From MD --> MBA Loans

[mward04]

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So I go a rude awakening today...

Turns out you can get up to $30K in Federal Loans for medical school and only $18.5K in Federal Loans for business school...now I have to scramble to find a private lendor (can't wait to see how high that interest rate is!) at the last minute.

Am I the only person that didn't know about this???

Thanks Emory for the heads up 👍

 

[Aucdoctobe]

So I go a rude awakening today...

Turns out you can get up to $30K in Federal Loans for medical school and only $18.5K in Federal Loans for business school...now I have to scramble to find a private lendor (can't wait to see how high that interest rate is!) at the last minute.

Am I the only person that didn't know about this???

Thanks Emory for the heads up 👍

sucks. Just by wondering what is the MBA tuition at Emory? I know I could look it up but I am feeling lazy.

 

[mward04]

sucks. Just by wondering what is the MBA tuition at Emory? I know I could look it up but I am feeling lazy.

too much...$32.4K fortunately, I only need to pay for one extra year

 

[rgarg3]

MWARD4-

I had the same problem, except I couldn't tap into federal backed loans because I'm doing my MBA/MD at diffferent institutions. I contacted Sallie Mae. They're really good about getting business loans to students. Usually the rate is a point or so above prime so right now its pretty cheap. Hope this helps..


rgarg3

 

[SanDiegoSOD]

I'm seconding the Sallie May advice - my brother was in a similar position to yours Mike, and Sallie May covered the difference between what the govt. gave him and was his projected need was. Good luck.

 

[mward04]

Welcome to my world. I am surprised Emory doesn't have some "special" (I get a kick back type) program with a "preferred" private lender. If they do, try this route... they make sure its lower than market rate.

If everything fails, try Coca-Cola. You are at Emory (Goizueta) after all.

Not that I know off 😡

 

[Whodathunkit]

Ahh...so people do actually pay for their MBAs

I was under the impression that everyone EXCEPT me would have to pay for it. Jobs that payed for you to go, medical schools giving special packages, super duper scholarships.

I'm trying to figure out if it's worth it. Educationally and culturally to me it is. Financially...I'm not so sure. It's tough to turn down the possibility of a year(or two) salary to take out loans not only for the tuition BUT living expenses as well.

I guess it wouldn't have been so much a problem if I didn't have ~120,000K in loans from med school to think about. I guess it could be worse. Some people owe alot more.

 

[Aucdoctobe]

Ahh...so people do actually pay for their MBAs

I was under the impression that everyone EXCEPT me would have to pay for it. Jobs that payed for you to go, medical schools giving special packages, super duper scholarships.

I'm trying to figure out if it's worth it. Educationally and culturally to me it is. Financially...I'm not so sure. It's tough to turn down the possibility of a year(or two) salary to take out loans not only for the tuition BUT living expenses as well.

I guess it wouldn't have been so much a problem if I didn't have ~120,000K in loans from med school to think about. I guess it could be worse. Some people owe alot more.

120K is nothing!!!! I'm coming out 240K in debt!

 

[Whodathunkit]

you must be going into radiology or plastics...

 

[mward04]

120K is nothing!!!! I'm coming out 240K in debt!

<<<<-----$200K here...gotta love private school 😍

BTW, ortho-mdmba, you were right, they do have "wink" "wink" loans which I just found out about and received. That will help a lot, it's only $4k more, but now I only need to take out $6K more in private loans. I'm going to consolidate in about a year and a half anyway so it won't matter that much in the long run.

 

[Aucdoctobe]

you must be going into radiology or plastics...

Or FP/IM with a couple of foriegn NP's and an underserved area for some gov't help and nonprofit tax status.. 🙂 🙂 🙂 🙂