What kind of loans?

[Baylor91Bound]

I'm entering Baylor as a Freshman this fall. My parents don't make a whole lot of money, so they've put it all on me to take care of college besides the occasional sending money throughout the month. To my question-I'll need (estimating) 15k a year at least, and I was just wondering what the best loans out there are? What should I consider?

Please don't respond only saying to get a job or apply for scholarships. I have a job, and I will continue to have one throughout college. I, also, have and will continue to apply for many scholarships.

I'll be able to respond with exactly how much I need in loans every year in about 2 weeks. I just wanted an idea of the loans to look at.

Thanks

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[muggle911]

The best loans are federal subsidized ones.
Have you filled out the FAFSA yet? If not, do so and they will come up with your EFC and give you appropriate loans. For undergrad students, I know you can only get a few thousand in subsidized federal loans, and then the rest would be your parents taking a PLUS loan. If your parents can't contribute, then you would have to pursue other private loans (considering your EFC does not allow you to get other need-based funds).

 

[Baylor91Bound]

The best loans are federal subsidized ones.
Have you filled out the FAFSA yet? If not, do so and they will come up with your EFC and give you appropriate loans. For undergrad students, I know you can only get a few thousand in subsidized federal loans, and then the rest would be your parents taking a PLUS loan. If your parents can't contribute, then you would have to pursue other private loans (considering your EFC does not allow you to get other need-based funds).

Yeah, I've gotten the max on the federal loans. My parents can't contribute, so what're some good private loans to look into?

 

[muggle911]

Ok, in that case the whole issue is which private loan will give you the lowest interest. Just google it. Sallie Mae comes to mind, but I don't know if that is the lowest.

 

[Florida Cracker]

I've been wondering about this, too. I'm an independent student, parents can't help out anyway. Do you think I would be able to get federal loans that cover the entire tuition in med school?

I'm planning on doing my FAFSA this weekend for summer classes. I've had federal loans in the past that covered undergrad and grad school, with extra to spare.

I'm just wondering because I feel like I will probably end up paying upwards of 40k per year in med school and I've never had to borrow that much at one time. I don't have the income or savings to begin to cover that much!

 

[Jolie South]

I hate to be an arse here, but is there any way you can go to a cheaper school? I would consider that before taking out private loans. You don't want to dig yourself into a deep hole of debt BEFORE you even get to med school.

When private loans are due, they are due. There's much less flexibility in payback and they don't have the same deferrals and what not. Plus, interest can be astronomical.