Expert: Andrew Youngker - 1/11/2011

Question
I am a single mother who will be sending her daughter to college next year.  My daughter wants to go into the medical field and wants to attend a very good college (expensive).  I am looking for any information on grants and scholarships that I can find for her that will assist in the event that financial aid does not cover the tuituion; but also so that her student loan payments are not so high after 8 years of schooling.  Where can I start looking for any such information.  We live in Wisconsin.

Thank you

Answer
Thank you for your question. There are a few things that need to be considered when sending a child to college, whether it's vocational or professional school.
First is the fact that college costs have increased higher than the rate of inflation. This means that college is getting more expensive than what the wages can support. Financial aid can help take some of the burden of school costs.
Another thing to keep in mind, assuming we are talking about medical school, is that the average student indebtness is around $275,000. Again this is average, some may be higher and some may be lower. Having medical school debt is a way of life for medical students.
With that in mind, let's talk about financial aid. In the undergraduate years, fill out the FAFSA form as soon as you have your tax information from the previous year. This is way that aid is given, including loans. The sooner the better. Grants and scholarships and any other money is collectively known as "financial aid". This means that there is no such thing as having grants to cover what financial aid does not cover, because they are one and the same. To find merit based scholarships, contact the prospective school for a list of their scholarships. Usually applications need to be done around February and March for the following year.
Loans are another way to help pay for college. Stafford loans can be given and there are no payments due until after enrollment drops below half-time. Caution should be taken when taken in the undergraduate years when you are considering professional school. The total maximum may not be enough to go the entire "8" years.
There are loan forgiveness programs and service contracts that can take away the amount total amount owed.
The bottom line is that there is too much information to give during this post. The first place to start is the financial aid counselor of the prospective school, U.S. Department of Education, your tax professional, AAMC.org, military branches. Take on the undergraduate years first, then take on the medical school finances by visiting that particular school. Many schools have their own programs for financial aid.
Best of luck in the future.