Med School with Children

[TulipsAndSunscreen]

Tuition for us was about 45k. We got about 14,000 to live on per year. It was super tight. We did take out private loans, but we were able to defer through residency which I don't think can be done anymore. We did not receive any extra money for me or our kids, but I did have to provide a letter stating that I was not working and had no income. We did have to rely on some public assistance and occasional bailouts from IL's.

True story, deferral can't be done anymore which blows. You can forbear but then your debt just keeps climbing. That's why I'm a working mama come January.

Most of our loans have been in forbearance, rather than deferment, through residency, so I don't think that's new. Although maybe you mean that even the federal ones can no longer be deferred? DH has more private loans than federal.

[Vanquisher]

All of our loans, federal and private have been in deferment and forebearance. We owe a giant shit ton of money.

[ides]

Dhs tuition & fees were about 42k per year. We didn't have any kids & the school considered him single for maximum loans. He got about 12k for living per year in loans. I worked but didn't make so much. Most of his classmates had parental support. We were the poor students. We also had to have dhs mom send in a letter each year stating that she was retired & widowed & couldn't contribute to his tuition. Pita.

[Chrisada]

The vast vast majority of DH's classmates came from alot of money. Houses and brand new foreign luxury cars were bought for them at the start of med. school. The avg. parental income just for the undergrads at this state school is $200,000. There were times when we literally had a $100 maybe in the bank waiting for loans to come through. DH received no money from his very well off father.

And with deferment no longer allowed, we are in IBR for residency. DH wasn't willing to accrue debt in interest for our cost of living loans.

[TulipsAndSunscreen]

Most of our loans have been in forbearance, rather than deferment, through residency, so I don't think that's new. Although maybe you mean that even the federal ones can no longer be deferred? DH has more private loans than federal.

Nothing can be deferred anymore in residency. At all.

[TulipsAndSunscreen]

The vast vast majority of DH's classmates came from alot of money. Houses and brand new foreign luxury cars were bought for them at the start of med. school. The avg. parental income just for the undergrads at this state school is $200,000. There were times when we literally had a $100 maybe in the bank waiting for loans to come through. DH received no money from his very well off father.

And with deferment no longer allowed, we are in IBR for residency. DH wasn't willing to accrue debt in interest for our cost of living loans.

Let me add to this list: apartments bought for CASH when they arrived at their new med school, houses that the parents are now renting because they lost so much value. Houses filled with furniture, spring breaks to Mexico, post-Match trips all over the world...many of DH's classmates are still living on mommy and daddy.

We'll be in IBR too. I'd rather be paying $10 a month than just continuing to grow them and make no dent.

[scarlett09]

Let me add to this list: apartments bought for CASH when they arrived at their new med school, houses that the parents are now renting because they lost so much value. Houses filled with furniture, spring breaks to Mexico, post-Match trips all over the world...many of DH's classmates are still living on mommy and daddy.

We'll be in IBR too. I'd rather be paying $10 a month than just continuing to grow them and make no dent.

This sounds like my cousin, whose mommy and daddy bought her a condo for 3 years of PT school. She did pay them rent though, but she no longer lives there - her parents are now landlords to other random people. They also just bought my other cousin a house while she gets her PsyD - granted its a 5 year commitment and she pays them rent, but still!

We didn't get married or have any kids during med school, so I don't have much to add to this conversation. DH took whatever the med school offered him in aid each year. It also helped that I was working or working/going to grad school. I think we've struggled more in residency because I haven't worked since we moved here and just finished my degree this spring. Now that I don't have any more student loan money coming in and repayment has started for me on two older loans (around $200/month), things are very tight for us right now. Ugh, I need to find a job ASAP.

But to the OP, you can do it! It sounds like you are prepared to make sacrifices and you have a wonderful resource to help you through it: us!

[SoonerTexan]

Most of his classmates had parental support. We were the poor students. We also had to have dhs mom send in a letter each year stating that she was retired & widowed & couldn't contribute to his tuition. Pita.

I could be wrong, but I don't think we had to include his parents income on the FAFSA after we were married. I'll have to ask DH, though--he filled out the forms (correctly, I hope).

He did include parental income his first year, though...and still got a $5k scholarship. He just didn't have any personal income because his parents supported him through college. I KNOW how much (ballpark) his dad makes, so it really surprised me that he got anything. I think those that had parents with smaller incomes but made a few thousand on their own (had a job in college) got less than he did. Maybe it has something to do with the number of kids in DH's family (6), but it seemed unfair that he got so much when the only reason he had no personal income was he didn't have to work! We still benefited, but just doesn't seem right.

The scholarship went away when my measly half-salary was counted in and we were married (not that I'm complaining--I know we have it good)

Honestly, I don't like including parental income at all, because it is a total crapshoot as to who is going to contribute and who isn't. At 22, I don't think a parent should be expected to pay for your grad school. If they want to, fine, but assuming they will is ridiculous.

[oceanchild]

I could be wrong, but I don't think we had to include his parents income on the FAFSA after we were married. I'll have to ask DH, though--he filled out the forms (correctly, I hope).

Honestly, I don't like including parental income at all, because it is a total crapshoot as to who is going to contribute and who isn't. At 22, I don't think a parent should be expected to pay for your grad school. If they want to, fine, but assuming they will is ridiculous.

Private schools can (and usually do) require additional financial aid paperwork beyond the FAFSA. We were asked about parental contributions, too.

DH is another who has a lot of student loan debt as a result of attending a really expensive med school. Hedix, if you have some location flexibility, really look at the differences in tuition. It can be striking.

[poky]

I could be wrong, but I don't think we had to include his parents income on the FAFSA after we were married. I'll have to ask DH, though--he filled out the forms (correctly, I hope).

DH was in his mid-30s and we'd been married for 5+ years and he still had to have his parents fill out financial aid stuff the first year. We haven't had to fill out any financial aid forms since then, thankfully, but I'd be willing to bet they'd continue to have to fill out their part if we did.

[TulipsAndSunscreen]

We still submit DH's parent's forms because DH is at private med school. It's ridiculous. They cannot financially support themselves (literally...we give them money every month for groceries, etc.) so it's a joke that they could give us anything.

Original poster, I have two words for you: STATE SCHOOL (or public school or whatever you want to call it). If DH went to Ohio State, our debt burden would be <$50k total, instead it is >$200k (just from med school).

[Chrisada]

DH's school, Univ. of Mich. loves to give full rides, especially to their in state students. This was definitely a deciding factor for us. We were out of state BTW.

[Vanquisher]

We still submit DH's parent's forms because DH is at private med school. It's ridiculous. They cannot financially support themselves (literally...we give them money every month for groceries, etc.) so it's a joke that they could give us anything.

Original poster, I have two words for you: STATE SCHOOL (or public school or whatever you want to call it). If DH went to Ohio State, our debt burden would be $200k (just from med school).

Sometimes that isnt an option, especially if you're from a state with only one medical school which is worse than if your from a state with none. Just sayin'.


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[SoonerTexan]

Sometimes that isnt an option, especially if you're from a state with only one medical school which is worse than if your from a state with none. Just sayin'.

I've heard how much it sucks in Utah...many of our out-of-staters are from BYU. Vanquisher is right...if you are from a state with none, you sometimes get your choice of 3-4 schools in other states! Sweet deal!