Just wanted to ask those with experience in this area as I figure out financial aid stuff: let's say I have an unsubsidized stafford loan of 45,000 a year (interest rate of 5.31%,) and a federal grad PLUS loan of 17,000 a year (interest rate 6.31%.) I just want to double check, how will interest accrue on these loans? Are these types of loans compounded daily? After four years, how much debt will I be in? Is it doable to pay all this off? Just want to make sure I'm calculating all this accurately so I can plan.
Loan questions!!!
- Thread starter SPD5
- Start date
https://www.aamc.org/services/fao-first/445960/first-audience.html
https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
This is also stuff you would learn if you read the MPN and online counseling you are required to complete before you can receive these loans. I encourage everyone to make sure they know what they are doing before taking out any kind of loan
https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
This is also stuff you would learn if you read the MPN and online counseling you are required to complete before you can receive these loans. I encourage everyone to make sure they know what they are doing before taking out any kind of loan
- Joined
- Jan 2, 2014
- Messages
- 11,384
- Reaction score
- 24,027
It accrues daily at a yearly rate of 5.31, 6.31 so around 0.015% a day but the interest doesn't capitalize until 6 months after graduation. I'm thinking with 62k base you should end up with somewhere around 250k plus about 25k interest so I'm thinking around 275k. You can do it, it will be hard though. Eat in and don't apply to nyc or san francisco for residency.
- Joined
- Mar 17, 2015
- Messages
- 48
- Reaction score
- 38
I didn't think to major in finance before medical school, looks like it would have really have been a lot more useful than organic chemistry.
