Can I get $50,000 in loans each year?

[LetMeInPlease]

Okay, so I was finally accepted to medical school and don't have to worry about that anymore, but now I am worrying about loans. I know that I'm going to be in HUGE debt--that's not what I'm concerned about. I just don't know where I get these loans.

Is it like undergrad where you fill out FAFSA and the school sends you a packet of all awards? The school that I am going to doesn't have scholarships, so it will all be in loans. What happens if they don't give you enough loans? (I need at least $50,000 each year for apartment,tuition, and meager living)
Are there lots of easily accesible private loans available to med students? Do most students (my EFC is low) automatically get enough federal loans to cover tuition and expenses? What have others done when they haven't gotten enough loans?

My ultimate (hopefully silly) fear is that I will not get enough loans to pay for school and I will have to drop out and become a bum.

I'm going to call the school in a few days, but I just want to have a bit of basic info. before I call them up. I feel so CLUELESS!! Okay, thanks for any help!

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[DrMom]

You can pretty much get whatever you need.

I believe that if you want anything over $38,800 you'll be going to private lenders anyways. The financial aid office at your school should be able to help you out.

I have classmates with children and spouses staying at home who are borrowing $75,000 for the year.

 

[LetMeInPlease]

Thanks a lot Dr. Mom. That's all I really needed to hear! It sounds like I will have to use a private lender for some of my loans, but hopefully I can do that through the school (or at least they can point me in the right direction). I feel better now! Thanks!

 

[uclamendoza]

yeah thanks for the posts. it definitely puts my mind at ease knowing that there are loans available to cover medical school. good luck in med school everyone!!! happy easter!!!

 

[DW]

if you're dipping into private loans, make sure you check your credit reports for accuracy. better credit=better borrowing conditions