Loyola University Stritch SOM Class of 2011!

[Flopotomist]

hey all,
i'm 90 percent sure i'm going to loyola next year.

just a quick question, has anybody picked a loan lender yet? this stuff is nuts!

I think the majority of us go with the THE loan. Look at all the details carefully, and do the math. Good luck!

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[BionicOne]

Thanks! It was the ".the Stritch Merit Scholarship" I just got the email this morning, I'm very excited!.

Hi Leah,
Congratulations on getting the scholarship! Could you tell us more about it, such as amount, etc. Did they inform you about it along with your financial aid award, or are you still waiting on the finaid award?

Does anybody know if they are done giving out scholarships, or can we still hang on to some hope?

Thanks

 

[sotired]

does loyola give you any time off to study for step1 during your second year?

 

[MDapp06]

Hi Leah,
Congratulations on getting the scholarship! Could you tell us more about it, such as amount, etc. Did they inform you about it along with your financial aid award, or are you still waiting on the finaid award?

Does anybody know if they are done giving out scholarships, or can we still hang on to some hope?

Thanks

I also have the same question about scholarships -- does anyone know if Loyola is still awarding scholarships?

mdapp06

 

[MDapp06]

Bump...Does anyone know if Loyola is still offering merit scholarships?

 

[leahmaria]

Hi Leah,
Congratulations on getting the scholarship! Could you tell us more about it, such as amount, etc. Did they inform you about it along with your financial aid award, or are you still waiting on the finaid award?

Does anybody know if they are done giving out scholarships, or can we still hang on to some hope?

Thanks

Hi!

Sorry to take so long to respond, I have been home for Easter weekend and spending too much time with my family to spend time online. I am still waiting on the financial aid award, they told me about the merit scholarship before my financial aid information was complete and submitted to them. I have no clue if they are still giving scholarships out.

I'm not sure what you want to know about it besides the amount--it covers half of tuition for the first year.

I am pretty excited about looking for places to live now that I am sure I am going to be at Loyola in the fall. Are all of you pretty much decided?

Happy Easter!! ~Leah

 

[StritchMD2011]

I just got my financial aid notice from Loyola. As I expected, just got a mix of federal loans, plus a gradplus loan equaling the amount of the expected first year tuition + living expenses. I think they're doing it alphabetically, because I have a few friends earlier in the alphabet who got theirs last week.

Keep a look out in your inboxes this upcoming week.

 

[minijoy]

I just got my financial aid notice from Loyola. As I expected, just got a mix of federal loans, plus a gradplus loan equaling the amount of the expected first year tuition + living expenses. I think they're doing it alphabetically, because I have a few friends earlier in the alphabet who got theirs last week.

Keep a look out in your inboxes this upcoming week.

Dang! Stinks to have a Z last name!

 

[Jonesie]

I just got my financial aid notice from Loyola. As I expected, just got a mix of federal loans, plus a gradplus loan equaling the amount of the expected first year tuition + living expenses. I think they're doing it alphabetically, because I have a few friends earlier in the alphabet who got theirs last week.

Keep a look out in your inboxes this upcoming week.

Just got mine this morning, too. The alphabetic thing makes sense -- my last name (as you might guess) begins with a J.

 

[keepdreaming]

hM i hate to confuse you all but I just got my financial aid package and my last name is all the way at the end of the alphabet.

 

[mataku527]

I just received my financial aid as well. Last name begins with an L.

Now I'm trying to figure out which lender to do. The whole thing is pretty confusing. I'm making an excel sheet where I just put in the principal amount I'm taking out and input the number of years I want to payout in to give me the interests I pay for the different lenders, but I have a few questions:

1) For the deferment during residency, does a "new" deferment begin each year? I need to know for the lenders that capitalize at the end of deferments?

2) Do most students defer they're payments during residency?

3) If it says the loan is capitalized once at repayment, does that mean if I have a 100,000 dollar loan and plan to pay in 20 years, I just do the 100,000 times the interest rate times the number of years? Since it seems to mean that as I pay and reduce the principal, it doesn't matter as it was only capitalized once when I started paying it?

