General I'll need to relocate months earlier than expected to med school, and need financial advice.

[Question]

I’m a 29 year old non-trad student with good, but not great credit. I am sure I have maxed out any aid I can be given from my current school and am quite sure I need to look elsewhere. I have yet to get involved with private student loan lenders like Sallie Mae and am looking for some advice.

I overextended in applying to schools, late in the process I decided to apply to DO schools as well. Before hearing back from them I got accepted into my number 1 choice which is great, but it is the type of program that starts in June instead of August. I’ll need to relocate earlier than initially expected, without saving up any money over the summer, and pay for rent in 2 places at once for 2 months. I will need around $10,000 to make a smooth transition here.

Should I have any difficulty obtaining a private student loan? What else should I be looking out for? Clean credit with multiple lines of credit built up, no bad remarks, no history of private loans of any kind, and my parents said they’d be willing to co-sign though I am 29 and would rather do this on my own. That said my income is miniscule, I do part-time work in research at my university and get a $200/month stipend on top of that.

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[GoSpursGo]

You should be able to get private loans.

There isn’t some clause in your current lease that would allow you to break the lease early for some penalty that’s less than 2 full months’ rent? I would at least ask, as with this much advance notice presumably your current landlord could find a new tenant and thus make more money by letting you out of your lease for something less than the full 2 months.

 

[Mr.Smile12]

Yes you have a little time to either find some one for a sublease (if allowed) or figure out what you need to do to break your lease. No, it's not convenient but needed.

Private loans: obviously you'll work with your financial aid office in campus who can explain that process with you. I would presume you would be eligible but you need the advice from people who have access to your information.

 

[TheBoneDoctah]

Pretty sure you would be able to get private loans. Try to work something out with your current place you are staying. You can also ask family for a loan if able.

 

[PerioDont]

Pretty sure you would be able to get private loans. Try to work something out with your current place you are staying. You can also ask family for a loan if able.

I would try asking your family if possible before signing a private loan

 

[TheBoneDoctah]

I would try asking your family if possible before signing a private loan

Totally agree.