Paying for medical school

[WarEagle191168]

Hello guys. I am a long time onlooker on the forums but first time poster. My question is about funding for medical school. I am a nontraditional student that has made some mistakes in the past with my credit. I was wondering if it is possible to pay for medical school using just federal student loans?

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[Geneticist]

 

[Long Way to Go]

http://forums.studentdoctor.net/showthread.php?t=493187

 

[WarEagle191168]

Thanks!! I was unable to find this before!

 

[Spin]

Hello guys. I am a long time onlooker on the forums but first time poster. My question is about funding for medical school. I am a nontraditional student that has made some mistakes in the past with my credit. I was wondering if it is possible to pay for medical school using just federal student loans?

I think you can only get a certain amount in Stafford loans, but after that you can get unlimited Grad Plus loans, which are also government loans. I've still heard of people taking out private loans, though, and I don't know why they'd do that if they could stick to government loans.

Maybe they're trying to get lower interest rates, but at least the government loans don't have variable interest. Even so, I'd prefer government loans because apparently your debt from government loans is forgiven if you die, whereas private loan debt can be passed on to your parents, spouse, children, etc.

So: Look into Grad Plus loans! They should be able to cover all of your expenses. I'll have more personal experience with this stuff a year from now, so feel free to PM me then.

 

[Spin]

Update: this is much more informative than my original post.

Stafford pays up to 32500/year. I pay the other 2000 to cover the difference in tuition. You can then get a grad plus loan for another 18K+/- per year. After that it's private loans. Currently I'm using savings for the difference of Tuition-Stafford. When Savings runs out I should be halfway through my 3rd year. Depending on whether or not I've cashed out my 401K from my old job or not, I'll have to figure things out then. Probably go GradPlus and hope I've got a decent intern job to make ends meet. I expect to be 150K in debt by the time I graduate.

http://forums.studentdoctor.net/showthread.php?t=492999