Extra loans needed this year - advice?

[GolDRoger]

Hi all,

I’m a 3rd year medical student and had to max out my loans this year. I knew I’d be spending some extra money because my wife and I were expecting, but turns out we had twins. While I’m ecstatic, I’m a bit worried because I definitely will not have enough money to pay for everything. I do work a job on the side but it won’t be enough to cover all my expenses. My school is quite strict and won’t let me take out more than the total COA.

Essentially, I estimated I need $7,200. I was thinking of getting a private loan, but not really sure what’s the best and wanted to see if you all had any advice for me on this.

Any advice is appreciated, thank you all in advance!

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[RangerBob]

Private loans usually have very high interest rates. I’d recommend avoiding them at all costs.

I’m not normally an advocate for students who get guaranteed federal loans to use food stamps, as that’s not who they’re meant for, but I would never see fault in a student with young kids and (presumably) a non-working spouse using them.

Your kids should also qualify for Medicaid.

Between those two things you could hopefully save enough you don’t need to borrow anything.

 

[Nontrad_FL_LGBT]

Private loans usually have very high interest rates. I’d recommend avoiding them at all costs.

I’m not normally an advocate for students who get guaranteed federal loans to use food stamps, as that’s not who they’re meant for, but I would never see fault in a student with young kids and (presumably) a non-working spouse using them.

Your kids should also qualify for Medicaid.

Between those two things you could hopefully save enough you don’t need to borrow anything.

Students aren't eligible for food stamps generally full stop. Depends on the state but I've to live in one where that's allowed.

Take out the loan dude, you'll pay off a $10k balance with half a paycheck in a few years to keep your kids fed and clothed now. Oh well, it sucks, but that's the tax we pay for not going straight through with no kids I guess. Government and school doesn't care. 🤷‍♂️

 

[Mr.Smile12]

Previously

I

Thread 'SNAP benefits'

Jun 9, 2022

Do any students here (w/o children) receive/qualify for SNAP benefits? If so, what state are you in?

• iluvmycat
• Replies: 39
• Forum: Medical Students (MD)

Talk to your financial aid team.

 

[RangerBob]

Students aren't eligible for food stamps generally full stop. Depends on the state but I've to live in one where that's allowed.

Take out the loan dude, you'll pay off a $10k balance with half a paycheck in a few years to keep your kids fed and clothed now. Oh well, it sucks, but that's the tax we pay for not going straight through with no kids I guess. Government and school doesn't care. 🤷‍♂️

I knew a number of students with families who were receiving food stamps.

I agree with the above advice for OP to talk with financial aid office. Sometimes they're very helpful--sometimes they're not. But it's a good place to start.

Be very cautious with private loans. The terms are very different. Higher rates, and generally they can't be deferred. Repayment may start while in school. I had a private grad school loan that went into repayment while I was in medical school.

 

[eforest]

I thought you were going to say 100,000 more dollars. < 10 k is nothing. Private loans have higher interest but based on what you’ve said- sounds like you don’t have a choice


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