$2,000 to hold my spot?

[ilovefishing]

I have been to two interviews so far and both have said that I have a month after being accepted to give them $2,000 to hold my spot. I understand that most of it is refundable, but where is everyone getting $2,000 from? My family does not have that much money to give to me. I cannot make $2,000 in one month at my job. I am also really behind on repaying my loans so I can't take out a $2,000 (or $4,000) loan. Anyone have any advice on where I can get the money? I'd hate to pass up an acceptance because of lack of funds!

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[bioteach]

That was the one thing I hated about most of the DO schools (at least the ones I applied to). Fortunately TU-NV has to give it all back to you if you don't go there. Put it on a credit card. If you don't have one with spare $2000, open a new one. Yes, I know this is terrible, horrible advice in any other circumstance....but it is the only one I could come up with for holding a D.O. spot. If your credit is good enough, you can probably find one that is interest free for awhile and then pay it off once loans come in for school in the fall. That is what I did.

 

[jkmph]

I have been to two interviews so far and both have said that I have a month after being accepted to give them $2,000 to hold my spot. I understand that most of it is refundable, but where is everyone getting $2,000 from? My family does not have that much money to give to me. I cannot make $2,000 in one month at my job. I am also really behind on repaying my loans so I can't take out a $2,000 (or $4,000) loan. Anyone have any advice on where I can get the money? I'd hate to pass up an acceptance because of lack of funds!

This is a concern for me too. Good question!

 

[tkim]

The steep deposit stems from a time when DO schools were largely used as a backup to MD admissions, and is also supposed to encourage people not to take multiple DO acceptances. In practice, it's just another annoying difference in the way the admissions game is played and needs to go.

OP, I have no other advice for you except secure a spot at a place you absolutely want to and does not require the deposit and when you do, inform the other schools that require an steep deposit that you will not consider their school further because of the steep deposit. Good luck.

It's tough when the first and so far only acceptance is at a school that requires that deposit. But the risk of not putting a deposit down on at least that first school until the rest of the school weigh is something you need to decide is worth taking or not.

 

[cabinbuilder]

All of us were in the exact same boat. I actually had about $100 in the bank when I got my acceptance letter. I called up one of my doctor friends and he loaned me the money. I can now afford to pay him back 8 years later with my first paycheck. This is only the beginning: You have to pay for step I exam, step II exam, step III exam, the board cert exam, moonlighting malpractice, etc. Get good credit, have credit cards ready, its the only way to survive the journey.

 

[Doctor Bob]

Check with the school. Some of them offer payment plans but it's contingent on signing an acceptance contract.

I have to say I side with the schools over this practice. The schools want to be sure that people are serious about coming there and aren't putting down a small deposit (or no deposit) to hold a seat, then dropping out late in the year to go somewhere else. At that point, the school has to either leave the seat empty or settle for whomever they can get at that late time (which may be a far less desirable candidate).

Is $2000 a lot for an undergrad? Sure. But compared to the amount you'll be taking out in loans, it's a drop in the bucket.

Get a private loan to secure the seat, then when you get your first student loan paycheck in medschool, pay off the private loan. The deposits (as the name suggests) are credited towards your first semester tuition.

 

[Bamish]

Check with the school. Some of them offer payment plans but it's contingent on signing an acceptance contract.

I have to say I side with the schools over this practice. The schools want to be sure that people are serious about coming there and aren't putting down a small deposit (or no deposit) to hold a seat, then dropping out late in the year to go somewhere else. At that point, the school has to either leave the seat empty or settle for whomever they can get at that late time (which may be a far less desirable candidate).

Is $2000 a lot for an undergrad? Sure. But compared to the amount you'll be taking out in loans, it's a drop in the bucket.

Get a private loan to secure the seat, then when you get your first student loan paycheck in medschool, pay off the private loan. The deposits (as the name suggests) are credited towards your first semester tuition.

I would have to side with the schools too. I pretty much assumed I would have expenses- like traveling to interviews, deposits, moving expenses, etc. so started saving for those expenses some time ago. We have a family of 3 and our total income is less than 18k/year. If we were able to save enough to cover expenses other people should have been able to as well. It's just bad planning and poor money management if you get accepted to medical school and then have to complain because you don't have the needed money for a deposit. Sorry, but no pity here...and I'm usually pretty sympathetic.

 

[schrizto]

You have to take out loans just to hold a spot in medical school?

