WTF, how am I going to afford this ****?

[AStudent]

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I just came up with a figure of $33033 per year for medical school + living expenses....

 

[Cherebourg]

I just came up with a figure of $33033 per year for medical school + living expenses....

Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?

 

[AStudent]

I think you've been drinking again. Please stay home from work.

Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?

 

[synapse lapse]

Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?

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]

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.

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.....

 

[AStudent]

Think coworker.....

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.....

 

[futuredoc10]

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.....

that was hilarious!

 

[fun8stuff]

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.

Yeah, we may be able to afford it.... but either way you put it 100-200k is a lot of money that I would want to keep. I keep telling myself to try and think of it as a business investment....

 

[Rendar5]

I just came up with a figure of $33033 per year for medical school + living expenses....

Yeah, I mean, how can anyone deal with that when doctors pretty much immediately get 6 figures salaries when they're done w/ residencies. I mean, oh no, you'll have a year's salary worth of debt. (aside from my jerky sarcasm, the point is that whether or not med school tuition is insanely high, you'll be able to kill that debt in no time if you just live modestly for the first few years after residency's over.)

 

[civic4982]

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]

When do you have to start paying it back? If I get a job during the summer are they going to hit me up?

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!

 

[icebrat001]

When do you have to start paying it back? If I get a job during the summer are they going to hit me up?

I think it's 6 months after graduation.

 

[civic4982]

When do you have to start paying it back? If I get a job during the summer are they going to hit me up?

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]

What about my residency stipend? (sp?) They won't tap that will they?

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.

 

[icebrat001]

What about my residency stipend? (sp?) They won't tap that will they?

They don't "Tap it" you make payments, just like a credit card.

 

[Dr.LeoSpaceman]

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.

 

[UT_mikie]

Does WTF stand for World Trade Federation? If so, how odd that you would find it necessary to include that in your post?

No I think he just made a typo, what he really meant was WTO or World Trade Organization.

 

[synapse lapse]

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]

So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond?

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).

 

[erin682]

I'm pretty sure they evaluate you financial situation before just handing out money. Thats why you have to fill out the fafsa and all that other crap to get loans. If they give you money its because you need it. Besides some people do put them in stocks to make a little money. There's nothing wrong with that as long as the principal gets paid back.

 

[fun8stuff]

So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond?

isn't there a law that makes this illegal? i thought it was brought up in the past on another thread...

 

[gbiz]

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!!!!!!!!!!!!!!!!!!!

 

[TMag]

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!!!!!!!!!!!!!!!!!!!

Hehehe...yea, I saw 33 grand and I'm like...that's IT? Case is gonna be a handful, but I love it anyways. Good luck w/ Case!

 

[Blade28]

Sounds about right. I've been borrowing $35k a year, for the past 4 years.

 

[synapse lapse]

So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond?

You can only borrow upto the expected cost of attendance, a figure that the school determines based on its evaluation of living cost, tuition, fees, etc. You can't borrow more than that number.

 

[tacrum43]

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.

I would be uncomfortable with a loan hanging over my head for so long. It may not be the smartest financial choice, but I would rather pay it off sooner and not have to worry about what would happen if I became unable to work, etc.

 

[melimi]

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)

 

[frank51]

What is interest on the loans in med. school?

 

[gujuDoc]

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.....

I don't know if you are being serious, but using number signs and percent signs are ways of writing curse words without actually finishing out the rest of the word. Now does that make it clear??

 

[monstermatch]

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)

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.

 

[SanDiegoSOD]

So, what's to stop some maniac from taking out the max loan and investing the rest in a high return stock or bond?

Well, nothing. But it is illegal. Plus, high income students can't get subsidized loans, and taking out private loans to invest is not worth it when your accumulating ~6% APR on the private loan.

 

[melimi]

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.

i would do the whole state school if i was an actual resident of a state, but my school would be UPR.... and thats not "just as good an education"
so i'm pretty much gonna have to just ask for a shizload of money
thanx 4 ur help

 

[calisurfdoc]

Well in regards to loans, making money off those loans etc, here's my input since i'm stull currently a financial advisor before attending med school this fall.

1. Take all the low interest rates (subsidized and unsubsidized) loans that you could get.
2. While in school, if you are really savvy, you could take a portion of your loan money and invest it. However, I would highly recommend against it since most people will end up losing their investment and hence the ability to pay for school.
3. Yet when you are done with school, just consolidate those loans, and pay it off at your own lesiure. If you are saving and investing properly (this is the time when you need a good FA), then you should have no problem paying off those debts. You'll end up with much more money investing while paying off your debts than the average doc that just pays off debts alone.

just my 0.02, but i would of charged $$$ to here this tidbit in my office.