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Med School Loan
Started by planetvenus87
Of course. I think most students go this route. Start by filling out your FAFSA and find/sign with a lender for your Federal Stafford Loans, subsidized and unsubsidized. The FAFSA will tell you what you are personally responsible for. Next, apply for GradPlus Loans and/or private education loans where appropriate, to cover whatever the FSL's don't cover. Overall, you can borrow up to your total COA, calculated by your school. It's not hard. Your school's FA department should walk you through the steps. Try going over to the Financial Aid forum on SDN; there's probably some good hints there.
Follow what spicedmanna said and you'll be fine.... my only addition to that is DO NOT take out a private loan (i.e Sallie Mae) unless ABSOLUTELY NEEDED!! Seriously they are worse then loan sharks ... i used Sallie Mae for grad school and i have done nothing but regret it ..... i had never gone through a financial aid process so i truly did not understand the evils of private loans ...... but now i can prevent other people going down that path!
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Care on specifying the "evils" of private loans? Besides the obvious interest incurred.
Even with Stafford loans, I think most people will need private loans unless mommy and daddy help out. Hell, I'm 30, been working for 8 years and I'll probably take out private loans unless I do HPSP.
My Sallie Mae interest rate is 3.5% right now (although it is variable). I haven't heard of any of their evils yet, but I can defer payments until I'm done with residency... So far, so good.
The "evils" of private loans, in short, are that they are not subject to federal support and guarantees as are Staffords and Grad Plus. Which means that you need to read the fine print very carefully when you get a private loan, to see what you're getting into, in terms of interest rate caplessness, repayment terms, (lack of) deferrals, forbearance during residency, etc. Private loans are available because the lender can profit from you during the loan. Federal loans are considerably less profitable (and less risky) to the lender.
Basically Midlife hit it about the private loans ... honestly i HAD to take them out to cover my masters degree since i was the only person paying for it- it just sucks bc they really don't work with you how federal loans do and the interest rate is super variable - which now is good but can be super bad. I graduated and am working in research which is not a very high paying job (yes i understand this is MY CHOICE) and it difficult to pay Sallie Mae what they want.... I have tried to work a lower payment after which they have told me you have X, Y, or interest only - which is still over 500 a month, they do not have any "rules" except theirs, so no economic hardship (even that is going away soon)....
Look i know most of us will have to go that way, i am just saying exhaust your other options first before heading to them .... Also remember to look at the plus prime to get your "true" rate at which you are paying interest wise.
I was putting this out there to just give a heads up - and tell of my experience, again, different people have different experiences. Just trying to help!
Look i know most of us will have to go that way, i am just saying exhaust your other options first before heading to them .... Also remember to look at the plus prime to get your "true" rate at which you are paying interest wise.
I was putting this out there to just give a heads up - and tell of my experience, again, different people have different experiences. Just trying to help!
Nerds- are your Sallie Mae loans Gradplus or true private loans (beyond the COA)
true private loans - didn't know about grad plus at the time, which is my own fault!
