Are private student loans easily obtainable for medical school even if you have debt (unsubsidized, subsidized, & private) from undergrad school?

[LaDiDa111]

Or does that debt hinder the chances of getting approved for private student loans for medical school?

I just want to know before I get a bachelor's degree and spend all this time and energy getting into medical school, and then can't even afford it.
I know I can automatically get subsidized and unsubsidized loans for medical school but the maximum allowance won't be enough to cover 100% of the cost.
Do most medical students have no problem getting private financial aid despite having student loan debt from undergraduate school?

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[ciestar]

You can get federal loans to cover full COA with virtually no barriers. Private loans are unwise for stuff like med school.

I graduated undergrad with 50k in debt. I have full COA with the staffords and gradplus.

 

[RangerBob]

I had to borrow the full cost of tuition for a private med school. After you max out subsidized/unsubsidized loans, you can then get gradplus loans to cover the rest.

Most private lenders will lend to you (med students are great investments), but the federal loans will be better 99.9% of the time.

 

[LaDiDa111]

I had to borrow the full cost of tuition for a private med school. After you max out subsidized/unsubsidized loans, you can then get gradplus loans to cover the rest.

Most private lenders will lend to you (med students are great investments), but the federal loans will be better 99.9% of the time.

Did you have debt from undergrad loans that showed up on your credit report when you were approved for the gradplus loan? Thanks

 

[deleted993098]

Just to add to this, when do we apply for student loans? Should we wait till after we get an acceptance or should we fill out FAFSA beforehand?

 

[RangerBob]

Did you have debt from undergrad loans that showed up on your credit report when you were approved for the gradplus loan? Thanks

I have no idea. I did have $50k in loans already, but I never saw a credit report. It’s a little scary how easy it is to borrow hundreds of thousands of dollars.

I have personally never heard of anyone not being able to borrow what they need in federal loans.

 

[907914]

Just to add to this, when do we apply for student loans? Should we wait till after we get an acceptance or should we fill out FAFSA beforehand?

You should fill out FAFSA day one and send to every school you have had an interview at and every school you are ride-or-die for. Your priority is not overworking their financial aid office, your priority is getting in as early as possible before their in-house financial aid date.

 

[Angus Avagadro]

I have nothing to do with financial aid at my school. My question is...Dont you need a co-signer for any student loans?. Seems my neighbors all had to. I used UGMAs and 529s for my kids education. Never filled out FASFA. Thanks in advance for the info.

 

[LaDiDa111]

I have nothing to do with financial aid at my school. My question is...Dont you need a co-signer for any student loans?. Seems my neighbors all had to. I used UGMAs and 529s for my kids education. Never filled out FASFA. Thanks in advance for the info.

You only need a cosigner for undergraduate private loans (like Sally Mae, or student loans from banks), but not for federal loans from the government like subsidized loans and unsubsidized loans (which don't check your credit). That's only for undergrad school though. If you get a private loan for medical school, they usually don't require a cosigner even if you have no income. I called a bank to ask (just to get info) and they wouldnt tell me straight up if most students get approved, but you don't need a cosigner or income, but they check your credit (they wouldnt tell me specifically if undergrad debt on a credit score hindered chances of getting approved). But now from my understanding on this forum, most students who need financial aid for medical school have no problem getting help financing medical school in full even with debt.

 

[993444]

If I recall correctly, CNU students have no option other than to get private loans, correct? Unless they have the full COA sitting in the bank?