how much to take out in loans?

Discussion in 'Financial Aid' started by LaurieB, Apr 15, 2004.

  1. LaurieB

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    I have some investment savings that I could use towards paying for medical school, but I'm leaning towards taking out substantial loans because interest rates are so low right now. Any thoughts on this strategy and how much money I should take out? My EFC is too high to get any subsidized aid or grants and my estimated M1 budget is about $51K. I can get $32K in unsubsized aid and $19K in private loans at 3%.

    I feel like it makes sense to take the private loans since the rate is so low, but I'm nervous about having that much debt. I would "feel" better about taking only Stafford loans, but I also want to hold onto my nest-egg/safety net.

    Thanks in advance for your thoughts.

    Laurie
     
  2. Hmmm...don't think you'd qualify for that much of a Stafford loan, if you have a high EFC. Or am I wrong?
     
  3. LaurieB

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    To clarify, I've already recieved my financial aid package and they offered $32K in Unsubsidized Stafford Loans. I think you can get the full amount of Unsubsidized aid regardless of your EFC. That is at least the case at Loyola.
     
  4. bullhorn

    bullhorn Senior Member
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    Blade, I think you are wrong.

    SUBsidized Stafford is need based....and you can only get up to 8500

    UNSUBsidized Stafford is not need based..and you can get up to 32,222....
     
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  5. omarsaleh66

    omarsaleh66 Senior Member
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    im about to take out 5 Gs for the summer, maybe take some trips. Why ball on a budget when u can ball out of control???

    And who knows? maybe another 10 for some platinum and some earring fo my baby mother. Oops i mean baby momma


    holla
     
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  6. OSUdoc08

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    The max Stafford loan (sub + unsub) is $38,500. You can also get $6,000 in a Perkins loan.

    I will be taking out both since I am paying out of state tuition. Peace.
     
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  7. omarsaleh66

    omarsaleh66 Senior Member
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    dont worry about the debt, u will pay it back like all the other docs. Try to live comfortably in med school and dont make money an issue. try to concentrate on school. The interest rate is so low that whn u pay it back, remember to take inflation into account when u get paid as a doc in the future, that way a low interest rate 3% isnt that bad.

    Seriously many med students live nicely, take trips, buy books and dont worry about the loans or the debt cuz i really dont think ull have problems paying it back.

    holla
     
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  8. OSUdoc08

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    Some people go to the extreme. Live like a student now or when you are a doctor. It's not neccessary to blow money on international travel and luxury apartments as a student. It will come back to bite you in the end. Don't go off assuming you'll be making so much money that the loans will be a piece of cake to pay back.
     
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  9. omarsaleh66

    omarsaleh66 Senior Member
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    very true, this is good advice.
     
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