What types of loans do medical students generally take?

Question

What types of loans do medical students generally take?

Answer 1

Please don't listen to the guy above me.  There are no state loans and sallie mae is not a type of loan.  They are more like the evile mpire of student loans.

File a FAFSA.  Get the $20,500 in stafford loans you are eligible for first.  Contact your school's financial aid office to request the loan.  This is your best option.  You can choose any lender....not just sallie mae whose service sucks.

If you need more in loans get either a Grad PLUS loan (fixed at 8.5%) or an alternative education loan at a variable rate.  You will have to start the app process for these with the lender as they are credit based.  For most alternative loans the rate you receive is based on your credit.

Answer 2

My girlfriend is a 2nd year resident. You would essentially use the same loans as undergrad, Stafford, Sallie Mae, etc. You should also be eligible for some State loans. If you are a minority, I would hit the internet and find every single grant you can apply for. Med school, depending on the school, should cost about 200k - including books, housing, etc. This figure is BEFORE any loans, grants, etc. The best thing is to do incredibly well on your MCAT's and apply to as many schools as possible. You will likely be offered at least a partial scholarship from one of the schools. My girlfriend did very well on the MCAT's and got a huge scholarship to a top 5 med school, so I know if can happen.

Good luck! Just make sure that being a doctor is what you want to do, since you will have essentially no life for the next 7-8 years, or more, if you get a fellowship, which would be an extra 4 years. So, you are looking at 16 years of study, and almost no income if you want to be a surgeon, for example. If you want to be an internist, then you are looking at 4 years in med school and 3 years in residency.