how will med school loans work?

[pwrpfgrl]

Hi!!
Just out of curiosity, does anyone know what is the method of pay-out for loans we'll get when we are all (hopefully! ) in med school? Do we get it all in one big lump at the beginning of the year, or is there a monthly payment, or what? I'm not sure why I want to know - I think it will ease my mind in some way. (don't ask how). Thanks for the input!

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[megkudos]

I got the impression that we get it all at once in the beginning of the year. I might be wrong though. Maybe if you posted this to the allopathic forum they could tell you.

 

[Mutterkuchen]

In graduate school you get one payout per semester. I assume that it is the same for medical school

 

[sandflea]

yes, from what i understand, you get a lump sum at the beginning of each academic term. i think that's pretty standard.

 

[tiger007]

I'm curious to know the answer to this question too!! I was also wondering when the payment (if it is one) is made (which month) and do we have to be here then. I was thinking of going on a vacation before med. school begins but would have to rethink my plans if I need to do something regarding loan paperwork.

thanks

 

[Jamier2]

•••quote:•••Originally posted by sandflea:
•yes, from what i understand, you get a lump sum at the beginning of each academic term. i think that's pretty standard.•••••I think this is right. The only question I have is when do schools send out the cash? I mean, if we get it a little while before school starts, it would make some things easier. The way my undergrad is, we get our checkes the day before classes start.

Any MS1's care to tell us when you got the first check???

 

[Whisker Barrel Cortex]

Its pretty much like undergrad. You get your check the first day of classes or after. Our school has a short term loan you can get prior to classes starting in order to cover expenses. People usually pay this off once they get their school loans.

 

[lilycat]

Like Whisker Barrell said, you get your checks during orientation in the fall (usually a couple of days before classes officially begin), and then on the first day of classes of the following semester.

Many schools do have "emergency loan" provisions in place if you need some additional cash for rent before classes start, emergency car repairs that weren't budgeted in, etc.

However, if you get in off of a waitlist in the summer, you may have to wait longer to receive your disbursement, ie, a few weeks into the fall semester.