When to apply for private loans?


Eat, Drink, and Be Merry
7+ Year Member
15+ Year Member
Sep 26, 2003
under the boardwalk, down by the sea
  1. Resident [Any Field]
I've got the contact info of about 10 different lenders. When is to right time to start filling out those applications?

Also, when I fill out the application, they'll come back to me with an amount and I have the choice of turning it down, right??

Lastly, do you re-apply each year or take out the whole amount for 4 years at once?



Pseudo Intellectual
10+ Year Member
15+ Year Member
Mar 15, 2002
On the brink
  1. Attending Physician
If you are attending a school in which gov't loans ( Stafford ) and scholarship money won't cover your expenses, I would suggest that you apply for a perkins loan NOW. It is a 6K loan that will not accrue interest while you are in school. Perhaps this can keep you from having to take out a private loan. Loans must be renewed each of your four years. Hope this helps !


Membership Revoked
15+ Year Member
Feb 1, 2004
I agree that you should be looking into other options before attempting to get private loans. You should go to your FA counselor to see if you can get any additional federal funds, whether that be from perkins or other federal sources, before turning to private loans. Most med students graduate with $0 private loans because they are extremely unfavorable with high interest rates, poor repayment plans and much higher fees compared to federal loans, whose rules and rates are determined by the federal government. If you can't get any more money from your FA counselor, I'd reccomend looking into ways to save money, whether that mean living someplace with cheaper rent, finding a roomate, or cutting back on transportation expenses, etc.
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I'm ready for my close up
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Feb 10, 2004
  1. Medical Student
Question...DMU offers perkins but they want the parental info on the FAFSA. However my parents make big bucks.. + 140 per year. And their paperwork says that only economically students get the Perkins. With my parents #'s so high do I even stand a chance of getting the Perkins?


The Killer Bean
7+ Year Member
15+ Year Member
Dec 17, 2003
trying to get some sleep
you cant apply for perkins, you are told if you are eligible once you submit FAFSA. it comes in the award letter. and yes, its based on need, but i think you have to supply parental info.
this is what my FA lady just told me. so it doesnt look like i will be getting a Perkins (but gosh i love the restaurant!)


1K Member
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15+ Year Member
Apr 20, 2002
  1. Medical Student
I have a good deal of commercial debt - in the 10's of thousands from taking post-bacc classes and renovating my home. The good news is, due to my improvements, I have a decent amount of equity in the home, and I have a full-ride scholarship to medical school. My wife also has a job which could pay for all of our living expenses if we did not have this debt burden.

I would like to consolidate my commercial debt; some of it has high interest rates. And I hate having sooo many creditors. I am thinking about getting a private loan for this purpose and perhaps paying it off with my financial aid and/or wife's income. Any advice or other ideas?
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