 

[DocToBeIn2011]

I just received my financial aid as well. Last name begins with an L.

Now I'm trying to figure out which lender to do. The whole thing is pretty confusing. I'm making an excel sheet where I just put in the principal amount I'm taking out and input the number of years I want to payout in to give me the interests I pay for the different lenders, but I have a few questions:

1) For the deferment during residency, does a "new" deferment begin each year? I need to know for the lenders that capitalize at the end of deferments?

2) Do most students defer they're payments during residency?

Just got my financial aid stuff!! Pretty exciting stuff
1. My understanding of the process is that you reapply for deferment every year during residency. So first time you apply is sometime around graduation/before residency so your income is close to 0 so you get the deferment. Then I believe you reapply during the 1st year of residency and your income is only for the 1/2 year so you should qualify again. Then the third time is trickier but often you can still qualify.
2. Im going to guess more defer -- it would be hard to come up with ~$200000 on the spot!

 

[minijoy]

Dang! Stinks to have a Z last name!

Scratch that, I received my letter too!

 

[StritchMD2011]

Anyone receive grants or anything? Or is everyone pretty much getting the typical $8500 subsidized Stafford, $34000 unsubsidized Stafford, then grad plus loans making up the difference?

 

[doctor0125]

thats what i got

 

[keepdreaming]

that's what i got too.


...anyone disappointed with their financial aid package? i seriously expected more grants/scholarships etc. (more being less than 0)

 

[leahmaria]

i just got mine too--i'm assuming that the first line (8500) is subsidized and the rest is not...

do any of you have the "amount available to you" and "amount you owe" boxes at the top? I'm not sure where those numbers come from...

thanks! leah

 

[StritchMD2011]

I'm a bit disappointed too. I was hoping for some sort of grant/scholarship. This kinda makes my decision more difficult, because I've been accepted at University of Nebraska (which offered me an in-state tuition scholarship). I calculated that going to Nebraska would cost me nearly $60,000 less over 4 years, not including interest.

I know Loyola is where I belong, but yeesh - $60,000 is a TON of money to overlook...

 

[StritchMD2011]

i just got mine too--i'm assuming that the first line (8500) is subsidized and the rest is not...

do any of you have the "amount available to you" and "amount you owe" boxes at the top? I'm not sure where those numbers come from...

thanks! leah

Leah - those appear to be the amount of loans left over after tuition and fees for each semester. If you click that box that says explain calculations, it breaks it down for you. The buttons don't work in Firefox, so use internet explorer...

 

[leahmaria]

Leah - those appear to be the amount of loans left over after tuition and fees for each semester. If you click that box that says explain calculations, it breaks it down for you. The buttons don't work in Firefox, so use internet explorer...

thanks! no wonder i couldn't get the buttons to work.

looking at them, that makes sense...i wonder, though, is there less available to me first semester because things like fees are due then, and not second semester?

my financial aid is the same for both...

and i have no idea which lender i'm going to pick!

 

[keepdreaming]

leah- I think I'm going to go with THE.

Bkadow-ya 60K is a LOT to overlook. I think if you think you're going to be equally happy at Nebraska go for it. If not, go to Loyola and don't think about the 60k or else that's gonna make you miserable and the decision to go to Loyola b/c you'll be happier there will be moot. Good luck on your decision!

I'm waiting for my financial aid package from two other schools. I love Loyola but I'd like less debt.

 

[leahmaria]

Do any of you have loans still out from undergrad? If they were subsidized, will they stay as subsidized loans while I'm in medical school?

 

[mataku527]

I only received the basic 8500, then unsubsidized stafford loans, + gradplus. Pretty dissappointed, unforunately, I already turned down the other schools.

From doing some calculations, I think the Loyola/Citi loan is the one where you will save the most, but you do have to be on time everytime, so it's a bit riskier. The savings are pretty big though.

 

[leahmaria]

leah- I think I'm going to go with THE.

Bkadow-ya 60K is a LOT to overlook. I think if you think you're going to be equally happy at Nebraska go for it. If not, go to Loyola and don't think about the 60k or else that's gonna make you miserable and the decision to go to Loyola b/c you'll be happier there will be moot. Good luck on your decision!

