Is it bad for a premed to take out private loans?

[doctorwannabe1234]

How bad are private loans? I need urgent advice

Hi I need some advice. I am enrolled for a 2nd degree (bio) so i can be eligible for financial aid to finish my DIY post bacc. I only needed 8 classes and i finished 4 of them last year using subsidized loans (i maxed out all my Pell grants & am only eligible for loans). Today I woke up to an email from my school saying that “only courses that Degree Works shows as required will qualify for financial aid. Students enrolled in courses not required may have their aid reduced or cancelled.” I have to take 4 more classes but they are not considered “required for my major” (Orgo 1 + 2 & Physics 1 + 2) so i am assuming that I will have my loans cancelled. I’m waiting to talk to the financial office but I’m freaking out because school is supposed to start in 2.5 weeks. The cost for these 4 classes will be about $5500 (based on what I paid last year). Should I struggle to try to pay this out of pocket (I work part time only about ~20 hours a week) or take out a private loan?? Someone suggested that I change my major to chem but then I would have to take calculus AND calculus based physics, which i don’t want to take. I planned on taking algebra based physics. Please help

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[KnightDoc]

How bad are private loans? I need urgent advice

Hi I need some advice. I am enrolled for a 2nd degree (bio) so i can be eligible for financial aid to finish my DIY post bacc. I only needed 8 classes and i finished 4 of them last year using subsidized loans (i maxed out all my Pell grants & am only eligible for loans). Today I woke up to an email from my school saying that “only courses that Degree Works shows as required will qualify for financial aid. Students enrolled in courses not required may have their aid reduced or cancelled.” I have to take 4 more classes but they are not considered “required for my major” (Orgo 1 + 2 & Physics 1 + 2) so i am assuming that I will have my loans cancelled. I’m waiting to talk to the financial office but I’m freaking out because school is supposed to start in 2.5 weeks. The cost for these 4 classes will be about $5500 (based on what I paid last year). Should I struggle to try to pay this out of pocket (I work part time only about ~20 hours a week) or take out a private loan?? Someone suggested that I change my major to chem but then I would have to take calculus AND calculus based physics, which i don’t want to take. I planned on taking algebra based physics. Please help

Private loans are not terrible, but they are generally the last resort because they have the least flexible repayment terms and, because they don't come with a government guarantee, are the most difficult to get and lenders are pretty aggressive in going after payments because they government won't bail them out. It is advisable to avoid them if possible. If you can pay out of pocket, you should. If you can't, then you do what you have to do.

 

[DoctorWhere]

Check to make sure your loan will get cancelled or not first.

Most degree programs have required credits that can be filled by different elective courses. Check to see if a Chem major could take algebra-based physics as one of those elective courses.

If you can manage to pay out-of-pocket, that is preferable to private loans. Private loans are not the end of the world though.