Where do we get the Master Promissory Note from?

[funshine]

1.) the bank? (We go around researching which bank we want to lend from--are they really that different?)

2.) School sends MPN to us after they receive our request for a Stafford loan?

if someone could answer this quickly for me...

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[NapeSpikes]

1.) the bank? (We go around researching which bank we want to lend from--are they really that different?)

2.) School sends MPN to us after they receive our request for a Stafford loan?

if someone could answer this quickly for me...

2.)

That's how it worked for my postbac, and if I remember correctly, undergrad, too. Everything came from the financial aid office. I don't think it's different for med school.

 

[ShyRem]

I believe, however, if you need private loans you need to secure those on your own (see alternative loan lender suggestions on your particular school's FA website) although the funds get sent to your med school FA office. The remainder of any loans funds left over will get disbursed to you from the FA office.

Someone correct me if I'm wrong 'cuz that's how I'm counting on it happening.

 

[ShyRem]

Oh, and yes. Loan terms CAN be vastly different - some charge fees, some don't. Some require co-signer, some don't. Most that I've seen have different interest rates based on your credit rating, but one may say prime+1% for excellent credit while another may say prime+0%, and yet another may say prime +2%. Check them out. Also, deferment periods vary - some defer for 36 months post-grad for residency, others defer 48 months or even 60 months. Also check when interest is capitalized into your principle - monthly or at the end of the loan (this is not important for subsidized loans but is very important for all other loans).

It's worth looking at the lenders your school recommends and compare information from each lender. Good luck - FA can be a complete PITA.

 

[funshine]

thanks guys! Guess I can just sit back and wait for my schools to get back to me then. 🙂