How do loans work for these things?

[Howisbabbyformd]

Advertisement - Members don't see this ad

So obviously paying for one of these programs is going to require taking out loans (unless you're loaded of course). So, let's say an applicant applies to medical school at the same time he/she is taking courses at a post bacc./SMP/other 1 year master's program and happens to get in for the next entering medical school class. My question is, can that person consolidate his/her loans and continue deferring loan payback until after he/she gets through medical school, or do they become due as soon as the degree in the SMP is earned? Thanks for your help!!

 

[DrMidlife]

So obviously paying for one of these programs is going to require taking out loans (unless you're loaded of course). So, let's say an applicant applies to medical school at the same time he/she is taking courses at a post bacc./SMP/other 1 year master's program and happens to get in for the next entering medical school class. My question is, can that person consolidate his/her loans and continue deferring loan payback until after he/she gets through medical school, or do they become due as soon as the degree in the SMP is earned? Thanks for your help!!

Check the fine print on your student loans, but generally you'll find that federal loans are deferrable whenever you're enrolled full time as an admitted student, and private loans are deferrable whenever you're enrolled in a degree program.

In other words, you can assume you don't have to make payments while you're in school. You can also assume the deferrals don't happen automatically (file the paperwork!) and that you're accruing interest on anything that isn't subsidized.