Student Loans for Medical School 2026 question

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For some, service academies are an option. The service commitment after residency may be a no go. My niece, a USNA and med school grad is currently serving in Hawaii.

Very limited number of slots to do this from USNA. I want to say 5 or less a year.

You don’t have to go to a service academy to get the military to pay for med school

Right, but no undergrad tuition if you do. Longer active duty service requirement, though, which makes sense.

If you need undergrad payed for, there’s always regular ROTC then hope you can get a deferral for med school. Or if just wanted medical school you can apply for HPSP toward the end of undergraduate with no prior service or rotc background

[Anonymous]

Federal loans capped at $200k (lifetime borrowing of professional schools)...$50k/year.

Very difficult to pay the full COA without private loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can take out private loans.

Or you can be poor enough and smart enough to attend one of those schools that offer free med school tuition.

DH graduated from med school 20 years ago and it wasn’t uncommon for people to graduate with 300k of debt. Now that number can easily be north of 500k with undergrad.

Kids who want med school should take no undergrad loans - by any means necessary.

A doctor is better equipped than almost anyone else to pay off undergrad debt, even if you also include med school debt.

Nah. Lawyers and investment bankers make more and sooner.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For some, service academies are an option. The service commitment after residency may be a no go. My niece, a USNA and med school grad is currently serving in Hawaii.

Very limited number of slots to do this from USNA. I want to say 5 or less a year.

It is definitely more than than- maybe 4 times more with USUHS and HPSP- at least this recent graduating year

[Anonymous]

Than that

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can take out private loans.

Or you can be poor enough and smart enough to attend one of those schools that offer free med school tuition.

DH graduated from med school 20 years ago and it wasn’t uncommon for people to graduate with 300k of debt. Now that number can easily be north of 500k with undergrad.

Kids who want med school should take no undergrad loans - by any means necessary.

Sure, but it still doesn't solve the issue of medical school. I have other kids heading to college to pay for.

It’s a problem for sure. It’s hard for kids without parental help to attend med school.

If there is a will, there is a way.

You can take on debt. You can join the military. You can get a scholarship. You can go to a state school.

The hurdle is getting into med school.

State school appears to be same price

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can take out private loans.

Or you can be poor enough and smart enough to attend one of those schools that offer free med school tuition.

DH graduated from med school 20 years ago and it wasn’t uncommon for people to graduate with 300k of debt. Now that number can easily be north of 500k with undergrad.

Kids who want med school should take no undergrad loans - by any means necessary.

A doctor is better equipped than almost anyone else to pay off undergrad debt, even if you also include med school debt.

100%
When the low earners make 250k and the average docs make 400k it is not hard at all for any of them to pay off loans over time.

Plus: most med schools in the T50 have need based aid now, and merit fellowships. It is becoming rare to take out the entire thing in loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can take out private loans.

Or you can be poor enough and smart enough to attend one of those schools that offer free med school tuition.

DH graduated from med school 20 years ago and it wasn’t uncommon for people to graduate with 300k of debt. Now that number can easily be north of 500k with undergrad.

Kids who want med school should take no undergrad loans - by any means necessary.

A doctor is better equipped than almost anyone else to pay off undergrad debt, even if you also include med school debt.

100%
When the low earners make 250k and the average docs make 400k it is not hard at all for any of them to pay off loans over time.

Plus: most med schools in the T50 have need based aid now, and merit fellowships. It is becoming rare to take out the entire thing in loans.

yes we have noticed same, especially in the past year the $ offered has gone up a lot.All the more reason to work very hard undergrad to get the highest GPA and mcat possible, plus pick a premed that is the best school you can get into and afford without undergrad loans. Top schools send hundreds of undergrads to med school every single year, and being the top 1/2 of that group puts one in line for T50 ish med.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can take out private loans.

Or you can be poor enough and smart enough to attend one of those schools that offer free med school tuition.

DH graduated from med school 20 years ago and it wasn’t uncommon for people to graduate with 300k of debt. Now that number can easily be north of 500k with undergrad.

Kids who want med school should take no undergrad loans - by any means necessary.

A doctor is better equipped than almost anyone else to pay off undergrad debt, even if you also include med school debt.

100%
When the low earners make 250k and the average docs make 400k it is not hard at all for any of them to pay off loans over time.

Plus: most med schools in the T50 have need based aid now, and merit fellowships. It is becoming rare to take out the entire thing in loans.

You’re really over estimating the ability to pay back loans. My husband was 33 years old by the time he was out of residency. So start with that salary, take half for taxes and now you likely have little in retirement or equity in your house because you got such a late start in your career so lots need to go there, and into paying for kids educations. We will have finished paying off my husband’s loans four years before we start taking out med school loans for my kids (twins going at the same time).
Anyways - yes it’s a great salary but you are getting a late start in life making it which is a really big deal financially. There are way easier ways to make money if that’s what you’re after.

[Anonymous]

+1 to the PP referencing getting a late start. That was me and my husband coming out of grad school. Yes, we make good salaries now, but it took us decades to pay off the loans and now we are looking at college for our kids just after we paid them off. So overall people with advanced degrees have a higher earning potential but they are a few years behind their peers and will likely retire later etc. It’s a trade off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can take out private loans.

Or you can be poor enough and smart enough to attend one of those schools that offer free med school tuition.

DH graduated from med school 20 years ago and it wasn’t uncommon for people to graduate with 300k of debt. Now that number can easily be north of 500k with undergrad.

Kids who want med school should take no undergrad loans - by any means necessary.

A doctor is better equipped than almost anyone else to pay off undergrad debt, even if you also include med school debt.

100%
When the low earners make 250k and the average docs make 400k it is not hard at all for any of them to pay off loans over time.

Plus: most med schools in the T50 have need based aid now, and merit fellowships. It is becoming rare to take out the entire thing in loans.

You’re really over estimating the ability to pay back loans. My husband was 33 years old by the time he was out of residency. So start with that salary, take half for taxes and now you likely have little in retirement or equity in your house because you got such a late start in your career so lots need to go there, and into paying for kids educations. We will have finished paying off my husband’s loans four years before we start taking out med school loans for my kids (twins going at the same time).
Anyways - yes it’s a great salary but you are getting a late start in life making it which is a really big deal financially. There are way easier ways to make money if that’s what you’re after.

Yeah. Something to note, most physicians are hospital employed workers with regular W2s. They pay A LOT of taxes, highest bracket- way more than other higher earners in different fields that are able to get a lot of exemptions and loop holes