how do private loans work

[iatrosB]

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I know your school sets a "cost of attendance" for a given amount. The living expenses at a school I am looking at are roughly 13,000 per year. There is no way I can live off that with my wife (stay at home) and kids! Can you borrow beyond the cost of attendance?

 

[mpp]

Yes, you can take out private loans. The interest rate is higher and the terms are not as good. Some will require approval from your financial aid department. I would start with your financial aid office to find out what is availalbe. If you do a google search you'll find plenty of lenders...every major bank will loan medical students money.

 

[iatrosB]

Do you have to make payments on the loan while in medical school. That doesn't sound right, it would defeat the purpose of the loan, but that is what I heard somewhere.

 

[mpp]

Depends on the loan...

 

[supereagles]

I am in a similar position as the OP but in my case, I still have most of my unsubsidized loans to borrow from-I was fortunate to recieve some generous grants. So considering that my standard of living is a bit ridiculous, could i borrow more than the school budget using the entiled portion of my unsubsidized loans or do I have to depend on private loans to avoid living on bread and water for the next 4 years? Thanks guys