How on Earth Do I Afford This?

[SnarkyPedsWannaBe]

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Just got my numbers back for my undergrad (I did my first 2 years at a CC)

Undergrad Total: $52,000
Interest Rate: 3.17%
(No, that doesn't include the $26,000 in scholarships I'm getting. That total is all loans)

Med School Total (If I get into my top school): $110,000
Interest Rate: 4.59%

 

[cbtk18]

Seriously? Those are a relatively fantastic interest rates with a relatively small principle. A lot of people on here will tell you to quit your b!tching. Including me.

 

[DrMidlife]

Those interest rates say you are not borrowing federal loans, which is a huge mistake. Huge.

$110k for med school says you are only looking at tuition and not full cost of attendance.

 

[SnarkyPedsWannaBe]

Those interest rates say you are not borrowing federal loans, which is a huge mistake. Huge.

$110k for med school says you are only looking at tuition and not full cost of attendance.

I get discounts on loans though USAA...I'd prefer the lower interest rates I believe. And that's cost of attendance to. Baylor, not just tuition

 

[DrMidlife]

By taking those lower interest rates you make yourself ineligible for federal repayment plans that allow a six figure debt load to be compatible with medical training. You can't do IBR, PSLF or PAYE with private loans.

So to help yourself get the info you need, you need to ask "how on earth do I handle USAA loan repayment in med school and residency?"

Edit: you may get better info from military folks - look for the SDN military forums.

 

[SnarkyPedsWannaBe]

Huh good to know!!!!! Thanks