Using student loans to pay for medication/ medical bills

[purplecricket]

Hi everyone! So I've gone through the whole financial aid process for my SMP, and it got me thinking about what I can use my student loan money for. I know you must use them on educational expenses like tuition, books, room and board, etc. but I'm wondering if I can use them to pay for medical expenses as well.

I have diabetes, and obviously this is an ongoing money suck to treat . Since I will not be working and don't expect any sort of assistance from my family during school could I consider prescriptions/doctor copays as part of my living expenses? Could I use student loan money to cover them? Just wondering if anyone has had any experience with this, thanks!

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[RangerBob]

I don't believe there's anything that specifically says you can't use loan money for medical expenses--I'm pretty sure that's an allowed expense as it just wouldn't make any sense, morally or legally, to exclude that. I used my loan money to cover an ER visit and office visits, and I know lots of classmates who did the same. If your medical expenses are really high you can usually request a cost of attendance increase and borrow more, but if you can afford everything within the normal amount of financial aid (or less if possible), I'd go that route.

 

[purplecricket]

Thanks for the advice! I was really wondering since it's not explicitly stated as one of the approved "educational expenses" you know? But I figure, well if I don't have my insulin I'll die and won't be able to receive the education!

I hope they see it that way at least.

 

[purplecricket]

Just wanted to see if anyone else has any experience with this since my I should be getting my refund check from school in the next few days.

 

[DrMidlife]

Just wanted to see if anyone else has any experience with this since my I should be getting my refund check from school in the next few days.

Your refund check doesn't know you're a diabetic. You have to go see the financial aid office and work with them on a budget increase, which will effectively result in an additional loan. Assume this takes several weeks.

Also, if your med school doesn't require you to be on health insurance, and doesn't offer you a student plan out of which you may opt only by providing evidence of other coverage, you should be scared. That will be the first question from the financial aid office: why are you paying medical expenses out of pocket? If you are under 26, you can be on your parents' health insurance, and they'll ask you about that too.

Best of luck to you.