Hi,
Have you heard of primary care loan program ? I am currently an M1 student and my school is offering students a primary card loan thru DHHS, which basically will convert all the federal loan into a PCL loan and no interest is accrued until residency. The only condition is commitment to primary care field. The idea that the interest will not be accrued until residency is tempting, however I am asking those who have take this loan or , have some information about the future repercussions of this commitment, please share.
On issue I can think of is that if i decide to go for a residency other than primary care, then I have to pay penalty in terms of higher interest rate (7%) as opposed to 5%. Other than that I don't see any issue with this even if i change my mind. I did some calculations and it seems over the next 6 years (including school and residency), it should save me over 80k in interest alone. And if i decide to go for another residency, I can payoff this loan with some private loans that might be cheaper. Lastly, do students get other similar loans or loan forgiveness programs during the M3 or M4 school year which are better than accepting it now ?
Thought or feedback please ?
Have you heard of primary care loan program ? I am currently an M1 student and my school is offering students a primary card loan thru DHHS, which basically will convert all the federal loan into a PCL loan and no interest is accrued until residency. The only condition is commitment to primary care field. The idea that the interest will not be accrued until residency is tempting, however I am asking those who have take this loan or , have some information about the future repercussions of this commitment, please share.
On issue I can think of is that if i decide to go for a residency other than primary care, then I have to pay penalty in terms of higher interest rate (7%) as opposed to 5%. Other than that I don't see any issue with this even if i change my mind. I did some calculations and it seems over the next 6 years (including school and residency), it should save me over 80k in interest alone. And if i decide to go for another residency, I can payoff this loan with some private loans that might be cheaper. Lastly, do students get other similar loans or loan forgiveness programs during the M3 or M4 school year which are better than accepting it now ?
Thought or feedback please ?
