“”4. Someone will provide loans to med school students.””
True…at least someone will always loan to US med students attending US med schools. That said, I don’t think the feds are considering stopping loans to med students and other healthcare professionals. the suggestion is to limit, not stop.
Med schools do NOT want to fill their classes with the children of wealthy people…so even if there are enough wealthy applicants to fill the 20,000+ MS1 seats each year, med schools don’t want that and will do whatever it takes to prevent that… even if it means finding donors to provide need based aid or becoming lenders themselves. again, that won’t be necessary since Wells Fargo, Discover, SunTrust (now BB&T, which has just renamed itself Truist Bank), Citizens and others will just lend more. Haven’t checked what Chase, CitiBank and other big banks are doing, but if they’re not doing student loans, they likely would start.
I wouldn’t be sad to see that feds and lenders would hesitate/decline lending to those attending Caribb med schools. the drop out rate is horrible at those schools. at a minimum, at least require those students to pay for the first year to weed out many of the drop outs before lending them money.
(Anyone know how many defaulted loans are from Caribb med students who flunk out after a year or two or who can’t get residencies?)
Same with the many for-profit schools in the US…Full Sail and others that have students borrowing a lot and often defaulting on loans.
The sky is not falling!!