Withdrawing from undergrad bc of finances

[greekmedic71]

Can anyone give insight about how medical schools view withdrawing during a semester?

Currently I am becoming more and more in debt due to lack of funds this semester. It is killing my spirts along with my studies. I have no one to turn to and it is just getting worse.

My advisor said that "medical schools view withdrawing during the semester a bad thing bc it shows poor planning on your part" To which I say "well I could stay in school and further my debt or withdraw and start again next semester either way I am screwed.

Any advice would be great.

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[Algophiliac]

I don't understand why you have to withdraw halfway through a semester, since you knew beforehand you would be taking out loans. Also, what would be the point of withdrawing now, if you actually have the funds for next semester, as your post implies?

I have to agree with you advisor, that unless this was a sudden, inevitable emergency, it most likely will not look good to medical schools.

Don't think you're the only person going into debt in undergrad. Maybe just plan better for the rest of your undergrad education.

 

[Jolt21]

I don't understand why you have to withdraw halfway through a semester, since you knew beforehand you would be taking out loans. Also, what would be the point of withdrawing now, if you actually have the funds for next semester, as your post implies?

I have to agree with you advisor, that unless this was a sudden, inevitable emergency, it most likely will not look good to medical schools.

Don't think you're the only person going into debt in undergrad. Maybe just plan better for the rest of your undergrad education.

yea man. 40k+ here. debt is whatever. eventually it'll be gone and you'll be fine. there are so many loan sources out there. head to financial aid and figure it out. dont drop out though. i think you can handle it.

 

[LizzyM]

Taking a semester off to work and save before going back for more schooling wold be seen as OK. Taking off in the middle of a term would be considered a red flag, just as your advisor says. Was it poor planning such that the money you expected to last went faster than you thought it would or did you get saddled with unexpected expenses?

Can you find some episodic work that pays cash (household services like tutoring, child care, cleaning & yardwork, assistance with food & beverage service at holiday parties) to get you through the term?

 

[kami333]

Wouldn't you have already paid tuition, therefore withdrawing now would just cause you to lose the money you've already sunk in for this semester?



I have a semester's worth of W's, but that's because my landlord got foreclosed on the week after Thanksgiving and I had to (potentially) move out in 5days and find a new place to live. (Getting a "5days to vacate" notice on a Fri can seriously ruins your study plans before finals, at least I got my tuition for the semester back, lol)

 

[LizzyM]

Wouldn't you have already paid tuition, therefore withdrawing now would just cause you to lose the money you've already sunk in for this semester?

Does seem penny-wise, pound-foolish but sometimes not having cash in one's pocket for gas, coffee, tolls, traffic tickets, etc (maybe even childcare) could make it seem reasonable to save money by staying home.

 

[bunnity]

Not everyone has the luxury of paying for the full bill up front. Many people pay on a monthly plan or have the bill broken up into two or three installments. Financial planning is obviously important but the best made plans can go awry, especially if you aren't getting familial support or if something happens unexpectedly in your family.

At my (cheap state) undergrad I wouldn't have gotten nearly enough loans to cover my tuition or expenses if I hadn't been working. People not in contact with their families have an even harder time as you cannot get stafford loans without parental information, and will have an equally hard time getting private loans without a cosigner.

 

[ChemEngSoonMD]

Can anyone give insight about how medical schools view withdrawing during a semester?

Currently I am becoming more and more in debt due to lack of funds this semester. It is killing my spirts along with my studies. I have no one to turn to and it is just getting worse.

My advisor said that "medical schools view withdrawing during the semester a bad thing bc it shows poor planning on your part" To which I say "well I could stay in school and further my debt or withdraw and start again next semester either way I am screwed.

Any advice would be great.

Why dont you worry about your GPA and MCAT, you know, the stuff that matters, like 80-90% of the decision making.

 

[chman]

If it were me, I would take out whatever amount of money necessary to stay on course, and, like Miz. Lizzy suggested, perhaps get a part time job.

I will say however, I am not saying this with the mindset that debt is no big deal. It is. But there is a difference between debt from big screen t.v's, clothes, fancy cars, etc. and school loans. This debt is more of an investment. An investment that is almost sure to pay off if you follow through.

