Getting loan for medical school

Pre-Med & Medical School
1

Hi friends,
I cannot get US residency before entering into medical college but I think I can get the residency in my sophomore year of medical school. So, the problem is if i enter into medical school as an international student I cannot get any loans for my college right. But what happens if i apply for loan in my sophomore year after getting citizenship. Do they give loans for me after getting residency. Help me please I am really confused :(( :)>-

2

Only US citizens or permanent residents are eligible for federal student loans. Internationals may be able to arrange a private loan if they have a qualified US citizen co-signer.

Once you become a US citizen you will be able to get a federal student loan. but only up to $40,500/year. If you have good credit, you may be able to borrow additional funds (up to the published COA of your med school) as a Grad Plus loan.

You cannot borrow money retroactively and you cannot borrow more the published COA of your med school.

As an international applicant, med schools will require you to place between 1 to 4 year’s worth of tuition (at some schools, tuition plus living expenses) into a US escrow account before you will be allowed to enroll. Your application for US citizenship will not be considered when it comes to the escrow fund requirement.

This means you will need to find some way other than US federal student loans to finance the cost of med school and the med school escrow requirement until your citizenship has been officially approved.

3

How are you so sure you will have permanent resident or citizenship status in ONE year?

Also, it’s not all that easy for international students…or anyone for that matter…to even gain entry into medical schools…and you will need to show your ability to pay for the year to gain a visa to study here. Including tuition, fees, room and board, this can easily be in the $60,000-$70,000 a year range. @WayOutWestMom has given youmthat detail.

How will you pay that?

4

Are a non-permanent resident you ae making a huge assumption that you will ne admitted to a US medical school. You may not qualify academically and you will not qualify financially.

5

For reference: the citizen/permanent resident acceptance rate to US MD schools nationally is 40-45%, for internationals it’s closer to 10%.

6

And for non-Canadian internationals, it’s closer to 3% than 10%.

7

Why is it lower for Canadians?

8

If you are so sure that you are going to get PR status in a year after your graduation. You should take a gap year to apply for med school, at that time the doors will be open for you. A year wait is not a long time to become a doctor. Education to become a physician is a ten year process post graduation, delay a year is not a big deal.

9

@paul2752

Canadians have a higher acceptance & matriculation rate to US medical schools than other international students for 2 reasons:

  1. there are a number of medical schools (particularly in northern states near the US-Canada border) that will accept Canadian students that do not accept internationals from other countries

  2. the Canadian government provides guaranteed loans to its citizens who are matriculating at US med schools.

10

I read it wrong never mind!

Speaking of 3%+ acceptance, I am really debating whether I should apply to med school at all…it looks so bleak. Fortunately, my mom is a PR and maybe can sign loan for me, if that helps at all

11

@paul2752 are you a permanent resident?

Does your mom have the income to be a qualified cosigner for $50,000 a year or more in loans? For four years?

12

  1. No, but I plan to get it in 4-5 years. Meaning, I might have to wait til I get one.

  2. My sister is going to get a job soon, and her income will be 65K+ per year I think. My mom’s income is about 24K per year. Can’t you have two cosigners?

13

Low income family members shouldn’t be asked to cosign loans for med school. Students who expect to get residency shouldn’t apply to med school until they can qualify for loans on their own.

14

then, how do poor students get into medical school???

15

Poor US citizens are eligible for federal student loans. They are also eligible for FAP (fee assistance program) when applying to medical school.

US medical schools have no mission or obligation to educate international students.