Premed Loans

Since i’m going back to school full-time (post-bacc program), i’m planning to take out a student loan to cover the cost of tuition, books and some living expenses. If anyone else had to take out a student loan to complete prereqs, were you able to defer the loan repayment because you went to med school? I’m hoping to finish my courses by the end of next summer (2012) and apply for admission into the fall 2013 class. That will give me some time to work and pay off the loan, but not quite sure I’ll be able to do that in such a short time.

Also, any tips on places to search for a good rate on a loan?



I took a federal subsidized and unsubsidized loan in the amount one can borrow for post-baccalaureate preprofessional education ($12,500). I can (and am) deferring those loans while in med school…paid on them monthly during my glide year. The Stafford subsidized loan is not accruing interest and the unsubsidized is…one has the option of paying just the interest so the principle amount doesn’t grow.

Any private loans that you might need to take out in addition to federal loans likely can NOT be deferred while in school - so those are ones to concentrate on paying back as much as possible while in one’s glide year.


Due to some recent legal changes to the Federal Student Loan System (I’ll skip the politics unless you’re interested), where money comes from has been pretty simplified. Now, just about all public loans come from the US Government and all private loans come from banks (as in, you filled out an application to PNC or Wells Fargo and mailed it to them).

Public loans- Stafford, GRADPlus, I think there’s a similar med one- are all deferred until six months after you fall below half-time status.

Private loans vary. Best bet, go to the websites of every national bank you can think of and go to their student loans page. Generally, since student loan debt is hard as hell to get rid of in bankruptcy, banks are very willing to extend favorable terms. Not all such loans will have deferment, but a good number do. Of course, this assumes you’re using a sanctioned education loan. Getting a personal loan and using it for your education won’t have nearly as good terms and conditions.

  • Fedaykin Said:
Getting a personal loan and using it for your education won't have nearly as good terms and conditions.

Not only that, you may not be able to get the loan if you tell the bank you're using it for educational purposes.

Thanks for all the feedback everyone!

I have taken out private loans for my post-bac program, and they will be deferred until I go below half-time status as well. So I can defer them while in med school. As others have said, it’s just very important to look at the terms of your specific loan.