joshuabalbuena.rpt

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I am planning to attend medical school in the next 3-5 years, yes still pretty far away but I like to plan a lot ahead. I wanted to ask whether it's a good a idea I save at least half the medical school cost? Or should I just loan most of it.

I heard that letting my spouse or my mom hold that money would help with the interest rates?

Any insights would help.
 
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joshuabalbuena.rpt

Physical Therapist
Jun 21, 2019
35
8
Status
DPT / OTD
Can you save $150,000 in 3 years? Might want to reconsider leaving that job for med school.
Do you have anymore insights?
Iets say hypothetically I can save somewhere close to that number but would saving that much ever really help or would make the interest rate higher?

I can't attend medical school at the moment since I'm still taking my Prerequisites.
 
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wysdoc

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Do you have anymore insights?
I can save somewhere close to that number but would saving that much ever really help or would make the interest rate higher?
Federal loans have a low interest rate that does not change much over the years. Any money you save now will be money you don't have to pay back with interest later! Keep the money in your own name. Applying to med school and traveling to interviews also costs money, so some of it you will use for the application/interview process.
 
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Cornfed101

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but would saving that much ever really help or would make the interest rate higher?
Of course it would still help! The less money you have to take out in loans, the better. Your interest rate will not be affected.
 
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joshuabalbuena.rpt

Physical Therapist
Jun 21, 2019
35
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DPT / OTD
Of course it would still help! The less money you have to take out in loans, the better. Your interest rate will not be affected.
Thank you for the response! I thought it would affect it since I saw a forum from 2007 that it would increase my interest rates. Ill try to find the forum and post the link here.
 
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joshuabalbuena.rpt

Physical Therapist
Jun 21, 2019
35
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DPT / OTD
Thank you for the response! I thought it would affect it since I saw a forum from 2007 that it would increase my interest rates. Ill try to find the forum and post the link here.
 

Cornfed101

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That may have been the case in 2007, but federal loans are a fixed interest rate now regardless of income or creditworthiness. The only caveat is that you can be disqualified from Grad Plus loans if you have adverse credit history (stuff like bankruptcy, foreclosure, default, etc.). Private loans would be affected by income and creditworthiness, but you shouldn't be taking those out anyway. Federal loans will cover full COA.
 
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joshuabalbuena.rpt

Physical Therapist
Jun 21, 2019
35
8
Status
DPT / OTD
That may have been the case in 2007, but federal loans are a fixed interest rate now regardless of income or creditworthiness. The only caveat is that you can be disqualified from Grad Plus loans if you have adverse credit history (stuff like bankruptcy, foreclosure, default, etc.). Private loans would be affected by income and creditworthiness, but you shouldn't be taking those out anyway. Federal loans will cover full COA.
YOU ARE A LIFE SAVER! I was so worried about that part. So how do you recommend spending the savings? Should I use it to pay for the tuition or should I only use to pay interest and other expenses?
 

Cornfed101

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YOU ARE A LIFE SAVER! I was so worried about that part. So how do you recommend spending the savings? Should I use it to pay for the tuition or should I only use to pay interest and other expenses?
First and foremost, get through undergrad debt-free. If you are saving money to put into a savings account and taking out undergrad loans with interest that is stupid.

If you get to the application without any debt then use the money you save for the application expenses and budget a certain amount each year towards living expenses first and then tuition for anything left over. You can always borrow more money while in school (up to COA). I would keep a little leftover as an emergency fund in case something comes up (it will), but otherwise just try to avoid credit cards and other non-student loan debt.
 
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joshuabalbuena.rpt

Physical Therapist
Jun 21, 2019
35
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DPT / OTD
First and foremost, get through undergrad debt-free. If you are saving money to put into a savings account and taking out undergrad loans with interest that is stupid.

If you get to the application without any debt then use the money you save for the application expenses and budget a certain amount each year towards living expenses first and then tuition for anything left over. You can always borrow more money while in school (up to COA). I would keep a little leftover as an emergency fund in case something comes up (it will), but otherwise just try to avoid credit cards and other non-student loan debt.
That's sound very doable. Thank you very much for the insights and suggestion.
 

wysdoc

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13-year old thread with some inexpert opinions!

Here is a better one to look over, and I commend you for planning ahead!
 
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joshuabalbuena.rpt

Physical Therapist
Jun 21, 2019
35
8
Status
DPT / OTD
13-year old thread with some inexpert opinions!

Here is a better one to look over, and I commend you for planning ahead!
ANOTHER LIFESAVER! THANK YOU.
 
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IsleyOfTheNorth

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Use that time to build up your credit score if you haven't already.
 
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