How hard is it to obtain loans for med school?

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LineMedic

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As an aspiring undergrad hoping to get into med school, a question I find myself pondering is, "How difficult is it to obtain loans for med school?"

My personal situation may be a little different than some as I am currently using FAFSA student loans to finance my undergrad. My understanding of FAFSA, is that there is a cap around $58k in total loan eligibility. Since most of that, if not all of that, will be used towards my undergrad what are options for financing med school?

I am a veteran and plan on using my GI bill once in med school. That, or maybe starting to use it once transferring to Penn State (to complete my undergrad), since their costs are double what the junior college is that I'm attending currently.

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As an aspiring undergrad hoping to get into med school, a question I find myself pondering is, "How difficult is it to obtain loans for med school?"

My personal situation may be a little different than some as I am currently using FAFSA student loans to finance my undergrad. My understanding of FAFSA, is that there is a cap around $58k in total loan eligibility. Since most of that, if not all of that, will be used towards my undergrad what are options for financing med school?

I am a veteran and plan on using my GI bill once in med school. That, or maybe starting to use it once transferring to Penn State (to complete my undergrad), since their costs are double what the junior college is that I'm attending currently.
You apply grad plus no job needed no co signer just good credit
 
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You apply grad plus no job needed no co signer just good credit
You will be amazed at how easy it is to obtain large sums of cash with little-to-no income, that is what makes America great, after all!

As said previously, just don't default on any credit cards or student loan payments. You are only as good as your credit score in this life.
 
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As an aspiring undergrad hoping to get into med school, a question I find myself pondering is, "How difficult is it to obtain loans for med school?"
If you're a US citizen or permanent resident you can get Staffords. If you are citizen/resident and have no adverse credit events you can get GradPlus. You need both at all but about 3 med schools in the US.
My personal situation may be a little different than some as I am currently using FAFSA student loans to finance my undergrad.
1) FAFSA is a form. FAFSA doesn't offer loans. It's like saying you went to med school at AMCAS. Your loans, if you applied through FAFSA, are federal loans, as opposed to private loans.
2) There's exactly nothing unique about paying for undergrad with federal loans. That's how people who don't have wealth go to college. Some kids get private loans instead, and at the undergrad level that may or may not be a disaster with respect to repayment. Federal loans offer a buffet table of repayment plans that take your income level into account, and sometimes offer forgiveness of a balance after a decade of payments. Private loans do whatever they want.
My understanding of FAFSA
...by which you mean federal loans...
, is that there is a cap around $58k in total loan eligibility. Since most of that, if not all of that, will be used towards my undergrad what are options for financing med school?
The $58k cap is for undergrad, and it's specific to Staffords. Med school is professional school and it has its own federal loan rules. Technically you can borrow $500k+ in federal loans for med school without too much trouble. (But don't.)
I am a veteran and plan on using my GI bill once in med school. That, or maybe starting to use it once transferring to Penn State (to complete my undergrad), since their costs are double what the junior college is that I'm attending currently.
Find the military forum for better discussion of how to play the GI Bill game.

Best of luck to you.
 
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It is both pleasantly and horrifyingly easy to get loans for med school. I wouldn't sweat it at all. If you exceed the limit for direct loans, you'll just take out direct plus loans. Tons of people in your same situation so I wouldn't worry at all! Good luck!
 
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Hello all,

Even if federal loans are both pleasantly and horrifyingly easy to earn, what about private loans? I understand that Donald Trump openly considered eliminating the department of education and thereby end federal student loans. I am currently about halfway through my RN program while maintaining a 3.8gpa and scoring well on a Kaplan MCAT practice exam. My nontraditional route was almost entirely hinged on anticipating a defunct department of education and the need to generate income outside of sporadic research opportunities. I also needed to generate income for medical tourism for my mother who has a pre-existing condition.

Do I always need a co-signer for private loans?

I want to avoid wrapping the burdens of my student loans around the neck of anyone I love.

Do I need a co-signer for undergraduate degrees if my circumstances change for the worse before I graduate and complete the NCLEX?

Thanks a bunch.
 
Hello all,

Even if federal loans are both pleasantly and horrifyingly easy to earn, what about private loans? I understand that Donald Trump openly considered eliminating the department of education and thereby end federal student loans. I am currently about halfway through my RN program while maintaining a 3.8gpa and scoring well on a Kaplan MCAT practice exam. My nontraditional route was almost entirely hinged on anticipating a defunct department of education and the need to generate income outside of sporadic research opportunities. I also needed to generate income for medical tourism for my mother who has a pre-existing condition.

Do I always need a co-signer for private loans?

I want to avoid wrapping the burdens of my student loans around the neck of anyone I love.

Do I need a co-signer for undergraduate degrees if my circumstances change for the worse before I graduate and complete the NCLEX?

Thanks a bunch.



You won't necessarily need a cosigner if you have a fairly good credit score (above 650).
 
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Following this to check-in on OP's financial plan and what they've learned. I'm trying to figure out the same thing using GI Bill and having a family.
 
Not difficult at all in the UK or US!!
 
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