Grad PLUS vs Lower Interest Rates: SLU vs UIC
Hello, incoming M1 grateful to have options. I’m deciding between SLU and UIC and I need advice on the financial and career trade-offs.
Bio: CA resident. Interested in Surgery, Anesthesia, or Radiology.
UIC (University of Illinois)
• Cost: ~$460k Total.
• Loans: $200k Federal (7.94%) + $260k Private (3.64%).
• Pros:
• Prestige/Research: R1 institution with significantly more programs and research available. Better for competitive specialty networking?
• Location: Strong preference for Chicago.
• Interest: 3.64% for M1; expecting similar rates for M2-M4. Unsure about taking out this much debt to private lenders though.
• Cons: $260k in private loans (no PSLF/SAVE). Planning to refinance for residency deferment.
SLU (Saint Louis University)
• Cost: ~$420k Total.
• Loans: 100% Federal. Grandfathered Grad PLUS for 3 years at 8.94%. Year 4 is TBD.
• Pros: Full access to PSLF, SAVE, and federal safety nets.
• Cons: Less research options than UIC; Would prefer Chicago over St Louis.
Dilemma:
Traditional wisdom says to take federal loans before private, but my private loan options are significantly cheaper (5%) than federal loans. Would it be worth it to close federal protections? I am perfectly comfortable living like a resident for a few years post-training to aggressively pay down the private debt. Is there any meaningful difference in how hard or easy it would be to match my intended specialties (Gas/Rads/Surg) from UIC vs. SLU?
Thanks for any inputs.