How to Pay for Med School.... During Med School

[thissuckslol]

Hey guys,

so long story short, I had a falling out with my family and in the grand scheme of things I'm going to be on my own for financing medical school. I never had to worry about paying for anything, including undergrad, and was expecting full support for medical school so this kind of blind-sided me. Where do I begin? considering i'm not attached to my parents anymore, how do I know if I qualify for loans (since I can't cite their income)/how much should I take out? I still have a decent amount of money from working throughout undergrad but i'm assuming this should handle some of the living expenses during school. Sorry for the loaded question! I just REALLY need help to figure out how to pay for this portion of my life, otherwise i'm screwed. Thanks!

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[sunshinefl]

Hey guys,

so long story short, I had a falling out with my family and in the grand scheme of things I'm going to be on my own for financing medical school. I never had to worry about paying for anything, including undergrad, and was expecting full support for medical school so this kind of blind-sided me. Where do I begin? considering i'm not attached to my parents anymore, how do I know if I qualify for loans (since I can't cite their income)/how much should I take out? I still have a decent amount of money from working throughout undergrad but i'm assuming this should handle some of the living expenses during school. Sorry for the loaded question! I just REALLY need help to figure out how to pay for this portion of my life, otherwise i'm screwed. Thanks!

Submit a FAFSA to your medical school. As a grad student you don’t need their info. (With some exception for need based institutional scholarship at some places).

 

[lumya]

Hey guys,

so long story short, I had a falling out with my family and in the grand scheme of things I'm going to be on my own for financing medical school. I never had to worry about paying for anything, including undergrad, and was expecting full support for medical school so this kind of blind-sided me. Where do I begin? considering i'm not attached to my parents anymore, how do I know if I qualify for loans (since I can't cite their income)/how much should I take out? I still have a decent amount of money from working throughout undergrad but i'm assuming this should handle some of the living expenses during school. Sorry for the loaded question! I just REALLY need help to figure out how to pay for this portion of my life, otherwise i'm screwed. Thanks!

Call the financial aid office of the medical school you’ll be attending. They will have information on how to apply for financial aid and someone can walk you through the steps.

 

[907914]

Welcome to life. Adulting is hard. You have a big learning curve. Now be free.

LMGTFY - Let Me Google That For You

For all those people who find it more convenient to bother you with their question rather than to Google it for themselves.

bfy.tw

Seriously though, FAFSA. You won’t need their info. The school will get you covered.

 

[beattheprocess]

Small loan of a million dollars

 

[ctvlf6]

A combination of an unsubsidized direct loan + grad PLUS loans for the rest. If you’re going to private school expect to pay off over $500K when it’s all said and done.

Welcome to the show. You’re not alone

 

[907914]

A combination of an unsubsidized direct loan + grad PLUS loans for the rest. If you’re going to private school expect to pay off over $500K when it’s all said and done.

Welcome to the show. You’re not alone

500K is a pretty high mount. Expect $65k max tuition (save for the obvious “Do not go there” tuition schools...) and $35k max COL. So, $400K max if you get absolutely zero scholarships and live at max COL.

 

[ctvlf6]

500K is a pretty high mount. Expect $65k max tuition (save for the obvious “Do not go there” tuition schools...) and $35k max COL. So, $400K max if you get absolutely zero scholarships and live at max COL.

I’m referring to the total amount paid. With a 7.6% interest, a 3-4 year residency, and another 5 years of paying off the debt (and that’s pretty fast) you’re well over 500K.

People forget to factor in interest when taking on debt. Principle doesn’t mean a whole lot when you won’t be able to pay it off for 10+ years and interest is accruing the whole time.

 

[thissuckslol]

Welcome to life. Adulting is hard. You have a big learning curve. Now be free.

LMGTFY - Let Me Google That For You

For all those people who find it more convenient to bother you with their question rather than to Google it for themselves.

bfy.tw

Seriously though, FAFSA. You won’t need their info. The school will get you covered.

lmao thanks for the dry humor. yea it's just sad, i'm not getting into details but it is what it is at this point.

 

[Peter Pan.]

Get a sugar momma/daddy

 

[thissuckslol]

Get a sugar momma/daddy

there it is

 

[907914]

there it is

Sorry, you won’t get much sympathy from the crowd here. Most of us wish we had that kind of benefit even ‘just’ through undergrad

 

[thissuckslol]

Sorry, you won’t get much sympathy from the crowd here. Most of us wish we had that kind of benefit even ‘just’ through undergrad

all good. jealous kids will be jealous great coping mechanism for a majority of them. Didn't do anything to anger anyone so I'll just let it be.

 

[Phoebus Apollo]

Sorry, you won’t get much sympathy from the crowd here. Most of us wish we had that kind of benefit even ‘just’ through undergrad

OP never indicated that the help they’ve received in the past was insignificant.

Even if what you read in the limited information given suggested great privilege, this is undoubtedly a scary and daunting situation.

Glad to see good advice in this thread though.

 

[thissuckslol]

OP never indicated that the help they’ve received in the past was insignificant.

Even if what you read in the limited information given suggested great privilege, this is undoubtedly a scary and daunting situation.

