Anyone else have bad credit?

[Khenon]

I was just on the the pre-allo forum and I'm totally fired up, pissed off, and outraged to hear that medical schools can AND WILL reject you based on a bad credit report.

I decided to post this on the non-trad forum since it would seem more likely that others that are "older" may have a similar problem with their credit. I have a bankrupcty and have never heard of my credit being an issue with getting into medical school. Does anyone else have poor credit and still got into medical school?

It enrages me that this is the first I've heard of it. Shouldn't medical schools have to list ALL their criteria for matriculation? I've been pulling out student loans, got my car financed, have credits cards, AND have purchased a house since my bankrupcty. Why the hell can't I get into medical school?!!

FYI: I went bankrupt in 1998. It will stay on my credit until next spring . . . plenty of time for med schools to see it.

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[ib508]

I doubt it's an actual problem of acceptance, like someone said on the allo forum, it's probably more of an issue of not being offered finaid, in which case the person might have problems accepting if they can't pay...

I was just on the the pre-allo forum and I'm totally fired up, pissed off, and outraged to hear that medical schools can AND WILL reject you based on a bad credit report.

I decided to post this on the non-trad forum since it would seem more likely that others that are "older" may have a similar problem with their credit. I have a bankrupcty and have never heard of my credit being an issue with getting into medical school. Does anyone else have poor credit and still got into medical school?

It enrages me that this is the first I've heard of it. Shouldn't medical schools have to list ALL their criteria for matriculation? I've been pulling out student loans, got my car financed, have credits cards, AND have purchased a house since my bankrupcty. Why the hell can't I get into medical school?!!

FYI: I went bankrupt in 1998. It will stay on my credit until next spring . . . plenty of time for med schools to see it.

 

[Khenon]

Never mind. It looks like this is a non-issue. I guess there are a couple of schools that require credit reports, and if you applied to them they'll let you know up front that they have that requirement.

So, sorry to get anyone's feathers ruffled (I know mine were!).

 

[njbmd]

Hi there,
Your credit report actually doesn't have much to do with your fitness for medical school but some medical schools require this information because you may be unlikely to get enough financial aid through (government) public sources to pay your tuition. I know that Georgetown in Washington requires that your credit be good enough that you can get loans from private sources.

DC is very, very expensive and Georgetown is one of the more expensive medical schools in the country. You need to take tuition costs into consideration as you choose your schools. Also, keep in mind that you have to pay back expensive loans after residency so cost of medical school should be one of your considerations. If you owe $250K and you do a seven-year residency (some of the surgical specialties), you could wind up owing more than $300K. Paying back that extreme debt load is going to put a real dent in your post-residency lifestyle.

You should look into paying off all of your credit card debt and car loans too. It is very difficult to concentrate on studies when you are worrying about paying debts and living expenses. The simplier your lifestyle, the better when it comes to the study of medicine.

Good luck!
njbmd

 

[OrthoFixation]

Q. Anyone else have bad credit?

A. No.


Avoid debt like the plague. No debt = less stress

 

[smc927]

Yes, lots of people struggle with credit. I got into a few messes right out of high school and have spent a few years getting cleaned up. Now, a few months from starting med school, I can say that things are looking pretty good. I make sure to review my credit report every month.

You may consider the military or NHSC or another scholarship program to get through med school. That way your eligibility for loans won't matter.

Either way, good luck!

 

[snowhite]

My credit was not up to par, but all they required of me was a credit-worthy co-signer for my loans.

 

[Wtffaceemoji]

Q. Anyone else have bad credit?

A. No.


Avoid debt like the plague. No debt = less stress

:/ Not everyone is that privileged (either with money or financial education). Try to be more considerate.

 

[esob]

What...The...Actual...Necro...

 

[CyrilFiggis]

:/ Not everyone is that privileged (either with money or financial education). Try to be more considerate.

Stop being so sensitive. Credit is not about privilege, it's about responsibility. Bad things can happen, but they are not the majority of the issue. I say this as someone who advised recent grads on debt and finance.

 

[DrMikeP]

I was just on the the pre-allo forum and I'm totally fired up, pissed off, and outraged to hear that medical schools can AND WILL reject you based on a bad credit report.

I decided to post this on the non-trad forum since it would seem more likely that others that are "older" may have a similar problem with their credit. I have a bankrupcty and have never heard of my credit being an issue with getting into medical school. Does anyone else have poor credit and still got into medical school?

It enrages me that this is the first I've heard of it. Shouldn't medical schools have to list ALL their criteria for matriculation? I've been pulling out student loans, got my car financed, have credits cards, AND have purchased a house since my bankrupcty. Why the hell can't I get into medical school?!!

