Weee!

How can one not say that when looking at the big numbers in front of them and signing on the dotted line? Money is a game. It takes effort to learn the game, (I still haven't gotten around to it), but it's kind of important. Kind of.

"Formal education will make you a living; self-education will make you a fortune."
(Jim Rohn)

Making and borrowing money is not the only way to get it. Many people overlook the fact that if you're educated about budgeting, taxes and general frugality, it can pay off more than a second job. I'd rather research about strategy than get another boss.

Contents

Scholarships take time. In order to do them, you must budget your time as hardcore as your money! If you can do it and stay positive, it could very well pay off. It is much more difficult to get funding in graduate school, but it's been done. It will be a matter of priorities for me.

There is more on the FAFSA page than just the application. If you haven't already browsed around, you may want to. Otherwise, it's just a link tht you'll need in January.

Taxes are very, very important. Students have access to deductions and credits, so if you didn't know about it, check it out. You can, for instance, claim a deduction on the interest you paid on the unsubsidized loans you have in school. Not only do you avoid the principle from increasing, you get some of it back. The Lifetime Learning Credit is a must. I am absolutely opposed to someone taking my taxes and putting it into things I never would have funded had it been my decision.

The more money link is a link to my site that I have put together for managing money. I'm not an expert by any means, but I have read books, listened to audio and talked to people who are. You might find it beneficial. It's constantly under construction and like everything on my sites, you can email me with anything you feel might help others.

The Low-Down on Loans

Going to NCNM costs a lot as I'm sure you have discovered. After you crawl out of the fetal position in the corner, you have to plan it out. It's a good thing they limit it as you can see with tools such as this calculator. Alumni manage because they are intelligent, but it doesn't mean it's a hayride.

Many people have already gone to the financial aid office in a dazed swagger wondering what they're supposed to do. ND students have a maximum of $8500/year with a total cap of $65,000. This is the HDL cholesterol of Federal Loans because there's no interest while you're in school. The LDL cholesterol is the Unsubsidized which is accruing interest as you read this. They will gladly give you up to $123,625 of these type of loans at a max of $32,000/year for ND students.

Back the truck up!! Take $32,000 and multiply by the four year track and that gives you... lemme see... ah, $128,000. But that's over the $123,625 limit for the crappy kind of loan!
(me, in the financial aid office at NCNM)

So, it seems that the government decided that you statistically would never pay that much off and puts a limit on the amount you can borrow. Private banks are happy, as always, to hand you a check, but I'm only doing that if I absolutely must... which is not probable.

This page was made to accumulate resources to help us all be able to afford to practice medicine where people need us, not where we can get paid enough to make our minimum loan payment.

Happy Money Management!