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Hello,
I will most likely be attending a US medical school this year whose tuition is just over 70,000 a year. The total COA is around 106K. It will start after the BBB goes into effect, which practically means for me that I can take up to 50,000 a year in private loans and will have to take private loans for the rest. However, I am trying to decide if I even should take any federal loans. I applied to Sallie Mae and got a really good interest rate of around 3.2% APY despite having no cosigner. Of course that is much better than the federal rate of around 8%, though the federal loans have their own benefits such as being eligible for PSLF and such. With Sallie Mae I will be getting up to 48 months of deferment of payments in residency, up to 48 months grace period, and the ability to only pay interest payments for 12 months beyond that if I need to.
So the question I am trying to decide is should I take the 50,000 in federal loans with around 50,000 in private loans, or go all private/somewhere in between. I would curious to hear some of your thoughts.
DISCLAIMER: I am well aware that probably most of you are not legally able to provide financial advice. I am not asking for financial advice in the thread and will not treat replies as financial advice, and am aware of the prudence to discuss with a financial advisor before making significant financial decisions etc, etc.
I will most likely be attending a US medical school this year whose tuition is just over 70,000 a year. The total COA is around 106K. It will start after the BBB goes into effect, which practically means for me that I can take up to 50,000 a year in private loans and will have to take private loans for the rest. However, I am trying to decide if I even should take any federal loans. I applied to Sallie Mae and got a really good interest rate of around 3.2% APY despite having no cosigner. Of course that is much better than the federal rate of around 8%, though the federal loans have their own benefits such as being eligible for PSLF and such. With Sallie Mae I will be getting up to 48 months of deferment of payments in residency, up to 48 months grace period, and the ability to only pay interest payments for 12 months beyond that if I need to.
So the question I am trying to decide is should I take the 50,000 in federal loans with around 50,000 in private loans, or go all private/somewhere in between. I would curious to hear some of your thoughts.
DISCLAIMER: I am well aware that probably most of you are not legally able to provide financial advice. I am not asking for financial advice in the thread and will not treat replies as financial advice, and am aware of the prudence to discuss with a financial advisor before making significant financial decisions etc, etc.
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