I’ve posted this before in another threat but nobody answered, so I’m trying here.
Which organism lend money to go to med school?
How much can you borrow?
I, unfortunately will need to borrow enough to keep paying my mortgage while going to school. Is that something people do? Or is everybody going to med school later in life is supported by a spouse or leave off savings?
You can borrow approximately $50,000 a year currently from the federal government (no credit required). All schools are required to have a budget that includes tuition, books, and reasonable expenses. You can appeal to increase your budget for various reasons (child care for one). You can borrow up to the budget cost or the limit, whichever is less. Unfortunately, this may not even cover tuition at some schools. Many people end up borrowing additional money via Federal PLUS loans or private loans (credit check required for both).
When you fill out the FAFSA the school will then tell you what you are eligible for. They usually have their own formulas and their own paperwork that you need to fill out and you tell them how much you need.
If the amount they allow you to borrow is not enough, you can ask them to increase your cost of living, but you will need to provide paperwork justifying the increase.
The student loan is not meant to support the entire family, it is meant to support the student. Your spouse needs to continue to work.
In addition, you should search around the internet and see what scholarships are available to you. Any scholarship money you get then increases the amount you can borrow by that much. Before the economy tanked, you would have been able to take out uncertified loans, loans that do not need approval by the school, however currently the only bank that still offers those is Wells Fargo.
One step you should always take: research funding opportunities at the med schools you’re applying to. (Ideally, review scholarship requirements concurrently with your application research, so that you know when all of the deadlines are.) Find out about need-based aid as well as merit-based fellowships (some scholarships will be based on both).
Also,search the Web and other sources for private
scholarship sources. You may be eligible for free money or favorable loans due to your extracurricular activities, ethnicity, religion,
heritage, or any number of other factors. Your school’s financial aid office will be happy to suggest sources to you as well as discuss means
of payment.
I have the same situation and I created a new thread before seeing this post. Your responses are very valuable to me in my decision to continue work or switch full-time in school because of mortgage. As of now, my main concern is for an undivided attention with premed studies, so I will keep all your posts in mind.
Thanks, Delia
Try this new site that allows you to post free requests for money. You simply explain what you want the money for and someone may donate to you. Here is the site:
http://www.donategroup.com/