Private Loans

[JanikeyDoc]

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How hard is it going to be to get private student loans to finance medical school? I am really wondering about this, I have been watching the news and I keep hearing that Obama is changing the whole financial aid scheme. I was wondering how hard it is to get a private alternative loan to pay for medical school instead of Stafford and GradPlus.

 

[TMP-SMX]

Depends on your credit score and no major negative events on your report. It's harder than in the past as much fewer lenders are giving out loans however banks still stand to make money in the future because of the variable interest rate. I don't recommend you get any private loans. Stick with Staffords and Grad Plus if you can. Stafford will cover $40,500 and Grad Plus should fill out the rest should you need it.

 

[martineargent]

Hello Janikey Doc.


Here are some principles of getting the student private loans :-

• Eliminating incentives for schools and lenders to steer borrowers to abusive loans.
• Improving disclosures so that borrowers can know the true cost of private loan products and understand the difference between private and government loans.
• Requiring accurate and accountable loan servicing.
• Ensuring effective rights and remedies for borrowers caught in unaffordable loans.
• Preserving essential federal and state consumer safeguards.
• Improving assistance to distressed borrowers.
• Eliminating unsustainable loans and develop fair underwriting standards.