Today I went to my first interview and there was a presentation from the fiancial aid office. Basically, we are only allowed to borrow up to the amount determined by the school, which is based on a single student.
Does this mean students with family will live in poverty for 4 years? No more steak dinner? How do you all pay for extra expenses that a normal child requires? Are we ever allowed to borrow more money?
As a bonus, my wife has not been working for the past 7 years and I’m not sure if she can go out and find a job right away.
Any advice from the wise would be much appreciated.
From what I understand you can include your dependents in your Fin Aid, but not spouses. I also don’t know if they mentioned anything about private loans in you Fin Aid. Since I just got back from my first interview I don’t know much about it eaither. Since losing the house in Az and pursuing this crazy thing we have been trying to live off of as little as possilbe to get used to med-school life.
- NU2003 Said:
Today I went to my first interview and there was a presentation from the fiancial aid office. Basically, we are only allowed to borrow up to the amount determined by the school, which is based on a single student.
Does this mean students with family will live in poverty for 4 years? No more steak dinner? How do you all pay for extra expenses that a normal child requires? Are we ever allowed to borrow more money?
As a bonus, my wife has not been working for the past 7 years and I'm not sure if she can go out and find a job right away.
Any advice from the wise would be much appreciated.
Does this mean students with family will live in poverty for 4 years? No more steak dinner? How do you all pay for extra expenses that a normal child requires? Are we ever allowed to borrow more money?
As a bonus, my wife has not been working for the past 7 years and I'm not sure if she can go out and find a job right away.
Any advice from the wise would be much appreciated.
Rule 1: take a breath
Many of our members have gone to med school with the ability to borrow money for the basic needs of family. Gabe, who is in his first year of residency, had 4, count'em 4, daughters while going to school. OPM has had a few financial aid officers from med schools present at our conference and I will contact them to see if we can get some accurate info.
The below is from a director of student financial services at a Ohio State University Medical College
"When a student has dependent children the college can make a professional judgment to increase the student’s budget for certain expenses associated with taking care of the child. A student who has a family should speak with each college individually to determine their policies and procedures for helping them meet these additional expenses. "
Thank you for getting back to me regarding my my question. I will definitely talk to the financial aid office when the time comes. Thanks again.
I can speak to this with some level of expertise, as my HPSP scholarship stipend does not take my family into account. We were authorized up to 1200.00 dollars a month per child if we needed it. My wife does work so we haven’t really needed it but it is available if the need arises. PM me if you need further advice.