Trying to consider different options for living expenses

[Nontradvet89]

So, I gave an introduction in the non-trad section, I won't go too much into that here. I'm here to try to find information specifically on what loans can and can't do. Here's where I'm at:

I'm a veteran and have 100% Post-9/11 GI Bill entitlement. I'll be within 3 years of my ETS date (to allow me to be an in-state student financially at any state school in the nation) and know how to pick schools with good Yellow Ribbon Programs.

My wife and I have 3 kids, and she works as a nursery supervisor. It's nice to have the money, but childcare or being a pharmacy tech won't cover the cost without loans in med school.

The doctor I'm shadowing has encouraged me to not save up money over a few years prior to attending but rather to apply as soon as I've taken the MCAT after getting ready and that loans and money will find a way. I believe him in that aspect, because I'm no stranger to the military. For those who don't know, if you want an easy way to get a large lump sum, the military will pay you an accessions bonus of over $200k depending on your specialty after becoming board certified if you sign a four-year contract. Regardless of how you feel about military medicine, I'd call that decent loan repayment, especially if you're not sure how much you'll be able to pay back after residency.

That all being said, anyone know much about how getting loans works, how much you can get, and whether money will "find a way?" I know that, generally, they include tuition and cost of living as a simple loan cap (CoL based on a single person). So...yep, that's where I'm at. Taking any and all advice on the matter.

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[Redtwogreen]

I honestly know nothing about the military but I agree with the doc you are shadowing. Federal loans for students in med, dental, law school, etc are easy to come by (at least for now and while we still have a department of education). I'd get into school as quickly as possible. The sooner you are in, the sooner you are out, and on your way to making 6+ figures and easily knocking out your student loan debt. You'll fill out a FAFSA after you are in school and your school will disburse your loans to you. You can take out loans for tuition and for living expenses (housing food etc) like you said but you are generally offered way more money than you need for cost of living. We had several friends in school who had 1-4 kids and federal loans were enough for them. Create a budget and stick to it while you are in school and you really shouldn't have any problem. We blog about this kind of stuff at redtwogreen.com now that we are out of school but I wish we had been thinking more like you are before we started. Good luck!

 

[Nontradvet89]

I honestly know nothing about the military but I agree with the doc you are shadowing. Federal loans for students in med, dental, law school, etc are easy to come by (at least for now and while we still have a department of education). I'd get into school as quickly as possible. The sooner you are in, the sooner you are out, and on your way to making 6+ figures and easily knocking out your student loan debt. You'll fill out a FAFSA after you are in school and your school will disburse your loans to you. You can take out loans for tuition and for living expenses (housing food etc) like you said but you are generally offered way more money than you need for cost of living. We had several friends in school who had 1-4 kids and federal loans were enough for them. Create a budget and stick to it while you are in school and you really shouldn't have any problem. We blog about this kind of stuff at redtwogreen.com now that we are out of school but I wish we had been thinking more like you are before we started. Good luck!

Thanks for that vote. I would of course love to go as soon as possible. I've always wanted to go to medical school since elementary school. I've had a yearly plan to go since the end of high school, and being this close I just want to go as soon as possible. It's good to hear that others with kids have been able to get by on federal loans alone. I'd like to be able to make that work. I'll check out your blog. Thanks for checking in!