UQ-Ochsner 2021 Cohort

[Iamground]

For the deposit, it must be done via telegraphic transfer. For the health insurance fee, you can choose to do either telegraphic transfer or credit card. You can find more detail in your offer letter; for me, it was on pg14.

Thanks for the quick reply. It says that I should scan a proof of wire transfer delivery. Should I send it to the Ochsner email or the one on the offer letter?

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[skiteflies123]

Out of curiosity has anyone had any success with using Xoom by Paypal to wire transfer?

 

[Jugulodigastric1]

Anyone know what area we should look for accommodation in? I assume anywhere in St. Lucia would be fine

 

[skiteflies123]

Anyone know what area we should look for accommodation in? I assume anywhere in St. Lucia would be fine

Friends suggested anywhere in the nearby towns that is near the bus route

 

[BA2621]

Hey guys just accepted here. How do I send the deposit and the health insurance fee? Im guessing they only accept wire transfers? Thanks

Just a quick note about the deposit based on my experience. Confirm with your bank that they perform international transfers. I bank with Ally, which receives international transfers but recently stopped sending outgoing international transfers. The window to send the deposit is 21 days and federal regulations require a waiting period after opening a new account to send an international transfer. I used a third-party service, TransferWise, to send the deposit. I chose this service because it had the lowest fees and exchange rate (14.85 USD total). Keep in mind that it takes about 7-10 days for the deposit to hit the UQ bank account.

In terms of health insurance, don't be afraid to shop around and make sure that you read and understand the benefits of each policy option. I found that each provider offers slightly different options for coverage and premiums. Do some research and find something that works for you and your health and financial needs. It was mentioned in the webinar, but you have to purchase 51 months of coverage to obtain a student visa and can be refunded after year two. However, some of the providers will charge a substantial fee for refunds. Additionally, the UQ international admissions office is very receptive to talk about questions and concerns. Every person I have spoken to when calling with questions has been lovely and helpful. I hope this helps.

 

[BA2621]

Out of curiosity has anyone had any success with using Xoom by Paypal to wire transfer?

I looked into using Xoom but UQ does not accept it as it is intended to be used for interpersonal transactions (i.e. Venmo). The service I used was TransferWise. The total fee was 14.85 USD. I had a bit of trouble sending my deposit from my bank, so I would be happy to discuss my experience and walk you through the process. Please feel free to message me.

 

[catan_fan]

Thanks for the quick reply. It says that I should scan a proof of wire transfer delivery. Should I send it to the Ochsner email or the one on the offer letter?

I had this in my email: Although the attached offer letter states to submit to UQ International Admissions, to accept your offer please complete the Acceptance and Payment Details pages to [email protected]. The UQ-Ochsner Enrolment team will facilitate this process on your behalf.

 

[Jugulodigastric1]

Is there a Facebook group yet?

 

[BA2621]

Is there a Facebook group yet?

Yes, it is UQ Ochsner Doctor of Medicine: 2021 Group

 

[catan_fan]

Yes, it is UQ Ochsner Doctor of Medicine: 2021 Group

is this not for those graduating in 2021?

 

[skiteflies123]

is this not for those graduating in 2021?

It was created in March, so I'm guessing that they meant entering class of 2021.

 

[jjsoxo]

I see that one of the requirements once enrolled is to obtain a First Aid Certificate (including CPR). Does anyone know whether they will just take a MA EMT license if I provide proof? If not, how is everyone completing the certificate with the current COVID situation (I think these classes are in person...)?

 

[mcat_taker]

Anyone know what area we should look for accommodation in? I assume anywhere in St. Lucia would be fine

anything off the 66 bus route or ferry is easy to access UQ from. St Lucia is deceptively big-- you may end up walking further than had you lived off the bus route.

 

[HopefulDr.Dragon]

You have to have a B average to even get an interview (3.0). From last year's thread they said that they use this formula for calculating gpa:

"Last year *3 + 2nd to last *2 + 3rd to last all divided by 6."

