How do people pay for medical school?

[Soldier's*Sweeties]

BAH-basic housing allowance(how much they will pay for you to live in your area)

BAS-Basic substance allowance(money for groceries...etc)

 

[westjones]

BAH-basic housing allowance(how much they will pay for you to live in your area)

BAS-Basic substance allowance(money for groceries...etc)

Oh, OK. That makes sense now

 

[doxdogy]

I don't know what BAH or BAS is I really hope someone at the college gives the pre med students a lot of information for them to consider before making such a huge decision.

Sorry, in a previous live I use to work for the Army. I forget that not everyone is familiar with the acronyms.

 

[Andtototoo]

I read an article about a year ago about the school loans many doctors took to pay for their education. The amounts were shocking.

What was also shocking to me were the number of doctors for whom medicine was a second career and who, in order to pay off their loans, would have to work at least until they were 80 years old. How likely is that? Seems very foolish to me.

 

[westjones]

I read an article about a year ago about the school loans many doctors took to pay for their education. The amounts were shocking.

What was also shocking to me were the number of doctors for whom medicine was a second career and who, in order to pay off their loans, would have to work at least until they were 80 years old. How likely is that? Seems very foolish to me.

Wow! Really? Maybe the military IS the best option then. At least you wouldn't have to work until 80 to pay back loans.

I really hope it all works out for him.

 

[Schmeck]

My DD's BF is in pre med and wants to be a doctor. His parents are paying for his undergrad degree, and last night he told my DD he will probably look at going into the Navy to pay for medical school.

How do people usually afford medical school (if parents don't pay). Is the military the only option if you don't want to take out huge loans?

I was curious about the Coast Guard. Will they pay for a medical degree? And don't they usually stay stationed here in the USA instead of going overseas? (Sorry I don't really know much about the Coast Guard other than I know they are there for you if your cruise ship sinks and they make me feel much safer when I am out on our Disney Cruises).

Anyway....what options have you heard of people using to pay for their medical degree?

First off, does he even have what it takes to get into med school? Lots apply, few get accepted:

https://www.aamc.org/download/161128/data/table1.pdf

If he does get in, he will be offered all kinds of loans. The GI bill does not cover all expenses for med school, only about 40K, according to their website.

 

[westjones]

First off, does he even have what it takes to get into med school? Lots apply, few get accepted:

https://www.aamc.org/download/161128/data/table1.pdf

If he does get in, he will be offered all kinds of loans. The GI bill does not cover all expenses for med school, only about 40K, according to their website.

I really don't know if he has what it takes to get in, so you are right. It may not be an option for him in the end.

 

[westjones]

First off, does he even have what it takes to get into med school? Lots apply, few get accepted:

https://www.aamc.org/download/161128/data/table1.pdf

If this table is correct. It looks like in our state they have over 3500 applicants but only a little over 300 are accepted. Those are NOT good odds!

 

[snuggly duckling]

An alternative to the military might be to do a joint MD/PhD. My husband took out loans for the first year of med school (75k - ouch) and then enrolled in the MD/PhD starting his 2nd year.. They paid his tuition and gave him a small stipend for that. The trade-off is that it's 7+ years rather than just 4. And I certainly wouldn't count on making big bucks right away and being able to pay off a gigantic loan bill. My DH is more than 5 years post med school and still makes less than my sister who works at Cracker Barrel (residency and now fellowship.)

 

[Lita]

He said he is looking at the Navy because he thinks he will have a better chance of being stationed here in the US, but I don't know that he is correct in that assumption.

I have a friend that joined the Navy and was deployed to Afghanistan during her residency when her baby was only 6 months old. Staying in the US is not a guarantee.

Sent from my iPhone using DISBoards

 

[DawnM]

Most take out loans.

Years ago it was easier cost wise. My father graduated in the 50s and lived at home while attending the only Med school in his state and saved on cost by living at home. The cost of school was not outrageous though.

Friends my age who went to Med school were in two camps.....(keep in mind this was the late 80s), UCLA students were paying $7K per year for school while USC students were paying $40K-$50K per year. So loans ranged greatly and didn't necessarily mean a better education just because it cost more.

It just depends.

Dawn

ETA: Oh good lord, I just looked up the Med School my dad attended and it lists current tuition and fees over $65K per year......YIKES! I don't know if that includes room and board or not.

 

[westjones]

I have a friend that joined the Navy and was deployed to Afghanistan during her residency when her baby was only 6 months old. Staying in the US is not a guarantee.

