Sticky situation with $$$

[Donvb]

I will be attending Medical school next year and my wife is going to go to two years of nursing school... This ends up being a huge financial burden, and we are going to have to take out massive loans! I am wondering if anyone here has gone through this situation, or knows of any input that would be helpful to me?

I know there are limits on the amounts of loans you can take out for professional school, and I'm worried that we may outdo those limits?? Are there any resources that I could use other than government school loans... Private loans, scholarships, etc?? Thanks for any information you can offer!

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[Krazykritter]

I will be attending Medical school next year and my wife is going to go to two years of nursing school... This ends up being a huge financial burden, and we are going to have to take out massive loans! I am wondering if anyone here has gone through this situation, or knows of any input that would be helpful to me?

I know there are limits on the amounts of loans you can take out for professional school, and I'm worried that we may outdo those limits?? Are there any resources that I could use other than government school loans... Private loans, scholarships, etc?? Thanks for any information you can offer!

The limit for the Stafford loans that you can take out is slightly over 40k per year. I don't know how expensive nursing school is, but I would image that your wife could also take out student loans to pay for this...you would then only have to worry about those loans after she is out of her grace period.

My wife is luckily working (as a teacher), but we have over 17k in loans for her college education and still are making ends meet very easily. My advice is don't worry about the money if you can. If being a physician is what you want, you will find a way to make it work. Good luck

 

[Aphelion]

Max out your federal loans.

Private loans are available as well, which will get you through.

Live like a student. Make a budget, cook at home, bring your lunch.

My wife and I both started medical school this year and we are making it through on the federal loans so far (including $125/week for childcare).

35k each for school tuition.

Since your wife will be out of school and maybe working in 2 years, you should be fine. Talk to the financial aid folks. The hardest time will be the first year since scholarship for MS1's are hard to come by and you have the most books/equipment to buy.

Good Luck,
K

 

[DrBowtie]

Look into programs with local hospitals that will pay for the nursing school in exchange for a contract to work there for x years.

Nurses are in short supply and in my area atleast 2 hospitals have this.

 

[DODO]

Look into programs with local hospitals that will pay for the nursing school in exchange for a contract to work there for x years.

Nurses are in short supply and in my area atleast 2 hospitals have this.

Good Point.

 

[SOUNDMAN]

Max out your federal loans.

Private loans are available as well, which will get you through.

Live like a student. Make a budget, cook at home, bring your lunch.

My wife and I both started medical school this year and we are making it through on the federal loans so far (including $125/week for childcare).

35k each for school tuition.

Since your wife will be out of school and maybe working in 2 years, you should be fine. Talk to the financial aid folks. The hardest time will be the first year since scholarship for MS1's are hard to come by and you have the most books/equipment to buy.

Good Luck,
K

Now if you can get approximately 40K each for school/living expenses via federal loans, and each of your tuition is 35K each, are you telling me your living on 10K a year? Take out 6K for the childcare, and you have 4K. Am I missing some unmentioned income? Or are you using private loans as well?

 

[HunterGatherer]

$125/wk in childcare...Life is good in OR!!

 

[StringBean]

My husband and I are currently both MS4's and we have made it through with only federal loans (35k/yr tuition each PLUS living and additional school expenses). No private loans needed. I'm sure you'll be fine too, especially if she is able to take our federal loans herself for her education.