I am applying to DO school, which tends to be a bit more expensive than MD school in my state. I will need to get a grad PLUS loan to cover my costs of living. I am not worried about qualifying that first year; I currently work full time as a teacher. However, each additional year, I will need to re-qualify...and I won't be working any longer. Will this affect my eligibility for the grad PLUS those next years or is really just based on credit history? I don't want to get one year in and have to drop out. Thanks.
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Grad PLUS Loans
Started by hrobin77
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Your school's financial aid person will make sure you get enough money, don't worry. For mine, the school automatically approves any amount up to the cost of attendance, and if we need more than that we just have to fill out a request form that sort of itemizes why you have an increased budget need. I imagine very few people need more than cost of attendance because they intentionally overestimate that to provide a cushion (especially for the summer months).
Barely anyone has a job in med school. You'll have no problem getting loans up to your school's COA at any point in med school. Now if you want additional loans above your COA, you'll have to go private and that will depend on your credit and may require a cosigner. That said, I don't know anyone who needed more than the COA at least for the first 3 years of med school. 4th year gets pricy with residency apps, interview traveling, audition rotations, etc, but again most people are able to get a private gap loan for that.
The only thing that matters when you apply for Grad PLUS loans are huge adverse credit events like foreclosures, bankruptcy, and defaulting on any previous loans. They run a credit check but it isn't as in depth as if you were buying a car or a house or whatever (although it'll be worth a house when you're done). As long as you haven't made any ridiculously bad financial decisions, you'll be fine.
