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Discussion in 'Osteopathic School-Specific Discussions' started by AlteredScale, Dec 8, 2017.
I just got an invite for waitlist interview on May 2nd. I'm from east coast and a very late applicant as of 2 wks ago .
Some brand new med schools actually can get federal loans their very first year (ARCOM). Not sure how the process works exactly but it can be done!
I believe the difference lies in the for profit and non profit status of the likes of bcom/icom and arcom
When I inquired I was told that Icom becomes “eligible” to apply for federal loans at the completion of second full academic year. So, quite possibly third year won’t see fed loans until second semester.
That makes sense! I didn't even think of that.
no this is not true. A program must be in continued existence with no curricular changes for 2 consecutive years for title IV eligibility
Details can be found here:
ARCOM's eligibility was unique in that ARCOM is a subdivision of ACHE, which is eligible for Title IV. I am not familiar with the exact details:
Anyone have access to this?
From your link,
“participation, proprietary institutions and postsecondary vocational institutions must have been providing continuous postsecondary instruction to prepare students for gainful employment in a recognized occupation for at least two consecutive years (24 months)”. Private non profit institutions are institutions of higher education and does not need to meet the 24 month rule.
Here is another link from a state of TX website
Well, this is interesting to learn. That is unfortunate. Thank you for this!
So, I'm confused. What's the conclusion? Is it b/c of the for-profit status?
Yeah, it seems a for profit school ICOM is limited by the 2 year rule.
It's unfortunate, but at least it is not like CNU and CalMed, who are both eligible to apply for title IV, but haven't for whatever reason
ARCOM. I'm not sure what they did for their students to already be able to receive federal loans because I thought students couldn't receive federal loans until their first class graduated.
Edit: I just realized some of the other posters are talking about this ARCOM vs ICOM financial aid. I somehow glanced over it
I just received an II for May 2nd too. I wonder if they just created this interview day.
CNU chose not to at all, CalMed is in the process and they said yesterday they hope to have federal loans for their second year
Just gave up my seat. Good luck all!
Idaho's first medical school nears opening date
152 deposits so far, building coming along nicely.
And a nice photo gallery showing updated construction:
Photos: Take a tour of Idaho's first medical school
FYI, you all are getting some VERY good OMT professors (can't divulge my source). They're tough, but if you do what they ask, you will do well on that portion of the COMLEX.
I know we have Sarah Davis, who was previously of LECOM if i remember correctly, but who else are you referring to?
Nonetheless, EXCELLENT to hear
Until I get confirmation, I'm not going to divulge both names.
One of them is Dr. Dennis Rau, though. He's fantastic. Great instructor with a cheeky personality. You all will love him. I am sad to see him go.
10 Spots left. And there's still half a month left of interviews in April.
Anyone have experience with private loans? Is it generally better to go with variable loans or too risky?
I was generally taught to always go fixed
Seems the safest way, but based on the prime rates, whoever chose variable the past decade got lucky. Seems like the rates are going towards and upwards trend now though.
Historical Prime Rate | JPMorgan Chase & Co.
The latest post on ICOM's FB page says there are now over 160 students enrolled.
Bcom is owned by the same group of investors that opened icom. Bcom is starting it's 3rd year and they are in the "process" of applying for federal financial aid eligibility. The only question is will federal aid be available the 2nd semester of their 3rd year or not until their 4th year.
I just gave up my seat. Good luck to everyone on the waitlist, I hope it goes to one of you!
Psh, and people were worried that they wouldn’t get filled up opening halfway through the cycle.
It’s weird how while the amount of DO seats has increased, the quality of applicants hasn’t gone down. I wonder how the match with be post merger with all these new seats.
I'm sure average MCAT and GPA will drop, the question is how much. I think ICOM is great and I love love love ID and Boise but if I hear back from one of the two schools I'm waitlisted at i'll probably go just because of the private loan issue. Truthfully, that Icom is brand new doesn't bother me and I'm excited about the staff, dean, location, ect. I literally love everything about it but the private loans just override all of that. It's an awful situation to be in and ICOM isn't offering any type of tuition reduction for its first couple of years, and why should it? It's a for-profit business that doesn't have to offer reduced rates due to high demand and unfortunately student performance is not tied to its accreditation status, which is absolutely ridiculous.
Currently having a mini-stroke after calculating the loan situation. You'll likely see similar #'s with federal loans (depending on the qualified interest), but you won't qualify for federal loan repayment programs including PAYE or PSLF, which will ease the monthly payments. My #1 choice is ICOM, but this loan situation is killing me. Thought I'd share my findings and others can chime in.
Wells Fargo quoted me at 7.24% fixed rate (this is w/o cosigner b/c reasons...).
If I loan 70K for each year, and payment starts after PGY-4, the total debt is
10-year repayment --> $5,191.38 per month (63k/year)
15-year repayment --> $4,035.90 per month (49k/year)
If I loan 70k for each year, but start payment during residency, the total debt is
If I pay 6k (10% of 60k salary), from PGY1 to PGY4, the total debt is
$ 415,652.71 (jump from $334,483.98 is due to 4 years of interest)
Payment after residency:
10-year repayment --> $4,877.65 per month (59k/year)
15-year repayment --> $3,792.00 per month (46k/year)
In the grand scheme, either method (paying during or after residency) doesn't seem to result in a significant difference in monthly payments.
Edit: this is incorrect. please see post below
Is there any way you can keep making interest payments throughout school to keep your loan amount the same?
