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I'm a high school senior, and while I understand that obviously loans have to be repaid with interest, I was wondering if some of you could enlighten me about the logistics of this.
I am going to be premed, and while I know there is room to change my mind, I want to understand how going to med school would affect my life financially before becoming committed to premed and all of the activities that go along with it.
I will not have financial assistance from my parents for medical school. As far as undergrad goes, they are willing to pay 15k/year. I live in CA, so this leaves me with 18k and rising to go to a UC. My estimated COA after aid at ivies/similar schools is 29-30k, so about the same as a UC. If I go to a UC or a meets need school, after subtracting 5k/year in wages from working, I will graduate with about 50k in debt (parents are willing and able to cosign).
I have been accepted to Bama as a NMSF and will receive the NM money. I do not want to go to Bama, but would if it was absolutely necessary. Another option is community college. In addition to UCs and meets need schools, I am applying to a few schools that offer competitive scholarships for science students (Colorado College, WUSTL) but these are obviously a long shot.
So, if I graduate undergrad with about 50k in debt, then med school with 200-250k, how will repayment work? I understand that my undergrad loan payments will be deferred throughout med school. Will they collect interest during this time? Then after med school, I will be sitting on about 300k in debt. Do undergrad and med school payments defer during residency? Will my loans collect interest during this time?
Is going to med school and graduating with 200-250k in debt, even without undergrad debt, a really stupid thing to do? To be honest, I can't see myself doing any other job, but I know that I also want to be realistic and don't want to financially ruin myself by the time I am 30.
If this is helpful, basic stats: 35 ACT, NMSF, CA resident, Hispanic, top 1% of competitive public school, two summers of science research (one summer at a program with ~5% acceptance rate), range of commitment to ECs.