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I'm sure this question has been discussed before but I can't seem to find it....
I was fortunate enough to be able to save money before medical school so that I now have the ability to pay for it without taking loans (if I want to). My question- is that a good idea or should I just take the loans? The federal ones are 6.8% but privates are around 3.5-4.5% (I have good credit). I guess the benefits to just paying it is I can graduate and feel good about being debt free, however I'm not sure this is the right financial move. If I take the loans I can deduct the interest in the future and then also have the money to use for a down-payment, etc. I sort of like the idea of having something in the bank for security and paying the school would basically deplete that.
I was fortunate enough to be able to save money before medical school so that I now have the ability to pay for it without taking loans (if I want to). My question- is that a good idea or should I just take the loans? The federal ones are 6.8% but privates are around 3.5-4.5% (I have good credit). I guess the benefits to just paying it is I can graduate and feel good about being debt free, however I'm not sure this is the right financial move. If I take the loans I can deduct the interest in the future and then also have the money to use for a down-payment, etc. I sort of like the idea of having something in the bank for security and paying the school would basically deplete that.
