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Old 06-17-11, 12:21 PM   #1
EJ123
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(Will be) in a seriously bad financial situation soon, advice?

I go to an out of state school, with the only help from my parents being they co-signed my first two year student loans in my name. As a rising senior now I have almost 100k $ of student loan debt (Fed & Private). I have to pay for my senior year of college coming up AND in order to go to medical school, I need a post-baccalaureate for a year (which I should get accepted to medical school after).

Total debt = ~100k student loans
Upcoming (tuition + food + rent + utilities) = 30k
Post-baccalaureate (16k tuition + 8k rent + 3k supplies + 2k food) = 29k

Total upon hopefully entering medical school = 160k.

HOWEVER, I have 850 shares invested in a type of index fund that's about 56$/share, which turns into about $54,000. After taxes, if I sold all would probably mean $43,000.

Should I take another student loan with the credit union I've been using for the last year and use the fund $ to fund (lol) my post-baccalaureate? As long as I can get into a medical school, getting loans should be no problem. I'm struggling to pay rent now and have two rent payments this July to pay for by the 5th
It's nice to know when I turn 27 I'll be in about 300k $ of debt. Thanks for any help.
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Old 06-17-11, 01:02 PM   #2
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Why in the hell do you need a post-bac to get into med school?
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Old 06-17-11, 01:19 PM   #3
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Sorry, I've got nothing.
+1.

Actually, I am pretty sure the worldwide debt apocalypse will hit before you ever pay all of that off... so spend, spend, spend!
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Old 06-17-11, 01:20 PM   #4
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Christ on a ****ing saltine.

Sorry, I've got nothing.
same here....that's a helluva lot of debt to start out with.
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Old 06-17-11, 01:24 PM   #5
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1. Run out and buy a house on a 30-year mortgage
2. Run out and buy a BMW 7-series on the 7-year plan. Even better, a Maybach or something.
3. THEN go to grad school
4. Go to med school.
5. Declare bankruptcy.
6. ???
7. Profit.
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Old 06-17-11, 01:26 PM   #6
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Wow man, that's harsh. All I can say is don't quit and Go Hokies!
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Old 06-17-11, 02:00 PM   #7
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Originally Posted by bigbenaugust View Post
1. Run out and buy a house on a 30-year mortgage
2. Run out and buy a BMW 7-series on the 7-year plan. Even better, a Maybach or something.
3. THEN go to grad school
4. Go to med school.
5. Declare bankruptcy.
6. ???
7. Profit.
5.5 Get [Katy Perry's] underpants
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Old 06-17-11, 02:03 PM   #8
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Quote:
Originally Posted by bigbenaugust View Post
1. Run out and buy a house on a 30-year mortgage
2. Run out and buy a BMW 7-series on the 7-year plan. Even better, a Maybach or something.
3. THEN go to grad school
4. Go to med school.
5. Declare bankruptcy.
6. ???
7. Profit.
great plan. except the fact that under most circumstances student loans are not forgiven in Bancruptcy hearings.
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Old 06-17-11, 02:03 PM   #9
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Why in the hell do you need a post-bac to get into med school?
Not competitive enough as of now.
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Old 06-17-11, 02:04 PM   #10
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great plan. except the fact that under most circumstances student loans are not forgiven in Bancruptcy hearings.
not to mention debt taken on within a certain time frame is not forgiveable either.
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Old 06-17-11, 02:05 PM   #11
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Well, so much for the american dream, then. Off to debtor's prison with you!
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Old 06-17-11, 02:07 PM   #12
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Move into jsharr's place while he's on vacation.
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Old 06-17-11, 02:14 PM   #13
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Indentured servitude?
Prostitution? (Hey, this is Foo... all options are on the table)
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Old 06-17-11, 03:10 PM   #14
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Have you considered growing or perhaps manufacturing illicit narcotics? I understand there's a lot of profit there.
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Old 06-17-11, 03:25 PM   #15
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Contact the US Public Health Service and see what kind of contract you can get with them - they have a program where they will pay for Med School in exchange for a certain number of years working for them - usually in some rural health clinic-type setting. Additionally, as a Public Health Service employee, you would qualify for having 10% of your government loan indebtedness cancelled for each year of service AFTER (I think) 6 years of service - look into the Public Service Cancellation provisions of your government loans.

