Those seeking a medical degree must prepare for medical school and that includes student loans. Medical degrees often cost approximately $140,000 to achieve and for many that choose to attend a private school, tuition may cost more than twice that amount. There are several ways to obtain money for medical school including scholarships and grants, but for many federal and private medical student loans will fund the majority of their education. For many students, getting accepted into medical school is a dream come true and one that is met with great joy. It is commonly experienced, however, that once accepted into school, that the stress and anxiety surrounding medical school funding and paying for your education begins.
There are two types of medical school loans and these include federal and private. Those looking for school funding should begin by speaking to the financial aid officer at the selected medical school. Your school is one of the best resources for obtaining information regarding your financial options. You should also make certain that you understand exactly how much you’ll need for your education. Tuition isn’t the only expense you’ll need to prepare for. In addition to the cost of medical school tuition, consider how much you’ll need for room and board, books and other applicable school materials. Ensure that you take the time to research all options available beginning with grants and scholarships then focusing on federal and private loans.
Those seeking federal student loans will need to complete a Free Application for Federal Student Aid (FAFSA). You can apply for Federal Student Aid online through the FAFSA website. Though you may be eligible for federal loans, many students find that this isn’t enough to cover the full cost of medical school and you may find that it is necessary to apply for private student loans as well.
Those who apply for a private medical student loan will need to ensure they have good credit or use a co-signer with excellent credit. Using a co-signer with good credit will increase your chances of getting a loan that will cover your full cost of medical school as well as ensure that you have lowered interest rates. Check with the lender regarding any maximum amounts you are allowed to borrow. Additionally, some lenders will include an option in which the co-signer may be released from the loan after the borrower makes a certain amount of payments. Since the borrower’s credit score plays an important role in the amount borrowed as well as the interest fees charged, it is a good idea for borrowers to repay any debts and work on their credit report before applying for student loans.
Because every lender is different, it’s important to inquire with various companies, financial institutions or lenders to determine how much you can borrow. Make certain to do your research and don’t assume that just because one lender will allow you a loan of a certain amount another lender will offer the same. Take the time to apply with different lenders and choose the loan that best fits your needs.
When applying for a medical student loan make certain to inquire about any deferment options available for borrowers when they finish school. Many lenders will allow a grace period that enables students to find a job and begin earning money before they need to begin repayment of their loans. Other lenders may work with students if their loan becomes due but they choose to remain in school. You should understand what the lender’s policies are before choosing the best loan for your needs. Also determine what prepayment penalties are in place.
A medical career is a dream come true for many and financial issues shouldn’t stand in the way. Choose your medical student loan carefully and begin your medical education so that you may live your dreams.