 

[Bacchus]

I would have to side with the schools too. I pretty much assumed I would have expenses- like traveling to interviews, deposits, moving expenses, etc. so started saving for those expenses some time ago. We have a family of 3 and our total income is less than 18k/year. If we were able to save enough to cover expenses other people should have been able to as well. It's just bad planning and poor money management if you get accepted to medical school and then have to complain because you don't have the needed money for a deposit. Sorry, but no pity here...and I'm usually pretty sympathetic.

Sorry, my sacral/lumbar region won't let me bow down to you.

 

[Bamish]

Sorry, my sacral/lumbar region won't let me bow down to you.

Don't worry about it, the effort was enough. And I guess mods can be trolls too. Who knew.

That aside, my point still stands. If you know in advance your are applying to medical school, take some financial responsibility and plan ahead. Sorry if that somehow seems difficult for you to comprehend Bacchus. Keep on trollin'

 

[PunkmedGirl]

I agree with Bamish (in non-meany way ) that you should have at least saved or made plans to borrow money for at least acceptance deposit. I definitely don't want to be in a position to have to forgo an acceptance due to not being able to come up with the deposit. (I have semi-horrible credit so I know loans are a no-go for me.)

With that said, I would suggest applying for some loans/credit cards or take out some additional student loans if you haven't reached your max for this semester. Good Luck.

 

[Bamish]

I agree with Bamish (in non-meany way ) that you should have at least saved or made plans to borrow money for at least acceptance deposit. I definitely don't want to be in a position to have to forgo an acceptance due to not being able to come up with the deposit. (I have semi-horrible credit so I know loans are a no-go for me.)

With that said, I would suggest applying for some loans/credit cards or take out some additional student loans if you haven't reached your max for this semester. Good Luck.

It wasn't my intention of coming off mean. Honestly, if that's the meanest thing the OP ever hears...nevermind, it won't be. Actually, I hope everything works out for the OP, but it's a position that she should have never been in, hopefully other SDN folks won't make the same mistake. I only mentioned my pathetic income to show that with proper planning it's very possible to avoid this problem!

On the plus side though I did get a good laugh at the wannabe mods personal attack.

 

[tkim]

Don't worry about it, the effort was enough. And I guess mods can be trolls too. Who knew.

That aside, my point still stands. If you know in advance your are applying to medical school, take some financial responsibility and plan ahead. Sorry if that somehow seems difficult for you to comprehend Bacchus. Keep on trollin'

On the plus side though I did get a good laugh at the wannabe mods personal attack.

If you think that that was trolling and personal attacks, you haven't really experienced either.

Oh, and he's not a wannabe mod, he is a mod.

 

[Bamish]

If you think that that was trolling and personal attacks, you haven't really experienced either.

Oh, and he's not a wannabe mod, he is a mod.

You totally missed my sarcasm. It was an attempted personal attack, a poor one, which was humorous. It was also unprovoked (a sad attempt at trolling)and unprofessional, something fitting of a wannabe mod.

 

[tkim]

You totally missed my sarcasm. It was an attempted personal attack, a poor one, which was humorous. It was also unprovoked (a sad attempt at trolling)and unprofessional, something fitting of a wannabe mod.

Um, no. But, hey that's you.

 

[PunkmedGirl]

It wasn't my intention of coming off mean. Honestly, if that's the meanest thing the OP ever hears...nevermind, it won't be. Actually, I hope everything works out for the OP, but it's a position that she should have never been in, hopefully other SDN folks won't make the same mistake. I only mentioned my pathetic income to show that with proper planning it's very possible to avoid this problem!

On the plus side though I did get a good laugh at the wannabe mods personal attack.

I know what you mean, I was just poking fun.

 

[Bamish]

I know what you mean, I was just poking fun.

It's all good.

 

[Postal]

Hey...I understand that we should plan for the upcoming expenses of medschool but $2000 is a bit much just to hold a spot. Plus they expect these large amts in short time periods. And its great that some pple had the money just waiting to be spent on deposits but unexpected things in life happen and the money or credit you thought you had may not be there when you need it.

 

[ShinyDome19]

I agree with some of the above posters that it is a lot of money...but anyone who has researched the application process / interview process for Osteopathic schools should know well before hand what the cost of getting an acceptance is. I havent seen a single school yet that doesnt display this some where on their webpages or in their student catalogs.