Sent from my iPhone using DISBoards

Oh my! Thanks. I will tell my DD this story so you can pass it along, just so he considers his options carefully. If it is the right path for him that is fine, I just hope he really takes everything into consideration.

 

[westjones]

Most take out loans.

Years ago it was easier cost wise. My father graduated in the 50s and lived at home while attending the only Med school in his state and saved on cost by living at home. The cost of school was not outrageous though.

Friends my age who went to Med school were in two camps.....(keep in mind this was the late 80s), UCLA students were paying $7K per year for school while USC students were paying $40K-$50K per year. So loans ranged greatly and didn't necessarily mean a better education just because it cost more.

It just depends.

Dawn

ETA: Oh good lord, I just looked up the Med School my dad attended and it lists current tuition and fees over $65K per year......YIKES! I don't know if that includes room and board or not.

Yes, I was guessing that the cost has gone up a lot and is becoming more difficult for students to finance. I know with my two girls in the state college here in our town, I was shocked to learn how much it all costs NOW compared to what DH and I paid in the early 80s.

Right now one of my friends DD is a sophomore and she has changed her major once already and still doesn't know what she wants to do, and already owes several thousand dollars. Then they have another child getting ready to start next year. It is shocking how much this whole college thing is....and medical school just sounds nearly impossible for the average person.

 

[Buckalew11]

I know 2 young men who joined the military and are doing med school that way. One just recently moved to Texas to finish up and the other is...???I can't remember but he is in the states.

Many apply, few make it.

Many apply otherwise and still few make it. I have a nephew who has taken the MCAT 2 x and obviously has not scored high enough--plus he has only applied to 2 schools (in-state) and everyone says you have to apply to many and go wherever. He's in his 2nd or 3rd year teaching now.

My DH wishes he had joined the military and went to med school that way. He has a friend who did that and would do it that way again. DH didn't go to med school--he's a FF/paramedic and in the last stages of earning his nursing degree.

DD wanted to be a doctor but we have several doctor friends (4 that she has sat down and talked with) and they have all discouraged her because of the direction things are going compared to the cost, etc. Who knows...
They have encouraged her to be a PA and specialize in sports medicine and orthopedics. This is where he passion lies at this stage of her life so we will see. I say specialize in thumbs because people are going to have thumb trouble, no doubt!

 

[westjones]

I know 2 young men who joined the military and are doing med school that way. One just recently moved to Texas to finish up and the other is...???I can't remember but he is in the states.

Many apply, few make it.

Many apply otherwise and still few make it. I have a nephew who has taken the MCAT 2 x and obviously has not scored high enough--plus he has only applied to 2 schools (in-state) and everyone says you have to apply to many and go wherever. He's in his 2nd or 3rd year teaching now.

My DH wishes he had joined the military and went to med school that way. He has a friend who did that and would do it that way again. DH didn't go to med school--he's a FF/paramedic and in the last stages of earning his nursing degree.

DD wanted to be a doctor but we have several doctor friends (4 that she has sat down and talked with) and they have all discouraged her because of the direction things are going compared to the cost, etc. Who knows...
They have encouraged her to be a PA and specialize in sports medicine and orthopedics. This is where he passion lies at this stage of her life so we will see. I say specialize in thumbs because people are going to have thumb trouble, no doubt!

Well if he were my child, I would encourage him to consider other areas in the medical field. Honestly, he is smart....as are a lot of kids...but he isn't what I would call outstanding academically. He didn't get any academic scholarships to undergrad.

I understand he loves the medical field, but there seem to be many areas a person can go into that wouldn't be as expensive and difficult as getting a MD.

 

[A_Princess'_Daddy]

Well if he were my child, I would encourage him to consider other areas in the medical field. Honestly, he is smart....as are a lot of kids...but he isn't what I would call outstanding academically. He didn't get any academic scholarships to undergrad.

I understand he loves the medical field, but there seem to be many areas a person can go into that wouldn't be as expensive and difficult as getting a MD.

You don't have to be a genius to get into medical school, you have to be passionate about the sciences, have a desire to help others and be willing to work hard. A strong sense-of-self is helpful, as well, based on my friends who willed themselves into and out of medical school.

The admissions statistics you quoted earlier are misleading because they are counting matriculants, i.e. enrolled students, and not acceptance rates, which are controlled and managed by the medical schools. Actual admissions rates that I've heard run closer to 50% (although I don't know if that's accurate, it's what my friends who are doctors tell me). If he's not medical school material, he'll find out for himself as the curriculum intensifies and the wheat and chaff are separated from each other.

