How does Medical School work?

How do loans for Medical School work?

• I have a friend in Med school. I know he has lived off of his loans while completing his schooling. The maximum loans I am getting for my BS totals $15,000 which leaves me with only about $3500 a year. This is not enough to live on. I also have HORRIBLE (do mean horrible) credit... will I still be able to get sufficient loans for Med school?

• Answer:

  All medical school students, even those with high Expected Family Contributions and those with poor credit, are eligible for numerous loans. With the Stafford Loan, you can get up to $20,500 yearly, credit not considered. With the Perkins Loans, you can get up to $6,000 per year, but your financial need is considered. It sounds like you have low income, so you will likely be eligible for Perkins Loan money. Grad PLUS loans can loan you the cost to attend medical school MINUS the amount of other aid you receive yearly. Your credit history is considered for this loan, however. You might also be eligible for interest subsidies while you are enrolled in medical school if you are a low income. Between those three types of loans, and private loans, you will find a way to pay for medical school. NOW, focus on the more important issue: actually getting ACCEPTED to medical school.