tough when ORM parents are being scared into committing to expensive programs 
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Since your D has some research experience, see where her research interests align.
I am passing on info that I have gathered so far, and it is partial. May be those who know can fill in the blanks.
There are two types of loan subsidized and unsubsidized. The subsidized loans are lower rate and (please correct me if needed) the interest does not start till student finishes their education. Unsubsidized loans are not only higher rate, but the interest starts accumulating right after they take the loan (correct?). I’m not sure if interest needs to be paid even when student is completing education or payments are only required to start after they complete their education - could someone clarify?
Subsidized Loans for UG are usually given only if parents make less than some amount of money. Else one can only get unsubsidized loans. However, for medical school, since student is considered independent adult, they can qualify to get subsidized loan for full amount of tuition and fees. Not sure about room, board or living expenses.
Loan rates are every high, like 7%. Someone said all students, regardless of parents income, can get a token unsubsidized loan of $5.5K for each UG year if they fill out FAFSA and they don’t need to pay interest or payment till education is completed. Does that mean no interest and payment for 7 years for BU SMED?
My friend said she took home equity for MD and asked their DC to repay as interest rate for education loan was very high. Another friend was guarantor of $380K education loan for son’s MD in private college. Loans are possible but involve parents one way or another.
No, medical school students do not qualify for subsidized loans. Not even tuition and fees at all. Subsidized loans are for low income folks during UG. Most ORMs here are no where close to that category,
Direct Unsubsidized Loans
There are two types of Direct Loans – subsidized and unsubsidized. Medical students and other graduate/professional students, are only eligible for unsubsidized loans. Direct Unsubsidized Loans accrue interest from the date the loan is disbursed until the loan is paid in full. You are not required to make payments on the loan while in school; however, to cut down on the total cost, you may want to pay some of the interest as it accrues.
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Gotta keep paying those high college bills for next 7 years - CA jobs facilitate that better than East coast jobs, so CA it is for now. After that, we’ll see where DDs want to or end up settling down and yes, might relocate if warranted. Challenge will be if they settle down at diametrically opposite places.
UG portion. Do not know Med school.
Unsubsidized loan - Anyone can get and interest rate ( about 4-5%) start day 1 but payment can start 6 month after graduation or after loan disbursement.
Subsidized loan- Perhaps only if FAFSA income low ( not sure how much or if all can get). No interest until 6 month of graduation.
Parent plus loan- 7-9% interest - same as unsubsidized loan- Parents need to deal with it. Not sure if no longer alive what happens.
Berney wants all loans wiped out- Biden agreed to 10K not sure on 50K- GOP against it.
Thank you @grtd2010, clearly my info was partial at best.
Do you know about the loan all kids get regardless of parental income if they fill out FAFSA? I heard it is $5500 for first year UG. Is that at good rate and does interest start accruing from the time loan is distributed?
Think both SBU and Upstate are research oriented. SBU UG is more R&D than UAlbany. So think SBU wins from all sides ( perhaps only exception is 8 yrs at one place vs 4+4 or 3+4 at other).
Not sure on Downstate- That hospital experience in NYC must be invaluable ( think Sophie or Downstate or both rotate you in multiple NYC hospitals).
Yes, interest rate accrues but deferred ( compounding). One needs to fill FAFSA for $5500 loans during first year in UG. Almost every one will get it.
The interest rates are tied to 10 yr. Treasury in particular month of year- This year the rate will be higher as 10 yr yield is about 1.7%. Last year it was 0.6 or so and hence loan interest shown was low.
In general add 2-2.5 to 10 yr. treasury for unsubsidized and 5-6 to Parent plus loans for interest rate for that year. Like home, once locked, the interest is constant compounding every month.
Guess med school will be professional or graduate right?
It would be nearly 1.0% higher when reset this year since 10 yr Tr yield is around 1.7%. You may get a little more in your interest bearing bank accounts. Yes, anything beyond 4 years of UG is considered graduate or professional.
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Again going off BSMD topic, one school not discussed and is mighty economic powerhouse is UChicago that does not even have engineering ( like NYU didnt have before).
What is opinion here for BSMD if UG in UChicago in pure sciences ( remember Rajan Raghu RBI head and who did not get along with Modi is faculty at Chicago).
I am not sure what ORM has to do with that. But most ORMs (read parents) never studied on borrowed money, so it is hard to fathom they would advocate that for their offspring.
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Few over here reported Stanford admission, and now they are NCAA Women basketball champ.
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For the longest time, UChicago was known as the place “Where fun comes to die.” My S didn’t even for UG based on that, he applied for medical school but they didn’t give interview, they prefer people with ton of service hours not research.
ORMs are not used to loans for education and many that I know would prioritize their kid’s education over their retirement. Given this forum seems to have many ORM parents, they may be averse to having students take loans.
I have seen folks using “binding” for BSMD. None of the programs are binding as such. One can always apply out, but loses the guaranteed spot in the program.
AFAIK, only OU program allows to apply outside, while still keeping the spot in their program. There may be others, but I am not aware.
If willing to give away the guaranteed BSMD spot and apply outside through AMCAS because of the super GPA and best MCAT, one can certainly do so. RPI/AMC is same.
True, but hard to apply out if you are in 7 year program. Some of them need summer classes. If you want to apply out you need to plan from day 1 and how many kids are willing to do it? No one likes standardized tests and writing essays.
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So is UChicago highly ranked in med?
Do people go for UChicago over IVY UG ( perhaps possible with Dartmouth/Brown but for this group Brown is dear).