Student loans and medical school

[Turkishking]

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?

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[IlyaR]

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]

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

 

[Turkishking]

Yup, consider yourself lucky that you won't have undergrad debt and med school debt

People were telling me that it may be difficult getting a loan for medical school.. so I'm not sure I'm so lucky.

 

[gyngyn]

People were telling me that it may be difficult getting a loan for medical school.. so I'm not sure I'm so lucky.

As long as you are a permanent resident or citizen it will not be a problem.

 

[Turkishking]

As long as you are a permanent resident or citizen it will not be a problem.

What happens if I go out of state, I'm currently in New York State..

 

[gyngyn]

What happens if I go out of state, I'm currently in New York State..

No problem.

 

[vanillawafer]

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]

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.

 

[FindMeOnTheLinks]

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.

 

[DrDarce]

Honestly my credit is not the greatest (had some issues in undergrad with money...) and I was approved for a loan no problem.

 

[vanillawafer]

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]

unless your parents are loaded, medical school debt is a necessary burden.

 

[ortnakas]

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.