After that you will have earnings potential in the top 2% of the population, even if reimbursents don't rise much you will be fine. If you just love medicine on the other hand, and don't want all the downside risk and debt, go PA all the way.
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Really freaked out about loans...
Started by Lolo1982
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not so worried about total debt as it will be manageable...biggest concern is I am a non-trad coming from making good money now, with an income that will need to be somewhat replaced while in school. Even if I borrow up to the maximum "total educational cost" for the school I am attending, this will still leave me short of monthly living expenses (kids and a mortgage).
I am not as worried abotu paying it off when I am done, I am wondering if i can borrow more than the max so my family does not have to suffer??
Any thoughts?
I am not as worried abotu paying it off when I am done, I am wondering if i can borrow more than the max so my family does not have to suffer??
Any thoughts?
If you try to borrow more than the max allowed you would have to go with private banks for this. They usually charge much more for the interest rates. Other Non-Trad has to use their life savings to finance their education and family. You are looking at a very long and harsh road financially. :/
Most of the Cost of Attendance(COA) figures I've seen are overestimated anywhere from 5-15k. You'll get a good chunk of the COA covered by gov't loans. The rest of the COA can be taken out through GradPlus loans. If you must take out more than the estimated COA from your school, you will probably have to look at private loans.
That being said, it won't be tough to find a bank willing throw money at a medical student. They know you're good for the money. I don't think exceeding the COA will be a big issue at all for you. You stated that you're not worried about the accumulated debt so I'd say you'll easily prevent any suffering!
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Totally true. As stated he's making more than most of us undergrads/grads, so I'd imagine he'll get less. Good point.
Great points and thank to all who replied.....I have heard it both ways, so I will just have to wait and see.
At my interview, the financial aid people stated that I should wait until January to fill out the new FAFSA....Should I wait or fill it out now?
At my interview, the financial aid people stated that I should wait until January to fill out the new FAFSA....Should I wait or fill it out now?
The COA doesn't change (I know this because I have two kids and am living on student loans right now), but what does change is the expected family contribution. In calculating the EFC, the govt is VERY generous when kids are involved. For example, currently my COA is $40k, $15k is paid as a scholarship, and I have a $24k assistanship, but my EFC is pitifully low and I can still borrow more than $10k a year in federal loans.
It's not available until January.
Have you assessed whether your future husbands' income will adversely affect your financial aid package?
Oh, sorry to thread jack but I got a simple question.
If you file a FAFSA, will they ask for your parents tax info also?
Are we not considered independents regardless of age due to the fact that we will be going to medical school and should be able to pay off our debts based on future income?
My parents keep telling me they will pay for my education, but I keep telling them that I don't want their money because I don't want to live by their rules, traditions, and customs.
If you file a FAFSA, will they ask for your parents tax info also?
Are we not considered independents regardless of age due to the fact that we will be going to medical school and should be able to pay off our debts based on future income?
My parents keep telling me they will pay for my education, but I keep telling them that I don't want their money because I don't want to live by their rules, traditions, and customs.
