Medical Student Loan?

Hello I am interested in Studying Medicine but I don閳ユ獩 think I can afford the tuition fees, is it guaranteed for Medical Students to Obtain Loans when they get admitted into the Medical Schools. What other source of funding/Scholarships can I look up to?

Medical Student Loan?

Some medical schools offer merit based scholarships/loans.

However, the majority of loans come from federal, private, or university sources based on need. Each medical school has slightly different requirements for eligibility for aid. You%26#039;ll most likely need to fill out a federal student aid application and some statement that shows family/personal contributions (so they can determine how many loans you are eligible for from all sources).

Federal Loans:

Federal Stafford Loans

The loan is available to eligible citizens and non-citizens. Financial need determines whether the loan will be subsidized or unsubsidized. Medical students may receive a maximum of $38,500. (PER YEAR) Up to $8500 may be subsidized by the federal government. (In my experience most people do not qualify for the subsized portion of the loans, but you are usually always eligible for the full 38,500 as unsubsidized).

Private banks offer loans (supplemental too)- Citibank, Bank of America, and Chase are a few more common lenders.

Usually you have a bank or lender (banks above, Sallie Mae, Med Loans, etc) that will handle the disbursement of all of your loans.

Each medical school determines a total cost of attendence (which includes room, board, books, tuition, other fees, etc). Your loans can usually not go over this amount. However, there are some private lenders (with not so great interest rates) that will give you extra loans on top of this.

MedLoans also offers a %26quot;Medex%26quot; loan for interview and residency relocation expenses. The max you can borrow for that purpose is $12,000 above all other loans.

There is so much information about medical student loans and alot of specifics depending on the loan. There are some that allow you to defer all loans for 3 yrs after you graduate, while others are for your entire residency. Some give you percentage discounts for consistent payment.

I%26#039;d recommend you visit www.studentdoctor.net They have forums and one that is devoted entirely to financial aid. There are many links there too...about all things medical school :)

or http://www.aamc.org/students/medloans/st... for info on medloans.

I know it seems intimidating..and I won%26#039;t lie- it is confusing at times. Just know that there IS aid available and if you aren%26#039;t too worried about graduating with alot of debt you can definitely live and attend school on the loans. I worked the first 2 yrs of my husband%26#039;s medical school, but we%26#039;ve lived (the two of us and two young children) on our loans for the past 2 yrs. It was just really important to us that I stay home with the kids. We%26#039;ve had to cut costs and be very thrifty, but it%26#039;s definitely dealable.

Medical Student Loan?

It is not guaranteed.

Go to the Financial Aide %26amp; Scholorhip offices of the school you are going to attend.

Here is the standard Federal Application for aide:

http://www.fafsa.ed.gov/