Final selection underway for inaugural class
Average MCAT 503 as of now. 153 deposits as of yesterday. ~70% acceptance rate post II
You could, but it seems unfeasible. If you paid off interest for all 4 years it would look something like this:
OMS1 --> 70k --> 5k interest
OMS2 --> 70k (OMS1) + 70k (OMS2) --> 10k interest
OMS3 --> 70k (OMS1) + 70k (OMS2) + 70k (OMS3) --> 15k interest
OMS4 --> 70k (OMS1) + 70k (OMS2) + 70k (OMS3) + 70k (OMS4) --> 20k interest
PGY1 --> 280k --> 20k interest
PGY2 --> 280k --> 20k interest
PGY3 --> 280k --> 20k interest
PGY4 --> 280k --> 20k interest
If you are able to pay off your interest payment from OMS1-4, then the payments from PGY1-4 seem achievable.
You can also likely refinance your loans in PGY1-4 when you have an income for a lower interest rate
Medical Resident Refinance | SoFi is popular
Good to know. This will likely save the headache of repayments during PGY4.
I am applying to schools this June and will be applying to ICOM. Can anyone enlighten me on a few things ..
1. Has ICOM solidified any places for clinical education?
2. Are there any residency positions in Idaho? .. Boise?
3. Does a medical school not get "accredited" until a class graduates? What are the standards it needs to pass to be accredited?
Thanks so much.
So after reviewing the loan terms, it seems like my initial impression of how the interest accrues is wrong. Can someone please CONFIRM this?
With Wells Fargo, the interest will be capitalized at the end of the deferment period of 7 years (4 years school + 3 years residency).
If you borrow 70k x 4 years = 280k.
280k + interest (7.24%) = $ 300,272, which is now the principle
Therefore, over a 10 year repayment period, you'd be making monthly payments of $3,523.67 or $42,284.01 annually.
This seems wayyyyyy more manageable compared to my previous figure.
Someone please confirm this is correct.
Edit: this is incorrect. please see post below
I believe it might have something to do with ACHE being established since 2014. Way before ARCOM started.
Edit: after reading a few posts it might also have something to do with ARCOM being a non-profit institution.
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Try messing with this:
Student Loan Debt Calculator - Wells Fargo
Unfortunately, you can't take out loans more than 250k with wells fargo
I used it prior and I think it did confirm my understanding. However, hesitant to conclude without talking to a Wells Fargo representative.
Yes, there is a 250k cap, which is why I'm hoping that federal loan option kicks in the 4th year.
Got the call yesterday at 2:17 PM (PST)!
Congrats , nothing else like hearing you got in
I personally will not be making any significant interest payments on my loans throughout OMS 1-4, as they are too high each month ($416/month just for OMS-1 which will increase each year as @pinklimediluted calculated for us) to completely be paid off each year without any income or significant savings. But everyone is different, and hopefully your situation will allow you to work something out!
I'm focusing my time right now on actually getting approved for a loan which has been difficult as I need someone to co-sign. Will worry about repayment later.
Also friends don't forget that if you commit to a service agreement in a rural area, they can cover a significant amount of your repayment (you just have to make sure they agree to help repay private loans, which from what I understand many do).
Waitlisted. Im guessing the class is filled. Really hoping if a spot opens up I’ll be admitted!! Anyone else waitlisted with me? Also does anyone know how they’re going to rank everyone??
No idea how they will rank people.
Also, people who were rejected earlier (like me) could send an email to be put on the waitlist, so expect the waitlist to be pretty big. Unless they decide to keep the rejected waitlist different from the newly waitlisted
Is this what they said? My understanding is that the loan amount earns interest each year but isn’t capitalized til afterward:
70k x .0724 x 4 = 20,272 of interest
70k x .0724 x 3 = 15,204 of interest
70k x .0724 x 2 = 10,136 of interest
70k x .0724 x 1 = 5,068 of interest
Add the initial loan amount and the amount of interest and it’d be $330,680.
And then if no payments are made in residency obviously the numbers above would have the years of residency added onto them.
OKAY, after talking to an actual Wells Fargo representative, I guess both my assumptions were incorrect. Here's what they told me:
You don't have to make any payments if you're in school. There is a 36-month grace period after you graduate. If you are in a residency longer than 36 months, you can apply for forbearance on a case-by-case basis. Interest accrues daily from the moment you take out the loan. The accrued interest is capitalized onto the principle when you begin repayment.
If you borrow 65k per year at an interest rate of 7.24%, interest accrues based on the principle borrowed amount daily:
Therefore, at the end of PGY-3 (i.e. end of residency):
65k borrowed at OMS-1 would accrue $32,942.00 interest
65k borrowed at OMS-2 would accrue $28,236.00 interest
65k borrowed at OMS-3 would accrue $23,530.00 interest
65k borrowed at OMS-4 would accrue $18,824.00 interest
The interest accrued is capitalized onto the principle of 260k (65k x 4), and the new principle is $363,532.
10-year repayment: $4,266.02 monthly ($51,192.22 annually)
15-year repayment: $3,316.50 monthly ($39,798.00 annually)
20-year repayment: $2,871.07 monthly ($34,452.81 annually)
If you compare this to federal loans, the total debt will be about the same, maybe even less for private due to the origination fee of the federal loan. And some of you with cosigners may actually get very competitive interest rates.
If you compare this to IBR, PAYE, and REPAYE which have an average repayment period of 20 years and 10% of income, it doesn't matter what type of loan (private or federal) you take if you're a high paying specialty (>340k). However, with lower paying specialties like FM, which probably half of us will go into, a federal loan is probably the better option.
Yes. See my post above