Undergrad student loans?

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45408

Will any/most undergrad student loans let you defer payments until after med school? I'm gonna need some loans, 😳 and the government won't be helping (family business = too much net worth to get anything from FAFSA) nor will my parents.
 
As long as you're a full-time student you can defer your undergrad loans. I think you can defer them until you finish residency.
 
2112_rush said:
As long as you're a full-time student you can defer your undergrad loans. I think you can defer them until you finish residency.
That sounds great.
 
TheProwler said:
Will any/most undergrad student loans let you defer payments until after med school? I'm gonna need some loans, 😳 and the government won't be helping (family business = too much net worth to get anything from FAFSA) nor will my parents.

Dude, anyone can get UNsubsidized federal loans for undergrad regardless of your family's financial status. I wouldn't go the private route unless you have to, the interest rates are much worse.
 
how do you approach unsubsidized loans then? The private routes are more flexible though - some of them will give you money for things other than school (which I would need).
 
I have had to turn to private loan companies during my undergrad years, because you are only allowed to take out a certain amount of government loans each year (unsubsidized and subsidized). The loan company that I turned to was citiassist, and they have been quite helpful throughout the process. The interest is higher than government loans, but not by a huge amount. I pay off the interest on the loans every month, so at the end, I won't have a huge loan along with accumulated interest to pay off. Citiassist will also provide you with loans that help with the cost of living as well.
 
Prowler -

Make an appointment to talk to a financial aid person at whatever school you are going to. You should definitely go ahead and fill out a FAFSA after the first of the year. At the financial aid presentation I attended this week, they said your parental income does not come into play for federal loans. You have to fill out a FAFSA first in order to be able to apply for either subsidized or unsubsidized federal loans. No matter what your parental income, you should be able to get some federal loans. You may have to get some private ones too, but exhaust all of the federal money first. Then, after you graduate, you will usually have the opportunity to consolidate your loans into one payment.

As long as you are in school at least half time, you can defer payments on your loans. My loans for grad school have been in deferment while I returned to take my med school pre-reqs. I may have to pay on my loans for a couple of months this summer (I'm not taking classes next semester), but then they will go back into deferment once I start medical school in August.

Technically, your loan payments will start six months after you graduate from medical school. However, due to the amount of your loans and the amount of income a resident makes, you can often request a hardship forbearance. Another option is a payment plan that has lower payments for the first few years and then the payments increase.

Don't do this on your own. If you have never done the FAFSA before, I'm sure there are people in your med school's financial aid office who will show you the ropes.

Good Luck.

PS - reading your first post - on federal loans the only payments you might have to make are interest payments. They usually send you a quarterly statement. But, if you don't make the interest payment, they just tack it on to your balance.
 
AmyBEMT said:
Make an appointment to talk to a financial aid person at whatever school you are going to.
😛 from the sounds of this thread, I probably should.
 
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