• SDN Site Updates

    Hey everyone! The site will be down for approximately 2 hours on Thursday, August 5th for site updates.

  • How To ACE Your Medical School Interview

    In this webinar hosted by SDN with experts from BeMo Academic Consulting, you will learn a simple five-step process to help you translate your interview invitation into an acceptance.

Kavity

Full Member
2+ Year Member
May 28, 2014
182
30
Status (Visible)
  1. Dental Student
Which is better to take out, a private loan or a Grad Plus loan?
Also, how does loan forgiveness work after graduation? Is it better to take out a Grad Plus loan (does it also count in loan forgiveness?)?
 

Student Loan Planner

Full Member
2+ Year Member
Dec 13, 2016
284
608
Grad plus loans are federal and are better to take out initially. If you become a private practice attending then you can refinance a grad plus loan to a better interest rate. If you do residency then a not for profit hospital, the grad plus is eligible for PSLF if you submit your certification forms
 

DrMidlife

has an opinion
10+ Year Member
Oct 31, 2006
7,506
2,697
Status (Visible)
  1. Resident [Any Field]
grad plus is a federal loan program
 
About the Ads

Kavity

Full Member
2+ Year Member
May 28, 2014
182
30
Status (Visible)
  1. Dental Student
Grad plus loans are federal and are better to take out initially. If you become a private practice attending then you can refinance a grad plus loan to a better interest rate. If you do residency then a not for profit hospital, the grad plus is eligible for PSLF if you submit your certification forms
But would the Grad Plus loan be considered for loan forgiveness the same way that other federal loans would?
(I'm assuming that private loans would not be considered for loan forgiveness.)
And with all this, would you advise someone to take out a grad plus loan over a private loan with lower interest rates?
Just trying to get a better idea for the future. Thanks in advance!!
 

sazerac

rye sense of humor
5+ Year Member
Feb 26, 2012
1,992
2,151
Status (Visible)
  1. Medical Student
Grad plus loans are available for loan forgiveness.

The comment about refinancing to a private loan to get a lower interest rate is interesting. The interest rate on a federal loan would be even lower... it would be negative 1200% APR the month it is forgiven at 10 years (non-profit) or 20 years (for profit) of work.
 

Kavity

Full Member
2+ Year Member
May 28, 2014
182
30
Status (Visible)
  1. Dental Student
Grad plus loans are available for loan forgiveness.

The comment about refinancing to a private loan to get a lower interest rate is interesting. The interest rate on a federal loan would be even lower... it would be negative 1200% APR the month it is forgiven at 10 years (non-profit) or 20 years (for profit) of work.
Any idea if can switch my private loan to a grad plus loan now? As in take out a grad plus loan and pay off my private loan with that?
 

DrMidlife

has an opinion
10+ Year Member
Oct 31, 2006
7,506
2,697
Status (Visible)
  1. Resident [Any Field]
Any idea if can switch my private loan to a grad plus loan now? As in take out a grad plus loan and pay off my private loan with that?
Nope. The only way to get a federal student loan is to apply as a student to get funding for coursework you're about to take or are in the process of taking.
 

NeuroendoHolism

Full Member
5+ Year Member
Apr 23, 2016
31
8
Status (Visible)
  1. Other Health Professions Student
If I go to an international school that accepts federal funding like the Fafsa, will Ibe eligible for grad plus loans also?
 
About the Ads
This thread is more than 3 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.