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[pakiballer04]

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any one else feel very poor after accepting their loans. i thought interest didn't accumulate until after we graduate, guess not. stupied unsubsidized loans.

 

[rockdascrubs786]

INTEREST is HARAAM! hahahahaha. i havent even started looking at the loans biz.....my parents are telling me to get the ball rollin. stafford is like 6.8%, right? i remember at LECOM they told me about a student that someone forwent the stafford loans getting a "good" deal by taking about like 50k at 13%....they laughed at him. I'm gonna be rollin in debt forever. haha

 

[nascardoc]

any one else feel very poor after accepting their loans. i thought interest didn't accumulate until after we graduate, guess not. stupied unsubsidized loans.

Yes, for one of the Stafford loans (I can't remember which, but it is the smaller one...of course), interest does not accumulate until after graduation. All other loans will having accruing interest while in school, but remember those payments can be deferred until after residency.

And yes....those loans are big dents in the wallet 🙁

 

[tms2]

I feel you. I'll be attending LECOM and will be taking tuition and living loans, which is about 52K a year. Thats a lot of money, but i guess there is no substitute.

 

[123880]

Yes, for one of the Stafford loans (I can't remember which, but it is the smaller one...of course), interest does not accumulate until after graduation. All other loans will having accruing interest while in school, but remember those payments can be deferred until after residency.

And yes....those loans are big dents in the wallet 🙁

Subsidized is the only part of Stafford that doesn't accrue interest until you're finished. Unsubsidized and any private loans accrue interest from Day 1. Ohhh, lucky us!

 

[RN2DO]

How long does it take to hear about the loans? I have completed the FAFSA application.
Thanks...

 

[Powdermonkey]

Subsidized is the only part of Stafford that doesn't accrue interest until you're finished. Unsubsidized and any private loans accrue interest from Day 1. Ohhh, lucky us!

Yeah, and the government loves us so much only $8500 of the $38someK that we borrow is subsidized. Thanks.... A lot. Such a weak *** offering on their part its silly.

 

[rockdascrubs786]

damn, i thought the stafford was entirely subsidized.

 

[DocInProgress]

I thought you can defer your unsubsidized loans until post graduation.

 

[scpod]

.....All other loans will having accruing interest while in school, but remember those payments can be deferred until after residency.....

But, don't count on that always being the case. The Department of Education is trying to end the hardship deferrment that residents currently use to skip payments until they get a "real" job. Through a huge lobbying effort last year this deferrment has been extended until 2009. If you are not contacting your representatives in Congress about this now, then you may not be eligible to defer those payments in the future. Those of you who calmly asserted that you shouldn't count debt as a factor when picking a medical school may be in for a big shock in the near future.

 

[EEL08]

I thought you can defer your unsubsidized loans until post graduation.

You can defer the loans but the interest still accrues.

 

[Powdermonkey]

You can defer the loans but the interest still accrues.

On a side note, how is the average debt for medical school only like 125k? Im gonna have close to 220k plus my undergrad stuff too.... Are there that many people with rich parents who pay for medical school?

 

[scpod]

On a side note, how is the average debt for medical school only like 125k? Im gonna have close to 220k plus my undergrad stuff too.... Are there that many people with rich parents who pay for medical school?

Scholarships make up a lot of it. Remember that the military scholarship people graduate with ZERO debt. People with Primary Care Loans don't have to pay anything back either....unless they don't go into primary care, so they have ZERO debt as well.

 

[fabu1ous]

My biggest concern is the max federal debt you can have through med school. So, since I'm already in it, say $50k, that means I can only borrow ~150 over four years?

True I'm not excited about having $200+ in debt, but as for my calcs, I'll need to borrow the atleast $52 each year, which puts me over the max I can borrow. Girl gotta eat though, yah know... and daycare will be about 1k a month 😱. How do I make up for the difference? Private loans?

 

[Powdermonkey]

My biggest concern is the max federal debt you can have through med school. So, since I'm already in it, say $50k, that means I can only borrow ~150 over four years?

True I'm not excited about having $200+ in debt, but as for my calcs, I'll need to borrow the atleast $52 each year, which puts me over the max I can borrow. Girl gotta eat though, yah know... and daycare will be about 1k a month 😱. How do I make up for the difference? Private loans?

Yeah, you get the gradplus loans, which are private loans to cover the rest of the difference up to whatever the max amount you can borrow/year. You will just have more gradplus loans with a higher interest rate your fourth year that you will your first year.

 

[Aidan]

Hey, you guys. I would like to add something in regard to deferring through residency (it is called economic hardship deferrment). They are trying to end the ability to defer payments through residency right now, and there is a petition against it that was in the pre-allo forum. If you don't want to sign it, you can read and see whats up.

http://forums.studentdoctor.net/showthread.php?t=510535

One of our members also e-mailed a US senator about the issue and the senator's response can be found here:

http://forums.studentdoctor.net/showthread.php?t=510839

Just a heads up.

