Can I rely on a student loan to pay our housing mortgage? I do not owe anything in Student loan after my BA, so my student credit history is zero. But now that I am starting my Post Bacc Premed, I need to concentrate studying and that means i have to leave work and borrow money. Currently we just closed on a housing mortgage. My husband works but I need to contribute in some way. Is it wise to make use of student loan to pay our mortgage while in premed school?
I appreciate anyone’s thoughts on this.
Delia
Student loan interest is generally a little higher than mortgage interest. So, economists would probably advise, “Only if you have to.” For those of us who do have to rely on student loans to supplement our living expenses, the upshot is that the interest paid on the mortgage is deductible.
If you are like me, I am working part-time now and living the rest on student loans. I am just starting my Post Bacc Premed and taking two sciences at a time. If you are doing the same, you should be able to sit for the MCAT in about 18 months. That is if you plan on taking courses of the summer, which I do. I do not believe you can take it any faster than that. You can try to taking only the government loans (Not Private) that are only subsidized that way you are not paying interest. I believe the limited for subsidized is $3500 a year. That is like working a part-time (At McDonalds:).
I look at it this way, no matter what we are going to be in debt going to medical school unless we have about 200K or a rich uncle :))
Thanks Viceroy, I’ll have that in mind. Yes, I think that “I have to…”
Delia