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What's the biggest loan you've ever heard of someone taking for 1 year?

Discussion in 'Medical Students - MD' started by MediCynical, Aug 3, 2011.

  1. MediCynical

    MediCynical Custom User Title
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    I know of a guy (non-resident at his school) who just took $83,000 for his first year :eek:

    BTW this guy is not me, thankfully
     
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  3. xrevision

    xrevision Senior Procrastinator
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    A lot of my friends who are us citizens take out loans in that ballpark for dental school
     
  4. startswithb

    startswithb Future Urologist
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    Friend taking out 100k for just first year at Midwestern dental school in Downers Grove IL. It's also their first year of operation. WHY so much???
     
  5. SMCmedicine

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    Wow! 100k, that's wild. I got a friend who is going to Georgetown and the tuition there is outrageous. I think it's around 70k.

    I'm lucky to have in-state tuition. Still my med school is in a wealthy part of california, so I have a really high cost of living. Had to take out the same amount as my yearly tuition for living expenses. :(
     
  6. eagles22

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    They need to support like a dozen programs over 2 campuses. And because people (who are usually less competitive) are willing to pay that much so they can be a dr, dmd, pharmd, etc.
     
  7. robu058

    robu058 Proud NHSC Scholar
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    Here at Drexel, our loans' average are around 75K/year! I just take that for the second straight year!
     
  8. Sheldor

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    At UIUC as an out of state I would have had to take near 100k for the last three years of the program. Fortunately I ended up elsewhere!
     
  9. voidlogin

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    Are you guys talking about just tuition or the max amount someone can take out? They are very different amounts, as some people take out massive loans for their families, buy cars, down payment for house etc. There will always be idiots who take out loans at 8% then buy a car.
     
  10. PinkIvy08

    PinkIvy08 Lady Boss
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    Doing a MD/MPH program in 4 years... 1st year loans were definitely >$100,000. Granted, I took over 3/4 of the coursework for the MPH degree, but still...not the easiest number to swallow. At this point, the numbers don't even matter...it's like monopoly money
     
  11. Elbowstoopointy

    Elbowstoopointy U aware?

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    78,000- friend in NYC

    If you crunch the numbers and factor in interest...his total debt will be about tree fiddy

    [​IMG]
     
  12. SoundofSilver

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    Very depressing thread. No one should ever have to pay those amounts to attend school. Some of these people may literally be in debt for the rest of their lives.
     
  13. Elbowstoopointy

    Elbowstoopointy U aware?

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    Ask the average person and they'll be like "DERP doctors are so rich and live the good life...its no fair!!!" Makes me RAGE
     
  14. makshim

    makshim New Member
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    that's a lot of cell-tech
     
  15. willen101383

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    I took 81k last year...80 this year. In philadelphia, semi non trad, homeowner 1950/mo mortgage, large car loan/large car ins.

    Nothing from undergrad or graduate school so I am alright for now. Hopefully my fiance gets a salary bump up weve been waiting for for 6 months now, so that I can give back some of that loan money.
     
  16. ICanDoAllThings

    ICanDoAllThings Kansas City Chiefs!!!
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    I was under the impression that there is a set amount at which you can borrow for each year. Say Cost of Attendance is 55,000, are you allowed to take more than that or is it pretty much set at what the school designates as COA?
     
  17. Sheldor

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    Hey Willen, how were you able to take out so much? Is that above and beyond the cost of living?
     
  18. jam3rz

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    you guys are making me feel great about the 40K i took out this year
     
  19. LaFleur

    LaFleur All flavor. No bite.
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    Dental schools in general are more expensive than their medical school counterparts, as far as I am aware. I always thought that this was the case as a generality because dental schools need to support the clinics where their students will be learning/working on patients, whereas medical students rotate at hospitals that don't need to be completely supported by the school. I might be wrong in my thinking, but that was what came to mind for me.
     
  20. mrwesticles

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    A friend of a friend took out an extra 50K a semester just for "lifestyle enhancements." I think their justification was that they were going to be a hotshot, so they should start living like one.

    Yeah, and never be able to retire.
     
  21. willen101383

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    Its a huge pain in the ass. Basically what I need to do is fill out a form with all my expenses broken down...bills to back that up...and I need to bring it to financial aid and they approve it. Essentially what I do is find the most expensive bill from recent history and set it at that.

    I would rather have TOO much money than not enough and have to deal with financial aid mid quarter when im busy. Can always give it back. You need to be creative with the system if you are in my situation. My mortgage is 19XX a month...but I own the home with my fiance and she pays half (school doesnt know this). So that leaves me with 850 extra a month to cover my car loan/car insurance+ a little extra on the side (since for those of you who dont know car loans are NOT coverable when it comes to student loans). 490 a month is a lot to come up with for a car loan your school/the system pretends doesnt exist.
     
  22. littlealex

    littlealex little tiny alex
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    You guys realize a lot of dental school costs 80k a year right?
     
  23. bomgd3

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    Why not sell the car and home until you can afford them? That sounds like it's going to be horrible to repay @ 7-8%. Your loans will roughly have doubled before you can even BEGIN to repay them significantly.

    The out-of-staters at my school who opted for the maximum living loans took out somewhere around $83k. I took out $8.5k last year \m/ (savings + parents' 529)
     
  24. DrBowtie

    DrBowtie Final Countdown
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    I fear for some of these people in this thread. Being shackled with debt forever.
     
