Undergrad Loan plan

[Tmac8]

Hey everyone,

I'm a post-bacc student going for a B.A. in chemistry and will be applying to medical school in 2007. Currently I have a stafford loan to assist with the post-bacc classes but it looks like I will need a little more before medical school. I have a job which helps a little but I was curious to know what others have done to assist with their undergraduate classes. Is there anyone here that has used both a govt. loan as well as a loan from another source, such as a private lender, or using a credit card? If so, what plan of action did you take? What do you feel is the best way to pay for expenses not covered by loans? pros/cons, ect.

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[Beautifulchild]

I'll be curious to see these responses. You might want to take a look at the postbacc forum. I think there was a thread about this in there. I'd post the question there also.

 

[Twitch]

The best way to figure these things out is to sit down flow out the cash using the various financial instruments you're considering. Typically juggling credit cards will have the highest hit on your total cost of ownership (TCO) of you educational experience. Microsoft Excel can do wonders

Really it boils down to who will lend you the money at the lowest interest rate. Sub Stafford loans are nice because the govt pays the interest while you're enrolled atleast half time. If you have retirement money stocked away and are willing to take an early withdrawl there are ways you can avoid the early withdrawl penalty. This should be, however saved for medical school years when you will have $0 income from work related activities (since you're in school fulltime and most ppl don't work). You're tax liability will be the least and ofcourse the best time to withdraw, IMHO.

There is always a financial advisor. You should also consult a tax advisor prior to any financial transaction regardless of what is said on here.