That's not out of a 7.0 gpa though, so that seems like conflicting advice. However, I know they did change who is reviewing the application this year so it could be that they are converting it to an Australian GPA this year. In which case, assuming the same type of calculation, we can do this:

(Last year *3 + 2nd to last *2 + 3rd to last)*7/24

That's just my quick maths, but I could be horribly wrong since I don't know if they still weight the more current years heavier. If you're wondering why the first year isn't there, most Australian unis are only 3 years with an extra year of honours. So technically, we are all graduating with honors lol. Congrats!

Also in terms of importance of getting accepted they say:

GPA=25%, MCAT=25%, interview=50%

So if you got an interview I would say turn your attention to that. That's the best thing you can do at this point. Anyway, hope that helps. Best of luck!

Edit: however if you are really curious to see how they calculate gpa, you could always email them and ask how they weigh each year. If you do this, please post on the forum or message me, I'm really curious now lol

Hey thanks for all of the information! I'm a non-trad with a lot of credit hours over more than 5 years, so I'm def interested to see how they calculate it out. All I've received back is that they need to transfer my GPA from 4.0 scale to 7.0 scale.

 

[skiteflies123]

Hey thanks for all of the information! I'm a non-trad with a lot of credit hours over more than 5 years, so I'm def interested to see how they calculate it out. All I've received back is that they need to transfer my GPA from 4.0 scale to 7.0 scale.

You're welcome! Its honestly not a problem. Hmm..... That makes it sound like they'll take your overall gpa and turn it into a 7.0 GPA, but honestly I don't think it does any of us any good to speculate. I hope you get in though !

 

[Morky-Mouse]

You're welcome! Its honestly not a problem. Hmm..... That makes it sound like they'll take your overall gpa and turn it into a 7.0 GPA, but honestly I don't think it does any of us any good to speculate. I hope you get in though !

I emailed them and from what they replied, they look at all credits that are applied to your most recent degree. So if your most recent degree was a bachelors degree, then any and ALL courses including repeated courses and transferred courses will count towards the GPA as long as it applies to the degree. If you have courses that do not apply to the awarded degree, then they do not get used in the GPA calculation. They used to recalculate the GPA based on years, but they wont do so anymore.

So yeah, all credits that apply to your most recent degree (including those from other universities) will be counted.

 

[skiteflies123]

I emailed them and from what they replied, they look at all credits that are applied to your most recent degree. So if your most recent degree was a bachelors degree, then any and ALL courses including repeated courses and transferred courses will count towards the GPA as long as it applies to the degree. If you have courses that do not apply to the awarded degree, then they do not get used in the GPA calculation. They used to recalculate the GPA based on years, but they wont do so anymore.

So yeah, all credits that apply to your most recent degree (including those from other universities) will be counted.

That's cool so I guess you guys can find out your GPA given that and then just multiply by (7/4) and find your GPA calculation

 

[HopefulDr.Dragon]

Oh heck yes! Thanks guys. I should be good to go, just awaiting a response from the department now.

 

[scubascuba]

I see that one of the requirements once enrolled is to obtain a First Aid Certificate (including CPR). Does anyone know whether they will just take a MA EMT license if I provide proof? If not, how is everyone completing the certificate with the current COVID situation (I think these classes are in person...)?

Yea they'll take your EMT license. Just make sure that it will be valid for a while since you have to maintain a valid first aid certificate the entire time.

 

[scubascuba]

Anyone know what area we should look for accommodation in? I assume anywhere in St. Lucia would be fine

OMSA (the UQ Ochsner student association) will send out a welcome packet that details all the suburbs and gives suggestions on where to live. Most people don't arrange housing until they get here so it's not something you'll have to worry about until then.

 

[deleted988668]

Hi Guys,
Would any accepted person mind sharing their stats (particularly GPA)? I have a GPA around 3.33 and am worried that this is too low. I have an upward trend.
Thanks!

 

[itskagome]

Just accepted!

I was wondering if anyone knows of a way we can speak to a current medical student about their experience with UQ. I was and still am very impressed with this school, but I just spent 2k in new applications and have invested quite a bit of time studying to take the MCAT again. I feel like I have a foot in two different doors at the moment and would like some clarity in the student perspective.

Hi Guys,
Would any accepted person mind sharing their stats (particularly GPA)? I have a GPA around 3.33 and am worried that this is too low. I have an upward trend.
Thanks!

