I finally got my financial aid package, and man what a relief it was to know that my school is paid for. The package consists of a mix of Federal Subsidized Stafford, Unsubsidized Stafford, and Direct Grad PLUS (.PDF) loans.
None of these three loans require repayment while I am a student. Stafford loans subsidized by the government have a fixed interest rate at only 5.7% and do not start accruing interest until after graduation. Unsubsidized Stafford loans do not have this delayed interest accrual benefit, and their fixed interest rate is higher at 6.8%. Both Stafford loans have a 6 month grace period after graduation and before repayment starts. Direct Grad PLUS loans have the highest interest at 7.9%, also fixed, accrue interest immediately like the Unsubsidized Stafford loan, and its repayment grace period is only 2 months.
After my initial relief at knowing that the loans came through wore off, and after I took some time to crunch the numbers, the sheer magnitude of debt that I will be facing broadsided me. But my medical education is essentially a high stakes long-term investment in my future. I think it's important to keep that perspective, focus on my education, and not allow myself to get bogged down or stressed out by the numbers.
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