Turkishking

2+ Year Member
Jul 15, 2015
2,445
1,193
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Pre-Medical
Hey guys. I'll be starting my first year of undergrad in a week. My family will pay for my undergraduate years, and I probably have to take out student loans when I get into medical school, if I do. The problem is, will I be able to take out loans then for medical school? My family isn't wealthy enough to pay for medical school. What did you guys do, and did you guys have any similar experiences?
 
Jun 5, 2013
1,097
716
Status
Medical Student
I could be wrong, but as long as you attend a non for profit school (aka the huge majority of them) you should be eligible for $20,500 of federal subsidized loans per year regardless of credit history, and you can get the rest from GradPlus assuming you don't have any delinquent accounts on your credit report
 

NotASerialKiller

2+ Year Member
Jul 7, 2015
1,457
6,866
Status
Medical Student
Hey guys. I'll be starting my first year of undergrad in a week. My family will pay for my undergraduate years, and I probably have to take out student loans when I get into medical school, if I do. The problem is, will I be able to take out loans then for medical school? My family isn't wealthy enough to pay for medical school. What did you guys do, and did you guys have any similar experiences?
Yup, consider yourself lucky that you won't have undergrad debt and med school debt
 

vanillawafer

2+ Year Member
Oct 17, 2014
45
4
Texas
Status
Pre-Medical
I could be wrong, but as long as you attend a non for profit school (aka the huge majority of them) you should be eligible for $20,500 of federal subsidized loans per year regardless of credit history, and you can get the rest from GradPlus assuming you don't have any delinquent accounts on your credit report
What if you don't have any credit? Is it going to make it harder to be approved for a loan?
 

sovereign0

2+ Year Member
Dec 22, 2014
510
725
Status
Medical Student
What if you don't have any credit? Is it going to make it harder to be approved for a loan?
Probably not for medical school. Medical students are generally reliable borrowers because of their income potential. Credit is (very roughly) a way to assess the risk of lending money to someone. If you have a history of paying people back, you aren't as risky. In this case, it's a pretty safe bet that you will eventually be able to repay your loans considering an attending's income.

Bill over there, who is unemployed and has no credit history, is going to have a much harder time taking out a $200,000 loan.

Applying for medical school loans without any credit is probably a fairly common occurrence. As for the interest rates on private loans? No clue.
 
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FindMeOnTheLinks

5+ Year Member
Jan 25, 2014
1,427
2,946
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Resident [Any Field]
What if you don't have any credit? Is it going to make it harder to be approved for a loan?
All they are looking for is if you are in default on any previous educational loans. If you have no delinquent accounts, you can get a federal student loan even if you have a credit score of 400 or whatever.

The reason the government will hand out educational loans willy nilly is because unlike a private lender, the government can literally do whatever they want to get the money you owe them. They can reach into your pocketbook by directly garnishing your wages. Private lenders do not have this power, so they are more selective with who they lend money as they don't want to risk never being paid back. Good ol' Uncle Sam doesn't have this problem.
 

Pocket Rockets

2+ Year Member
Jun 11, 2015
281
447
Status
Medical Student
Honestly my credit is not the greatest (had some issues in undergrad with money...) and I was approved for a loan no problem.
 

vanillawafer

2+ Year Member
Oct 17, 2014
45
4
Texas
Status
Pre-Medical
Probably not for medical school. Medical students are generally reliable borrowers because of their income potential. Credit is (very roughly) a way to assess the risk of lending money to someone. If you have a history of paying people back, you aren't as risky. In this case, it's a pretty safe bet that you will eventually be able to repay your loans considering an attending's income.

Bill over there, who is unemployed and has no credit history, is going to have a much harder time taking out a $200,000 loan.

Applying for medical school loans without any credit is probably a fairly common occurrence. As for the interest rates on private loans? No clue.
What if you already borrowed some money from undergrad? Is that going to fall under not paying someone back? Or can you just put them in deferment (? not sure if that is the keyword..) since you are still in school. I am probably going to be about 10-15k in loans once I graduate.
 

Spector1

Orbis non Sufficit
5+ Year Member
Jun 29, 2011
1,808
1,907
Status
Pre-Medical
unless your parents are loaded, medical school debt is a necessary burden.
 

ortnakas

DO PGY-2
5+ Year Member
Jul 23, 2013
3,016
4,325
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Most people have loans for medical school, at a lot of those people are sitting on loans from undergrad. It's normal.

If you have no credit/bad credit it's not problematic for the main federal loan, but you may need someone to co-sign for GradPlus if you need to borrow more.