Hello guys, i would like to ask if FAFSA can afford for the whole medschool cost?
Including tuition + cost of living.
Thank you very much for the information.
If you are eligible to complete the FAFSA and do so, you can take a grad plus loan for up to the cost of attendance. It’s a LOAN…you have to pay it back.
The FAFSA does NOT guarantee scholarship or grant money to fund medical school. Just LOANS.
So…if your medical school costs $100,000 a year, you would have probably $450,000 in loans when interest is added in…at the end of medical school.
Do you understand what I’m saying?
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FAFSA doesn’t pay for anything. It only determines your eligibility for federal aid, and many colleges use it to determine if they will provide you with need-based aid.
In terms of medical school, likely the FAFSA will determine that you are eligible for loans. Students must pay for medical school themselves, often with the help of parents, and often by accepting large loans.
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Posters might want to reference OP’s other thread, where they have already received a lot of advice about scholarships and financial aid.
OP is a foreign citizen who is hoping to become a US permanent resident in the future. So they are not currently eligible to file FAFSA.
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First of all, FAFSA is just an application service. FAFSA itself doesn’t pay anything.
You use FAFSA to apply for federal student loans. Federal student loans are for US citizens and permanent residents only.
There are ceilings on federal student loans. For undergrad, you can only borrow $5500 for your first year; $6500 for your second yea,r and $7500 for your third and fourth years. That’s not enough to pay for full time college attendance anywhere–especiallly if you need to pay for living expenses in addition to tuition, fees and books.
For medical & dental school, there is a loan ceiling of $40,000/year for a maximum of 4 years. If you need to borrow more than this, you’ll need to find another program or lender to borrow from.
There is one other option that’s not guaranteed–Grad Plus loans. Students may borrow additional money to pay for graduate or professional school, but these loans require credit checks and a good credit score. Without a US credit history, you probably won’t qualify for one.
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The answer won’t change from your prior thread – it is still no.
The US is NOT an easy target for a free college education – even more so for an international student.
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Is it ceiled to 40,000/yr? I tought that them could cover the whole tuition cost.
Which would be considered a solution if one would need more? I heared that there are private loans, are these and the Grand Plus the unique likely solutions?
Or to fund medical school.
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The federal student loan limit is $40,500/year. You cannot borrow more than that using federal student loans. The $40,500 limit is ONLY for medical and dental school students. It’s lower for other professional and graduate programs.
Federal student loans will not cover 100% of tuition & fees at most US medical schools.
If your cost of attendance exceeds the federal student loan limit, you must find some other way to get the money to pay for med school.
Many students get money from family members; others use money they saved from jobs they had before starting medical school. Still others borrow from other sources like Grad Plus loans or private education loans.
Private education loans will require a qualified US citizen to co-sign the loan with you. Your co-signer is responsible for paying the loans if you do not. It’s a big favor to ask someone so mostly co-signers are parents, spouses or other close relatives of the med student. (In the case of a loan, a individual must “qualify” by proving they have a high enough income so they can repay the entire loan amount and all the interest within a few years. )
Grad Plus is federal supplementary loan program. But not everyone who wants a Grad Plus loan gets one. You must first qualify for the loan by having a clean US credit record and a good US credit score.
You will not be eligible ANY of these loans (except maybe a private loan) until you have your green card.
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Which would be the requirements for the Grad Plus or private loans?
What would be considered a good and clean US record/score?
How many years are we talking about?
You need to ask this elsewhere.
This is beyond my expertise.
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I read the average med student carries debt of $215k. Wow!!
Seems to me you are getting way ahead of yourself worrying about funding med school. As I understand it, at this point you are not a viable candidate for med school nor do you have legal status (ex. green card) in the US. I think you should consider other avenues to reach your goal.
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I’m going to give up of medschool in US if there are no other way to fund medschool. If that’s really ceiled up to 40,000 and there are no other way to get more loans so i definetly would leave it.
That’s the average debt, but that amount is skewed way too low because 27% of med school grads have ZERO debt because the Bank of Mom and Dad paid for it.
The median debt is in the $300K range. (Does not include undergrad debt)
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With respect, you need to focus on finding somewhere to do an affordable and relevant undergrad degree before you even start thinking about how to get into and fund medical school.
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The annual maximum loan allowed for graduate and professional school is $20,500/year.
Select health professions are allowed to borrow an additional $20,000 for a 9 month academic year and $26,667 for 12 month academic year.
I’m afraid that the medicine degrees outside of US would never be accepted for the medschool admissions.
@WayOutWestMom said that the prefered courses would be things like biology, chemistry and that kind of thing.
I don’t think that these courses would be relevant for me tough. Since that their unique finality is to make you get prefered for the medschool admissions. I don’t think that them would be “relevant” professionaly if i couldn’t get in for one or another reason.
If i don’t find one way to get a undergrad degree in US or accredited country and after that fund the medschool so i’m going to give up of the idea.
On that note, and given that the original question is answered, I am closing the thread. Users are invited to see the OP’s other thread to discuss undergrad options
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