Private Loans HELP!

[ThePortugesePreMed]

I was a very naive undergrad, as well as a first generation college student very misinformed about student loans. Anyways I dug myself a hole where luckily I have 45k of private loans with 11% interest (can be deferred in medical school) but if I defer 4 more years it will climb to almost double the original loan of ~33k. I also have an additional private loan that my parents co-signed for and will be paying while in medical school ~17k @ 6% interest. The rest was run of the mill Federal Loans. I am trying to approach first year in the most financial sound way... Any advice. I am petrified of my parents defaulting on the private loan and void the possibility of me receiving grad PLUS.

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[TMP-SMX]

Are you starting M1 this summer? Grad plus is in your name when you are in med school not your parents. The only way you lose that possibility is if you are in default (don't stop making payments).That 11% loan is a huge issue right now. I don't have much recommendation for you other than when you making money that needs to be gone ASAP. You may also want to max out your cost of attendance and live at home (is this a possibility for you?) to use it to budget and pay down some of that balance.

 

[ThePortugesePreMed]

Are you starting M1 this summer? Grad plus is in your name when you are in med school not your parents. The only way you lose that possibility is if you are in default (don't stop making payments).That 11% loan is a huge issue right now. I don't have much recommendation for you other than when you making money that needs to be gone ASAP. You may also want to max out your cost of attendance and live at home (is this a possibility for you?) to use it to budget and pay down some of that balance.

Could I PM you?