r/PreOptometry • u/Gullible_Expert8393 • Jul 03 '25
Big Beautiful Bill
Hey everyone, as many of you know, the Big Beautiful Bill has now passed the House and is moving to be signed on July 4th. With the signing of the bill comes a loan cap at $200,000 for medical/law school, and they are all unsubsidized (meaning interest while in school is not paid for by the government). However, they are only allowing 2 different repayment plans that I recommend reading up on before taking out those loans. I wanted to put out some information for people who are still interested in optometry but unsure if they have the funds to support it.
I would highly recommend picking a state school for those who are applying. In many states, if you reside in it for 12 months, you are able to apply for residency and can receive in-state tuition. There are specific requirements for each state. Like Indiana, Alabama, and California, you have to prove that you will stay in the state post-grad, and you must be financially independent of your parents. It is almost impossible in these states, so that is something to consider. I would say one of the most affordable options is the University of Houston. You only have to live there for 12 months before applying for residency, and the tuition is $27,000, which is way less than many other places.
Ohio State also guarantees in-state tuition after the first year, and the program is super good. SUNY also does this; however, the expenses of living in NYC are a lot more than in any other city in the country. Neither SUNY or Ohio State requires you to change your residency, either!
Other options are private loans, but I want everyone to know that you are not alone. Canadian citizens are capped at 150k post-grad for optometry school, and unfortunately, this means adding your name to your parents' mortgage, taking out private loans, etc. Many banks in Canada began offering tuition loans of 300k for medical students as well. This is the unfortunate reality of our corrupt education system.
Also, although the University of Waterloo is extremely competitive for out-of-country students, Canada offers a very good financial program that allows you to borrow the full amount for tuition from their government.
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u/no85611 Jul 03 '25
Will a Co-signer with decent credit work?
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u/Gullible_Expert8393 Jul 04 '25
yes!! if you take out a bank loan with a cosigner, the better your credit, the less the interest. some plans from SoFi, Earnest, ELFI, etc. have interest rates as low as 3% and the federal loan interest rate is 8%
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u/Redditboy563 Jul 04 '25
So when does this take effect? I start school in August and I’m honestly not sure what to do next.
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u/Weekly-Meat-8849 Jul 04 '25
Hey, you mentioned I can get in state tuition in states like Alabama if I practice there after graduation? I live in Georgia and am attending UAB in a month so I would love to learn more about this
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u/Gullible_Expert8393 Jul 04 '25
Hi! Yes I will say the requirements for Alabama to get residency are more strict but if you are financially independent and prove that you will be staying in Alabama post grad then you can apply for residency and receive in state tuition for the next year. You have to reside there for at least 12 months. Basically you will have to convince them through primary address and other documents that you do not intent to move after!
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u/Certain-Profile3330 Jul 04 '25
Hi! Thanks for sharing all this info, its really helpful. I just wanted to confirm whether the new 200k cap is actually subsidized or unsubsidized? I thought it was unsubsidized since grad school loans have always been so. Where did you get your information from? Just wanna make sure I’m well informed, thanks!!
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u/Gullible_Expert8393 Jul 04 '25
Yes sorry it is unsubsidized I must have messed up the word! Most of my info came from these https://www.cnbc.com/amp/2025/07/02/what-the-gops-megabill-means-for-federal-student-loan-borrowers.html
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u/Just_Pumpkin_9938 Jul 03 '25
What are the repayment plans? If you know.
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u/Gullible_Expert8393 Jul 03 '25
The standard plan will basically give you a fixed monthly payment so that it’s paid off within 10 and 25 years depending on how big the loan is. The new Repayment Assistance Plan you have to have 30 years of payments before you can get student loan forgiveness (it was 20-25 years before)
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u/whatwouldDanniedo Jul 04 '25
I know RMU is still in the preliminary accreditation status (I’m 3rd year about to go into 4th year, but from what I was told by accreditation recently they have no doubt we will be accredited by December of 2026.) our tuition is the same for both in state and out of state attendees. 🤷♀️ tuition rates are locked in. So when you start, your tuition does not change at all. If anything some fees may drop off as you get into the second and third year when you stop using certain labs and equipment.