u/caffeinated_premed

I will be taking out ~65k/year in private loans and $50k/year in federal, my MD school is not offering any financial aid and I'm paying for everything myself (no co-signer/family support). I'm trying to compare loan options but I'm confused on what I should be looking for?

For example, these are some from the same lender's rate check I'm looking at right now:

Option 1 - 5 years fixed, fixed payments, 5.53% APR, monthly payment $25.00 in school, $1,536.79 out of school, 36 months of grace + up to 48 months for residency and fellowship post-residency

Option 2 - 8 years fixed, fixed payments, 5.59% APR, $25.00/mo in school $1,043.14/mo out of school, same thing as 1 for grace period

Option 3 - 10 years fixed, fixed payments, 5.62% APR, $25/mo in school $880/mo out of school

Option 4 - 5 years fixed, no payments in school, $1574/mo out of school, 5.63% APR, same grace period (or 8 years fixed, no payments in school, $1,070/mo out of school, same grace period)

Option 5 - 5 or 8 years variable, 5.04% or 5.09% APR, $25/mo in school, 1488 or 1002/mo out of school, same grace period

There are a couple other very similar options. What do people usually do in terms of the number of repayment years, and can anyone help me visualize what my budget during and after residency would look like with these student loan payments? I currently make $35k/year and have never had a lot of money so paying $6000 in loans (1500x4) each month seems absolutely insane but I know when I'm an attending I will be making a solid income. I'm strongly interested in peds.

It's been hard to find advice that helps my situation, especially since my life plans/goals aren't the same as most other people's. I'm not planning on ever buying a house. I might adopt a kid/kids much later in life once financially stable but won't be having my own. I don't want a luxurious lifestyle, I just want to be able to comfortably pay my bills and not feel super stressed about money like I have my whole life so far.

Any advice on how to pick a private loan would be much appreciated thank you!

I’m currently working during my gap year, income around 35000/year. i’m applying to private loans bc my school isn’t offering any aid and government ones (i’m in the US) are limited now. i’m trying to qualify without a co-signer because i don’t have anyone that could be one.

in the application, it’s asking for my “estimated annual income”and says if not sure to pull from prior year’s W2. my old W2 would say 35,000, but i’m quitting this job in July once i start medical school. i won’t have any income then, during the actual loan period, so am i supposed to put 0 for income on the application?

it’s also asking me what my rent payment is so I put my current one, but it will also be changing (increasing a little) once i move for school, which one should i put?

ty!!!

I’m 23, on my gap year, good credit score but obv limited history and low current income from my CNA job so whenever i try to get rate estimates it is denying me. I don’t have anyone who could co-sign for me, so what am I supposed to do? My school (only one i was accepted to so no other option) costs 115k/year and isn’t offering any financial aid at all.

I'm considering renting an apartment here but the bad reviews of the place and its proximity to skid row are making me a bit nervous. On the other hand, my current place (in Filipinotown very close to DTLA, to give y'all a reference as to what I'm used to) has similar bad reviews and I've never had any issues so it's really hard to tell what is a valid level of concern. I don't have a car so I'm mainly concerned about being safe walking to train/bus stop/etc. I don't have a problem with homeless people just existing around where I live ofc, but I'm not strong at all/a visibly queer and easily targetable person so I need to be extra careful.

I'm limited by budget and needing to be close enough to get to work via public transit and have been having a really hard time finding anything that fits my needs, and this. AVA (not the other ones, too far) seems like a good fit except for the reports of people breaking in and stuff :^( What do you think of this area?
TYSM!