Sallie Mae Smart Option Student Loan for MD

[barrierreef]

What do you think of the Sallie Mae Smart Option student loan?

I am seeing in-state tuition at "good" schools like UC San Diego, UCLA, and UCSF is about $30,000 a year. Does anyone take out a loan for the full $30,000? If so, what would one need to qualify for such a large loan? Would you want to be working when you take out the loan? What kind of salary would you need to qualify for MD loans? $40,000? $50,000? $80,000? Would your parents need to co-sign? I have been seriously considering making a career change in my thirties with the goal of starting a new career (medicine) at around age 40. I am a Berkeley grad with a humanities degree and pre-med courses, mostly A grades. What do you think?

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[21Rush12]

Get federal loans like literally everyone else. You're not the first person to need student loans to go to medical school. Graduate school loans work differently than undergrad, and no you don't need a cosigner.


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[grateful_phys]

Does anyone know about a co-signer? Is it really going to lower the interest rate substantially? Pros/Cons?

 

[sunshine859]

Federal loans don't have co-signers.

 

[grateful_phys]

Federal loans don't have co-signers.

I know but for private loans

 

[sunshine859]

In the financial aid talks I've attended this year, they've said almost no one takes out private loans for medical school. Risk of getting scammed or ending up with a variable interest rate loan with a high cap (10-12%) outweigh the potential savings from what they've said.

 

[OchemOficionado]

In the financial aid talks I've attended this year, they've said almost no one takes out private loans for medical school. Risk of getting scammed or ending up with a variable interest rate loan with a high cap (10-12%) outweigh the potential savings from what they've said.

My guess is that the percentage of Med students that get private loans is not exactly teeny tiny. I can’t throw out a number but we know students at the MD school that refuses to offer fed loans have to either pay out of pocket, get enough scholarships to cover or get private loans. We know that students at the new medical schools that aren’t eligible for fed loans for 24 months are in the same boat.

I’ve also been wondering about fed loan caps and how often med students hit them. So for those that earned a masters degeee before going to Med school and used fed loans do they hit their cap during medical school? What about the students that are in a joint MD/grad program? Do they hit the loan limit? I wonder.