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I just came up with a figure of $33033 per year for medical school + living expenses.... 😱
AStudent said:I just came up with a figure of $33033 per year for medical school + living expenses.... 😱
Cherebourg said:Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?
Cherebourg said:Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?
Alexander Pink said:![]()
It stands for "What the F##%". And don't worry Astudent, you can take upto $38,500 in stafford loans. You will be able to pay it back as a doctor.
Cherebourg said:Excuse me, but "what the F-number-number-percent.??" Am I missing something here? This doesn't mean anything to me. Can someone please explain... Jeezzz...maybe I'm a bit ignorant,but.....
Cherebourg said:Excuse me, but "what the F-number-number-percent.??" Am I missing something here? This doesn't mean anything to me. Can someone please explain... Jeezzz...maybe I'm a bit ignorant,but.....
Alexander Pink said:![]()
It stands for "What the F##%". And don't worry Astudent, you can take upto $38,500 in stafford loans. You will be able to pay it back as a doctor.
AStudent said:I just came up with a figure of $33033 per year for medical school + living expenses.... 😱
civic4982 said:mmm... student loans...
I'm just think about it as this number and not really money. I owe so much money frmo undergrad that this is just sorta like throwing another log to keep that "Stay away from the real world" thing going. Hooray for loans!
AStudent said:When do you have to start paying it back? If I get a job during the summer are they going to hit me up?
AStudent said:When do you have to start paying it back? If I get a job during the summer are they going to hit me up?
civic4982 said:No ou won't have to pay it back then.
6 months after graudating you'll have to start paying it back. If you don't have a job or can't get one then they'll make certain exceptions. You get some leighway on extenuating circumstances.
AStudent said:What about my residency stipend? (sp?) They won't tap that will they?
Cherebourg said:Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?
Alexander Pink said:Actually, you don't have to start paying it back right after 6 months out. You can defer all the way through residency if it is a Stafford loan, and then after that you can start paying it back. You can even ask for up to a 3 year extension following this if you are actively seaking (but unable to attain) employment (this is unlikely for a physician). Point is, by the time you are required to pay them back, you will be making a good deal of money. Also, as someone else said, student loan debt has a very low interest, so you needn't rush paying it back. Besides, even with 150k in debt, your monthly payment is only gonna be like $1300 - $1500 a month, not bad at all (just like an extra mortgage payment).
AStudent said:So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond? 😱
gbiz said:33 grand... hmm, that would be nice... because Case is estimated to be $56,500 a year. So if i get in there and go (it is my 2nd choice, doubt i will get off waitlist to my 1st), 56,500*4 = $226,000!!!!!!!!!!!!!!!!!!!
AStudent said:So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond? 😱
FaytlND said:Its actually not a good idea to pay the loans back as fast as you can. Many doctors are still paying their loans off when they are in their late 50s. Reason being, that a student loan is relatively good debt. You get no real benefits from paying it back early. Since the interest rate is so low, its better to take the money you would pay extra on your loan and invest it in a fund thatreturns a higher percentage than the loan charges for interest. In that sense, its a smart money move because you are almost making money.
Cherebourg said:Excuse me, but "what the F-number-number-percent.??" Am I missing something here? This doesn't mean anything to me. Can someone please explain... Jeezzz...maybe I'm a bit ignorant,but.....
melimi said:waitwaitwaitwaitwait
i just figured out that my expenses (tuition+living+fees+etc-EFC) comes down to about $53k per year. Will I even be able to FIND this kind of money???? Jesus Fing Christ, I'm gonna be so broke 🙁
(if there was a crying desperately with no hopes smiley, i'd insert it here)
AStudent said:So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond? 😱
monstermatch said:Yea, you can find the money. You will have to max out on Stafford loans (something like 38k a year) and then you will have to tap the private markets. There are tons of banks that will lend you the rest of your money - your financial aid office should be able to direct you toward some. Unfortunately, these places will charge a higher interest rate than the stafford loan and they are less flexible about deferment/forbearance. Also some of these loans have adjustable rates - These loans have their own rules so you need to get informed if you decide to use them. If you intend to finance all of your Med Education, expect to accumulate at least 250k in debt - you're expenses will be higher than you think, and you have to include costs for tests and interviews (4th year gets expensive). If you decide to defer your loans during residency, you can expect the interest to compound and get you in the 300k range. Find a debt calculator and see for yourself what those payments will add up to when you finish residency.
Just don't marry a classmate who is in the same boat you're in. Imagine coming out of residency with 500k in debt and trying to buy a house.
You might want to think about radiology too - they can handle that much debt coming out the door of med school. Forget peds tho.
You need to crawl on your hands and knees to your financial aid office and ask for money. They all have tons of extra money in their discretionary fund and you shouldn't hesitate to BEG for some. Don't be afraid to give them a cold look and say "state med schools only costs x amount - you can do better."
If that doesn't get you anywhere, start asking family members for money so you don't have to tap the private loan market.
Or be smart like me and turn down that hotshot private school and get just as good an education at your state school for half the price.