Gap Year and Financial Aid

[purplecricket]

Hi everyone!

I had a question about how financial works after a gap year. I am applying at the end of my 5th year (graduating a bit late) in 2013 so I'll have a year to work and continue volunteering. I was quite looking forward to this until my grandfather told me that if I take a year off I can't get student loans for my 1st year of medical school . That doesn't make any sense to me, as there are tons of non-trads and people who take gap years, so I just wanted to make sure that this is not true. Also, are there any real downsides to taking a gap year? I feel like this would be a good time to get some life and work experiences before committing so much time to medical education.

Thanks everyone!

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[gatorfann14]

That is not true. I am at the end of my gap year now and I have student loans for this coming year. So far my gap year has been great it has allowed me to relax and recharge my batteries. I'm not sure i'd have done too well in MS without it.

 

[thepoopologist]

Your grandfather is wrong. For undergrad, keep in mind you have a six month grace period after graduation before loans are due. Or if you consolidate, loans are due immediately. BUT have that economic hardship forebearance paperwork ready if you don't have the finances yet.

All loans will go into deferral once you enter medical school. And DEFINITELY take that gap year.

 

[munchymanRX]

Hi everyone!

I had a question about how financial works after a gap year. I am applying at the end of my 5th year (graduating a bit late) in 2013 so I'll have a year to work and continue volunteering. I was quite looking forward to this until my grandfather told me that if I take a year off I can't get student loans for my 1st year of medical school . That doesn't make any sense to me, as there are tons of non-trads and people who take gap years, so I just wanted to make sure that this is not true. Also, are there any real downsides to taking a gap year? I feel like this would be a good time to get some life and work experiences before committing so much time to medical education.

Thanks everyone!

I am nearing the end of my gap year, and I have enough in financial aid to pay for my school AND put me in a gaping debt hole later in life. Imagine that!

Your grandpa is wrong. Theyd have trouble filling medical school classes if he were right.