 

[Bacchus]

You also have to know how the process works. I borrowed an extra $2000 for a deposit. I planned on placing one deposit and one deposit only. So, to make sure that's all I had to put down I applied extremely early, was verified by the first week in July, and done with the process by 10/15. You run into problems when:

1) You're not a strong candidate and apply unrealistically
2) Apply late
3) Let schools take advantage of you (by applying to them)

 

[PunkmedGirl]

I agree with some of the above posters that it is a lot of money...but anyone who has researched the application process / interview process for Osteopathic schools should know well before hand what the cost of getting an acceptance is. I havent seen a single school yet that doesnt display this some where on their webpages or in their student catalogs.

I agree.

 

[Cale]

Sorry, my sacral/lumbar region won't let me bow down to you.

I hardly ever post, but this was uncalled for. Let's all be nice here.


I too have been saving up money and do worry about the time when I have to put down a deposit. What a great problem to have! If I don't have enough then I'll look towards family to help. Once loans come in you can pay them right back.

 

[chocolaterie]

hindsight for most is 20/20. Sure, if you plan, and everything works out for you - awesome! Great! Kudos to you, that's a wonderful example.

BUT telling the OP now doesn't constitute as constructive criticism. It makes you come off high and mighty, and this is why I believe Bacchus made that comment. I'm not saying you are judging the OP, but your post does lend me to believe you are. I'm sure this was not your intention.

To the OP, times are tough. I work in HR and I have seen several layoffs... entire departments eliminated. Credit is even tougher to get.

Whatever your circumstances, I hope you'll succeed. When my husband was laid off last October, we resorted to selling off a lot of things. Do you have anything you can sell? Is it possible to pick up a second pt job during the evening and weekends (assuming you're not in classes)? Some creative things that come to mind. Do you have a focus/survey business nearby? I remember I once did a focus session and they gave me 125 bucks for just an hour of my time - we talked about cosmetics. If you are in classes, check with your university to see if they have a disabilities resource center. Some of the students at the college I work for, earn money taking notes for students who have a hard time writing their own notes. This way you can be in lecture and earn money! Hopefully some of these suggestions help.

 

[lastcall]

OP, are you allowed to work overtime (i.e. extra days or hours) at your job? That is what I have been doing for extra $$. Just a suggestion. Best of luck to you, hang in there.

 

[RimpleDoc]

A lot of schools ask for big deposits because they are discouraging applicants from taking multiple acceptances, which would otherwise go to another qualified applicant. I think if a school responded to you promptly and gave you that magic yes, you are obliged to show them the same courtesy. When you look at it $2,000 is a drop in the bucket compared to your total cost of education.

 

[call me x]

i feel as though this thread might be a good place to ask this question so here it goes:

i have heard that Touro-NY gives you 2 weeks after an acceptance offer to accept/decline, and at that time you have to put down a $2k deposit which is NOT refundable in the case that you decide to go elsewhere. is that true? i just received the secondary, which correct me if i'm wrong, means that once you send it in you get an interview....would it be a good decision to hold off on submitting this secondary/getting the interview even if i currently only have 1 other interview lined up (i have only submitted 1 d.o. secondary so far so i'm hoping for a few more invites ) any advice guys?

thanks in advance,
x

 

[Bacchus]

i feel as though this thread might be a good place to ask this question so here it goes:

i have heard that Touro-NY gives you 2 weeks after an acceptance offer to accept/decline, and at that time you have to put down a $2k deposit which is NOT refundable in the case that you decide to go elsewhere. is that true? i just received the secondary, which correct me if i'm wrong, means that once you send it in you get an interview....would it be a good decision to hold off on submitting this secondary/getting the interview even if i currently only have 1 other interview lined up (i have only submitted 1 d.o. secondary so far so i'm hoping for a few more invites ) any advice guys?

thanks in advance,
x

That's correct. Also, looking at your stats, you should be getting interviews elsewhere. I would hold off on Touro. Also, realize that they're just having rotations start. There is no track record set, which might not be a problem but no one knows yet.

 

[flip26]

A lot of schools ask for big deposits because they are discouraging applicants from taking multiple acceptances, which would otherwise go to another qualified applicant. I think if a school responded to you promptly and gave you that magic yes, you are obliged to show them the same courtesy. When you look at it $2,000 is a drop in the bucket compared to your total cost of education.

A $2,000 non-refundable deposit sounds like an ethical breach to me. I am surprised that the governing body for DO schools allows this.

 

[call me x]

That's correct. Also, looking at your stats, you should be getting interviews elsewhere. I would hold off on Touro. Also, realize that they're just having rotations start. There is no track record set, which might not be a problem but no one knows yet.

thanks for your feedback bacchus....i'm going to (quickly) finish up the rest of my secondaries and hold off on touro for the time being