Raigon

This is an emergency.
10+ Year Member
Jul 5, 2008
444
3
0
Status
Medical Student
I'm not sure if I'm worried or if my information is all wrong. But I understand that with the student loan reform following the passage of the health care bill in the United States, all student loans will be taken over by the government and strips all private banks of abilities for distributing student loans.

I'm really worried about that, because for IMGs, or Americans studying medical school abroad, federal loans only cover what is usually only half the tuition (Stafford subsidized and unsubsidized, etc, total of about 20k) while we must use private loans and supplementary loans to cover the other half and our living expenses. But with the student loan reform stripping private banks of their power and fed loans only covering half to students studying abroad, how are we supposed to pay for the rest of our tuition and living expenses? Because I'm not relying on my parents and stripping them of their retirement funds, and my job savings can only get me a few thousand AUD at best. Student loans are all I've got.

I really hope I'm just over-worrying and I really wish someone would prove me wrong. But in case that's not the case, I really would like some advice on how to approach this.
 
Apr 20, 2010
3
0
0
Status
Pre-Medical
You'll still be able to apply for supplemental loans, but now it'll be done through the government, not banks.
 

Raigon

This is an emergency.
10+ Year Member
Jul 5, 2008
444
3
0
Status
Medical Student
You'll still be able to apply for supplemental loans, but now it'll be done through the government, not banks.
Will I still be able to borrow up to full cost of tuition with the supplemental loans (borrowed now through the government instead of the private banks)? Because I'll need the money, definitely.
 
Apr 20, 2010
3
0
0
Status
Pre-Medical
yes...

are you currently enrolled in school? If so, you should have been told about this already...I'm in grad school and our financial aid office already sent out an email regarding the federal student loan process for 2010-2011.
 

Raigon

This is an emergency.
10+ Year Member
Jul 5, 2008
444
3
0
Status
Medical Student
yes...

are you currently enrolled in school? If so, you should have been told about this already...I'm in grad school and our financial aid office already sent out an email regarding the federal student loan process for 2010-2011.
I'm still in the interview phase for Flinders University of South Adelaide School of Medicine (And I hope I get in). Still worried about whether I can get the full amount to pay for my medical school because my medical school isn't located in America.
 
Apr 20, 2010
3
0
0
Status
Pre-Medical
Dude, since you already know what school you're seriously looking to attend, you could eliminate unnecessary stress by contacting that school directly and asking exactly what you need to do in order to get full tuition covered and if FAFSA applies to them...you're definitely not going to get the correct info if you're just asking these questions on these forums!

Also, you can visit https://studentloans.gov/myDirectLoan/index.action for general info...new government lending will begin July 1, 2010.
 
Jun 4, 2010
2
0
0
California
Status
Pre-Medical
Thanks for answering some of her questions. You helped me out too. I was wondering if your FM school is not FAFSA ready, as in there a brand new school, are there any other ways of getting funding that anyone's heard of? I think scholarships are closed for this year.