My uGPA was around that value when calculated through AMCAS. My first year I had a 2.75 GPA, then I switched my major to Biology and it trended upward. I also got my masters in medical science and I teach A&P at a community college. I would say your application is definitely looked at holistically and the interview plays an important role.

 

[deleted988668]

Just accepted!

I was wondering if anyone knows of a way we can speak to a current medical student about their experience with UQ. I was and still am very impressed with this school, but I just spent 2k in new applications and have invested quite a bit of time studying to take the MCAT again. I feel like I have a foot in two different doors at the moment and would like some clarity in the student perspective.



My uGPA was around that value when calculated through AMCAS. My first year I had a 2.75 GPA, then I switched my major to Biology and it trended upward. I also got my masters in medical science and I teach A&P at a community college. I would say your application is definitely looked at holistically and the interview plays an important role.

Thanks for your reply!

Congrats!! How did your masters GPA compare to your uGPA?

 

[santapapaya]

Hi Guys,
Would any accepted person mind sharing their stats (particularly GPA)? I have a GPA around 3.33 and am worried that this is too low. I have an upward trend.
Thanks!

I was accepted and enrolled already - my undergrad GPA was a 3.23 (science GPA was either a 3.0 or 2.9, I don't remember tbh) but I had a strong upward trend the last two years and my MCAT was a 506. I am also currently completing a M.Sc. in Epidemiology at a university in Belgium but they don't have GPA so I have no idea how my application was looked at. I do think its a holistic process and your interview is a great chance to show off your personality, passions, etc. Best of luck!

 

[skiteflies123]

Hi Guys,
Would any accepted person mind sharing their stats (particularly GPA)? I have a GPA around 3.33 and am worried that this is too low. I have an upward trend.
Thanks!

I actually went the opposite route of most people here I think and I had a higher gpa 3.5- 3.8 gpa with a lower MCAT 504-506 range. Honestly though, imho, I don't think you have to worry too much, in the past they've accepted people with low gpas and I think if you do well on the interview you will be fine

Just accepted!

I was wondering if anyone knows of a way we can speak to a current medical student about their experience with UQ. I was and still am very impressed with this school, but I just spent 2k in new applications and have invested quite a bit of time studying to take the MCAT again. I feel like I have a foot in two different doors at the moment and would like some clarity in the student perspective.

Yup! In the post interview email, you shouldve got a schedule a 1:1. You can choose to schedule one with a student. Here's the link for that : One-to-one support

Edit: also the webinars can be helpful too as they allow potential students to ask questions and it's usually residents/current students answering

 

[itskagome]

I actually went the opposite route of most people here I think and I had a higher gpa 3.5- 3.8 gpa with a lower MCAT 504-506 range. Honestly though, imho, I don't think you have to worry too much, in the past they've accepted people with low gpas and I think if you do well on the interview you will be fine



Yup! In the post interview email, you shouldve got a schedule a 1:1. You can choose to schedule one with a student. Here's the link for that : One-to-one support

Edit: also the webinars can be helpful too as they allow potential students to ask questions and it's usually residents/current students answering

Thanks for that! My graduate program actually switched servers for their email system and changed our student email addresses. I was actually accepted earlier this week and didn't know about it until they called me.

 

[skiteflies123]

For future reference for all of you others. Also @underbaro they called you? I wish they called me I feel like it would make it more real

 

[itskagome]

For future reference for all of you others. Also @underbaro they called you? I wish they called me I feel like it would make it more real

It wasn't a congratulatory phone call, if anything it felt less real because it was a phone call about receiving an email. "You should have received an offer letter.."

This is definitely a tough decision.

Does anyone know how difficult it is to bring a dog to Australia? I've noticed a lot of apartments don't accept pets and my dog has never been on a plane, not to mention the cost of flying one.

 

[Jugulodigastric1]

It wasn't a congratulatory phone call, if anything it felt less real because it was a phone call about receiving an email. "You should have received an offer letter.."

This is definitely a tough decision.

