Wow…I wish I had not just seen how much the FAFSA estimates my family contribution should be. It doesn’t seem to account for the fact that the family’s income will drop by 2/3 once I’m in school. And we’ll lose our medical insurance once I end my current job, and will need to pay for that out of pocket. Now add in that I just figured out that we owe about $6K in federal/state taxes…not sure why that changed so much this year.
I’m really hoping to see good news once I see the financial aid package. A decent scholarship would be so very, very nice right now. Unfortunately, it doesn’t seem that there are too many scholarships out there for med school.
Blah.Too much to take in at the moment.
I’m worried about that too…I am a major income earner and carry all the benefits. Surely, they account for that??
Ugh… I’ll be getting all that done in the next week or so, bc I know how fast time will fly once my daughter is born. Hopefully, the shock and stress of finance 101 won’t put me in early labor! LOL
me too. I did fill up my FAFSA. It says an EFC of 7700 or so. I have never been rich, and I don’t have much savings to start with (but no student debt though). I don’t exactly know how they use it, but I am getting a bit scared.
Very likely I will have to work 12h/week or so, which is not too bad given the hourly rate we can make as college professors. Still, this will be stressful. I guess the hardest part will be for my wife to adjust.
Do you guys have a “borrowing limit”, sort of threshold that, if past, would make you really uncomfortable. I know that as physicians, loans are usually repaid, but I just have a psychological issue. Once we talk about 150K or so, it gets to me.
I have had no student debt since 2003 or so and enjoyed that very much. The prospect of doing it again is not enticing at all. Oh well, we’ll survive.
As far as I know, the “EFC” only subtracts from what you are eligible to borrow in subsidized student loans, not in federal loans total. So you are not actually expected to come up with that money. I could be mistaken.
Kate
- Kate429 Said:
As far as I know, the "EFC" only subtracts from what you are eligible to borrow in subsidized student loans, not in federal loans total. So you are not actually expected to come up with that money. I could be mistaken.
Kate
Kate
You're correct. I wouldn't worry. Schools have been doing this for years and where there's a will, there's a way. Just keep your credit scores high until then and you should be good. I say that in case of the worst case scenario of having to take out private loans.