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Loan Amount Question + PSLF Option

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  • Loan Amount Question + PSLF Option

    Hi! I am rising second year medical student and I am taking out loans this upcoming year. My parents helped me with school for the first year, and I am new to this process so I could really use some help on deciding how much to take out as well as some resources you all have used. I just learned of WCI so any general tips are welcome!

    I was wondering if it is worth taking out money for everything including for rent, resources and everything else on top of tuition if that means that I would have to dip into Grad PLUS loans. I was talking to my parents and they think that with PSLF and just 'being a doctor' I should be able to pay off the loans easily and so it is better to take out as much as I need. I thought it might be helpful to avoid Grad PLUS if they could help with rent and resources, and I could pay them back later. Please let me know if I am overthinking it, and I would love some advice on any spreadsheets I can use to keep track of my spending and loan repayment without having to pay for an app. Thanks!!

  • #2
    Live like a poor medstudent.
    take out the least amount of loans as possible. Can parents help you with rent/living expenses?? That would be better than nothing.
    another option would be applying for military scholarship but that of course comes with other requirements.
    if u want to do primary care/peds/ob gyn/im there’s a hpsa scholarship that like the military requires you to payback time that is spent in high need areas around the country, mostly rural.

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    • #3
      Have you read WCI's guide on student loans yet? You should start there.

      I would borrow federally. Don't borrow more than you need.
      Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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      • #4
        [QUOTE=TokyoDrifting;n340992]I was talking to my parents and they think that with PSLF and just 'being a doctor' I should be able to pay off the loans easily and so it is better to take out as much as I need. /QUOTE].

        1. What profession are your parents in that they think its better to take out as much as you need?
        2. Goal is to minimize your loans. Financial aid offices are notoriously useless in any practice personal finance advise for med students (because their job is to collect money from loan companies, not to actually help you).
        -Calculate your living expenses for next 12months. Try to minimize these. Then take out only what you need to cover tuition+these living expenses.
        3. Make your own excel spreadsheet to track costs (its free).

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        • #5
          Take out a little as you actually need.
          If the question is from the parents or from a lender, that is a family decision. Stay with government lenders if the parents choose not to lend. There is risk and I would pay the parents back first.
          It sounds like your parents feel they are sacrificing something that they feel you are perfectly capable of handling. Not unreasonable. You can.

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