Does anyone know how difficult it is to bring a dog to Australia? I've noticed a lot of apartments don't accept pets and my dog has never been on a plane, not to mention the cost of flying one.

hi!! Regarding the dog, definitely look into Australia’s animal import laws. I have not transported animals to Australia, but I have imported them from Europe to the US and there are things like mandatory quarantines that you should consider. Plus I was looking at flights yesterday, and from where I am, it’s a 30 hour journey. Might be tough on a pup

 

[BA2621]

It wasn't a congratulatory phone call, if anything it felt less real because it was a phone call about receiving an email. "You should have received an offer letter.."

This is definitely a tough decision.

Does anyone know how difficult it is to bring a dog to Australia? I've noticed a lot of apartments don't accept pets and my dog has never been on a plane, not to mention the cost of flying one.

I think you need to start the process six months in advance and get the proper vaccines and blood tests for them to be cleared to travel. You have to fly into Melbourne and the dog will be quarantined for 10 days there and then you can pick it up and travel to Brisbane. I am not certain but I think it is a two step process where you need to get the dog cleared to leave the US with the USDA and then cleared to enter Australia with their governing body. Here’s a link to some more detailed information. USDA APHIS | Pet travel from the U.S. to Australia

 

[Pacific_Ocean]

I just received an interview offer!! Kind of excited. Is there anything I should know about the interview?

 

[skiteflies123]

I just received an interview offer!! Kind of excited. Is there anything I should know about the interview?

I felt that the MMI had an equal balance of what I thought were more thought-provoking questions and others that were a little more straightforward and could be answered from my personal experience. To prepare, I watched the Coursegrinder MMI YouTube videos, which do an excellent job of explaining how to dissect a scenario and come to a conclusion. UWash is also a great resource for looking up ethical/legal/social aspects of medicine. I’m not sure how much info you’ve received about the interview just yet, but when they tell you specifics about interview day, definitely take the time to time yourself and practice your responses orally. There are prompts available everywhere online. Other than that, just be yourself! Trust your knowledge and experience. The interviewers were also very kind, which I know put me more at ease. You’re gonna do a great job! Good luck!

1. Assuming they didn't change the format from last year (first year at UQ-O), you're not allowed to ask them any questions or talk about anything not related to the MMI question of that station. You do sit in silence, and the awkwardness is suffocating, but make sure you don't fall into the trap of adding unnecessary things because you can't stand the silence. If you feel like your answer was sufficient, just stop talking.

2. It wouldn't be a bad idea to look into it. It'd be helpful to be familiar with the local healthcare issues in Louisiana (socioeconomic status, race, etc.) as well.

Not only for you but for anyone about to interview, I can't really say anything about the MMI itself (as you may know we all signed a NDA). I will say that it was a pretty good experience. It was my third MMI and I preferred this one over my other two.

Preparing for an MMI:
I would say when preparing for an MMI it's good to go online and look for a method that you like. There are so many good resources now for answering different types of MMI questions. I also encourage you to know the 5 pillars of medical ethics (apparently not a lot of people know about this, including me until my first MMI). That's about as much as I can say, but if you do this, I think it will increase your chances. Just my +1.

Sorry about not being able to say more, but good luck!

Edit: coursegrinder is also a great free resource a lot of people have used. I would say go online and accumulate practice questions as well and practice on your computer, since you're most likely doing a virtual interview. If you can get friends to help, great, if not that's not an excuse to not practice!

I also really enjoyed my MMI interview! Actually, if you have the time and the resources I used Dr. Samir Desai's book, Multiple Mini Interview (MMI) - 10 bucks on amazon, to learn a bit about the interview process and then I called up 6 of my closest friends and asked them if they would act as pretend interviewers using the scenarios in the back of his book a few different times (I also video recorded the process and took notes afterwards so I could review my performance). If you don't feel like shelling out 10 bucks there are a lot of youtube videos and other free resources online that can help you with this! I think one of the most important things you can do though is to practice responding in front of a person.

I highly recommend the Desai book, you can skip the acting/activity scenarios since you can't do those in person and time yourself answering questions from BeMo's 100 question list floating out there on google.

Best of luck on the MMI.

Sent from my cp3705AS using SDN mobile

Those are just a few of the things I found on this thread. In addition, I'll add that the MMI is worth 50% while your gpa and MCAT are each 25%. That means you should practice. Don't overpractice though. Your goal should be to be familiar enough to be ready to see multiple points of view on any side, but not to memorize anything in particular (in my opinion). Also shoutout to everyone that gave advice! Good luck!