Glad to see good advice in this thread though.

thanks man. also thanks to everyone for responding. things are gonna be tough but I'm not letting this stop me

 

[TurtleyReady4Med]

Welcome to loan life! You might be able to do work study like they have at my school, but this definitely will only be a small drop in the bucket.

 

[pmcojm]

Anyone qualifies for federal loans. When you submit the FAFSA, your school will automatically offer you the loans.

 

[Gilakend]

thanks man. also thanks to everyone for responding. things are gonna be tough but I'm not letting this stop me

Okay this has to be a troll

 

[ChymeofPassion]

Okay this has to be a troll

Someone being confident they can move past an obstacle is trolling? What

 

[Gilakend]

Someone being confident they can move past an obstacle is trolling? What

"I have to be a normal person, rest assured, I will stay strong and persevere" seems a little fishy to me.

Either a troll or very sheltered imo. I don't know how someone could go all through premed and successful application cycle without realizing this is commonplace. Or maybe I am not in touch with the issues of upper-class America.

 

[stubblesmcgee]

it is kind of funny that op doesnt seem to realize that the overwhelming majority of medical students receive little to no financial aid from their parents, but I don't think they're a troll. people are young and don't know lots of stuff yet.

 

[thissuckslol]

financial aid is one thing. Having my family turn their back on me for rejecting an arranged marriage and literally being alone is another. I have no one to turn to other than myself, seems like a big life change doesn't it? I'm kind of surprised by all of the negativity but that's the internet lol.

 

[animalluver101]

That sucks. I'm really sorry to hear that. I'll also be taking out a ton of loans to pay for med school (and I never had to take out loans for undergrad either), so it's definitely daunting. I'm not too concerned because, from everything I've learned, most people pay back their student loans before the 10-year mark (if they're not buying 17 houses lol), which is more than I can say for a lot of the pharmacists I've worked with.

Definitely reach out to your college's financial aid office to see if there are possible school scholarships you can apply to. You can also check online to see if there are any outside scholarships available. I've found a lot of scholarships but they're very specific or dependent on the state you'll be going to school in, so you can check those out. Some of them might apply to you. Good luck and I wish you the best!

 

[theKingLT]

That sucks. I'm really sorry to hear that. I'll also be taking out a ton of loans to pay for med school (and I never had to take out loans for undergrad either), so it's definitely daunting. I'm not too concerned because, from everything I've learned, most people pay back their student loans before the 10-year mark (if they're not buying 17 houses lol), which is more than I can say for a lot of the pharmacists I've worked with.

Definitely reach out to your college's financial aid office to see if there are possible school scholarships you can apply to. You can also check online to see if there are any outside scholarships available. I've found a lot of scholarships but they're very specific or dependent on the state you'll be going to school in, so you can check those out. Some of them might apply to you. Good luck with everything!

This is so true. As much as med debt is a big deal, it's hard to complain when our compadres in pharm and dental have it worse

 

[Dream of the Endless]

This is so true. As much as med debt is a big deal, it's hard to complain when our compadres in pharm and dental have it worse

For my own curiousity, could you explain why theirs is different? Is it just flat out more? Or some other variable?

 

[theKingLT]

For my own curiousity, could you explain why theirs is different? Is it just flat out more? Or some other variable?

Higher tuition (I believe, although this probably is more school specific), fewer scholarships, and lower average income in the long term to pay off the loans. Dent is more comparable to a med student going into primary care with the advantage of not having to do residency; however, pharm is in a bad place right now because the job market is so saturated, so wages, employment rate, and work hours are all dropping. Meanwhile pharm education remains expensive

 

[thissuckslol]

Higher tuition (I believe, although this probably is more school specific), fewer scholarships, and lower average income in the long term to pay off the loans. Dent is more comparable to a med student going into primary care with the advantage of not having to do residency; however, pharm is in a bad place right now because the job market is so saturated, so wages, employment rate, and work hours are all dropping. Meanwhile pharm education remains expensive

yea i have a friend in pharm rn and the environment has definitely changed

 

[Gilakend]

For my own curiousity, could you explain why theirs is different? Is it just flat out more? Or some other variable?

Pharm: grossly over saturated, high tuition (though still less than med school I think), allegedly lowering salaries due to saturation. Most jobs in retail pharmacy compared to other more highly desired areas (hospital pharmacy, critical care pharmacy, etc).

Dent: high tuition, I’m going to an in-state public med school, the COA at the same institution for debt is 317k for IS resident. Much, much fewer scholarships for school. Debt:salary ratio is, in general, higher. Also someone told me dentists have highest suicide rate of any profession.

 

[Dream of the Endless]

I think I have an unpopular opinion on the subject when it comes to pharmacist. It likely comes from an area of ignorance as I don't fully understand their purpose in quite a few settings. But I see why they have a financial problem now, thanks.

 

[Peter Pan.]

"I have to be a normal person, rest assured, I will stay strong and persevere" seems a little fishy to me.

Either a troll or very sheltered imo. I don't know how someone could go all through premed and successful application cycle without realizing this is commonplace. Or maybe I am not in touch with the issues of upper-class America.

Don't worry when you're a doctor you will be.

 

[theKingLT]

Don't worry when you're a doctor you will be.

"Never forget where you came from"- I will hypocritically preach to the youngins from behind the steering wheel of my Porsche. Can't wait