Which Loans Should I Take Out?

[Climberak]

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I will need to take out about $55,000 dollars for medical school next year ($50,000 for planned expenses and an additional "just in case" $5000).

My financial aid offer for the school is as follows (per year):

Perkins: 3,000
Stafford Subsidized: 8,500
Stafford Unsubsidized: 32,000
Grad Plus Loan: 27,1278

Total ....... 70,678

I won't be needing all of this money, and I'm trying to figure out which loans I should accept and which ones I should decline. Or, should I take all of them, but not take out the full amount on each one?

I'm feeling lost 🙁

 

[yadayadadude]

No need to feel lost; this is very simple. Take the full Perkins and the Staffords. Take part of the GradPlus. GradPlus has a very high interest rate (8.5%) and interest accrues from the minute it's disbursed.

 

[Acherona]

No need to feel lost; this is very simple. Take the full Perkins and the Staffords. Take part of the GradPlus. GradPlus has a very high interest rate (8.5%) and interest accrues from the minute it's disbursed.

I agree. Get rid of the one with the high interest rate.

 

[TMP-SMX]

No need to feel lost; this is very simple. Take the full Perkins and the Staffords. Take part of the GradPlus. GradPlus has a very high interest rate (8.5%) and interest accrues from the minute it's disbursed.

Interest accrues on the unsub staffords too but obviously not at 8.5%.