OR, you can enlist in the military Reserve Forces - they, too, will pay for Med School in exchange for a set enlistment period, and also will pay or cancel government loans for certain numbers of years of service.

You're on your own with the private loans..... which are NEVER a "good" idea.

NOTE TO STUDENTS: skip the loans - you're SUPPOSED to be poor when you're a student. It builds character and is cheaper in the long run!
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Old 06-17-11, 06:40 PM   #16
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Don't give into the Education Axis (College/Banks/Government). Debt will hunt you for life.

and watch this
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Old 06-17-11, 07:04 PM   #17
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NOTE TO STUDENTS: skip the loans - you're SUPPOSED to be poor when you're a student. It builds character and is cheaper in the long run!
There's absolutely no way I would have been able to go to the school I did without the better part of the cost of a house in student loans. On the other hand, I got a job right out, and when I got laid off had another one lined up before my paychecks stopped at the first place. I gamble, but one that I think was worth it in my case. I wouldn't advise tons of student loans for a career that won't pay it back in a reasonable time frame (example, elementary education), but for other fields (such as medicine) where you can pay it off, it can be a reasonable choice.
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Old 06-17-11, 07:08 PM   #18
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Just an idea...but have you talked with the military? They will pay med school tuition in return for some amount of years of service.....as a commissioned officer. I think Dr's are usually majors, which is a pretty decent pay scale, good benefits, and you wouldn't add to that loan balance.
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Old 06-17-11, 07:19 PM   #19
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Also, if full-blown military is not for you, check out the National Guard units in your area; many states pay tuition & fees for Guard members, plus a small stipend while you're in school - in exchange for 1 weekend per month & a 2 week stint in there somewhere. If there is a medical unit in your area, this might work for you.
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Old 06-17-11, 07:33 PM   #20
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Also, if full-blown military is not for you, check out the National Guard units in your area; many states pay tuition & fees for Guard members, plus a small stipend while you're in school - in exchange for 1 weekend per month & a 2 week stint in there somewhere. If there is a medical unit in your area, this might work for you.
Downside to this scenario is the possibility of the unit going active and deploying overseas. The local 45th shipped out to Afghanistan less than two weeks ago.
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Old 06-17-11, 08:21 PM   #21
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hey, at least you aren't paying for an ipad2 with your kidney.
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Old 06-17-11, 08:37 PM   #22
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When you do a military medical school scholarship you enter the military as a Lieutenant for internship and resident training at a military hospital. When you finish that you are promoted to Captain. The advantage is that the pay in a military residency is a lot higher than a civilian, with housing pay etc. You could pay back undergrad loans during residency because you won't have time for anything else and living expenses are covered, especially if you can get military housing, which cost $0.
Also, the military has it's own medical school in Bethesda Maryland. If you can get in it's a great school and not only free tuition, but military pay too. Uniformed Health Science University. The catch with this option is a longer pay back time in the military. http://www.usuhs.mil/

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Old 06-18-11, 11:58 AM   #23
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most of my friends who were military doctors are VERY sucessful. Even those that get called up from time to time. Their pensions tend to be very nice, and then they keep working in private practice. At that point, their practice salary is just gravy since they can live quite comfortably on their pensions. (These are docs in their 50's). I would definitely look into the military as an alternative to loans. Or the Indian Health Service. Or the US public health service.
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Old 06-18-11, 03:37 PM   #24
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NOTE TO STUDENTS: skip the loans - you're SUPPOSED to be poor when you're a student. It builds character and is cheaper in the long run!
Yikes! But I guess that's how a Medical degree is. Best of luck. I had heard something about hospitals in rural areas where it is hard to get doctors to move to, will help you pay your loans if you commit to a certain number of years of work there.

I went to a cheap podunk state college for a hard science major (geology/GIS). I applied for every grant and scholarship that I could and got all my tuition and some of my living expenses paid every year. I also did paid work study and a paid internship (very low pay for both). Graduated in 2009 with no debt. I now have a really nice job although the pay is kind of low (<$30k) for my profession (GIS), I expect to be paid a lot more as I gain more experience. I still live like a student. Went yard sale shopping on my bike this morning.
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Old 06-18-11, 03:41 PM   #25
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Sell your bike collection, and quit whining.
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