interest deferred loans?

[munchymanRX]

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Hi, so I'm looking into loan options for medical school.

Just a couple quick questions:

Are there any loans that are interest deferred through residency, or are they all until you graduate medical school?

Also, are there private lenders that offer interest-deferred loans, given full time student status?

Thanks!

 

[TMP-SMX]

Hi, so I'm looking into loan options for medical school.

Just a couple quick questions:

Are there any loans that are interest deferred through residency, or are they all until you graduate medical school?

Also, are there private lenders that offer interest-deferred loans, given full time student status?

Thanks!

1) Not anymore. Residency deferment is a thing of the past.
2) Why? Grad plus is a better deal without any limit up to the cost of attendance. Private loans aren't above the line either and many are often shady and you have to read the fine print.

 

[alwaysaangel]

Hi, so I'm looking into loan options for medical school.

I would wait until you get financial aid options from your school. They explain everything and handle everything for you.

Are there any loans that are interest deferred through residency, or are they all until you graduate medical school?

There is no more residency deferral, now you have 2 options:
1) Forbear and all your loans collect interest
2) IBR (income based repayment) where you pay 15% of your income over the poverty level (around 350-500/month for a single resident depending on your exact residency salary). This is the better option since subsidized loans stay subsidized and you qualify for PSLF (public service loan forgiveness) after 10 years of on-time monthly payments while working for a non-profit (ie a resident or an attending working directly for the hospital).

Also, are there private lenders that offer interest-deferred loans, given full time student status?

No. As of last July loans go thru the government (direct loans) these will be 8.5k in subsidized loans, and 32k in unsubsidized loans.

Just fill out your FAFSA and wait and see what your school gives you - they usually handle everything for you except a couple of forms you have to fill out.