<p>So when I'm done with PreMed, I'll be in a HUGE debt because of college.. but then I'll be attending medical school. No one gets a full time job to pay of undergrad debt during medical school. How the heck do people do it? Do they take out ANOTHER loan to pay off their undergrad loans? That would totally blow..</p>
<p>Your undergrad loans are usually delayed until after med school. However, some private loans require “interest-only” payments while you’re in school.</p>
<p>How much are you borrowing for undergrad? </p>
<p>Are you in college NOW?</p>
<p>NO ONE should borrow a lot for undergrad - especially if they’re going to go to med school. You’ll end up with toooo much debt AND you could run out of borrowing power.</p>
<p>I read somewhere that some med schools will not accept student with a lot of undergrad debt because they fear that the person will not be able to borrow enough to finish med school.</p>
<p>Anyway…you will run out of borrowing power for federal loans.</p>
<p>Anyone going to med school should not borrow more than probably about $10-15k TOTAL…since you’ll need to borrow about $200k+ for med school.</p>
<p>And…there’s NO REASON to rack up undergrad debt for pre-med!!!</p>
<p>What’s your situation?</p>
<p>
The limits for medical students are far higher than for undergrad. The aggregate Stafford limit for undergrad dependent students is $31,000. The aggregate Stafford limit for medical students is $234,000 (which includes the amounts from undergrad).</p>
<p>But I agree, a student planning on medical school should limit how much they borrow for undergrad.</p>
<p>Ouch… I wanted to go to Baylor University, and so far it looks like I’ll need to pay $14,000 per year after merit aid and grants. Hope my parents can spot me some change cause that’s going to be like $56,000…</p>
<p>I’m a Senior in high school right now.</p>
<p>Well $14,000 a year is well over the limit for federal student loans. For a freshman the Stafford limit is $5500 for a freshman, $6500 for a sophomore, and $7500 for junior and senior years. Anything over that you will have to find private loans, which your parents would have to cosign, or your parents would need to take loans in their name. (I personally am not willing to cosign loans as they are very risky for the cosigner - if I can afford to be responsible for a loan I would take it out in my own name before I would ever cosign for one).</p>
<p>If your parents can’t help (possibly with an installment plan? Baylor might have one) you might want to consider a cheaper school. </p>
<p>Seriously though, look into that installment plan, if it exists. It can make a large payment much more manageable and easier to pay for (not easy, but easier) out of current income. I agree that you don’t want to exceed your Stafford loan maximums if you’re planning to go to medical school. Private loans are usually not as friendly as federal loans, although both will let you defer payments during med school. The problem is that med school is so long and your earning power during (and often immediately afterward) is so low that you don’t want a lot of debt hanging over you that you could have avoided.</p>
<p>*Anyway…you will run out of borrowing power for federal loans.</p>
<p>The limits for medical students are far higher than for undergrad. The aggregate Stafford limit for undergrad dependent students is $31,000. The aggregate Stafford limit for medical students is $234,000 (which includes the amounts from undergrad).*</p>
<p>Right…that’s one reason why pre-med students shouldn’t take out ANY undergrad loans. </p>
<p>The aggregate loan amount for undergrad + med school is $234k. </p>
<p>Many med schools cost MORE than that (private and OOS publics). </p>
<p>Some in-state med schools cost about that much (COA), so if you borrow for undergrad, you’ll run out of borrowing power from the federal gov’t. </p>
<p>Ouch… I wanted to go to Baylor University, and so far it looks like I’ll need to pay $14,000 per year after merit aid and grants. Hope my parents can spot me some change cause that’s going to be like $56,000…</p>
<p>You may not be able to afford Baylor.</p>
<p>How much have your parents said that THEY will pay for undergrad?</p>
<p>where else are you applying to?</p>
<p>*I agree that you don’t want to exceed your Stafford loan maximums if you’re planning to go to medical school. Private loans are usually not as friendly as federal loans, although both will let you defer payments during med school. The problem is that med school is so long and your earning power during (and often immediately afterward) is so low that you don’t want a lot of debt hanging over you that you could have avoided. *</p>
<p>Gardna is VERY right.</p>
<p>Besides, many kids change their minds about med school once they’re in college. Many kids find Organic Chem to be too difficult. </p>
<p>What are your stats? There is a correlation between ACT scores and MCAT scores.</p>
<p>ACT score was 24 the first time, but that was only because I didn’t know *** the test was even about. I didn’t know about the time pacing or how little time we had. This time I know and I’ll most likely make a 29+ on the ACT for December (29+ is needed for a $12,500 scholarship per year at Baylor). My rank isn’t anything special, I’m just an average top 20% kid. I’m currently a CNA and I work in a hospital and also do volunteer work at another hospital, so I’m really interested in health related fields. I’ll really put in the effort during college.</p>
<p>In the end, I’m not like anyone on CC. Just an average dude who makes a C here and there. Don’t judge me on my stats in high school, I promise I’ll kick ass during college.</p>
<p>Fine… you may do better on the Dec ACT. And you may kick booty in college. </p>
<p>But…you’re planning on big UNNECESSARY debt for undergrad. WHY???</p>
<p>1) How much will your parents pay for college?</p>
<p>2) Where else have you applied?</p>
<p>3) What cheaper options do you have?</p>
<p>
</p>
<p>That doesn’t really matter. Your stats in high school don’t really control your loan limits.</p>
<p>^^^
Correct. It’s very likely that Baylor is not going to be affordable because of student loan limits.</p>
<p>You’ll be limited to $5500 for your frosh year.</p>