Advice needed

[Glassboard]

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I'm just wondering, for pre-medical student, what do you all do with the undergrad loan after graduating from the 4 years? Do you all let it add up to the medical school debt?

Thanks.

 

[sustentacular]

I'm just wondering, for pre-medical student, what do you all do with the undergrad loan after graduating from the 4 years? Do you all let it add up to the medical school debt?

Thanks.

You should be able to defer payments as long as you're enrolled full time in school. If you take a year off in between undergrad and medschool you have something like 6 to 9 months before you have to start making payments, then when you start school again the loan will go back into deferment status and you won't have to make payments. In the long run its better to make payments if you can, even if its just to cover the accruing interest.

 

[Glassboard]

Hey,

Thanks for your reply. I intend to take out an Unsubsidized Federal Stafford Loan during my Undergraduate education.

I'm just wondering, because it's a little daunting, for students to just take out undergrad loans and pile it atop their medical school loans. Will the interest for the undergrad loan still accrue during the med school?

How do med school students pay off the interest? Do they get a job or?

 

[ucsfstudents]

you do not have to pay back your college loans during medical school.

 

[OhioDoc]

I'm just wondering, for pre-medical student, what do you all do with the undergrad loan after graduating from the 4 years? Do you all let it add up to the medical school debt?

Thanks.

Most people will defer their loans over the course of their medical school education. This is, of course, very few people have the financial resources to continue making loan payments throughout the duration of medical school. It is important to note that if your loans are of the federal subsidized nature, then the federal government will continue to pay the interest which accrues during a period of qualified deferment. For any other type of loan, however, the interest will continue to accrue. This is probably not worth worrying about too much because the amount of undergraduate loans you have will be insignificant compared to the loans you'll take out for medical school (150K+).

 

[Glassboard]

So it's not really something to worry about? Because I intend to take out 22,000 in unsubsidized loans, so I'm worrying about the interest that is supposed to add up even during med school. Any advice how to address this? Or just let it fatten up?

 

[CougarMD]

I don't really have anything to add to this thread....but I wanted to thank you for being one of the only people who spelled "advice" properly in a thread title. 👍

You could also always take out extra loans in med school for "living expenses" and pay back some college loans with them....use fresh new money to pay off old dirty money😉

 

[Glassboard]

That is an option-- but is it even financially responsible to take out that many loans?

 

[CougarMD]

That is an option-- but is it even financially responsible to take out that many loans?

If the money evens out in the end, and you have 1-4 less years paying interest on it.....why not?🙂

I am the wrong person to be giving advice about this.

There really are some awesome financial counselors out there who could answer this. I would talk to them when you get into medical schools; they know a lot of things that the average person doesn't. I talked to the guy at Ohio State once at a conference and he was a financial WHIZ; he also seemed to make an effort to make sure that all students that needed financial counseling (anything from loans to budgeting for groceries) got it. He was very big on not letting ignorance of the process exacerbate debt.