Med school and $$$$$$$$$

[s42brown]

I just needed to step up on the soap box for a while. I just talked to sallie Mae about my $37,000 dollars in student loans just from undergrad, it makes me want to puke. Considering the loans I'll have after medschool I'll be looking at a $2100 monthly payment to pay off my loans in 10 years, I think I'm going to have a stroke. Does anyone know what the going rate for a soul is these days, just kidding. However, while the U.S. is about to rage war on a ruthless dictator in the east, while watching our backs for the the nuclear making tyrant in the west becoming a doc in the military doesn't sound to bad. This way while I am trying to dodge the anthrax, VX, smallpox, and nuclear fall out I won't have to worry about those damn sallie mae people knocking down my door.

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[ckent]

I can definitely relate with your undergrad loan pains. I have 27,000 in loans from undergrad. I thought that I was going to graduate from undergrad debt free, but my parents informed me during my junior yr that they would not be paying back my loans for me, a little too late to transfer to my state school. There are still many things that you can do to contain the damage though. Stick to a strict budget in med school (ie live frugally), make sure that you sign up for staffords without fees (a mistake that I made was not doing this, could have saved me several thousands of dollars), and you can always consolidate and turn the 2,000 a month payment into several hundred during your residency. Do things to keep the economy down during med school too (like not buying things), and this will keep interest rates down too so that you can consolidate under favorable terms.

 

[kumar28]

hey ckent,
when you say "sign up for staffords without fees" what exactly do you mean by this. Sorry I am a little ignorant about stafford loans. I did my undergrad in Canada and hence took out a canadian student loan

Thx

 

[ckent]

Originally posted by kumar28
hey ckent,
when you say "sign up for staffords without fees" what exactly do you mean by this. Sorry I am a little ignorant about stafford loans. I did my undergrad in Canada and hence took out a canadian student loan

Thx

There are some lenders that waive the origination fee (3% on all stafford loans, can add up to a lot if you borrow a lot). Lenders you should look for include THE, AMSA, and I'm sure that there are more. What's frustrating is that my financial aid office told me that there were no difference between lenders. Had they done their research, they could have saved me 2,000. These programs also over more favorable payback rates too.