medschool2016

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I know the big one is the national health services corp program, but are there any other major ones out there to help pay for medical school?

What have current med students done?
 

NontradCA

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There's merit ones but very few and far between. Ivy leagues have a lot of financial based ones as well.
 

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Are you URM? There are a good number for URMs, especially if you're religious (churches offer these sorts of things, I know of a student who got a few grand to help pay for school).

Also, if you are/were in a frat/sorority, it's common for them to offer scholarships.

Any way you look at it, unless you have lined pockets get ready to buddy-up with your new pals Stafford, Perkins and GradPLUS.
 
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TheWeeIceMan

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Military is another big source of full scholarships.
 
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medschool2016

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All good points, I will investigate! For current med students, how good are you federal financial aid packages? Are they evaluated the same way as they were in college?
 

NickNaylor

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All good points, I will investigate! For current med students, how good are you federal financial aid packages? Are they evaluated the same way as they were in college?
No. In short, it is more advantageous now as a future graduate student than it was in undergrad. Parental income is no longer relevant for federal aid. This info is also available on SDN by searching as it has been discussed quite often.
 
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No. In short, it is more advantageous now as a future graduate student than it was in undergrad. Parental income is no longer relevant for federal aid. This info is also available on SDN by searching as it has been discussed quite often.
Is this true? I believe most schools have requested we provide parental income data for family contribution
 

NickNaylor

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Is this true? I believe most schools have requested we provide parental income data for family contribution
Yes, SCHOOLS do, however that is for evaluation for institutional aid. As a graduate student, you are entitled to federal aid without providing parental income information.

As an example, at my institution you are not required to provide parental income, but you will not be considered for institutional aid (scholarships, low-/no-interest loans, etc.) if you choose to withhold that information. However, I would still qualify for any federal loan programs up to the lending limits prescribed by the DOE.
 
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Dbate

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I got a scholarship from Texas Tech med school. I haven't recieved the official letter yet, just the notification that I was awarded it. In past years, it amounted to 15K a year, which is about full tuition.

Two of my friends got 34K (over four years) from Baylor. One of them also got 10K/year to UTSW and UTMB each. She had beastly numbers though. ChemE at UT Austin with a 3.95 GPA and 38 MCAT. So it is fairly hard to get money.
 
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medschool2016

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Oh congrats!! I hope I can get scholarships from my schools...anything would help.

My understanding is that grad students can get ~45K of financial aid where as the cap for undergrads was ~15K. I heard this a long time ago when talking to a financial dean so don't quote me on the numbers.

So if you only submit your own financial information, would most grad students get a lot of federal aid? Unless you have a trust fund, I don't see how a 20something could have a lot of money
 

mcloaf

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You won't have any problems getting adequate federal "financial aid" as a medical student. This aid is in the form of high interest grad student loans. Get excited.
 

rain4venus

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Oh congrats!! I hope I can get scholarships from my schools...anything would help.

My understanding is that grad students can get ~45K of financial aid where as the cap for undergrads was ~15K. I heard this a long time ago when talking to a financial dean so don't quote me on the numbers.

So if you only submit your own financial information, would most grad students get a lot of federal aid? Unless you have a trust fund, I don't see how a 20something could have a lot of money
Remember that "aid" in this case means loans, not scholarships. I don't know what the borrowing limits are for Stafford loans, but as I understand it, you will be able to borrow as much as you want - up to the cost of attendance of your school - in a variety of loan types (as Pasmal discussed above) regardless of your financial situation or that of your parents (unless your credit is completely screwed up)

ETA: So basically, if you don't get any help from your school, a billionaire will be given the exact same amount and type of aid as someone who has lived on food stamps for their whole life.
 

gettheleadout

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Narmerguy

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Some schools (ranked 35-50) are quite generous in terms of awarding merit scholarships. I assume that top schools (e.g. Duke) give ample need-based aid given their large endowments. I suggest that you submit your FAFSA app in Jan and wait for the financial aid awards from schools before making a decision regarding matriculation.
 
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rain4venus

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Some schools (ranked 35-50) are quite generous in terms of awarding merit scholarships. I assume that top schools (e.g. Duke) give ample need-based aid given their large endowments. I suggest that you submit your FAFSA app in Jan and wait for the financial aid awards from schools before making a decision regarding matriculation.
but you do need to supply parental information as well for such scholarships
 

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Well, you kind of have to give them your soul for a few years to pay them back.
You have to serve in the military as a military physician for a couple years after residency. You're not signing a deal with the devil. It's a job in which you might have to risk your life at some point (although unlikely as a doc), not really different than working as a police officer, just more travelling.

If you'd like to actually know what serving in the military is like and not judge it by what you see in the movies then you might try asking some of your colleagues on SDN.
 

Narmerguy

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You have to serve in the military as a military physician for a couple years after residency. You're not signing a deal with the devil. It's a job in which you might have to risk your life at some point (although unlikely as a doc), not really different than working as a police officer, just more travelling.

If you'd like to actually know what serving in the military is like and not judge it by what you see in the movies then you might try asking some of your colleagues on SDN.
Not sure if I have to say this, but my comment was tongue and cheek. However, given your response, as as someone who considered this option seriously, do not understate the commitment and the lifestyle change accompanied with serving in the military under this program. It is not an option that is well suited for people who just want to get a free medical education, it is suited for people who want to get a medical education and are interested in serving the military and all that comes with it.
 

touchpause13

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Hmmmm do I still have to provide parent income even tho I'm married???
 

