jquevillon Posted November 28, 2011 Report Share Posted November 28, 2011 Hey There, I was wondering what my options were for financing my med school after my grad degree. I'm just finishing up my masters in electrical engineering and have some hefty school debt (around 35K) left over from my undergrad and masters. Will banks still offer me LOCs for med school even if I have that outstanding debt? If not; what are my options? Thanks, Joey Link to comment Share on other sites More sharing options...
MedPen Posted November 28, 2011 Report Share Posted November 28, 2011 Hey There, I was wondering what my options were for financing my med school after my grad degree. I'm just finishing up my masters in electrical engineering and have some hefty school debt (around 35K) left over from my undergrad and masters. Will banks still offer me LOCs for med school even if I have that outstanding debt? If not; what are my options? Thanks, Joey I'm pretty sure the bank will give you a loan. There are so many banks offering med school LOCs that, for sure, one will be willing to work with you and give you whatever you need. Link to comment Share on other sites More sharing options...
gradguy Posted November 28, 2011 Report Share Posted November 28, 2011 Hey There, I was wondering what my options were for financing my med school after my grad degree. I'm just finishing up my masters in electrical engineering and have some hefty school debt (around 35K) left over from my undergrad and masters. Will banks still offer me LOCs for med school even if I have that outstanding debt? If not; what are my options? Thanks, Joey I did an undergrad and grad degree in engineering. I think my total debt when I finished grad school was around ~45K. I had absolutely no problems getting a LOC from a bank. They know that med students will be able to pay it back... someday... (hopefully). I'm using a combination of a LOC and government loans (i.e., OSAP) to finance my way through med school. Link to comment Share on other sites More sharing options...
thehumanmacbook Posted November 28, 2011 Report Share Posted November 28, 2011 Don't you guys get a research stipend during your masters? Didn't that help much? Link to comment Share on other sites More sharing options...
Real Beef Posted November 29, 2011 Report Share Posted November 29, 2011 All things considered, 35k isnt too bad. You will be fine to get financing once you get into med school .... first get into med school Beef Link to comment Share on other sites More sharing options...
astrogirl Posted November 29, 2011 Report Share Posted November 29, 2011 You'll be fine. I have about 30K of debt from my PhD, and I got an LOC without any problems. They usually reduce the maximum amount they'll give you if your debt is from other LOCs (as opposed to government loans), but that just meant that I got 170K from the bank instead of 200K. I also got 30K of govt loans this year, so I'm in pretty decent shape. Link to comment Share on other sites More sharing options...
rmorelan Posted November 29, 2011 Report Share Posted November 29, 2011 The banks seem really care how much you owe prior to getting into medical school - the LOC is pretty automatic. General rule is if you can get into medical school, financing will just simply be there for you Link to comment Share on other sites More sharing options...
Real Beef Posted November 29, 2011 Report Share Posted November 29, 2011 Best thing of course is not to get into debt I cant say I did it that way as I got into $60k of debt after two undergrad degrees and one graduate degree. However I paid off my student debt 2 years ago and cash flowed my graduate degree. Currently I am debt free (besides the mortgage) and hoping to pay cash for the first two years of med school if I get in. It would be pretty sweet if I could get through med school with only $50k of debt at the end. Beef Link to comment Share on other sites More sharing options...
rmorelan Posted November 29, 2011 Report Share Posted November 29, 2011 Best thing of course is not to get into debt I cant say I did it that way as I got into $60k of debt after two undergrad degrees and one graduate degree. However I paid off my student debt 2 years ago and cash flowed my graduate degree. Currently I am debt free (besides the mortgage) and hoping to pay cash for the first two years of med school if I get in. It would be pretty sweet if I could get through med school with only $50k of debt at the end. Beef cool! Us non-trads have that option - I have been able to avoid a lot of debt as well. Not that I recommend delaying of course applying to save for it - very, very likely your income on graduating will be so much higher than before that that doesn't make much sense. Link to comment Share on other sites More sharing options...
dblu7 Posted November 29, 2011 Report Share Posted November 29, 2011 cool! Us non-trads have that option - I have been able to avoid a lot of debt as well. Not that I recommend delaying of course applying to save for it - very, very likely your income on graduating will be so much higher than before that that doesn't make much sense. I had a bit of debt, but it doesn't really matter (banks do not view us as a liability). Get an acceptance letter and they will throw money at you (they wanted to give me access to double what I asked for) Link to comment Share on other sites More sharing options...
Slashsev01 Posted November 29, 2011 Report Share Posted November 29, 2011 canada give u a 100K blank check to use once admitted i think they finance everyone regardless of if they need it... i also recommend you take all that money, go to vegas, and put it all on black... 200k in your hands Link to comment Share on other sites More sharing options...
rmorelan Posted November 30, 2011 Report Share Posted November 30, 2011 canada give u a 100K blank check to use once admitted i think they finance everyone regardless of if they need it... i also recommend you take all that money, go to vegas, and put it all on black... 200k in your hands Ha! it is up to 250K now if you want it, plus about 15K a year from OSAP for another 60K at least. Plus 9000 given to all the Ontario students (other provinces may have something similar). Link to comment Share on other sites More sharing options...
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