The $ Question

[Jennet]

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((Note: I also posted this in the Goucher vs. BM thread))

I'm applying to Goucher, UPenn, Scripps, Mills, and Bryn Mawr. Think extra 25-50k. I would appreciate an answer for anyone attending a pricey post bacc program.

How are you paying for the program? Are student loans enough to REALLY cover the cost of attendance and all expenses? Cheap apartment? Bills? Tuition? I've no other form of income and my family most definetly does not have the money to support me in a fancy pants private school. I say this with the utmost respect.

I suppose this is a hard concept for me to grasp since I've never been unemployed. I certainly can live like a student though

 

[NewmansOwn]

I also received no help from my parents for postbac tuition, and I'm on my own now in medical school, as well.

Some people are more debt-adverse than others, but loans are an investment. Med school loans are a particularly good investment because they are almost guaranteed to pay back a respectable dividend.

It's absolutely possible to live on student loans. Take out the max Stafford -- hopefully you'll get the max subsidized amount. You'll likely need some private loans beyond that. The interest rate here won't be fantastic, but usually your state offers something acceptable. Once you're in med school, you can borrow a lot more from the government -- I didn't take out any private loans for first year, as I was eligible for Perkins loans.

 

[EJS1979]

Jennet -- the money aspect is definitely tough, but if you plan ahead it's not too terrible. I took out the maximum in federal and private loans and had a few thousand saved up before I came. (I'm not receiving any parental help.) The biggest problem I'm having is that my private loan company -- Sallie Mae -- is making me make interest payments while I'm in school, which was unexpected and very difficult ($250 a month that I hadn't put in my budget), so I would definitely do my homework on the loan companies if I were you.

The cost of the postbacc program is just a drop in the bucket when you look at med school costs as a whole. I'm at Goucher now and am very happy with my decision.

Good luck, and feel free to ask any questions that might come up (though I don't check this that often).