Medical School FEDERAL LOANS & DEBT // CRASH COURSE

[@seldoenoshoe]

What an amazing video! Thank you for giving your own examples to make it much easier to understand. This is a better vid than a lot of the big channels have made that I’ve watched!

[@giovanapinheiromd]

Thank you so much! I really appreciate the feedback! It's a tough topic for sure.

[@poojapatel5055]

This was so clear and helpful! You broke it down really well- thanks for doing this :)

[@giovanapinheiromd]

Thanks Pooja! I'm so happy you found it helpful!

[@zindagiaurhum5709]

Dear Giovana, excellent video, so clear and helpful. It will surely help students and parents alike. Keep doing the good work. Bless you 🙏🏻

[@travm3978]

One of the best videos I have watched on this topic. Thank you

[@pp3223]

Thanks. It would be interesting to see a picture of how these loans accumulate over the years, and how looks like your overall financial picture at the time you become an MD.

[@llegendaryduckk9876]

Very helpful. Just finished my first term and already got hit with the loan amount and it was a little scary.

[@lakentrimble9375]

You are an angel sent from Heaven above thank you for this - literally so much more helpful than the entrance counseling

[@nigellbutlerrr2638]

In the UK, my university fees were zero and the government gave me a grant to live on. I never worried about student debt because I had none. In Europe the university fees are very low, often zero. You borrow for the accommodation and the food. 🎉🎉 If your parents are well off, then you have a pleasant time at the University 😂

[@kaylam.8834]

You are soooooo real for this video!!! Thank you so much

[@Kaibaseto678]

Thank you so much for creating this video!!

[@LaughsALot-nb9mn]

This year 2024 8.08% direct Stafford un subsidized. and 9.08% Direct Graduate Plus

[@CheyenneNicole]

Hey! Thank you for doing this - it's super helpful. But, I am a bit confused - on the federal student aid's website it says there is a max of $20,500 given for unsubsidized loans annually. How were you able to receive $42,000 without taking the grad PLUS?

[@temporaryrelief2981]

Health professions students like MD students are able to take additional amounts on loans without the need of going for a federal direct grad plus loan. Hope that helps!

[@victoriabiancavilla2692]

Thanks for making this whole loan situation way more understandable!

[@giovanapinheiromd]

You're very welcome!!

[@cynthiar6974]

Super helpful thank you!!

[@1998rks]

This video was so helpful! Thank you!

[@giovanapinheiromd]

I'm so glad! Thank you for watching, Milin!

[@gse0]

This is an extremely helpful video!! Thank you! I was wondering if you are paying your interest off now or just letting it accrue? Also, is there aw way to see how much you owe (is that on the Student Aid page?

[@giovanapinheiromd]

Hi there! I'm glad this video was helpful! Because the 0% interest pause is continuing through September 1st of this year, I haven't actually had any interest accumulate thus far. I'm starting my 4th year now, so I'll have a little less than a year of interest accumulation for all my loans I've taken out before I can even consider making payments as a resident. So to answer your question, yes, I'm going to let my interest accrue and capitalize. And you can see how much you owe on your student loan servicer page (in my case, it's Mohela--you'll be assigned a servicer) as well as when you log on to the studentloan.gov website!

[@ascvb3]

This was extremely helpful, thank you.

[@giovanapinheiromd]

I'm so glad to hear that, you're welcome!

[@aymanziyadeh6366]

I was wondering. The medical student doesn't have to have a job to get loans to cover the entire cost??? And the student doesn't need the parents to sign the promisery note, is this correct???

[@marilysdelcarmendelahozalv1375]

So helpful, thank you!!

[@giovanapinheiromd]

You're so welcome!

[@soccerchamp81]

Very helpful, thank you.

[@msme9790]

Is it just me or is the new interest rate like 7+?

[@giovanapinheiromd]

For 2023-2024, it's 7.05% for direct unsubsidized loans and 8.05% for direct PLUS loans. Brutal, I know!

[@NinaStryker]

🥹🥲

[@KRAZII3D]

This video was helpful! Thanks!

[@giovanapinheiromd]

I'm so happy you found this video helpful--navigating loans is definitely a tough process! Welcome to my channel, and thank you for watching!

[@SophiaWiley-h7w]

Sooo helpful!!

[@ImEnhalos]

great video

[@fooni7400]

So i just got accepted into med school to matriculate in 2022. I already did FAFSA back in October and listed the schools I thought I had the best chance to get into, which turned out to be a pretty accurate list so I don’t have to go back and edit the school list. When should I start applying for the Direct Grad Plus Loan? It doesn’t look like it’s up yet for the next school yr.

[@khwarnyowin3067]

The last time I read it says April of 2023

[@stevenpierce2252]

Great video. If you take out say $50,000 for academic year one and you pay off interest accumulated to avoid capitalization and then take another 50,000 for year 2; does interest continue accumulating on year one balance while still in school? Thank you! Steve

[@giovanapinheiromd]

Hi Steve, yes it does. However, note that capitalization only happens at the end of your grace period after you graduate from medical school. So until then, interest will accrue daily but won't be added to your principal balance. If I had the funds to pay off interest to avoid capitalization, I'd pay it all off for all my loans towards the end of my grace period right before it capitalizes so that I could maintain my original principal balance. Let me know if that answers your question!

[@user-em4el6rf5v]

Wow thanks !!!

[@kylelogan3923]

for the grad plus loan MPN , do you have to list your employer?

[@giovanapinheiromd]

Hi Kyle, I'd check with your specific school's financial aid counselor because I'm not sure if different schools approach the MPN differently. My counselor was able to help me fill it out. I didn't list an employer.

[@juanleonardo3359]

Im positive but realistic. What if you fail med school or don’t pass the licensure exam?

[@giovanapinheiromd]

Hi Juan, I'm with you--It's good to consider all scenarios when taking out such a large sum of money. Unfortunately, if you stop your studies for any reason, you'll owe the full amount of loan you take out.

[@carolinaleon2203]

Hi! Could you tell me how much we can borrow for med school per year pls? (Federal loans)

[@giovanapinheiromd]

Hi! So the amount you're able to borrow each year is dependent on your school's tuition + cost of living (i.e. total cost of attendance). There's currently a $138,500 lifetime loan limit for the Stafford unsubsidized loan, so anything beyond that will be covered with the Grad PLUS loan (both are federal loans). Your school has its own way of allocating how much will be offered in the Stafford loan vs the Grad PLUS loan on a yearly basis. But overall, you can borrow up until your school's total cost of attendance each year, which should be more than enough to cover everything you might need over the course of the academic year!

[@steven_king]

@@giovanapinheiromd but what if your credit isn’t good enough for a grad plus and I max out in my 3rd year of Med school? There has to be an option so that I don’t have to leave Med school. It would be so devastating to owe so much and not even being able to finish Med school. This would crush me and my family