loans + HPSP

[iatrosB]

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Is it wise to take out loans as well as use the HPSP to pay for school? My wife would like to stay at home and the $1,100 a month won't support my family. Would it be possible to take out additional loans to supplement our income? Will I be able to make the payments on the loans while serving my commitment?

 

[Neuronix]

Yes, you can take out additional loans. With the Stafford loan series you can take interest free loans at the tune of $8,500/yr if you qualify (and you should) and interest deferred loans at something like $18,500/yr. Now, That doesn't mean you want to put yourself in massive debt either. I believe they make you start repaying a couple years into residency, but I think you'll be able to afford it if you're frugal now and then.

 

[Heeed!]

Yes, you can take out additional loans. With the Stafford loan series you can take interest free loans at the tune of $8,500/yr if you qualify (and you should) and interest deferred loans at something like $18,500/yr. Now, That doesn't mean you want to put yourself in massive debt either. I believe they make you start repaying a couple years into residency, but I think you'll be able to afford it if you're frugal now and then.

Trust me, you can take out more than this. My family situation requires LOTS of money. I think we're borrowing $42,000+ this year. There was a recent thread on this.

 

[Neuronix]

Yeah, I was just talking about the Stafford loans. I didn't make it clear you could dip into other loan sources as well, though it's going to be a hefty repayment once you start getting out of government loans and into private ones.

 

[bobbyseal]

I take out loans as well. In fact I think there's a thread a little ways down about this.

Just think with stafford loan interest rates less than 3% now, think about all the money you could make putting $10,000 worth of student loans into the stock market.

Ca ching ca ching! lol