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Medical school loans: A viable option is Grad PLUS
If you need more medical school loans after maxing out your Stafford loans then, I suggest looking into the Grad PLUS loan. Grad PLUS loans offer many of the same benefits of the Stafford loans. Here are the following features of Grad PLUS loans:
- Fixed interest rate at 8.5%
- Fees for origination vary from 0-4%
- The limit on how much you can borrow is up to the total cost of attendance, minus any other financial aid you are receiving. In other words, aside from the tuition, you have to pay for living expense and books. All of this including the tuition is the cost of attendance. So, the Grad PLUS is nice because it will cover all other expenses not covered by Stafford loans, if that's what you chose.
- A credit check is required, however you don't need a cosigner and there's no need for a debt-to-income scoring
- To apply, you need to fill out a FAFSA and then find your own lender
- Deferment and forbearance is available if yo uneed it
- There is no grace period. You need to start paying within 60 days after the final disbursement
of funds. The maximum term of paying everything back is 10 to 25 years.
So if you've read my other pages on loans, you will find that the Grad PLUS is nice because of all the features that it offers. On the other hand, if you can find private lenders with better deals, you should think that out. Remember, the GradPLUS loan is a federal loan.
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