Supplemental Loans

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So coming back from orientation re: residency interviews has got me a bit frazzled. With the gas prices where they are, airline tickets going up and up and up, and my car (literally) falling apart, my stipend for the first time feels like is getting stretched.

I don't want to get an home equity (plus banks don't really hand them out like they used to) and I don't want to get in credit card debt. Any of y'all have supplemental loans on top of the MSTP stipends? I just want a bit of advice from those familiar with the loans, maybe New York City or San Francisco MSTP'ers, about where to apply, what loans are good to go for and if I need FAFSA? I have a few loans from undergrad, but overall I'm pretty clueless... thanks for any advice.

 

[gbwillner]

So coming back from orientation re: residency interviews has got me a bit frazzled. With the gas prices where they are, airline tickets going up and up and up, and my car (literally) falling apart, my stipend for the first time feels like is getting stretched.

I don't want to get an home equity (plus banks don't really hand them out like they used to) and I don't want to get in credit card debt. Any of y'all have supplemental loans on top of the MSTP stipends? I just want a bit of advice from those familiar with the loans, maybe New York City or San Francisco MSTP'ers, about where to apply, what loans are good to go for and if I need FAFSA? I have a few loans from undergrad, but overall I'm pretty clueless... thanks for any advice.

YES- it's actually a very good idea to get subsidized Stafford loans during your entire training. These are capped to about 8.5K/yr, and the government pays the interest for you. It's basically free money. You don't have to start repayment until 6 mo. after you finish. I started taking them out when I started grad school, after 2 years of being ******ed for not doing it. Also, if you only look at NYC and SF for training, you are guaranteed to live in a shoebox and in debt for the next several years, so think carefully...

 

[Neuronix]

Stafford sub loans. I've taken a few. Be sure to fill out a FASFA. Some schools allow you to take them and some schools don't. But I don't know which schools do and don't, so be sure to ask about the policy if this is important you. Here I think you can take them during med school but not during grad school.

PS: I would rather live in a shoebox in NYC or SF than the middle of nowhere! All med schools provide an affordable living situation for their students, it's just a matter if it's a dorm situation like many of the city schools. They won't put you in debt, but it's up to you whether you wanna live in a dorm or similar for 8 more years.