Getting the Cheapest Financing for Medical School

Medical school financing is very costly due to the volume and expense of this type of degree. Medical degrees require more than just four years in school; you must also spend years in residencies and internships to officially become a doctor. This means you will have a large loan from school, and you will not be able to make large payments on the loan for some time. As a result, finding cheap financing is critical to ensuring you can get out of debt once you become a practicing medical professional.

Med Students are Attractive Borrowers

One benefit working in your favor is the fact med students are appealing clients as far as lenders are concerned. Most medical students go on to have a profitable career. Further, since med students delay this career for many years, the interest on a medical school loan accumulates quickly. This spells large profits for lenders. When you go to seek a loan, make sure you explain you will be attending medical school. If you have already received acceptance to a program, have all necessary information regarding the expense of the program available. Students accepted to top tier schools may receive special consideration.

Good Credit Helps your Cause

Go in to the loan process with the highest possible credit. If you took out undergraduate loans to pay for your bachelor's degree, it may be advisable to pay these loans off first before getting a new loan. Though this is not necessary, it can improve your credit drastically, ultimately reducing the expense you will take on with a new loan. Even if you cannot pay down your debts, ensure you make all payments on time and in full for at least three years leading up to seeking a new loan.

Government Loans are Available

Government loans are often the cheapest options on the market because they have fixed rates, can be modified easily and may be partially subsidized. Start by seeking grant programs sponsored by your local or state government. Even a small grant of a few thousand dollars represents debt you never need to pay back. Next, consider federal direct lending options form the Department of Education. The loan limits for graduate degrees are much higher than those for undergraduate degrees. You may be able to entirely avoid private lenders by finding the maximum amount possible through various federal loan programs.

Loan Consolidation Streamlines the Process

Medical school loans are rarely distributed in one lump sum. Instead, there will be loans for going on interviews, loans for taking board exams, loans for tuition and loans for living expenses. All of these debts can be difficult to manage, and they may be more costly when handled individually than when handled together. As a result, consolidating loans once you are finished with school is often a good solution. All federal loans can be consolidated easily through the Federal Student Debt Consolidation program. When consolidating private loans, be careful not to move any low rate loans into a higher rate plan. It is best to pay off low rate loans individually while consolidating higher-rate debts.

Wikipedia: A school is an institution designed for the teaching of students under the supervision of teachers. »

Need a Student Loan? Click here!
blog comments powered by Disqus