NickNaylor

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Hmmmm do I still have to provide parent income even tho I'm married???
For most schools, yes. Again, that's only if you want to be considered for institutional aid. FAFSA doesn't require that you provide this information for DOE loan eligibility.
 
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touchpause13

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For most schools, yes. Again, that's only if you want to be considered for institutional aid. FAFSA doesn't require that you provide this information for DOE loan eligibility.
Well that's kinda dumb
 

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Remember that "aid" in this case means loans, not scholarships. I don't know what the borrowing limits are for Stafford loans, but as I understand it, you will be able to borrow as much as you want - up to the cost of attendance of your school - in a variety of loan types (as Pasmal discussed above) regardless of your financial situation or that of your parents (unless your credit is completely screwed up)

ETA: So basically, if you don't get any help from your school, a billionaire will be given the exact same amount and type of aid as someone who has lived on food stamps for their whole life.
Perkins and Stafford loans are capped at 45k with a 5.5% interest rate regardless of cost of attendance. GradPLUS loans can pay the rest but your interest rate is nearly 8%.

Oh btw interest accrues from day one. Imagine 7-11 years of accrued interest on your 200-300 thousand dollar loan.

And remember, you can't default on student loans. You better be damn sure that you want to be a doctor before going to med school.
 
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TheWeeIceMan

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Well, you kind of have to give them your soul for a few years to pay them back.
Yeah, personally, I don't have it in me to give up that much control over my life. I wasn't suggesting that OP should go military, just thought he/she was looking for every possible scholarship option.
 

rain4venus

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Perkins and Stafford loans are capped at 45k with a 5.5% interest rate regardless of cost of attendance. GradPLUS loans can pay the rest but your interest rate is nearly 8%.
Is it 45k total or per year? I feel like I've heard it described ambiguously many times in the past.
 
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medschool2016

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hm yea I am a little worried because I work in finance now and make a lot of money, and that shows on my taxes. However, I am clearly not going to have the same income when I start school
 

xffan624

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Not sure if I have to say this, but my comment was tongue and cheek. However, given your response, as as someone who considered this option seriously, do not understate the commitment and the lifestyle change accompanied with serving in the military under this program. It is not an option that is well suited for people who just want to get a free medical education, it is suited for people who want to get a medical education and are interested in serving the military and all that comes with it.
I just think the downsides of the military are overemphasized on this site (which is ironic considering its founder was military physician), which your comment seemed to confirm. There are a lot of benefits (and not just a free medical education) and opportunities. It's not for everybody, of course, but you don't have be a superstar athlete or have an extensive military background to thrive or enjoy it. Debt sucks and making thousands of dollars in payments for many years gives up some control over your life that I think is under-emphasized.
 
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hm yea I am a little worried because I work in finance now and make a lot of money, and that shows on my taxes. However, I am clearly not going to have the same income when I start school
Once you are accepted, schools will typically have you fill out an incredibly comprehensive financial aid application that will dig into your finances. They aren't just going to look at your current income and extrapolate. They will, however, look at your parental income, how many siblings you have going to college, how much you made when you were working, how much you have in the bank etc etc. Thus, if you hypothetically worked in finance in NY (or another expensive city), they will get the full picture of how much you made, how much went to rent / living expenses, and how much you have saved up etc. The amount of financial aid and the threshold for demonstrated need can vary significantly between schools. My school has been fantastic with financial aid.
 

Narmerguy

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I just think the downsides of the military are overemphasized on this site (which is ironic considering its founder was military physician), which your comment seemed to confirm. There are a lot of benefits (and not just a free medical education) and opportunities. It's not for everybody, of course, but you don't have be a superstar athlete or have an extensive military background to thrive or enjoy it. Debt sucks and making thousands of dollars in payments for many years gives up some control over your life that I think is under-emphasized.
I agree that a lot of people overplay the downsides. I didn't actually mean to say that these were downsides at all. For the right people, these are perfectly reasonable commitments. I was mostly making a joke about the extensive commitment involved, but also want people to be clear that this shouldn't be explored unless you actually have an interest in serving the military.
 
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medschool2016

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Once you are accepted, schools will typically have you fill out an incredibly comprehensive financial aid application that will dig into your finances. They aren't just going to look at your current income and extrapolate. They will, however, look at your parental income, how many siblings you have going to college, how much you made when you were working, how much you have in the bank etc etc. Thus, if you hypothetically worked in finance in NY (or another expensive city), they will get the full picture of how much you made, how much went to rent / living expenses, and how much you have saved up etc. The amount of financial aid and the threshold for demonstrated need can vary significantly between schools. My school has been fantastic with financial aid.
Oh great! Thanks for that!!
 

gettheleadout

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You have to serve in the military as a military physician for a couple years after residency. You're not signing a deal with the devil. It's a job in which you might have to risk your life at some point (although unlikely as a doc), not really different than working as a police officer, just more travelling.
If you'd like to actually know what serving in the military is like and not judge it by what you see in the movies then you might try asking some of your colleagues on SDN.
"After residency" which likely occurred after multiple years of GMO touring post-med school, oh and you have to ask politely for permission to do a civilian residency, oh and you give up some degree of choice in your residency field, etc... Terrible idea. Take out med school loans, enter residency, then do FAP if you already know you want a milmed career.
I just think the downsides of the military are overemphasized on this site (which is ironic considering its founder was military physician), which your comment seemed to confirm. There are a lot of benefits (and not just a free medical education) and opportunities. It's not for everybody, of course, but you don't have be a superstar athlete or have an extensive military background to thrive or enjoy it. Debt sucks and making thousands of dollars in payments for many years gives up some control over your life that I think is under-emphasized.
Lee IS a military physician.