 

[HavAColdOne]

Anyone that has successfully completed the $3000 deposit via wire transfer, what address did you use for the "Commonwealth Bank of Australia" and what did you use for the routing number and phone number? These are all commonly required when doing a wire transfer and I noticed UQ didn't include them with the info regarding how to make the wire transfer.

 

[Amedge]

Has UQ-O mentioned online learning come January? Or if Australia is processing/accepting subclass 500 student visas? The current COVID-19 situation has a travel ban on anyone who's not an Australian citizen/PR & their family/spouse or current Visa holders. I know it's difficult for anyone to predict what's going to happen come January but just wondering if COVID-19 travel bans have come up re: UQ-O students and subclass 500 student visas

For the student visa, I applied and it took 25 days for it to be reviewed. My application is now "pending" due to a health evaluation. The visa website sent me a link of approved doctors in the United States to have the evaluation, however, the location closest to me is not open yet. The earliest date the doctor gave me is for mid July, and then the visa application said 30 days after the health evaluation.

I already booked flights a few weeks ago cause they were super cheap and had free flexible change/cancelation. My current plan is to arrive 2.5 weeks early (I read somewhere online or maybe in welcome pamphlet about arriving early enough to find an apartment and to settle in, and if I have to quarantine for 2 weeks it wouldn't impede with orientation). That's my plan at this moment, trying to keep flexible to whatever may happen in the future. Hope that helps!

 

[scubascuba]

Has UQ-O mentioned online learning come January? Or if Australia is processing/accepting subclass 500 student visas? The current COVID-19 situation has a travel ban on anyone who's not an Australian citizen/PR & their family/spouse or current Visa holders. I know it's difficult for anyone to predict what's going to happen come January but just wondering if COVID-19 travel bans have come up re: UQ-O students and subclass 500 student visas

No one really knows how it will go. UQ has been working to make it so students can get into the country on their student visas. A bunch of Ochsners
& other international students went back to their home countries when Covid started and they're trying to get them back in the country as soon as possible. The government has also discussed opening boarders in 2021. So either way I'm cautiously optimistic that your class will be able to begin normally.

 

[Jugulodigastric1]

Anyone that has successfully completed the $3000 deposit via wire transfer, what address did you use for the "Commonwealth Bank of Australia" and what did you use for the routing number and phone number? These are all commonly required when doing a wire transfer and I noticed UQ didn't include them with the info regarding how to make the wire transfer.

I sent them an email asking for physical address, phone number, and routing number because my bank needs this info too. Will post here when they get back to me

 

[itskagome]

Does anyone know the graduation rate for UQ students? I know they have a high match rate.

 

[itskagome]

hi!! Regarding the dog, definitely look into Australia’s animal import laws. I have not transported animals to Australia, but I have imported them from Europe to the US and there are things like mandatory quarantines that you should consider. Plus I was looking at flights yesterday, and from where I am, it’s a 30 hour journey. Might be tough on a pup

That's true. I could always break the flight up and stop in Hawaii, but that would still be hard on a dog.

Does anyone know where we can find last year's MS1 schedule? Looking at the curriculum schedule would definitely be worth considering if I am going to take my pup with me. If I am never home, it wouldn't really be fair to take her.

 

[skiteflies123]

That's true. I could always break the flight up and stop in Hawaii, but that would still be hard on a dog.

Does anyone know where we can find last year's MS1 schedule? Looking at the curriculum schedule would definitely be worth considering if I am going to take my pup with me. If I am never home, it wouldn't really be fair to take her.

In the guide they gave this as an example week

 

[itskagome]

In the guide they gave this as an example week

Hahah I obviously need to look at the guide a bit more. Thanks for sharing this!!

 

[skiteflies123]

Hahah I obviously need to look at the guide a bit more. Thanks for sharing this!!

It was a LOT of information, so I don't blame you if you missed it honestly, according to the guide a few weeks before class we will receive 50 "mudmaps" basically course timetables, and we get a chance to rank them based on our preference

 

[scubascuba]

Just an FYI, anyone considering bringing a pet should start looking into the process now. I don't know specifics because I ultimately decided not to bring my cat but I know there's at least one vet check up or vaccination? that has to be done 6 months prior to coming over. Pretty sure most airlines require you to go through an agency so you can probably reach out to them to get details on the process.

