I went back to school to achieve my dream of going to medical school. Unfortunately, this path has put me in great financial debt. My husband and I are $99,000 in debt! This is even before medical school. I have gotten into school, which will be an additional $82,000. What should I do? Should I forget the loans for right now and pay what we can afford and then pay a lot off when I graduate and start making money, or should we struggle even more to pay $600-1,000/month while I am in school.
2007-02-01 16:41:04 · 3 answers · asked by twinklestar19992003 1 in Education & Reference ➔ Financial Aid
A high number of school loan lenders will work with you in the event you are going into a financial crisis, typically by reducing the premium but extending the payments years past what you currently contracted when you received the loans.
If you set aside $1000 a month, you'll have the loans repaid in 15 years or so. At $600 a month, it'll be roughly 25 years before the loans will be paid. This does not include interest.
Don't ever stop paying your student loans. They are typically at a low rate of interest, and lenders are more than willing to extend the period of the loan. Your credit score will drop like the Hindenberg if you stop and then decide to pay after medical school. I would simply call the lender and then ask the lender to grant an extention.
Good luck on medical school! I hope you have a long and lasting career as such!
2007-02-01 16:59:45 · answer #1 · answered by Anonymous 2 · 0⤊ 0⤋
You should talk to a financial aid officer before making the final decision on what happens with the student loans. There is a chance that there is a deferment of loans while attending medical school. However, the additional student loans would not be bad compared to the salary of ap physician. However, it might be an idea to search and apply for scholarships out there for medical school.
2007-02-01 16:58:17 · answer #2 · answered by dawncs 7 · 0⤊ 0⤋
You don't have to pay anything while in school. After you grad. have them defered and while defered, consolidate them. And have them locked in at the lowest interest they offer. My grandson is in the process of doing this as I type. Oh, Citzi. bank is the best we could find to do this. Good luck.
2007-02-01 16:48:41 · answer #3 · answered by ruth4526 7 · 0⤊ 0⤋
i think it depends on what u want to do more than likely. talk with your husband. if u want to take on the extra risk set aside a lil of your money each paycheck to handle it so u dont have to pay so much when your done with school
2007-02-01 16:47:02 · answer #4 · answered by random at its finest 6 · 0⤊ 0⤋