FYI: I went bankrupt in 1998. It will stay on my credit until next spring . . . plenty of time for med schools to see it.

You need good credit (score) to get federal loans to pay for med school. No loans = no money! Schools are not in the business of giving away educations for free and they don't want to see someone drop out because they can't afford yrs 2, 3, 4 when med school will potentially cost you $250K plus.

You can't fault the schools for your past mistakes. It's like being mad at the realtor for not telling you upfront that you have to pay for the house you are purchasing!!!!!

During interviews every school told us to fix our credit score before applying for financial aid. Some even say such on their websites.

You need to see what your credit score is currently (check out Credit Karma since it is free). Discover Card gives you free FICO. Figure out what your score would be once the BR is d/c'd and see if there is anyone who might cosign. Then you have to decide if you want to be preemptive and let them know your plan now or wait until interviews or wait until acceptances.

Good Luck

 

[esob]

Stop being so sensitive. Credit is not about privilege, it's about responsibility. Bad things can happen, but they are not the majority of the issue. I say this as someone who advised recent grads on debt and finance.

Actually, the leading cause of bankruptcy is medical bills, which has very little to do with responsibility for most people ; speaking as someone who has A+ credit and retired at 40...

 

[CyrilFiggis]

Actually, the leading cause of bankruptcy is medical bills, which has very little to do with responsibility for most people ; speaking as someone who has A+ credit and retired at 40...

I was speaking about recent grads.... The three main factors for that group include credit debt and overspending usually compounded by student loan payments. All three of those have to do with responsibility.

 

[DrMikeP]

Actually, the leading cause of bankruptcy is medical bills, which has very little to do with responsibility for most people ; speaking as someone who has A+ credit and retired at 40...

If you look at the average medical student that statistic is flawed. A majority of younger people do not have the debilitating medical issues and if they did as a child the bankruptcy fell on their parents. Also younger chronically and seriously ill people often do not go to med school.

Older nontrads can be a very different story. When working in the hospital one huge mistake I'd see people make is putting themselves down as being financially responsible when a loved one needed care. With a child that's hard to escape but spouse is a different story.

From working with younger people struggling with debt I've seen the majority have maxed out credit cards and taken out max in student loans with expectations of high salary with a bachelor's degree. With the worth of degrees overestimated and poor economy they end up paying more in interest than they make, which leads to more debt and downward spiral. Even in my own doctoral program I saw students finance their Mercedes payments using student loans.

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[esob]

I was speaking about recent grads.... The three main factors for that group include credit debt and overspending usually compounded by student loan payments. All three of those have to do with responsibility.

For recent grads, I totally agree.

If you look at the average medical student that statistic is flawed. A majority of younger people do not have the debilitating medical issues and if they did as a child the bankruptcy fell on their parents. Also younger chronically and seriously ill people often do not go to med school.

Older nontrads can be a very different story. When working in the hospital one huge mistake I'd see people make is putting themselves down as being financially responsible when a loved one needed care. With a child that's hard to escape but spouse is a different story.

From working with younger people struggling with debt I've seen the majority have maxed out credit cards and taken out max in student loans with expectations of high salary with a bachelor's degree. With the worth of degrees overestimated and poor economy they end up paying more in interest than they make, which leads to more debt and downward spiral. Even in my own doctoral program I saw students finance their Mercedes payments using student loans.

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Of course, when comparing that small segment, med bills are not the predominant cause of their bad credit. That caveat aside, the number of people with severe financial distress predominantly from medical bills is staggering to say the least, topping 50+ million.

 

[DrMikeP]

For recent grads, I totally agree.



Of course, when comparing that small segment, med bills are not the predominant cause of their bad credit. That caveat aside, the number of people with severe financial distress predominantly from medical bills is staggering to say the least, topping 50+ million.

I totally agree medical bills are a huge problem for the general population. One that isn't going away any time soon. However, the issue here is poor credit and med school, which is really a challenge in that we as a nation have done a horrible job teaching our youth about debt and spending. The media gives a false sense of financial reality. Kids believe that $500 sneakers, sports cars, and iPhones are the basic necessities because every teen on TV has such. That then makes it even harder for the working poor student as prices of everything else adjusts upward accordingly.

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[Matthew9Thirtyfive]

Stop being so sensitive. Credit is not about privilege, it's about responsibility. Bad things can happen, but they are not the majority of the issue. I say this as someone who advised recent grads on debt and finance.

Good distinction, although I think he was referring more to just having debt as opposed to bad credit. Not everyone has a trust fund or a wealthy family to pay their way through school. My wife and I both have student debt (although not a ton thanks to scholarships and the Navy), but we are responsible and pay our bills on time.