I know you think you know everything about this, but the posters like mom2collegekids, whose son was premed and is now in med school, do know what they are talking about.
Borrowing sometimes cannot be avoided, but you want to borrow as little as possible, and it is possible.
You probably have good stats if you want to be premed and have lots of AP credit. So you could get merit at some schools and the cost could come way down. Then when you get to med school and have to take out loans you won’t already have borrowed a huge amount.
You might think you will make good money as a MD, but not right away. Isn’t it several years of residency first where you don’t make a lot and will also have to pay rent and such?
I think Plus loan accrues interest right away and repayment starts right way as well, unlike Stafford loans. Will your mom be able to make the payments and borrow more every year?
Also make sure you check because med schools might not accept AP credit for prerequisite classes, especially science.
OP probably had no problem in the past 18 years and thinks it will stay that way in the future. Unfortunately, it just need to make a wrong turn to get you in trouble for the rest of your life. I used to claim to be an excellent driver and had no ticket or accident for 15 years, until something happened.
If OP insist, no one can stop him from learning the lesson he could totally avoid.
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OP probably had no problem in the past 18 years and thinks it will stay that way in the future. Unfortunately, it just need to make a wrong turn to get you in trouble for the rest of your life.
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That is a good point. It’s easy for folks to get thru K-12 with minimal hiccups, and typically costs aren’t a big issue. But college is so different.
Also, some think, “I’m gonna be a doctor, so no big deal if I rack up debt.”
It’s unlikely that the mom is supposed to pay that $37k Plus Loan because her income has gone back down.
For the parent plus loan, here are some important details worth restating:
"Your loan becomes “delinquent” if your monthly payment is not received by the due date. If you fail to make a payment, we’ll send you a reminder that your payment is late. If your account remains delinquent, we’ll send you warning notices reminding you of the consequences of default and of your obligation to repay your loans.
If you are delinquent on your loan payments, contact your loan servicer immediately to find out how to bring your account current. Late fees may be added, and your delinquency will be reported to one or more national consumer reporting agencies (credit bureaus), but this is much better than remaining delinquent on your payments and going into default.
Consequences of default
If you default:
We will require you to immediately repay the entire unpaid amount of your loan.
We may sue you, take all or part of your federal and state tax refunds and other federal or state payments, and/or garnish your wages so that your employer is required to send us part of your salary to pay off your loan.
We will require you to pay reasonable collection fees and costs plus court costs and attorney fees.
You may be denied a professional license.
You will lose eligibility for other federal student aid and assistance under most federal benefit programs.
You will lose eligibility for loan deferments.
We will report your default to national consumer reporting agencies (credit bureaus)."
