Well, perhaps I am celebrating my soon-to-be indebtedness too soon, but I have nearly finished the financial aid packet for Touro University, minus one question, and I have submitted my FAFSA and the online quiz for first-time borrowers. It is nice to know the different options I have. I hope to do all my loans through Wells Fargo, including the Stafford Loans, Grad PLUS possibly, and maybe an independent loan. I have been with Wells Fargo for a while and should have a good credit history with them, so I may be able to get less than 8.5%. It's also reassuring to know I can request forebearance on the loan during my residency years, and so get reduced payments while I have a resident's salary.
For those who are curious, here is how medical students generally fund their education:
For Touro, here are all the fees per school year:
Room and Board, Supplies, Health Insurance, Transportation: $30,055
Federal Subsidized Stafford Loan - $8,500 (max) - pay interest after school
Federal Unsubsidized Stafford Loan - $32,000 (max) - can defer payments
Federal Grad PLUS or Private Loan - however much I need, so $28,555
I am going to live at home for the first year, so I can take away about 15k from the private loan. I'm curious how the school will interpet it - I filed my FAFSA and my taxes as independent, yet I plan to live at home. I don't know whether that waives just the room and board costs, or more. Regardless, I will be relieved when all the loans are figured out.