Year 1 Loans poll for accepted students Class of 24

[openstage]

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First off congrats on getting in! Huge monumental achievement, blah, blah, blah. Now reality sets in - $THE BILL$
This is another very basic poll. How much in loans do you plan to take out? 4 simple questions:

• Which institution?
• How much do you plan to borrow for year 1?
• Do you plan to use private loans? (In addition to or instead of Fed & Grad Plus)
• Do you have assistance from your parents?

This is an anonymous survey. No names, emails or anything. It's purpose is only for people to compare their loan amounts to a small sampling of responses. Perhaps you'll feel better knowing you're not alone! Once we get some responses I'll follow up with the link to the spreadsheet of results

 

[readmypostsMD]

First off congrats on getting in! Huge monumental achievement, blah, blah, blah. Now reality sets in - $THE BILL$
This is another very basic poll. How much in loans do you plan to take out? 4 simple questions:

• Which institution?
• How much do you plan to borrow for year 1?
• Do you plan to use private loans? (In addition to or instead of Fed & Grad Plus)
• Do you have assistance from your parents?

This is an anonymous survey. No names, emails or anything. It's purpose is only for people to compare their loan amounts to a small sampling of responses. Perhaps you'll feel better knowing you're not alone! Once we get some responses I'll follow up with the link to the spreadsheet of results

Loans for Year 1 of Medical School

1) Mid tier MD
2) $78,000
3) no
4) no (rich parents would rather spend $ on their new house)

 

[openstage]

11 people have responded so far - keep it rolling! Let's try for 20 by Monday...

 

[deleted688779]

Just an idea: would it be more informative if responses included their family income, which may be useful to compare need-based aid

 

[openstage]

Just an idea: would it be more informative if responses included their family income, which may be useful to compare need-based aid

I did consider that, but I think people feel a little cautious about sharing family financial info. A little too personal.

 

[Monkeymojo]

Huh... I am interested in the findings even if it is a small sample. Hopefully, you can make some conclusions beyond all OOS = $$$$$ while all in-state = $$$.

 

[Listle]

With the fixed interest rates this year being historically low I took out 20k more than I needed (Gap year savings could’ve taken care of it this year, but good to have liquidity) that I’ll invest 16k in an index fund which returns between 5-7% annually on average. That should cover the origination fee and the additional interest payments of the 16k, then the other extra 4K used to consistently pay the full accumulated interest of the entire COA I took out each month.

That way if the rates jump massively next year I’ll have them at a cheaper rate since I don’t think it’s possible they’ll go lower.

My 2cents from the peanut gallery of “I’ve never actually invested before in my life but seems like good idea”

Will update in 1 year if this strat ruins me.

 

[lanzhou_lamian]

Any chance we can get a link to the raw spreadsheet? The way the results graphs display is a little hard to read.

 

[readmypostsMD]

With the fixed interest rates this year being historically low I took out 20k more than I needed (Gap year savings could’ve taken care of it this year, but good to have liquidity) that I’ll invest 16k in an index fund which returns between 5-7% annually on average. That should cover the origination fee and the additional interest payments of the 16k, then the other extra 4K used to consistently pay the full accumulated interest of the entire COA I took out each month.

That way if the rates jump massively next year I’ll have them at a cheaper rate since I don’t think it’s possible they’ll go lower.

My 2cents from the peanut gallery of “I’ve never actually invested before in my life but seems like good idea”

Will update in 1 year if this strat ruins me.

wot 😵 are you like a financial analyst too

 

[openstage]

First off congrats on getting in! Huge monumental achievement, blah, blah, blah. Now reality sets in - $THE BILL$
This is another very basic poll. How much in loans do you plan to take out? 4 simple questions:

• Which institution?
• How much do you plan to borrow for year 1?
• Do you plan to use private loans? (In addition to or instead of Fed & Grad Plus)
• Do you have assistance from your parents?

This is an anonymous survey. No names, emails or anything. It's purpose is only for people to compare their loan amounts to a small sampling of responses. Perhaps you'll feel better knowing you're not alone! Once we get some responses I'll follow up with the link to the spreadsheet of results

Loans for Year 1 of Medical School

31 responses so far
5 people will need no loans
100% - not taking personal loans - just Fed and Grad Plus
43,400 is the average amount of loans
4 people are receiving significant parent contributions.

I will post the link to the spreadsheet later.

 

[gyngyn]

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