I'm waiting for my financial aid package from two other schools. I love Loyola but I'd like less debt.

Thanks, I guess that I am going to have to look them over again--there is a lot to do in the next few days. If we take out all of these loans, they give us this "amount available" within the first few weeks of school?

 

[RNtoMD2011]

In addition to Leah's ???, do we subtract book money and and housing budget from the amount available to us or is the amount available what is left after the budgeted housing/util/food, books and other budget items?

 

[brats800]

does loyola give you any time off to study for step1 during your second year?

yes. for example, this year we have our last final on Friday, May 4th. Our first day of 3rd year is Wednesday, June 27th (I think...haven't looked that far ahead yet really). So we have almost 2 months to study and take boards. Most people take ~4ish weeks to study and take the exam and then have a couple weeks vacation before the start of 3rd year. Hope that helps. Feel free to ask any other questions or PM me for specifics about boards.

 

[JessRedDST]

I'm a bit disappointed too. I was hoping for some sort of grant/scholarship. This kinda makes my decision more difficult, because I've been accepted at University of Nebraska (which offered me an in-state tuition scholarship). I calculated that going to Nebraska would cost me nearly $60,000 less over 4 years, not including interest.

I know Loyola is where I belong, but yeesh - $60,000 is a TON of money to overlook...

Yea BKadow, I am facing hte same problem with my instate school. Basically it will cost me what I will pay loyola a semester to go to instate in a year and thats without the possible scholarships/grants from my instate institution. Such hard decisions!!!

My financial award letter said once you accept the maximum amount of loans Loyola will tell you what scholarships from them you have if your eligible. Did anyone else read that?

 

[sotired]

yes. for example, this year we have our last final on Friday, May 4th. Our first day of 3rd year is Wednesday, June 27th (I think...haven't looked that far ahead yet really). So we have almost 2 months to study and take boards. Most people take ~4ish weeks to study and take the exam and then have a couple weeks vacation before the start of 3rd year. Hope that helps. Feel free to ask any other questions or PM me for specifics about boards.

thanks for your help brats! do you have any suggestions about where to live your first two years? i'm debating whether to live with friends from college downtown, but i think it might be more practical to live closer to school, but if i do this, how do i find a roommate (preferably another med student)? thanks!

 

[Jonesie]

Thanks, I guess that I am going to have to look them over again--there is a lot to do in the next few days. If we take out all of these loans, they give us this "amount available" within the first few weeks of school?

I called the FinAid office, and they told me the first disbursement will be on the first day of class. Not sure when the second would be, but I'd assume at the start of the second semester?

In addition to Leah's ???, do we subtract book money and and housing budget from the amount available to us or is the amount available what is left after the budgeted housing/util/food, books and other budget items?

The "amount available" seems to be for everything but tuition and fees -- so that would include housing, utilities, food, books, supplies, transportation, and personal expenses. My 2nd semester amount is greater than my first -- maybe because 2nd semester funds have to last us through the summer to the first day of M2 classes?

 

[sotired]

also - whats the policy on third and fourth year rotations? i vaguely remember a student telling you can rotate at most chicago hospitals alongside other M3 & M4's from other chicago area medical schools, and also do one rotation abroad? any current students have more insight on this?

 

[NJH1]

Yea BKadow, I am facing hte same problem with my instate school. Basically it will cost me what I will pay loyola a semester to go to instate in a year and thats without the possible scholarships/grants from my instate institution. Such hard decisions!!!

My financial award letter said once you accept the maximum amount of loans Loyola will tell you what scholarships from them you have if your eligible. Did anyone else read that?

I'm with you guys. I have been accepted to Loyola, and I fell in love with the school. But, now I have to justify paying twice as much to go there over my state school. Why are decisions so hard to make???

 

[MDapp06]

I'm with you guys. I have been accepted to Loyola, and I fell in love with the school. But, now I have to justify paying twice as much to go there over my state school. Why are decisions so hard to make???

