Well, since I know the difference I’ve always noticed. It doesn’t necessarily stop me from seeing someone if I like them, but there is a difference and I’m well aware of it.
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welp, they take different route to reach same end result as both competes for same residency spots at end of study. DO/MD gets paid same for same practice.
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@srparent15 please share the difference between DO and MD training. And then let’s drop this because it is very off topic to the thread.
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Before we drop it, in my area, New England, they’re seen as more holistic practitioners. I am not suggesting that is one whit less than an MD. For many patients, that’s a preference. My doc practice has them alongside MDs. They complete the same end testing for certification.
Now, how about we get back on track?
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I doubt seriously if $50,000 in college loan debt forgiveness will ever even get anywhere for a vote.
But what about a %age of loan debt? That would seem to sort of even the field. Federally funded student loans only.
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Isn’t there a life time limit for Fed funded loans? Its certainly <50K.
Actually there is an aggregate limit direct loans for undergrad. But the parents can take parent plus loans up to the cost of attendance.
Medical school students can take $42,000 a year in unsubsidized Direct Loans. And can also take grad plus loans up to the full cost of attendance.
@kelsmom what are the direct loan limits for undergrad and regular grad school?
Let’s keep Med schools/Professional programs out of picture, in my view any loan for med school is worth it as Dr are able to repay them very easily (relatively).
Parent plus loans aren’t fed funded, that is parents own credit worthiness just like any other loan.
Fed loan limits:
Grad school : 138.5k, 20.5K per year
UG: 57.5K, 5.5 to 12.5K per year
For most undergraduates, $31k (but yearly limits mean that a student who finishes in four academic years has a maximum of $27k).
Independent (for government FA purposes, as in age >= 24, married, military veteran, orphaned, etc.) undergraduates can borrow more, and independent graduate/professional students can borrow a lot more.
https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
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Parent Plus loans ARE federally funded, I believe. But they belong to the parent, not the student.
For most undergrads, $27,000 is the Max Direct Loan amount for four years. BUT independent undergrads receive additional money per year…$4000 more for freshman year and at least that amount in subsequent years. So an independent undergrad could easily have $44,000 in Direct Loan debt.
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According to this max unsub for UG is 12.5K per year (albeit with factors), so easily translates at 50K for 4 years.
Yes @PPofEngrDr. The larger amount for undergrad Direct Loans is typically for independent undergrad students.
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$138,500 is the aggregate limit for undergraduate + graduate (total). That’s subsidized/unsubsidized. Graduate students can borrow up to cost of attendance, with Grad PLUS loans making up the difference after the $20,500 unsubsidized annual loan limit & any other aid. Grad PLUS is NOT capped. So the only limit at the grad level is annual COA (and the ability to qualify for Grad PLUS).
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So if one had used 50K from UG, you are technically only getting 88K for graduate.
No, because you can only borrow $20,500 in unsubsidized loan/year. For a typical two year grad program, you would only be able to borrow $41,000. As noted above, though, Grad PLUS is available up to COA minus other aid for those who qualify or get a credit worthy co-signer.
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I see what you mean, the duration of graduate program is another variable.
Well, it wasn’t my idea. It was proposed by @PPofEngrDr. But I think the point was to enshrine it into law to discourage lenders from making predatory loans.
A risk to do business ethically and keep predators at bay.
Precisely, before lending you will consider economic risks, lend the money based on major being peusued, not because student education cost is so high. This will prevent predatory lenders as well as predatory school offerings at bay.
A risk to do business. Education for life <> Borrow for life. Plus credit card is way simpler than student loans to manage.
Oh, I do. I won’t go to some doctors based on their education. Wouldn’t go to a D. O. For example. Never have never will. No nurse practitioners either.
I also could tell youwhich medical schools my kids pediatricians attended as well my primary care. I check reviews for specialists.
My friend went to Granada. She’s a very successful neurologist in Washington DC. Yep, we call her ‘Doctor’, just like someone who went to Harvard.