I decided to leave my cat with my parents due to the cost and stress on the cat (long flight plus quarantine) but I'm pretty sure other people have brought pets over.

 

[itskagome]

Just an FYI, anyone considering bringing a pet should start looking into the process now. I don't know specifics because I ultimately decided not to bring my cat but I know there's at least one vet check up or vaccination? that has to be done 6 months prior to coming over. Pretty sure most airlines require you to go through an agency so you can probably reach out to them to get details on the process.

I decided to leave my cat with my parents due to the cost and stress on the cat (long flight plus quarantine) but I'm pretty sure other people have brought pets over.

Agreed. It takes a minimum of 180 days to export due to bloodwork and paperwork with vets. The flight is 30+ hours. I am still trying to decide what to do. I know if I fly, I will break the trip into two legs and stay overnight in Hawaii. Even that will be hard on a pet.

I feel like cats are less needy and your schedule will really influence what you can and cannot do.

For anyone curious, lectures aren't mandatory and they are recorded and can be viewed at an adjusted speed.

 

[Jugulodigastric1]

Anyone that has successfully completed the $3000 deposit via wire transfer, what address did you use for the "Commonwealth Bank of Australia" and what did you use for the routing number and phone number? These are all commonly required when doing a wire transfer and I noticed UQ didn't include them with the info regarding how to make the wire transfer.

here’s what they sent me:


Bank: Commonwealth Bank of Australia (CBA)
BSB Number: 064 158
Account Number: 1089 7870
Account Name: University of Queensland No. 1 Account
Swift Code: CTBAAU2S

Address:
Union Complex, Building 21A
University of Queensland, Staff House Road
St Lucia, QLD 4072 Australia

Phone: +61 07 3371 2144

 

[Enol_2021]

Hey guys,

are you gonna apply federal loan or private? According to the previous webinar, we got two choice right?

I think federal fixed rate is around 7% it’s Really high. Meanwhile, Sallie Mae got decent variable rate and relatively lower fixed rate. (If applicants has good credibility)

what’s your opinion about it?

thanks.

 

[itskagome]

Hey guys,

are you gonna apply federal loan or private? According to the previous webinar, we got two choice right?

I think federal fixed rate is around 7% it’s Really high. Meanwhile, Sallie Mae got decent variable rate and relatively lower fixed rate. (If applicants has good credibility)

what’s your opinion about it?

thanks.

I would always recommend federal loans before private. There are two types of federal loans- subsidized and unsubsidized. In subsidized loans, the government pays the interest while you're in school. You also have the opportunity for income-driven payment plans. Look at these links before you make any decisions.

Federal Versus Private Loans

If you apply for financial aid, your school will likely include student loans as part of your financial aid package. It’s important to understand what types of loans you are offered. Generally, there are two types of student loans—federal and private.

studentaid.gov

Federal vs. Private Student Loans: What's the Difference? | The Motley Fool

Here's all you need to know about federal vs. private student loans and their differences, advantages, and disadvantages.

www.fool.com

**Edit: I also think it is worth noting that some student loans can be forgiven**

 

[skiteflies123]

Hey guys,

are you gonna apply federal loan or private? According to the previous webinar, we got two choice right?

I think federal fixed rate is around 7% it’s Really high. Meanwhile, Sallie Mae got decent variable rate and relatively lower fixed rate. (If applicants has good credibility)

what’s your opinion about it?

thanks.

If you get better interest rates on private loans, it's worth considering, as far as I know, graduate programs are not considered for subsidized loans. Typically, the first 20,500 are at an interest rate of about 6 percent because of direct unsubsidized. After that, you'll have to take Direct PLUS which is at around 7% this year. It is also worth noting that if you do not take public loans, you will not be able to apply for the public service loan forgiveness, nor will you be able to do income-based repayment (I may be wrong on this one). A lot of medical graduates rely on this, during residencies, but if you plan to pay off your debt quickly, it doesn't matter. With private loans, you CAN refinance your loans (I have been told this requires good Credit; however, if the percentage you're getting on private is lower than federal, you're probably doing pretty well on credit). This will require some communication with your loan servicer though. Also note that during times like this, it's usually better to have federal loans because the government is TYPICALLY better at making the interest 0% in an emergency situation. I said TYPICALLY because a certain Department of Education has currently been expecting payments from student loan borrowers illegally and there have been lawsuits. Also, Sallie Mae is known to give higher interest rates than Wells Fargo, so if you're applying for private, I would say also apply for the MedCAP loan from them.

