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- Dec 13, 2008
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Right now I'm kind of doing a quasi-budget to see how I would technically be able to borrow while in medical school.
My tentative yearly budget looks like this:
Rent - $22,800
Tuition/fees - $44,240
Books - $1,800
Food - $3,000
Electric - $2,400
Total - $74,240
So, ultimately, I'll need to borrow $75,000 per year...
From what I understand, the loan breakdown would look something like this:
Stafford loan (unsub + sub) = $32,500/year
Grad plus loan = $11,740
Private loans = $30,760
One thing I am confused about is the GradPlus loan. If tuition and fees is $44,240 and I get a $32,500 stafford loan, then the GradPlus loan makes up for the shortfall only (the $11,740 of tuition/fees that the stafford doesn't cover). However, does the GradPlus loan count any amount of living expenses? I would prefer not to borrow on high-interest private loans, but the median rent is $1900 and unless I get a scholarship, I'll be paying the full tuition and fees. That means a minimum of $67k without food, electricity, or books (and my budget certainly doesn't include everything).
So, does the GradPlus loan cover more than just the $11k I have on my budget, or does what I have seem about right? Also, what would my overall debt be upon graduation and how much would I have to pay per month if I paid it back over 10 years?
My tentative yearly budget looks like this:
Rent - $22,800
Tuition/fees - $44,240
Books - $1,800
Food - $3,000
Electric - $2,400
Total - $74,240
So, ultimately, I'll need to borrow $75,000 per year...
From what I understand, the loan breakdown would look something like this:
Stafford loan (unsub + sub) = $32,500/year
Grad plus loan = $11,740
Private loans = $30,760
One thing I am confused about is the GradPlus loan. If tuition and fees is $44,240 and I get a $32,500 stafford loan, then the GradPlus loan makes up for the shortfall only (the $11,740 of tuition/fees that the stafford doesn't cover). However, does the GradPlus loan count any amount of living expenses? I would prefer not to borrow on high-interest private loans, but the median rent is $1900 and unless I get a scholarship, I'll be paying the full tuition and fees. That means a minimum of $67k without food, electricity, or books (and my budget certainly doesn't include everything).
So, does the GradPlus loan cover more than just the $11k I have on my budget, or does what I have seem about right? Also, what would my overall debt be upon graduation and how much would I have to pay per month if I paid it back over 10 years?