  25. p30doc

    p30doc Ever true and unwavering
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    Hey if everything collapses and we get run away inflation then that 300k loan might be the same as the future price of a 6 pack of beer. Then we will have the last laugh. ;)
     
  26. Suncrusher

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    OOS COA at my school is 84k. I'm OOS... :cry:
     
  27. S6MD

    S6MD Aaahh!!! Real Monsters
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    [​IMG][​IMG]
    [​IMG]
     
    #26 S6MD, Aug 14, 2011
    Last edited: Aug 14, 2011
  28. ToasterThief

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    Suddenly SDN makes a whole lot more sense to me.
     
  29. Carbon inc

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    I feel your pain...and getting IS is highly unlikely
     
  30. FunnyCurrent

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    Really? How? You cannot get education loans beyond the COA determined by your medical school's office of financial aid. For example, wells fargo offers loans for medical students however the COA must be verified by the financial aid office.

    I thought of trying to get more loans because I wanted to get a place on the beach but could not find a way to secure additional educational loans without going through the financial aid office. Please explain how additional loans are possible?

    :D
     
  31. MediCynical

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    For my SMP I used government loans + took out a MEDCAP student loan through Wells Fargo... it's a loan only for health professions students and the amount was up to me, not based on my COA. I'm sure there are plenty of loan options out there to get additional $$$, the only question is why would you want to have to pay that much more back
     
  32. bomgd3

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    Does the MEDCAP loan work out to be cheaper than a Stafford loan?
     
  33. Suncrusher

    Suncrusher ☣ ☣ ☣ ☣ ☣
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    I listened to them talk about the shortage of primary care physicians and I laughed on the inside. The instaters can go that route.
     
  34. FunnyCurrent

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    :eek: GRRRRRR are you serious? FRACK!!! I just accepted my schools financial aid award. They haven't disbursed yet so I suppose I can change my mind on it
     
    #33 FunnyCurrent, Aug 14, 2011
    Last edited: Aug 14, 2011
  35. FunnyCurrent

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    Wondering this too. It's variable does that make it risky. For example, for today the highest maximum interest is less than the fixed rate of 7.9% for gradplus.

    MEDICYNicAL, are you currently using MEDCAP over federal loans?
     
    #34 FunnyCurrent, Aug 14, 2011
    Last edited: Aug 14, 2011
  36. FunnyCurrent

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    Okay so let me get this straight because I just can't believe it. You could have leased one of these:

    [​IMG]

    Okay obviously I would not lease a ferrari but an extra 10k each year even an extra 5k would go a long way towards making life way better!!!!!! An extra 2k would be fine

    Whimpers... [YOUTUBE]sZrgxHvNNUc[/YOUTUBE]

    Edit: Wait just a second: This is what the wellfargo says:

    "The funds go to your school Your financial aid officer will certify the loan amount you are eligible for. In most cases, we send the funds directly to your school (typically twice a year).

    You can use any money left over after paying tuition for your other education-related expenses."

    https://www.wellsfargo.com/student/loans/professional/medschoolloan
     
    #35 FunnyCurrent, Aug 14, 2011
    Last edited: Aug 14, 2011
  37. MediCynical

    MediCynical Custom User Title
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    I'm currently using government loans for med school, as the interest rate on the MEDCAP is higher and no portion is subsidized.

    In regards to the above conditions, I had no idea. My MEDCAP loan money was disbursed with my federal loan money, but I don't recall it being limited based upon the COA. Sorry if I got you guys all excited lol. Regardless, if you really want extra loans you'll find some (not that I think taking on more debt is a good idea... also keep in mind the interest rate isn't going to be what government loans are)
     
  38. rentedmule

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    :thumbup:

    I'm pretty sure that when I finalize everything my total loans for this year should be a lot less than 40k. Being OOS must suck.
     
  39. FunnyCurrent

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    Well that's good to know since I got my disbursement today so I probably can't go back and get MEDCAP anyways. Well it was a nice idea.
     
  40. SouthSideSteve

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    aware
     
  41. Morsetlis

    Morsetlis I wish I were a dentist
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    The numbers don't matter because you never SEE the money. All you see are your refund checks :cool:
     
  42. willen101383

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    I wont sell my home that would be a HORRIBLE financial/personal move in my situation. I refuse to rent ever again unless there are very compelling circumstances. I think its actually the best move weve made. The car is another story. I am VERY under water on my loan so dumping the car and getting a beater is sort of out of the question sadly. It just wouldnt be worth it at this point. I live about 45 minutes-an hour from school so having no car is out of the question as well.

    As far as loans go I dont have a single cent taken out before med school so I am not really worried about my ability to repay. I think 320k is pretty par for the course for many med students who have undergrad/grad school loans prior to med school.

    EDIT: Two weeks ago we got approved for school tax relief so our mortgage dropped to 1550/mo. Split between the two of us thats less than most people pay for a one room apt here in Philly...unless you want to live in the hood. So that is a huge help. The car situation needs to be remedied at this point.

    My fiance is pretty high up in the financial world....and she has our financial lives planned out/ how we are going to pay my loans off. By the time I am an attending she will be making enough for us both to live off of. So our game plan is to have those loans paid off within 5 years....and I think its very doable.
     
  43. OveractiveBrain

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    GW, Tufts, and Tulane fight for the most expensive school each year. Im not sure exactly who won last year, but they vary on tuition and cost of living.
     
  44. SoundofSilver

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    I feel bad for all the OOS kids at my school. They're either financial martyrs or they have very wealthy parents.
     

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