uwodesperate Posted July 7, 2013 Report Share Posted July 7, 2013 One quick question, which I have absolutely no clue about but I am sure the majority of people on this forum already know the answer to, does interest start accruing the moment you take out your LOC from the bank, that is all throughout medical school and residency, or are you immune from the interests during medical school? Link to comment Share on other sites More sharing options...
rmorelan Posted July 7, 2013 Report Share Posted July 7, 2013 One quick question, which I have absolutely no clue about but I am sure the majority of people on this forum already know the answer to, does interest start accruing the moment you take out your LOC from the bank, that is all throughout medical school and residency, or are you immune from the interests during medical school? The moment you take any money out the LOC you pay interest on whatever part you took out - but just that part. LOCs are standard loans - there is no loan interest forgiveness like osap etc where there is actually interest payments but the government is making them for you behind the scene in effect. They are "really real" loans Link to comment Share on other sites More sharing options...
Leon Posted July 7, 2013 Report Share Posted July 7, 2013 One quick question, which I have absolutely no clue about but I am sure the majority of people on this forum already know the answer to, does interest start accruing the moment you take out your LOC from the bank, that is all throughout medical school and residency, or are you immune from the interests during medical school? The moment you withdraw a dollar from your LOC, interest on that dollar starts accruing. You are not immune from interest during medical school. Note that the interest only accrues on whatever amount you actually took out from the LOC. OSAP does what you're thinking. Interest does not accumulate on your OSAP loans during school. ETA: Lol rmorelan double post Link to comment Share on other sites More sharing options...
Mourning Cloak Posted July 7, 2013 Report Share Posted July 7, 2013 does interest start accruing the moment you take out your LOC from the bank YES! are you immune from the interests during medical school? Absolutely not. The concession the banks make for medical students / residents is that you don't have to make payments. But whether or not you make payments, the interest keeps accumulating on the principal. If you can payments, you should. When you finish residency, you have to arrange a repayment schedule with your bank; your interest rate may remain very low, or go up (but if it goes up you can always move the loan to a different bank with a better deal). LOL triple post! Link to comment Share on other sites More sharing options...
rmorelan Posted July 7, 2013 Report Share Posted July 7, 2013 YES!LOL triple post! we are just that helpful Link to comment Share on other sites More sharing options...
uwodesperate Posted July 7, 2013 Author Report Share Posted July 7, 2013 lol amazing. rmorelan have you started your residency yet? right now must be an exciting time in your career! Link to comment Share on other sites More sharing options...
rmorelan Posted July 7, 2013 Report Share Posted July 7, 2013 lol amazing. rmorelan have you started your residency yet? right now must be an exciting time in your career! I have begun - as have all PGY-1s basically at this point as we all start July 1. In fact yesterday was my first ICU call shift where I was first person responding to people throughout the hospital and deciding on admission. So yeah exciting and a bit touch scary at the same time Link to comment Share on other sites More sharing options...
uwodesperate Posted July 7, 2013 Author Report Share Posted July 7, 2013 will you still be around premed101 for the foreseeable future? lol Link to comment Share on other sites More sharing options...
rmorelan Posted July 7, 2013 Report Share Posted July 7, 2013 will you still be around premed101 for the foreseeable future? lol well obviously my schedule is changing a bit - but you know other mods have continued to be around in residency. Schedule dependent but for now I am still here Link to comment Share on other sites More sharing options...
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