I'm still waiting to hear back from my state school (which would also be less expensive than Loyola) -- I wish I had the option of going to my state school at this point. I am still in a bit of a waiting game.

mdapp06

 

[serviceoverself]

"My financial award letter said once you accept the maximum amount of loans Loyola will tell you what scholarships from them you have if your eligible. Did anyone else read that?"

If you are eligible for a scholarship then it will show up on your award letter. You can only get that scholarship if you accept all the loans they are offering you.

 

[serviceoverself]

I only received the basic 8500, then unsubsidized stafford loans, + gradplus. Pretty dissappointed, unforunately, I already turned down the other schools.

From doing some calculations, I think the Loyola/Citi loan is the one where you will save the most, but you do have to be on time everytime, so it's a bit riskier. The savings are pretty big though.

Do you have some sample calculations for this? I would love to see them. I find it hard to compare lenders whose "rewards" are sometimes principle reduction and sometimes interest rate reductions...I guess you just have to do the math...

 

[brats800]

sotired (and anyone else interested)-
a number of our students live downtown. if you live downtown, your commute will likely be longer, but if you don't mind then its not impossible. i'd say more students live downtown for their 3rd and 4th years than 1st and 2nd, but you could for sure live downtown. if you do your commute at odd times of the day (non-rush hour) then you could get downtown pretty quick. most students live near school...mostly in oak park (a little fancier), forest park (a little cheaper), or north riverside (more residential). i can try to help answer any questions you'd have. i personally bought a place because i found it was cheaper to pay for the mortgage than to pay rent. but to each their own, eh? anyway, check out students advising students, specifically the M1 FAQ page. if you decide to live around school, the school will send around a roomate booklet for students looking for other students as roomates.

also, for 3rd and 4th year, you will do the majority of your rotations at loyola-affiliated hospitals. (you can check out the students advising students page for site info for each 3rd year rotation.) 3rd year you don't really get any option for 'away' rotations, but 4th year you can do several months of away rotations...many students treat these as 'interview rotations' at a hospital they'd like to do their residency at. others do overseas rotations. still others enjoy their away rotation - think of a radiology rotation in hawaii working 9-noon every day and spending the rest of the day on the beach (disclaimer- i have nothing against radiology, i've just heard it might not be the most difficult rotation, especially if you don't want to go into radiology.)

that's probably good for now. let me know if you have more questions. oh, and for those of you dealing with the financial woes of deciding between instate and loyola tuition, i can't help you much except to say that most of us probably went through it, too. i could've done instate tuition. sure, i'll end up with quite a bit more money to be repaid and sure, it'll take longer to become loan-free, but i'm quite happy with loyola. i think it prepares us well for 3rd and 4th years and beyond. you could probably get a good preparation at your state school too. but wherever you go, you'll be there for 4 years (and maybe residency). pick where you'll be happiest. you can find statistics about what the percentage is of medical students who experience depression during their years of school (it is a high number). i figure that spending a little more to be a little happier is worth it. everyone will pay off their loans. regardless of the discussions about decreasing physician compensation (a whole different issue), doctors are and likely will continue to be very well compensated. you might not become filthy rich, but you'll be comfortable and you'll pay off your loans.

ok, enough from me for now. best of luck with all your decisions leading up to this fall!

 

[StritchMD2011]

Thanks for the insightful post Brats. I think you hit the nail on the head. It probably is worth more to be at a school where you think you'll be happiest. Everything in my head is telling me Loyola, but my wallet is saying otherwise.

I'm going to sit down and make the final decision this weekend. I have a feeling it'll be Loyola.

It is amazing how happy the students did seem during my interview and the day I shadowed a first year student. Everyone is incredibly friendly and seemed like they genuinely loved the school (unlike at some of my other interviews, where I could see it was a facade). Having supportive classmates is one of Loyola's biggest draws, in my opinion.

Just a random question - when does the housing material and whatnot start to go out? What about the incoming student web forum?

 

[sotired]

brats---thanks for the insight!!!!!! very helpful.

 

[brats800]

Just a random question - when does the housing material and whatnot start to go out? What about the incoming student web forum?

i don't remember exactly, but they'll send the info out sometime during the summer...once the drop deadline has passed. you'll start hearing more and more info as orientation approaches.

