loans + HPSP

Started by iatrosB
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iatrosB

iatrosB

trying not to kill anyone
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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?
 
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.
 
Neuronix said:
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.
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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.
 
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.
 
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
 
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