what kind of financial aid?

[Sully21]

So I've been looking through the MSAR and it seems like for a lot of schools the percentage of student receiving financial aid is at or upwards of 90%. Does this percentage (i'm guessing it does) include those receiving only government loans?

Beyond loans do most students (or what percent, or what parental income level) get grants or anything to actually lower the cost of medical school? Would there be a big difference in the amount of financial aid received when comparing going to a state school for 45k/year and going to a private or OOS school for 65k/year?

 

[da8s0859q]

So I've been looking through the MSAR and it seems like for a lot of schools the percentage of student receiving financial aid is at or upwards of 90%. Does this percentage (i'm guessing it does) include those receiving only government loans?

Beyond loans do most students (or what percent, or what parental income level) get grants or anything to actually lower the cost of medical school? Would there be a big difference in the amount of financial aid received when comparing going to a state school for 45k/year and going to a private or OOS school for 65k/year?

Unsure as to whether the MSAR statistics include private loans.

As far as grants/scholarships, my understanding is that the former is pretty rare, and the latter does happen from time to time; several people have posted here on SDN about receiving scholarship offers shortly following tendering of an offer of acceptance.

And whether it's a big difference regarding state vs. private/OOS and loan packages, I'm not entirely sure -- though I will say that conventional wisdom is that if you get into med school, you'll always be able to find a way to fund your training. I know only that my school, with its >$30,000 CoA per academic year, puts together a Stafford subsidized/unsubsidized loan package for us which covers everything in their estimation.

 

[mvenus929]

The 10% or less that aren't quoted in the MSAR are likely those on a scholarship program such as the Navy or Air Force or Army scholars, who get up to like $80,000 to pay tuition and fees. Also, those who can simply afford it out of pocket.

 

[StPlayrXtreme]

Top private med schools with large endowments actually provide good need-based financial aid.

Some schools are based on a "Unit Loan" system. You file FAFSA, and it tells you your expected family contribution (the formula is different for grad school, they don't expect your parents to pay much for grad school compared to grad school...mine was $0). They have a set amount of loan you have to take out...say $28,000, called the unit loan.

[Total Student Budget] - ["Unit Loan"] - [Family Contribution] = Scholarship

So if you have financial need, it works out ok even if the sticker price is really expensive. In some cases it's actually cheaper to go to a private school instead of your state school.

I know that all the private schools in NYC generally have good financial aid as long as your family income isn't really high. I've heard Rochester is also good.

Most private med schools don't have the resources to give lots of aid....like my financial aid from Albany and NYMC was all loan.

Hope this helps!

 

[Schemp]

Top private med schools with large endowments actually provide good need-based financial aid.

Some schools are based on a "Unit Loan" system. You file FAFSA, and it tells you your expected family contribution (the formula is different for grad school, they don't expect your parents to pay much for grad school compared to grad school...mine was $0). They have a set amount of loan you have to take out...say $28,000, called the unit loan.

[Total Student Budget] - ["Unit Loan"] - [Family Contribution] = Scholarship

So if you have financial need, it works out ok even if the sticker price is really expensive. In some cases it's actually cheaper to go to a private school instead of your state school.

I know that all the private schools in NYC generally have good financial aid as long as your family income isn't really high. I've heard Rochester is also good.

Most private med schools don't have the resources to give lots of aid....like my financial aid from Albany and NYMC was all loan.

Hope this helps!

I may be better off asking this in a new thread, but I'll try here first:

Is there an age at which your parent's income is no longer relevant? I'm 24, and for the FAFSA for undergrad I no longer have to list my parent's income - it's completely based on my own income now.

However, when I signed up for the MCAT I tried to get the Fee Assistance Program cost reduction and was denied because my parent's income is too high (even though they aren't helping me pay for anything). I emailed them several times and basically they said that it doesn't matter how old you are, they always require your parent's income and use it in their calculations.

So, is need-based financial aid at medical school more like the undergraduate system, or the Fee Assistance Program? Or does it depend on the school, either option being possible depending where you go?