MedAchiever Funds ??

[wowmd]

Hi, I just want to know if you could request a certain amount of loan that you need, or do they just give you a certain amount.
And what's the interest rate on the loan?
Pay back during residency or after the residency?

Thanks~

[AmericanIMG]

i would actually call the florida office and talk to the dept of financial aid, they should be able to give you the specific details...
good luck!!!
:wink:

[Darlyn3]

Dear Wowmd,

It all depends on your schools firstly. The majority of medical schools in the caribbean that participate with the Medachievers Loan have an anual max of $45,000 that a student can borrow to pay for their tuition and living expenses... FOR A SINGLE STUDENT! If you have dependants then it's a different story, your allowed to borrow more for each given year. For example, they'll still give you the $45,000 for school and living expenses, and then give a certain amount for each dependant which is like $4,000 more per child each semester, and the same applies if you have a spouse with you so that would be $36,000 more if you had a wife and two children for say. Totalling at $81,000 for the anual loan max.
Speak to the financial aid officer at your school and explain to him/her your situation, they're the only ones who can approve that you borrow more money.

You have 25 years to repay the loan, you may consolidate it with Key Education Consolidation Loan, which offers you the flexibility to repay your loans in 30 years.

The current rates are at:
Interim= 3.86% (while in school)

Repayment: APR
10 Year-Term: 3.55%
15 Year-Term: 3.71%
25 Year-Term: 4.08%

If you have any further questions please don't hesitate to contact me.

Best Regards,

D

[SMU_Information]

Good breakdown from Darlyn3. At SMU you are allowed to borrow $24,171 for the first semester, $20,831 for semesters 2-5, and 22,000 for semesters 6-10.

Do you have to borrow that much? Nope. Can you? Yup.

And we just exhausted my knowledge on the subject, anything else will have to be directed to Financial Aid Office at 1-800-498-9700.

[Junito]

When you state the amount that could be borrowed annually, does that mean one academic year (two semesters) or one year (365 days)? Secondly, do most students just go through Medachievers alone, or is it a combination of Medachievers and the Teri loan?

Juni

[jguru2]

you could borrow per semester..or for a full academic year (for 3 semesters). easier to do it per year...less work.

[ranjit]

this is relevant to the topic i just started...my question is if you can only borrow 45K per year and there's 3 semester per year, how do you pay for the 3rd semester since 1st and 2nd semester total 45K?

[AmericanIMG]

45 per academic year, academic year = 2 semesters. talk to a school financial aid advisor...they can break it down in detail

good luck!!!
:wink:

[jguru2]

SMU's first Year is composed of semester 1-3. MedAchiever can give you upwards of $60,000+ for your first year (sem 1 - 3). That would be plenty.
Per their website there are 3 sems for 1st year, and 2 sems for 2nd year.