The majority of medical students today are taking on medical student loans. Among all the different fields of study, medical is by far the most expensive. However, the medical field provides great career opportunities and a secure career no matter what sub-field you decide to go for It isn’t a surprise that most students who have the credibility and a good academic record want to take upon the opportunity of a good medical career by taking upon medical student loans. If you have a good academic record and the capabilities required for lasting in a Med-school but do not have the resources to facilitate your education then it is important that you understand the different types of student loans and what are their interest rates, requirements, eligibility criteria’s, etc. The two primary distinctions with student loans are the Federal and private student loans.
Federal Student loans:
When talking about student loans Federal Student Loans have a significantly lower interest rate. The government policies for student loans are updated by the government each year. The eligibility criteria for federal student loans are directed by the FAFSA or Free Application of Federal Student Aid. The students applying for student loans will be passed through the FAFSA association and based on their assessment and your Expected Family Contribution you will receive a federal Student loan. There are two main types of student loans for med-school. There are the direct unsubsidized student loans which are also known as the Stafford loans and then there are the direct plus loans. You can choose the one that best suits your convenience of repayment. You will be guided in detail by your designated financial advisor. You must also remember to keep both physical and electronic copies of your documents.
Private Student Loans:
For arts student loan, things can get more complicated, which is one of the reasons why you must consider and properly understand all the terms and conditions of the private student loan provider before you take upon a student loan. Most student loan services will require that you start paying while you are in college while some other will have varying student loan interest rate in which case you will have to be careful to consider what student interest rate is the most economical and also which student loan service providers you want to consider based on their policies and previous records. To analyse the information and make a proper financial plan it is important for you to know the market rates and have a proper plan for paying back the loan and the added interest rates. It is also important that you aim for a field with a guaranteed job market.