(Edited by Chman)

 

[LizzyM]

If it were me, I would take out whatever amount of money necessary to stay on course, and, like Miz. Lizzy suggested, perhaps get a part time job.

I will say however, I am not saying this with the mindset that debt is no big deal. It is. But there is a difference between debt from big screen t.v's, clothes, fancy cars, etc. and school loans. This debt is more of an investment. An investment that is almost sure to pay off if you follow through.

(Edited by Chman)

That assumes that the money taken as a loan for living expenses isn't being spent on non-essentials such as noted above as well as non-essential travel, parties, entertainment and gambling. I can see where someone could find themselves running short half way through the term due to poor budgeting.

 

[greekmedic71]

Thanks to those that responded. Well it isnt regular loan debt I am worried about. If I could take more loans out I would. My school's fin. aid office is a joke and I have already been there. It is being behind a month in bills, having a bank account in the neg. for three weeks, concern about my car getting taken away, loosing hours at work due to cut backs, kind of stuff. You know "real" world issues.

Trust me I dont live in the lap of luxury, dont party, have any life outside of working out, working, and studying. So the extra spending is not an issue bc I dont buy things I dont need.

The money I did have to to work with for the semester went alot fast then expected, and I was saddled with an unexpected expense two weeks into the semester upwards up to $2000. Which was the money I had to live off of for the term. Unfortunately there was no getting around it.

And ChemEngsoon MD, dont you think I am worried about my GPA and MCAT as well. You would have to be a complete idiot to not think that anyone on here doest take the necessary steps to keep those in a range that is med school worthy. Things come up and any med school admissions office that views choosing not to end up on the street or starve as a red flag can very literally shove it bc that is the most rediculous thing I have ever heard of.

In a perfect world, if grades and studying were the only thing that someone had to worry about getting straight A's in all of their classes wouldnt be as hard. But the world isnt perfect, and not everyone has the same situation.

It is hard to be in the middle of the semester and have all of these outside stressors hit you all within the same time. I just wanted to know if anyone had a similar situation and could give any real, sound advice.

Cleveland is a hard city to live in or get by in, especially the past 10 years. I have tried getting private loans but that is not possible without a co-signer. I guess I just have to ride it out as long as I can until things get better or I have to choose.

 

[LizzyM]

The money I did have to to work with for the semester went alot fast then expected, and I was saddled with an unexpected expense two weeks into the semester upwards up to $2000. Which was the money I had to live off of for the term. Unfortunately there was no getting around it.

A semester of dropped classes does raise questions so it will be up to you to address those questions in your AMCAS essay and, if possible, to get a LOR that confirms your story. (talk with your professors about your choice to drop then retake at least some of the classes with the same professors and then, after you finish the class, ask for a LOR).

This is a clear case of a difficulty that you've overcome. I won't be surprised to see several applications in the coming years with this sort of story as a result of the current recession.

 

[sumstorm]

You might try hitting up jobs in 'unexpected' areas. Delivering newspapers and being a CNA put me through college. Before I was a CNA I worked as a 'home health aid.' It wasn't glorious or even pleasant most of the time, but it did work within the hours I could dedicate (I worked 4pm-midnight shifts M-F.) I admit, I sacrificed a lot to work FT and attend FT, including lowering my GPA, but it was critical that I finish my first degree.

 

[jhamaican]

Can anyone give insight about how medical schools view withdrawing during a semester?

Currently I am becoming more and more in debt due to lack of funds this semester. It is killing my spirts along with my studies. I have no one to turn to and it is just getting worse.

My advisor said that "medical schools view withdrawing during the semester a bad thing bc it shows poor planning on your part" To which I say "well I could stay in school and further my debt or withdraw and start again next semester either way I am screwed.

Any advice would be great.

Do not withdraw. Whatever debt you are in now will mostly likely look like small potatoes once you are accepted. Do not let it kill your spirits, just remember that it will all pay of in the long run. Once accepted you are almost guaranteed six figures a year. As long as you live frugal you can pay off almost any amount of debt in a timely fashion. Keep truckin and do not let anything get in your way, money included.