Do you need student financial aid to pay for school?

Student financial aid is out there to help students pay for medical school. So first, here's the bad news. You have to find it yourself. On the other hand, here's the good news. I'm goingto direct you and give you all the information you need to find out how to pay for school. Fair enough?

First, a medical education is very expensive, but consider it an investment. Student financial aid options are readily available because you will have to pay $100,000's to attend school. Unless you have a rich uncle or have a full ride, you're going totake loans out. No one likes to be in debt, but that's the price you pay to become a doctor. There are two types of federal loans: subsidized and unsubsidized. Subsidized loans are loans where the student doesnot pay for interest while they are in school because the government pays for the interest your loans accumulate.

Unsubsidized loans are loans where you owe interest the moment the loans are wired to your school. The federal governmentdoesn't pay for the loan, unlike subsidized loans.

In general, almost all students take out Stafford Loans, which is a federal loan. The Stafford Loan is available as an unsubsidized and subsidized loan. Click here to find out more about Stafford Loans

Grad PLUS Loan

If Stafford Loans don't cover all the costs, then you can take out other loans, such as the GRAD Plus loan. This is a federal loan as well, but it is not subsidized and there is not grace period. Click here for more information about Grad PLUS loans

There's another type of loan called the Perkins Loan. It is a federal loan as well and the interest rates are very nice. It's the best deal of all federal loans, but you have to qualify. Click here for more information about Perkins Loans

If that's still not enough, there are private loans, which are at higher interest rates.

This page is a comprehensive list of possible student financial aid options. You can click on the links in the text above to find more detailed information about the different types of loans.

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