Is it typical to "student-loan-it" through the entirety of college and med school?

Question

I am considering starting school soon and am worried about how much money I will be able to borrow. It would be nice not to have a job all through my first four years of college, and I know for a fact that I wont be able to hold a job and go to med school at the same time. Can I get away with borrowing the money for school and living expenses for the entire eight years? Med school alone is going to cost me $140k (including living expenses.)

Answer 1

Well the short answer is yes. You can "student-loan-it" the entire time, but it's not 100% advisable.

I reccomend applying for scholarships as much as you can, financial aid (FAFSA) and then if you need it student loans.

You must must MUST fill out a FAFSA! That will tell you what kind of good deals you can get for free government assistance.

Secondly, apply for as many scholarships as possibly. There are THOUSANDS that go unclaimed every single year. I reccomend googling "scholarships" and trying all the search engines that pop up. Then, google your hobbies/characterists and the work scholarship. There are hundreds of things that will pop up that you never would have though exist.

Lastly, yes, student loans work. However, speak to your loans advisor thoroughly so you know what you're getting yourself in to.

Also, don't just automatically take loans from the school. Shop around for lenders, don't just be assigned one. Some lenders may be able to offer you better deals that you school can.

8 Years is a lot of debt.

I recommend speaking to Crystal at http://www.studentaidlending.com . Tell her Tory Davidson referred you. She's helped me out a LOT in the past and is really good at patiently answering questions.

It does not hurt to get a small part time job while doing your undergrad.

I'm in my undergrad right now and what I do is apply for jobs through the school. Usually UIC offers tons of jobs and every single one I've accepted has been ridiculously flexible because they understand that I'm a student and education is first.

Use that to pay for as much as you can and then use your loan money second if nessesary. Any access save off to start paying back those bills! They add up and 8 years is a lot of pay back.

Answer 2

I would strongly suggest not doing that. Not only will you be in incredible debt, it's not advisable to go 8+ years without employment. Universities, as part of their acceptance criteria, look at your employment history. I know this, because I was looking at veterinary schools. Having a job looks like you are an energetic, ambitious person. Future employers, as well as graduate school administrators are going to look highly upon you if you have had some type of employment while completing your undergraduate work. Find a job where there's some down-time so you can study. I worked at a telephone company at night, and got a lot of homework done between phone calls. I didn't make a lot of money, but the study time was needed more than a big wage. Find something like that, stay there (if you can stand it) for 4 years, study hard, and in the end you will be thankful you did. Good Luck!

Answer 3

People do borrow for the entire time. I managed a doctors office for several years. The surgeon told me that he was working his way through his first four years and tried it in med school and had to give up working and borrow. Med school was too tough to work also.

He was able to pay it back within five years after starting his practice. And the money he was making while I was working there was fantastic. It will be worth it to borrow.

Good luck to you.

Answer 4

If you graduate in May you will have to start repaying your loans in November/December of that year. You will have to continue making monthly payments until you go to Med School. Once in Med School your payments will be deferred.

Answer 5

Yes

Answer 6

Hi,

Your predicament is normal among us college students trying to earn a meagre living . . . in this crazy little world . .

Nonetheless . .go ahead and plan your future . .