Full COA loan recommendations

[proudofmykids]

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Class of 2024....
I didn’t find a specific section on SDN regarding loans for medical students, and there seems to be a lot of commercial lending options along with government loans. Student Loans will be Non Need Based and will need to cover full COA. Let’s please keep judgement related comments off this thread relating to affordability, parental contributions etc.

Can people with experience make some recommendations based on experience and hearing what other students have done that sounds like good ideas?

Government options - immediate accrual:
...The Stafford Direct Unsubsidized provides $42K-$47K/yr, about 6% interest, and over 1% origination fee.
...Grad Plus loans will make up difference but about 7% interest and over 4% origination fee.

I’ve seen some commercial lenders advertising variable rates, or fixed between 4-6%, with no origination fees, up to full COA.

 

[DrStephenStrange]

Federal loans is always the best option to go with. You will most likely need the stafford direct unsub loan to cover tuition and fees, and the grap plus to cover COL. The amount you take for COL is up to you.

 

[crunchywhit]

What is your question.

 

[ciestar]

What is your question.

If they should get federal or private loans

 

[hurtem&healem]

Is there even a single scenario in which a student should take private loans instead of government?

Sent from my SM-N950U using SDN mobile

 

[DrStephenStrange]

Is there even a single scenario in which a student should take private loans instead of government?

Sent from my SM-N950U using SDN mobile

I guess only if your school is new and doesn't offer federal loans. IMO, the benefits of federal loans (Fixed interest rate, PAYE/REPAYE payment plans, PSLF, and being able to defer in residency if you need to) outweigh even a low interest private loan.

 

[IntheClouds4ever]

Federal > private loan. You can always go into REPAYE to have half your interest paid for while in residency and manageable payments. You can also refinance your federal loans with private loans to much lower rates when you have real income and good credit score after residency, if you need to.