-A

 

[rockdascrubs786]

the link for the petition didn't work.....looks like i'll have to sex up lonely housewives for a "donation." thanks life.

 

[Aidan]

the link for the petition didn't work.....looks like i'll have to sex up lonely housewives for a "donation." thanks life.

That's weird - the link works for me.. the name of the thread is

"Economic Hardship Deferment- PLEASE TAKE A MINUTE AND SIGN THE PETITION "

if you want to search for it.

 

[prionsRbad]

That's weird - the link works for me.. the name of the thread is

"Economic Hardship Deferment- PLEASE TAKE A MINUTE AND SIGN THE PETITION "

if you want to search for it.

The links work fine for me. Thanks for posting. 👍

 

[prionsRbad]

My biggest concern is the max federal debt you can have through med school. So, since I'm already in it, say $50k, that means I can only borrow ~150 over four years?

True I'm not excited about having $200+ in debt, but as for my calcs, I'll need to borrow the atleast $52 each year, which puts me over the max I can borrow. Girl gotta eat though, yah know... and daycare will be about 1k a month 😱. How do I make up for the difference? Private loans?

You can also take out more money after the GradPlus loan. I'm getting one through Bank of America called the education maximizer loan. They have very similar interest rates as the Grad Plus and you can defer until you are done with school. You shoudl check it out: http://educationmaximizer.bankofamerica.com/.

 

[Powdermonkey]

You can also take out more money after the GradPlus loan. I'm getting one through Bank of America called the education maximizer loan. They have very similar interest rates as the Grad Plus and you can defer until you are done with school. You shoudl check it out: http://educationmaximizer.bankofamerica.com/.

Awesome, thanks Prions! I was wondering which loan it was with them...

 

[EEL08]

The links work fine for me. Thanks for posting. 👍

It's not working for me.

 

[prionsRbad]

It's not working for me.

Try this one: http:// ?template=stb_education_maximizer_loans

For the maximizer loan, your school has to be an approved institution (I know LMU DCOM is and you can find out by calling the number listed for the maximizer loan).

If your school is not an approved institution for the maximizer, you can still take out a private student loan, which also comes with a low interest rate and deferment till after graduation: http://www.bankofamerica.com/studentbanking/index.cfm?template=stb_bac_loans

Good Luck with all the financial stuff everyone! I'm freaking out about it too!

 

[Powdermonkey]

Lets start selling cookies or something as a fundraiser. Who's in?

 

[prionsRbad]

It's not working for me.

oops! Just realized you weren't talking about student loans, but about the petition. Try this link: http://capwiz.com/aamc/directory/congdir.tt then look up your representative according to your zip code, then click on "click here for Cosponsorship Status" and you will be able to send the message.

 

[Powdermonkey]

oops! Just realized you weren't talking about student loans, but about the petition. Try this link: http://capwiz.com/aamc/directory/congdir.tt then look up your representative according to your zip code, then click on "click here for Cosponsorship Status" and you will be able to send the message.

::shakes head:: .... silly cow.... Moooooooo 🙂

 

[prionsRbad]

::shakes head:: .... silly cow.... Moooooooo 🙂

 

[EEL08]

oops! Just realized you weren't talking about student loans, but about the petition. Try this link: http://capwiz.com/aamc/directory/congdir.tt then look up your representative according to your zip code, then click on "click here for Cosponsorship Status" and you will be able to send the message.

Thanks! I was able to do it this time. Having to repay loans while in residency really worries me. We already have enough student loan debt plus both of us will be in residency. 😱

 

[Jamers]

My biggest concern is the max federal debt you can have through med school. So, since I'm already in it, say $50k, that means I can only borrow ~150 over four years?

True I'm not excited about having $200+ in debt, but as for my calcs, I'll need to borrow the atleast $52 each year, which puts me over the max I can borrow. Girl gotta eat though, yah know... and daycare will be about 1k a month 😱. How do I make up for the difference? Private loans?

You will be fine, I had 100K coming out of undergrad. I believe its like 180 K that you can borrow in total through the government. Here at DMU we borrow just about everything but 10 K from the government (adds up to about 160 or so). I doubt you borrowed 50 K in pure Stafford but, if you did, you can rely upon private loans to fill in the gap.

Everyone heed what scpod said above about the Economic Hardship. They took away our Pell Grant and the only thing standing between them and milking us for more money is the threat of not being re-elected. Contact your representative!! There is a thread over on the Osteopathic forum that helps you to do this in about 30 seconds.

 

[WestcoastMedicine]

Just wanted to make a clarification about the stafford loans. During residency you can defer your loans(for a certain number of years and its also based on you making below a certain income, if you start moonlighting you will almost certainly break this threshold). Anyhow, during deferment the interest on your subsidized loans is PAID by the government. The unsubsidized portion, the larger portion thanks to uncle sam, is accrued and paid by you. If you no longer qualify for deferment and need to go into forbearance until you finish residency, then the government NO LONGER covers the interest on your subsidized loans and they all begin to accrue interest.