Loans?

[wagonwheel23]

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Hi all. I just received my financial aid package from the school I am matriculating at (I deferred from last cycle so this is it). I was granted unsubsidized loans and I need to take out 25k/year of public or private loans to cover the gap.

Does anyone have any resources to help decide which approach is best for me? Thank you in advance!

 

[DrMidlife]

Your aid package isn't complete because GradPlus isn't in it.

GradPlus: Higher interest rate than private, but unless you have family money you'll just need to suck it up. Grad Plus is a federal program therefore you are in a much larger mass of "customers" with terms that can only be changed by congress. No cosigner required. No limit on how much you can borrow.

Vs. private loans: you have to be the grownup who reads the fine print on what you sign, to understand whether you'll be able to handle repayment during residency during which you'll be making minimum wage. Private loans have none of the acronyms you need to know: IBR, REPAYE, PAYE, PSLF. Private loans are backed by stockholders, not taxpayers, so you have to prove your creditworthiness with a cosigner.

tl;dr: if you have time to study the last ~10 years of whitecoatinvestor.com, then go ahead and investigate paying for med school with a private loan. otherwise stick w/federal.

 

[star.buck]

Hi all. I just received my financial aid package from the school I am matriculating at (I deferred from last cycle so this is it). I was granted unsubsidized loans and I need to take out 25k/year of public or private loans to cover the gap.

Does anyone have any resources to help decide which approach is best for me? Thank you in advance!

As I understand it... the public loans also give you the chance to use the federal under-served programs to pay back those loans after residency. I haven't seen any private loans that offer that.

 

[deleted778763]

As I understand it... the public loans also give you the chance to use the federal under-served programs to pay back those loans after residency. I haven't seen any private loans that offer that.

Can you qualify for public loans if you attend a foreign medical school and are a USA resident ?

 

[Medic741]

As I understand it... the public loans also give you the chance to use the federal under-served programs to pay back those loans after residency. I haven't seen any private loans that offer that.

Assuming government doesn't change those programs:
U.S. Student-Loan Forgiveness Program Proves Costly

 

[Medic741]

Can you qualify for public loans if you attend a foreign medical school and are a USA resident ?

Depends on the school. SGU and the major programs you can get federal aid for, but for the love of GOD don't go there, especially with the residency merger.