- Joined
- Nov 13, 2015
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I got into a MD med school and the cost of tuition is $75,000/year for out of state people like me and the total cost of attendance is around $110,000/year. I have no scholarships (would have received them in my acceptance letter), the financial aid office told me all I can get is loans (Stafford and grad plus), and it's impossible to get in state residence unless I marry a state resident. I got into a do school too which has a way lower cost ($35/000 year) too but I can't use that to negotiate with the MD school from what I understand
Is this sort of debt manageable? Four years of that is pretty insane, so I'm wondering if it would even be forgiven. I'm looking at doing the loan forgiveness program where if I work at a non-profit hospital for 10 years my debt will be forgiven. In that case I can theoretically double-dip, meaning make money while not paying off loans and get it forgiven at the end of 10 years of attending.
The thing is my loans will accrue interest during the four years of med school and four years of residency, and become an even nastier number. I don't want to end up owing such a high number there's no hope of Paying it off and they won't forgive it. Would such a program forgive a number that high? I'm also looking at ibr/PAYE but this is going be some seriously nasty debt.
What are your thoughts and what would you do in my situation? From what I understand most med students don't have an issue paying off their debt, but I don't know if they had debt this high. Also the majority of doctors I've volunteered with still owe a couple hundred thousand from medical school from 15-20 years ago, so I'm getting lots of mixed-messages.
Ps - These are the only two options I have and I'm already a reapplicant, so I'd rather not reapply.
Is this sort of debt manageable? Four years of that is pretty insane, so I'm wondering if it would even be forgiven. I'm looking at doing the loan forgiveness program where if I work at a non-profit hospital for 10 years my debt will be forgiven. In that case I can theoretically double-dip, meaning make money while not paying off loans and get it forgiven at the end of 10 years of attending.
The thing is my loans will accrue interest during the four years of med school and four years of residency, and become an even nastier number. I don't want to end up owing such a high number there's no hope of Paying it off and they won't forgive it. Would such a program forgive a number that high? I'm also looking at ibr/PAYE but this is going be some seriously nasty debt.
What are your thoughts and what would you do in my situation? From what I understand most med students don't have an issue paying off their debt, but I don't know if they had debt this high. Also the majority of doctors I've volunteered with still owe a couple hundred thousand from medical school from 15-20 years ago, so I'm getting lots of mixed-messages.
Ps - These are the only two options I have and I'm already a reapplicant, so I'd rather not reapply.