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  1. #1
    Keepndafaith is offline Junior Member 510 points
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    Monthly Amount of Interest payments with loan

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    Hi everyone,

    I am planning on starting AUA in aug but i am concerned about the interest payments. I am pretty sure that i will qualify for the loan from bank of lake mills but does anyone know what the expected monthly interest payments will be after 1st semester? I started to do the math and it seemed as though we could be paying over a $1,000 a mth in interest payments before the 4th year of school.

  2. #2
    iwanabmd is offline Member 516 points
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    you calculated correctly. everyone is just ignoring the fact that one day they cant afford to pay it for now...
    STEP 1 [X] STEP 2 [X] STEP 3[X] PGY - 1 [X] PGY-2 [*]

  3. #3
    Keepndafaith is offline Junior Member 510 points
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    i was trying to find a thread about it but it seems like no one else has brought it up...

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    iwanabmd is offline Member 516 points
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    thats because its new. we never had to pay interest before. This is the second semester people had to interest. so people who have been on the loan for 2 semester are paying around 250-300 a month for two loans. that is the max anyone has to pay right now. i think in 2 more semesters when interest payments are around 600 for some people this will become a big issue.
    STEP 1 [X] STEP 2 [X] STEP 3[X] PGY - 1 [X] PGY-2 [*]

  5. #5
    MDHouse is offline Junior Member 511 points
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    can some one explain how this loan works..if you get loans starting MED 1 to MED 5..how does it work?

    thanks.

  6. #6
    Cyberia is offline Senior Member 515 points
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    Quote Originally Posted by MDHouse View Post
    can some one explain how this loan works..if you get loans starting MED 1 to MED 5..how does it work?

    thanks.
    The interest is NOT deferred when you take the current loan. The loan repayments start 60 days after the dispersment. So if you started in Jan FI, in March your would have to start paying something around $115 bucks a month (it's actually dependent on your credit score, which determines your interest rate, etc) So each individual may have more or less than that per month, but this is just an example. The 2nd semester (May) you would have to pay the CURRENT semester's interest each month plus the previous semester. So you'd start paying $230 a month if your interest rate remained the same, etc. Rinse, Lather, Repeat x 4 years. So as previous posters have stated, it can get QUITE expensive as you get into your 3rd and 4th years. You obviously need some sort of income (parents, spouse, trust fund, winning the lottery <powerball in miami is 65 million..fingers crossed>) You get the picture.

  7. #7
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    Arkie, M.D. is offline Elite Member 6139 points
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    hahaha the more I think about this, the more ridiculous it seems!

    How can this possibly be sustainable?

    If they're concerned about people not repaying the loans, they are going to be extremely disappointed when people start dropping like flies from the program (due to insufficient funds). Guess what, without that MD, we're all just a bunch of biology majors w/ no real way of earning the income necessary to repay the debt. Come on, AUA. You gotta work with us. Nobody wants us to graduate and repay our debts more than we do! Get us some clinical rotations, drop the in-school interest payments, watch enrollment (and graduate numbers) skyrocket and the coffer$ fill!

  8. #8
    Keepndafaith is offline Junior Member 510 points
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    so what are students supposed to do when payments start being around 1k a mth?

  9. #9
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    emrbu8 is offline Member 510 points
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    Good question. Can any of the administrators answer that one?

  10. #10
    Bmoregirl is offline Member 516 points
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    Quote Originally Posted by emrbu8 View Post
    Good question. Can any of the administrators answer that one?
    Em... I don't know if you were there, but when this whole crap was on the horizon and they brought the CEO and COO to the island for the meeting, I did ask them that question. Mr COO, shrugged his shoulders and said, You're going to have to find some outside funding from your family. Maybe take some time off to save up money. We never said this was a good option, or do we even recommend that anyone choose this loan option, but it is the only one we have at the time.

    BAM... Pretty much, if you're aren't rich and mommy and daddy aren't paying for your tuition, go the heck home.

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