If you take a year off before medical school...
Started by clarkalim
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Is there any way you can figure out how much they will charge you initially? Like I won't get a bill for $1500 a month, right?
Actually, do you get charged monthly?
Is there any way you can figure out how much they will charge you initially? Like I won't get a bill for $1500 a month, right?
Actually, do you get charged monthly?
They do charge monthly. You can call your loan provider and see what your current repayment plan looks like. In fact, they probably mail/email it to you every few months.
If you want to avoid repayment then consider Americorps or Teach for America. One of the biggest advantages of programs like these is that your loans stay in deferment.
Good tip. I never thought of that. I'll see if I can check online, because I think I receive e-statements.
But thanks so much! I'll definitely check out Americorps or Teach for America. I only want to take one year off though (I'm applying to medical schools in June 2013 after I graduate that May), and then start medical school in August of the following year. So hopefully Americorps, Teach for America, and similar programs have one-year or shorter program dates.
Come to think of it, I wonder could I study abroad for the first 4-6 months, and then right before they decide to slap the loan repayments on me, start an Americorps or Teach for America project until I matriculate into medical school in 2014. That's a thought...but I don't know if it would work.
Americorps has one year programs. I did a quartertime one. Teach for America doesn't.
Neither has 6 month programs so I don't think your plan would work. Also, consider that if you use your 6 months of deferments now then you will owe money your first month out of med school because your undergrad loans deferment will already be gone unless you refinance. Might be kind of rough owing $500 during your first month of residency when you haven't even received your first paycheck yet.
Oh wow. I didn't know it worked like that. I'll have to check out Americorps, then. I'll do that right now.
Question: What if I decided to do a post-bac research opportunity? Don't those count as education and prevent you from having to immediately pay back your loans?
Post-bac research will not qualify you for continued deferral on loans - you will use your 6 month deferral period and will enter repayment.
If you do americorps you will stay in deferment. Your 6 month grace period will not be used and you will not enter repayment until 6 months after ending medical school.
These are just considerations. Its not the be all, end all and you should decide what you want to do with your year off. But just keep in mind the financial effects of each choice.
Haha. Money is definitely the number one thing on my mind with that...I'd most likely decide to do Americorps so I could defer for that year before medical school, and also have that 6 month of deferment left over after medical school. I don't want to have to struggle to pay for those loans while trying to get through my education at ALL.
Thanks so much!
