<p>well I’ve spoken to my school and looked at the collegeboard website and according to that I should qualify for four application fee waivers. Of course I have to resubmit my family income information and stuff for senior year, but I’ve been told I would qualify if there are no changes. Unless I misunderstood something.</p>
<p>How would you know this since you’ve already said that you don’t know how much your family earns? App fee waivers are for low-income.</p>
<p>I have for some time been under the impression that I would NEED to take out large sums in loans to afford an education. I would not be surprised if graduated school 60,000+ in debt and only to add onto that debt going into med school or a graduate program.</p>
<p>Well…YOU…cannot borrow that much. YOU can only borrow about the following amounts…$5500 for frosh, $6500 for soph, 7500 for junior year, 7500 for senior year.</p>
<p>And…$60k in undergrad debt comes to $15k per year. How is the other $35k per year getting paid? </p>
<p>You’d need your PARENTS to help with any more loans that you’d need. And, if they are low-income (and qualifying for app fee waivers), then how would they qualify for such loans???</p>
<p>You will run out of borrowing power for federal student loans for med school if you borrow too much for undergrad. The max you can borrow (for undergrad + med school) is $224K. COA for Med school takes about all of that - all by itself.</p>
<p>But, I was under the impression that, if I chose to, I could go into this process without limiting my options on the basis of cost. Is that really so radically idiotic of an idea?</p>
<p>Not idiotic…just terribly naive. </p>
<p>you’re also very naive about how you will be able to afford these large debts after graduation. Young doctors don’t make that much. Just with $224k in debt, your monthly payments will be about $2600 per month for ten years. For a young doctor, that will be a struggle. And if you need to borrow more, you may find yourself drowning in debt.</p>