Kansas medical student loan program

[Datko]

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KUMC has a great loan program for students wishing to enter primary care, they will pay your tuition and give you 1,500/ month for those months while you are in class. Then you work almost anywhere in Kansas in primary care for a few years and you are done.

BUT, if you don't work in primary care you have to pay back the loan at 15% interest rate.

First, is this interest rate subbed or unsubbed (Does interest start while you are still in school)? If interest starts compounding right away then you could owe 2x as much as you borrowed by the time you get done.

I think I want to go into primary care right now but then again I want to leave the option open in the future if I decide to be a "cutter"

If I take the loan and decide against primary care, that would suck.

If I don't take the loan and then go primary care, I guess there is not a lot of drawback to this, ill just have to pay off all my loans by myself.

One thing I am considering is taking out federal aid for the first year and find out what I want I really want to do and then if necessary, do the kansas student loan program for the next three years.

Any other KUMC's out there with any suggestions or personal experiences that could help.

by the way, not in yet, still waiting

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[felipe5]

definitely wanna ask lilmo about this.....she's a KML'er. I think the interest rates are ridiculously high, but i'm not exactly sure about the details

 

[lilmo]

well, as for the details...............

i'm not exactly sure about the details. all i know is that if you decide not to fulfill your end of the deal, you are officially screwed. i think the interest starts from the day you get the money. however, rumor on the street is that they are considering offering KML to third years instead of 1st years, and then forgiving your 1st/2nd year debt. that way you have a couple of years to decide if primary care is right for you. i would recommend calling the school if you have questions. the kml people are super nice. let me know if you have anymore questions. 🙂

 

[phleebie]

bump

 

[evajaclynn]

Anyone start filling out their FASFA stuff yet???? 😕

 

[Datko]

I think Ill wait for a letter from KU first.

KU said the admissions board meets every Wednesday evening (except during the actual interview week) to discuss the applicants. They will be deciding Sty and I's future TONIGHT.

I just found out that AMCAS made a mistake on my GPA. I took physics last semester at KSU and they counted it as an "all other" class and not my BCMP. Amcas reported my BCMP GPA as 3.29, it should be 3.34 and then I just got done with physics 2 at Highland CC and that should boost my BCMP up to 3.38. So, just a warning out to the KU apps, when they give you your amcas and ask you to look it over, DO IT. I looked over mine a little but I should have paid more attention.

 

[evajaclynn]

KU said the admissions board meets every Wednesday evening (except during the actual interview week) to discuss the applicants. They will be deciding Sty and I's future TONIGHT.

Looks like you will be getting some news within the week. Let us know how it goes!

 

[Khenon]

Anyone start filling out their FASFA stuff yet???? 😕

I was going to wait until after the New Year. Because I have so much to do right now, with no interviews!

 

[Khenon]

I was going to wait until after the New Year. Because I have so much to do right now, with no interviews!

Ha! I did it! My 500th post!

That's my good news for the week. 😉

 

[evajaclynn]

Ha! I did it! My 500th post!

That's my good news for the week. 😉

🙂 🙂 🙂 🙂 🙂

 

[Soup]

I am seriously considering taking this loan. I think that I will most likely enter primary care but I also thought that I wanted to be a hotel manager when I started college. As a result, I'm a little nervous about the whole thing. It is potentially too good of deal to pass up. At the same time, I could really hamstring myself three or four years from now. I would really like to hear from some people who have taken the loan, especially anyone who changed their mind about entering primary care. Are there any other options besides paying the money back at 15% for ten years or more just because you predicted your future plans wrong? Thanks.

 

[lilmo]

I am seriously considering taking this loan. I think that I will most likely enter primary care but I also thought that I wanted to be a hotel manager when I started college. As a result, I'm a little nervous about the whole thing. It is potentially too good of deal to pass up. At the same time, I could really hamstring myself three or four years from now. I would really like to hear from some people who have taken the loan, especially anyone who changed their mind about entering primary care. Are there any other options besides paying the money back at 15% for ten years or more just because you predicted your future plans wrong? Thanks.

if you are doubtful i would definitely hold off on accepting the loan. if you do decide to go into primary care, you might be able to pick up the loan 3rd/4th year. also, there are other programs out there that will pay your loans off. kml is definitely very limiting of your options, and i've talked to many more physicians who have bought their way out of it (with the killer 15% interest) than fulfilled their 4 year obligation.

 

[Soup]

if you are doubtful i would definitely hold off on accepting the loan. if you do decide to go into primary care, you might be able to pick up the loan 3rd/4th year. also, there are other programs out there that will pay your loans off. kml is definitely very limiting of your options, and i've talked to many more physicians who have bought their way out of it (with the killer 15% interest) than fulfilled their 4 year obligation.

Thanks lilmo. Do you mind naming/describing some of the other programs that will pay off my loans -- I want to explore all of my options. Also, do you know if KML assigns you a place a to work? I am under the impression that I will get to find my own job. You also mentioned that you know more physicians that bought their way than fulfilled their 4 year obligation. Can you share their reasons? Do most simply enjoy a different specialty more (either more interesting or more money) or was the geographic restriction key? Finally, does anyone have a feeling for how often employers help with loan repayments? My heart tells me I'll be a family practice doctor and if I do, KML would be perfect. But . . .my crystal ball is in the shop. Thanks.

 

[Soup]

Thanks lilmo. Do you mind naming/describing some of the other programs that will pay off my loans -- I want to explore all of my options. Also, do you know if KML assigns you a place a to work? I am under the impression that I will get to find my own job. You also mentioned that you know more physicians that bought their way than fulfilled their 4 year obligation. Can you share their reasons? Do most simply enjoy a different specialty more (either more interesting or more money) or was the geographic restriction key? Finally, does anyone have a feeling for how often employers help with loan repayments? My heart tells me I'll be a family practice doctor and if I do, KML would be perfect. But . . .my crystal ball is in the shop. Thanks.

Does anyone know what the payment difference would be on $150,000 at 15% versus 150,000 at the government rate?

 

[lilmo]

Thanks lilmo. Do you mind naming/describing some of the other programs that will pay off my loans -- I want to explore all of my options. Also, do you know if KML assigns you a place a to work? I am under the impression that I will get to find my own job. You also mentioned that you know more physicians that bought their way than fulfilled their 4 year obligation. Can you share their reasons? Do most simply enjoy a different specialty more (either more interesting or more money) or was the geographic restriction key? Finally, does anyone have a feeling for how often employers help with loan repayments? My heart tells me I'll be a family practice doctor and if I do, KML would be perfect. But . . .my crystal ball is in the shop. Thanks.

I don't know of any specific programs, but some hospitals, clinics, practices, etc will pay your loans to recruit you. but most of these will not be options until the end of med school, so if you're looking to enter med school debt-free, kml is the way to go. As far as I know, kml doesn't assign you a place to work unless you cannot find a job on your own. The physicians I know who bought out decided that primary care was not for them. They decided to specialize instead. Hope that answers some of your questions. My experience with KML so far has been really positive, but i'm starting to get nervous about not having very many options.