- Joined
- May 28, 2012
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I will be 22 years old when I begin my freshman year at medical school next year. I have no credit and very meager income history, and I am going to need to borrow approximately $55,000/ year (out of a total bill of $75,000). I am still claimed as a dependent by my parents, whose income for the next few years will be in the $500,000 area range (before my father retires). My father is willing to pay for my living expenses, and $20,000 of my tuition.
What is your suggestion as to the best way to borrow this tuition money at the cheapest rate? Any constructive advice would be greatly welcomed.
My thought is that, because of my parents income, I will not be able to receive a federal loan for my schooling. Moreover, I do not wish to pursue a Sallie Mae, because of their incredibly high 8% interest rate. Do I have any other options. I can't imagine I'm the only prospective medical student who has even been in this boat.
What is your suggestion as to the best way to borrow this tuition money at the cheapest rate? Any constructive advice would be greatly welcomed.
My thought is that, because of my parents income, I will not be able to receive a federal loan for my schooling. Moreover, I do not wish to pursue a Sallie Mae, because of their incredibly high 8% interest rate. Do I have any other options. I can't imagine I'm the only prospective medical student who has even been in this boat.