As to the expense, you have to look at it on a ROI basis but also on a passion basis. $350,000 isn't cheap, but it can be easily repaid if one is making $200,000 a year, and many specialties do, but more importantly, choosing a career based solely on the expense, without looking at the return on the investment and the passion one will have for the career is a recipe for disaster and an unfulfilled life.

 

[westjones]

You don't have to be a genius to get into medical school, you have to be passionate about the sciences, have a desire to help others and be willing to work hard. A strong sense-of-self is helpful, as well, based on my friends who willed themselves into and out of medical school.

The admissions statistics you quoted earlier are misleading because they are counting matriculants, i.e. enrolled students, and not acceptance rates, which are controlled and managed by the medical schools. Actual admissions rates that I've heard run closer to 50% (although I don't know if that's accurate, it's what my friends who are doctors tell me). If he's not medical school material, he'll find out for himself as the curriculum intensifies and the wheat and chaff are separated from each other.

As to the expense, you have to look at it on a ROI basis but also on a passion basis. $350,000 isn't cheap, but it can be easily repaid if one is making $200,000 a year, and many specialties do, but more importantly, choosing a career based solely on the expense, without looking at the return on the investment and the passion one will have for the career is a recipe for disaster and an unfulfilled life.

Oh that is a good point. I have also heard that 50% are accepted, but I also do not know if that is really accurate.

He says he wants to be an Immunologist, which I had honestly never heard of before until he said that was what he wanted to study (although I am guessing my allergy doctor I used to go to is probably one, and I just didn't know the exact title of her specialty) .

And if it is what he really wants to do, then he should do it. Hopefully he will find different alternatives to consider for financing. It is just a shame it is so expensive for higher education.

 

[EdiePA]

I realize that dental school admissions and medical admissions aren't the same, but they do share similarities.

In my son's experience, schools are looking for a well-rounded student. Over and over the question was, "How do you spend your time?" DS had a GPA of 3.6 (good, but not stellar,) worked in a very prestigious lab and held a leadership position in his fraternity. But what did 3 out of his 4 interviews focus on? The fact that he became a Penn State cheerleader on a dare and followed it through for two years. Why did they focus on that? Because it set him apart and showed his ability to manage his time.

Also, never underestimate good interview skills!

Edie

 

[cornflake]

Yes, I was guessing that the cost has gone up a lot and is becoming more difficult for students to finance. I know with my two girls in the state college here in our town, I was shocked to learn how much it all costs NOW compared to what DH and I paid in the early 80s.

Right now one of my friends DD is a sophomore and she has changed her major once already and still doesn't know what she wants to do, and already owes several thousand dollars. Then they have another child getting ready to start next year. It is shocking how much this whole college thing is....and medical school just sounds nearly impossible for the average person.

It's not impossible at all - just involves huge loans.

It is very expensive, and there's no way to do it p/t (aside from that you just kind of can't it'd take forever to get out if someone tried p/t).

Is there a reason he doesn't want to take out loans?

I mean I get they're scary loans but the reason most everyone does it is that medicine is one of the very few fields in which you're pretty well guaranteed to be able to make the $$ to cover them soon and fairly easily if you successfully graduate from a decent program.

As above, there are also a lot of those programs that will pay off loans if someone agrees to work in the town or institution for X years.

 

[westjones]

It's not impossible at all - just involves huge loans.

It is very expensive, and there's no way to do it p/t (aside from that you just kind of can't it'd take forever to get out if someone tried p/t).

Is there a reason he doesn't want to take out loans?

I mean I get they're scary loans but the reason most everyone does it is that medicine is one of the very few fields in which you're pretty well guaranteed to be able to make the $$ to cover them soon and fairly easily if you successfully graduate from a decent program.

As above, there are also a lot of those programs that will pay off loans if someone agrees to work in the town or institution for X years.

I am not exactly sure why he doesn't want to take out loans. I know his mom doesn't want him to take out any loans during his undergrad. Her goal is to get him through 'debt free'....which is the same goal I have for my twin DDs. But we have also told them IF they ever go to graduate school they will have to take loans and that for grad school the debt usually pays off. I just don't see the pay off for undergrad and think it would be best to start out life debt free out of college (his mom apparently thinks the same way, I have never talked to her about it, but from what he says it sounds like the same thinking).

So maybe he is just scared about the loans. And it IS scary. But again, I think for grad school it might be worth it. But that is a LOT of money.