how does getting a loan for school work?

[cl9090]

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I have a question about getting a loan for dental school. How does that work? Does everyone get same interest or different interest?

 

[FreeFallin]

Check out FAFSA and studentloans.gov. I think it's same interest for everyone in the class, but you should get details from these sites.

 

[customx]

Is it best to apply before an acceptance or after?

 

[sjv]

Fill out FAFSA beginning Jan 1st, the school you choose to attend will have more info for you but FAFSA must be completed.

Interest rates depend on the loan and change each year so all loans taken out for 2014-2015 school year will be at certain rates and then all loans taken out for 2015-2016 school year will be at different rates based off the 10-year Treasury note.

 

[cl9090]

Thanks for the kind answers. Does everyone gets different rates for loans (depends on our credit score?)?
Whats the best way to pay back other than scholarships?

 

[sjv]

Thanks for the kind answers. Does everyone gets different rates for loans (depends on our credit score?)?
Whats the best way to pay back other than scholarships?

Everyone gets the same rates but the rate depends on the loan, Direct loans are at 6.21% and Direct PLUS are at 7.21% for the 2014-2015 school year and projected to go up next year.

Best way to pay back depends on the loan amount, if the amount is low then standard repayment or even paying back more than your monthly payment would be ideal. For large loan amounts, you either go into 20/25/30 year repayment or PAYE since you really wouldn't be able to afford standard repayment while living comfortably on an associates salary.

 

[cl9090]

Thank you @sjv
What are starting salary for GP after a year of residency?
Difference between GPR and AGED?

 

[Glimmer1991]

Thank you @sjv
What are starting salary for GP after a year of residency?
Difference between GPR and AGED?

For those kinds of question, Google and the search function are your best friends. 🙂

For the first question, it is location-dependent.
For the second question, it is program-dependent.

So, you have to look at specific examples and go from there.