Medex Loan

[nykka3]

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I am at the borrower's max for federal loans right now. I need more money for residency interviews. I signed up for medex but have heard horror stories, and I am interested in alternatives before the money gets disbursed.
thanks

 

[RadsResident]

I took the keybank loan last year for 15K. When they mailed me the check, I'm pretty sure it said somewhere in the fine print that the principal + loan amount would be 51,000k if the loan was paid off in 20 years. That sounds horrible, but try to think about the consequences of being cheap. You might not match into what you want. I wouldn't want to be kicking myself later...

 

[Doctor Bagel]

Is it possible that you could get your school to increase your budget, allowing you to borrow the extra money through GradPlus loans?

 

[Leforte]

I took a Medex loan as a 4th year student - the payments were deferred for 3 years, and I am paying them now. For the $12k I borrowed, I am repaying $146 per month for 20 years at 10.25% interest. Will repay it first thing once I complete residency in another 20 months. Didn't want to take the loan, but unless you have family support to assist with interviews/relocation, this is one of the few options. I agree with a previous post that it is better to take the money and be able to apply broadly to get into the field you want, as well as assist the relocation which, in my case, was several thousand dollars.

Also, I looked at it that my first year out of residency will be $135k instead of $150k - still a very good starting salary.