 

[doctor0125]

This year was a very interesting year for the match, mostly because of the specialties that folks were interested in. We had lots of ppl match into surgery, including something on the order of 8-9 orthopedic spots. Also had 3 derm, 5-6 med-peds, a handful (I really don't remember how many) in both anesthesiology and radiology. We also had folks who matched early in Neurosurg, Peds-Neuro, and Optho, but I don't recall the numbers. And you should know that all of the numbers I've given are rough - I'm going based on rusty memory.

There was more scramble action this year, but that was because transitional year positions were tougher to come by for this year's class. That is the year ppl do before derm, anesthesiology, radiology, etc. and so those folks have to match into their specialty and also find a place to do their first year. From what I heard there were three ppl who easily got their specialty but didn't match for their transitional year becuase they only listed one or two popular places (which is usually an easy year in a desirable location). Most ppl were very happy and almost everyone I know got one of their top 3 choices.

Hope this helps!
Laurie

PS Pass rates for the boards are almost 100%. Only 1-2 ppl/140 have not passed in the past few years as far as I know.

Do many Loyola students get away rotations in Chicago? Is it hard to get away rotations?

 

[NJH1]

Thanks for the insightful post Brats. I think you hit the nail on the head. It probably is worth more to be at a school where you think you'll be happiest. Everything in my head is telling me Loyola, but my wallet is saying otherwise.

I'm going to sit down and make the final decision this weekend. I have a feeling it'll be Loyola.


I couldn't agree with you more. The environment at Loyola was undeniably different than at other schools. I do believe I would be happier at Loyola. I just need to make the decision final...

I would like to say I have really enjoyed reading this thread. I feel like I already know my incoming classmates. Thanks for the posts.

 

[MDapp06]

sotired (and anyone else interested)-
a number of our students live downtown. if you live downtown, your commute will likely be longer, but if you don't mind then its not impossible. i'd say more students live downtown for their 3rd and 4th years than 1st and 2nd, but you could for sure live downtown. if you do your commute at odd times of the day (non-rush hour) then you could get downtown pretty quick. most students live near school...mostly in oak park (a little fancier), forest park (a little cheaper), or north riverside (more residential). i can try to help answer any questions you'd have. i personally bought a place because i found it was cheaper to pay for the mortgage than to pay rent. but to each their own, eh? anyway, check out students advising students, specifically the M1 FAQ page. if you decide to live around school, the school will send around a roomate booklet for students looking for other students as roomates.

also, for 3rd and 4th year, you will do the majority of your rotations at loyola-affiliated hospitals. (you can check out the students advising students page for site info for each 3rd year rotation.) 3rd year you don't really get any option for 'away' rotations, but 4th year you can do several months of away rotations...many students treat these as 'interview rotations' at a hospital they'd like to do their residency at. others do overseas rotations. still others enjoy their away rotation - think of a radiology rotation in hawaii working 9-noon every day and spending the rest of the day on the beach (disclaimer- i have nothing against radiology, i've just heard it might not be the most difficult rotation, especially if you don't want to go into radiology.)

that's probably good for now. let me know if you have more questions. oh, and for those of you dealing with the financial woes of deciding between instate and loyola tuition, i can't help you much except to say that most of us probably went through it, too. i could've done instate tuition. sure, i'll end up with quite a bit more money to be repaid and sure, it'll take longer to become loan-free, but i'm quite happy with loyola. i think it prepares us well for 3rd and 4th years and beyond. you could probably get a good preparation at your state school too. but wherever you go, you'll be there for 4 years (and maybe residency). pick where you'll be happiest. you can find statistics about what the percentage is of medical students who experience depression during their years of school (it is a high number). i figure that spending a little more to be a little happier is worth it. everyone will pay off their loans. regardless of the discussions about decreasing physician compensation (a whole different issue), doctors are and likely will continue to be very well compensated. you might not become filthy rich, but you'll be comfortable and you'll pay off your loans.

ok, enough from me for now. best of luck with all your decisions leading up to this fall!

