what loans are there?

[drboris]

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Hi,

I am kind of worried that I will not have enough money on living expenses while in med school. I know that subs. and unsubs. stafford loans max out at 40k per year. But I will need 45-50k per year, and I don't know what other loans are there?

Those of you with huge loans, what are they and how did you get them??

Thanks!

 

[ATPase]

You can get private loans. I'm not at that point yet, so I can't help you with specifics, but I know that some people have to do this. I don't think interest rates are terribly bad (at least right now) on private loans, either.

 

[mpp]

The private loans tend to have higher rates and rates that change more often (usually quarterly). Also, the interest on these loans usually compounds differently (Stafford loans only compound when you complete school so you are not accruing any interest on interest until after you complete school. Private loans usually have higher up-front costs (origination fees) and you will likely need a co-signer.