*Note: this is mostly from memory and I may be wrong on some of these points. Please correct me if this is the case.*

Federal Interest Rates and Fees

If you receive a federal student loan, you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay. [highlight]...

studentaid.gov

Wells Fargo Financial Services & Support

See how we’re helping customers succeed and communities thrive. For support 7 days a week, message us @WellsFargo

www.wellsfargo.com

Sorry also wanted to add, for anyone looking at private loans, please research on the differences between fixed and variable rates and also please make sure you look at what options the loan service provider provides you for deferment, forbearance, and refinancing. Most private companies are better about this now, but some may not allow you to defer payments during residency.

 

[itskagome]

If you get better interest rates on private loans, it's worth considering, as far as I know, graduate programs are not considered for subsidized loans. Typically, the first 20,500 are at an interest rate of about 6 percent because of direct unsubsidized. After that, you'll have to take Direct PLUS which is at around 7% this year. It is also worth noting that if you do not take public loans, you will not be able to apply for the public service loan forgiveness, nor will you be able to do income-based repayment (I may be wrong on this one). A lot of medical graduates rely on this, during residencies, but if you plan to pay off your debt quickly, it doesn't matter. With private loans, you CAN refinance your loans (I have been told this requires good Credit; however, if the percentage you're getting on private is lower than federal, you're probably doing pretty well on credit). This will require some communication with your loan servicer though. Also note that during times like this, it's usually better to have federal loans because the government is TYPICALLY better at making the interest 0% in an emergency situation. I said TYPICALLY because a certain Department of Education has currently been expecting payments from student loan borrowers illegally and there have been lawsuits. Also, Sallie Mae is known to give higher interest rates than Wells Fargo, so if you're applying for private, I would say also apply for the MedCAP loan from them.

*Note: this is mostly from memory and I may be wrong on some of these points. Please correct me if this is the case.*

Federal Interest Rates and Fees

If you receive a federal student loan, you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay. [highlight]...

studentaid.gov

Wells Fargo Financial Services & Support

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Sorry also wanted to add, for anyone looking at private loans, please research on the differences between fixed and variable rates and also please make sure you look at what options the loan service provider provides you for deferment, forbearance, and refinancing. Most private companies are better about this now, but some may not allow you to defer payments during residency.

Correct, on all of the above. Unsub and Direct PLUS is what I had to use for my master's program.

Income-driven payments are only applicable for federal loans and the same goes for loan forgiveness programs, which is why I'd recommend federal over private.

Unless your credit is astounding, you may be able to save some money with a private loan, but I would only do that in replacement of Direct PLUS, and only if you don't want the two options listed above as options.

 

[akinetopsia]

Personal finance is personal and all.

Just keep in mind if you attend UQ, you're eligible for Direct Stafford Unsubsidized Loans and Grad PLUS Loans. If you take out private loans you will not have the ability to have the same repayment options as you would if you had Federal Direct loans, e.g. income-based repayment (IBR), which as a resident is going to probably be pay as you earn (PAYE) or revised pay as you earn (REPAYE) +/- public service loan forgiveness (PSLF), or loan forgiveness if you make qualifying payments over the term of the repayment (usually 10 or 25 years, and you pay taxes on the amount forgiven unless you qualified for PSLF and made 120 qualifying payments).

It never hurts to educate yourself on student loans, and a good place to start is at the White Coat Investor.

I'd be leery of taking out private loans versus Direct loans, because you can always refinance with a private lender for a lower interest rate, but once you're out of the Federal system, you can't get back in for the income-driven repayment and forgiveness options.

 

[Iamground]

Has anyone started the background check process? I am trying to access the website called precheck but I am not getting through. thanks