difficulty in getting loan?

[yowhatup]

Hi

How difficult is it to get a student loan for medical school these days (with the economy showing uncertainty)? I did not work at all during undergrad, and parents are physicians. It will be for an out-of-state medical school.

To get in-state tuition the second year on at the medical school, I have to show I was self-sufficient first year and that is only possible through a loan funding all my expenses without any other support.

How have your all experiences been with getting loans, how are the interest rates, and did your parents have to co-sign your loan?

Thanks

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[JonnyG]

NO one is quite sure how this year will go for loans. Last year it was hard but not impossible to get loans. This will probably be the next economic crisis to come up when people start trying to secure loans. Generally you should be able to get all your government loans. The difficulty will be with private loans. The interest rates stink right now for student loans. If you have good credit you will not need a cosigner.

 

[dragonfly99]

You will be able to get the government loans (Staffords). The economy isn't going to affect that. You should be able to pay for most of your expenses with those. The rest would have to be from savings, your family, or private loans, if your expenses for 1 year are greater than the amount of Stafford loans you can borrow.

 

[TMP-SMX]

You'll be fine. You can get the full $40,500 in Stafford loans and an unlimited amount of grad plus up to the Cost of Attendance set by your school. If you need above that amount you have to talk to your FA office to increase it after you propose a budget.

Unless you have Direct Federal Loans you are going to want to choose a Stafford lender that has no fees. As of now, that would be Discover.

 

[pharmsar]

You'll be fine. You can get the full $40,500 in Stafford loans and an unlimited amount of grad plus up to the Cost of Attendance set by your school. If you need above that amount you have to talk to your FA office to increase it after you propose a budget.

Unless you have Direct Federal Loans you are going to want to choose a Stafford lender that has no fees. As of now, that would be Discover.

I am very curious, i have been reading that extra stafford loans can be given to students if they ever need them after receiving the financial aid package, and after receiving lets say 28000$ of unsubsidized loans, and 8500 of subsidized loans..
Is it possible? or the only option will still be grad plus!!

 

[TMP-SMX]

I am very curious, i have been reading that extra stafford loans can be given to students if they ever need them after receiving the financial aid package, and after receiving lets say 28000$ of unsubsidized loans, and 8500 of subsidized loans..
Is it possible? or the only option will still be grad plus!!

I'm pretty sure you can only take out $20,500 in stafford loans total with $5,500 of that being subsidized though I believe it depends on your year in pharmacy school, the specific school, and different factors. I'm not 100% sure and you should check prospective schools you want to attend.

There are Perkins need-based loans that are $5000 or less depending on how long your academic year is and how much funding the school has.