Thanks, brats800! Your perspective reminds me of why I fell in love with Loyola in the first place.

mdapp06

 

[LaurieB]

Do many Loyola students get away rotations in Chicago? Is it hard to get away rotations?

Away rotations tend to be first come first serve so it doesn't really matter what school you attend. What ends up mattering is whether the place you want to go offers the elective you want at a time that matches up somewhat with your school calendar - this is an issue for all students at all schools because every school has it's own calendar and it's own way of deciding when to offer elective slots. With that said, Loyola does it's best to facilitate and support students who want to do aways, including covering our malpractice insurance while we are away. This probably sounds confusing and is more info than you need to know, but the bottom line is that aways are very possible and many Loyola students get the aways that they want.

 

[leahmaria]

All of you deciding between Loyola and a cheaper school, I'll be glad to know what you decide--and I hope that you'll be joining me at Loyola next year!!

I am hunting for a place to live now...I think I'll be visiting Chicago soon for that purpose--wish me lots of luck!

 

[keepdreaming]

leah

are you looking for 1 bedrooms?

what website do you recommend when looking for housing...I've tried a lot of them but they're all just kinda crap-tastic.

Any advice?

good luck on your search!

 

[sotired]

All of you deciding between Loyola and a cheaper school, I'll be glad to know what you decide--and I hope that you'll be joining me at Loyola next year!!

I am hunting for a place to live now...I think I'll be visiting Chicago soon for that purpose--wish me lots of luck!

i should be doing that to - do you think we can sign leases this early, though?

 

[Jonesie]

leah

are you looking for 1 bedrooms?

what website do you recommend when looking for housing...I've tried a lot of them but they're all just kinda crap-tastic.

Any advice?

good luck on your search!

I currently live in Chicago and will be moving on 7/1 to be closer to school (but still within the city). I'd definitely recommend Craigslist:

http://chicago.craigslist.org/apa/

You can tailor your search to West Chicagoland (Maywood, Oak Park, Forest Park), the actual city, or you can search all apartments. For starters, I'd suggest just typing your desired suburb in the search field and seeing what's available.

Another option is the Chicago Reader website, although I don't like it as much as Craigslist, and it's more limited to the city:

http://www.chicagoreader.com/

Not sure when everyone is moving, but everything out there seems to be for May and June right now.

 

[Flopotomist]

One more consideration for those from areas like CA or NY - it is SUPER easy to find housing here compared to what you may be used to. I JUMPED on one of the first apartments I found, signed a lease (sight unseen from CA) several months in advance of when I was going to move just to make sure I had a place. Then I got here, and realized there was a huge glut of nice places, and I shouldn't have rushed so much.

Yet another cool thing about the area!

 

[keepdreaming]

flop-

is there an area/building that you recommend in particular? I'm from CA so I don't know if i can make it out there to take a look.

 

[StritchMD2011]

I grew up in the area around Loyola (Western Springs, for those of you familiar with the 'burbs). I was home over winter break and drove around a bit in the areas surrounding Loyola and saw a few different places that looked great.

One that really stuck out was 1000 Forest Place. The building is probably less than 5 years old, and looks awesome. It's in a great area right near downtown Oak Park, and a few blocks from the "el." I'm hoping to get a roommate from Loyola, and they have some nice looking 2 bedroom apartments for around 1300-1600 / month. I'm sure you could find somewhere a bit cheaper, but this place seems awesome.

Just a suggestion for some of you who are looking for specific places.

 

[sotired]

I grew up in the area around Loyola (Western Springs, for those of you familiar with the 'burbs). I was home over winter break and drove around a bit in the areas surrounding Loyola and saw a few different places that looked great.

One that really stuck out was 1000 Forest Place. The building is probably less than 5 years old, and looks awesome. It's in a great area right near downtown Oak Park, and a few blocks from the "el." I'm hoping to get a roommate from Loyola, and they have some nice looking 2 bedroom apartments for around 1300-1600 / month. I'm sure you could find somewhere a bit cheaper, but this place seems awesome.

Just a suggestion for some of you who are looking for specific places.

hey Bkadow, do they have a website or something? I tried to google it but I didn't see anything