Can Someone Please Explain Student Loans to Me?

[muffeoniv]

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Starting next year I'll be living on campus. I'd really appreciate it if someone could explain student loans to me. What's the federal limit? Is it hard to get approved for private student loans? Do you need a cosigner usually? Can you basically take out as much as you want? How does this all work? Any help would be appreciated. Thank you.

 

[BigRedder]

Starting next year I'll be living on campus. I'd really appreciate it if someone could explain student loans to me. What's the federal limit? Is it hard to get approved for private student loans? Do you need a cosigner usually? Can you basically take out as much as you want? How does this all work? Any help would be appreciated. Thank you.

Might I suggest studentloans.gov?

 

[gettheleadout]

Oh god no he's still here...

 

[alwaysaangel]

Why do you need loans at all? I thought you were paying for it all through blogging... http://forums.studentdoctor.net/showthread.php?t=789457

Med school loans are pretty straight forward. Your school will lead you through most of it.

Staffords max out at 38500/year (unless its changed recently), anything beyond that you have to apply for private loans (which may require cosigned depending on your credit score)
Many schools will fill the gap between total cost of attendance and stafford max so you don't have to take out private loans (but usually only for students who's parents are low income (at my school its less than 80k/year income))

No you cannot take out how much you want. You take out how much your school offers you in the cost of attendance (tuition + cost of living). You will be hard pressed to get more than that from any lender.

4th year you can get a private loan to pay for residency application/relocation. Up to 20k depending on your credit and the lender.

Just wait for your school to give you a financial aid package then they will tell you who their preferred lender is and what forms to fill out.


EDIT: whoops just realized you're just starting out premed not about to enter med school. I don't remember much about undergrad loans.

 

[serendipity007]

So, blogging and Google's AdSense didn't work out for the OP?

 

[NickNaylor]

 

[Doc of the Walk]

Oh god no he's still here...

👍

 

[serendipity007]

:troll:

 

[Political]

Well if blogging isnt working out for you, you can alway do professional pokemon battling, a friend of mine makes 4k a month doing a a bunch of tourneys (he won the the national championships in 2006), considering you know how to ev train and stuff.

another guy i know makes a living playing yugioh.

 

[Ursa]

Might I suggest studentloans.gov?

well now that that's out of the way...new thread topic: obscure and absurd jobs! pics or it doesn't exist

 

[Kevin Baker]

You can take out Stafford loans (like in undergrad, except with much higher interest as apparently a bachelors is safer than an MD/DO) up to 40.5k a year. You can then take out Grad Plus loans at an even higher interest rate, up to the cost of attendance minus your Staffords.

I think Staffords are 6.8% and grad plus is about 8.5%, and interest starts immediately apart from 8500 worth of subsidized Staffords. There are other options as well (Perkins, scholarships, etc.) but these are the biggies. If I had to do it over again, I'd take out all the undergrad Staffords I could at 3.4% now (edit: 4.5% now, 3.4% next year) and use it for med school later.

 

[gettheleadout]

Above: Pearl Diving

$500/day overseas. in b4 comparison to doctor/janitor salary.