- Joined
- Jul 5, 2008
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- 444
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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.
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.