Acceptance Fee Question

[dulcinea]

Hi all!

I searched the thread before typing this but I couldn't find the answer. Have you heard of anyone who has gotten out of paying the fee waiver until their loans come in? And, if they don't end up going to that school that they agreed to go to, they would be forced to pay it by a certain date, like August or something? I'm just wondering. Granted, I haven't even been accepted yet but I'm worried because there is NO way that I could come up with $1,000 in a few months and another $1,000 later. I'm just not sure what I will do if I do get accepted. Any advice? It would be appreciated!!

Thanks!

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[Amy B]

Hi,
I would suggest you contact the schools you are interested in and ask them. They may have special circumstances for folks in your situation.

 

[JohnDO]

Great question dulcinea, I'm sort of in the same boat.

If I get an acceptance letter there is no way I will be able to come up with 1 or 2 thousand within a month [even if I started saving now]. I was wondering if you're supposed to put it on your student loans somehow. How do others manage this?

 

[raptor5]

PCOM only requires $250 to reserve your spot and no more until you start upon which your student loans will cover other costs.

 

[dulcinea]

so, are you saying that it's only $250 total or you pay the rest after you get your loans in? I just wondered because I could use it as an example if the case arises. I'm only applying to one school b/c that's what I could afford, KCUMB-suicide =) But I'm excited about it!!

 

[raptor5]

I am not sure what you mean, but I have paid $50 for the secondary, $250 to reserve my seat and I start next week and do not have to anything else out of pocket so to speak. I say this only b/c there are other fees once you start but these are timed with your financial aid package to alleviate the immediate finacial burdon. excuse spelling.

 

[raptor5]

Don't Suicide apply. I did but I had other ciricumstances. PM if you would like to know what they are or read previous posts to find out.

 

[Aaron Earles]

Hey everyone,

I just emailed my school to ask them about this policy. As soon as they get back to me, I will post their response. Good luck.

ACE

 

[melmc]

If I get an acceptance letter there is no way I will be able to come up with 1 or 2 thousand within a month [even if I started saving now]. I was wondering if you're supposed to put it on your student loans somehow. How do others manage this?

This is not intended to be disrespectful, but isn't the deposit ($$ to "hold" your spot upon acceptance) an expense that should be taken into account by any applicant as part of the process of applying? I'm assuming nearly every school requires one, and it shouldn't come as a surprise really.

That aside, I would recommend a couple of things:
1) Try calling the school(s) you hope to be accepted at and pose the same question. They may have options (such as forbearance or reduction) that we don't know about simply because we've never asked to questions.
2) In the grand scheme of things, $1000 is not an unfeasible amount of money. You might try exploring a variety of loan options--private banks, friends/acquaintances, other private lending institutions, etc.

I understand your position, but don't let the lack of funds/savings get in your way.
Good luck!

 

[OrthoFixation]

I think the entire thought process of having >$250 acceptance deposit is ridiculous. This has likely been implemented because of acceptance turnover. Some schools have as high as $2,500 non-refundable acceptance fee due within two weeks of the acceptance offer being made.

As I have said elsewhere, the only reason is to try and lock you into their COM. Seems a bit childish to me. I have never seen an allo school with greater than $100 acceptance fee and they are typically refundable up until May 15. Some osteo schools have reasonable fees. For me, this has certainly affected where I am applying. I refuse to participate in their ridiculous games. Check out TUCOM if you need an example.

 

[Idiopathic]

Several DO schools are known for their ridiculous deposit requirements. Anything in excess of $100 is simply punitive. The school will get their money, they just dont want you pulling out of your seat...or worse yet, just not showing up at all. They figure investing a grand in it will pretty much ensure they get you there.

They know that several people that apply/get accepted to DO school are on MD waiting lists, and know that if those people get pulled from the waiting list, they will very likely pull from the DO school, causing that school to scramble. We had more than one person in my class that was admitted less than a month before school started. Of course, our deposit is only $100

 

[blike]

his is not intended to be disrespectful, but isn't the deposit ($$ to "hold" your spot upon acceptance) an expense that should be taken into account by any applicant as part of the process of applying?

Indeed, it IS part of my expenses that I'm taking into account, which is why I'm asking. I doubt many of us can drum up $1,500 in cash at the snap of our fingers. Many of us worked hard just to be able to send out primaries. My initial plan was to throw it on a credit card, or take a loan from a private institution. However, I thought perhaps schools offered solutions such as deferring it until your loan payments come in, but I suppose that defeats the purpose.

 

[JohnDO]

^ whoops that was me on my old account

 

[dulcinea]

I really appreciate all of the responses. So if I take out a private bank loan, I would be able to pay that back when I got my student loans, right? I hadn't really thought about a private loan-I hate doing that but it's a good option. I didn't want to call the school, unless it was anonymous. I don't want them to be hesitant about accepting me due to financial considerations.Because I'll make it work!! I know it will all work out!

 

[melmc]

...So if I take out a private bank loan, I would be able to pay that back when I got my student loans, right? ....I didn't want to call the school, unless it was anonymous. I don't want them to be hesitant about accepting me due to financial considerations. Because I'll make it work!! I know it will all work out!

I totally understand your hesitation to let the school in on your financial woes, but they also realize that a majority of students will be taking out massive amounts in loan money as soon as they sign on anyways (whether or not they paid their deposit out of pocket, on a credit card, or other).

Oh, and yes, just plan an extra $1000 into your student loan budget and pay off the private loan ASAP after you've received your student aid check for the first term. Paying loans with loans sucks, but it will WORK in a pinch.

 

[OrthoFixation]

I really appreciate all of the responses. So if I take out a private bank loan, I would be able to pay that back when I got my student loans, right? I hadn't really thought about a private loan-I hate doing that but it's a good option. I didn't want to call the school, unless it was anonymous. I don't want them to be hesitant about accepting me due to financial considerations.Because I'll make it work!! I know it will all work out!

Private lenders generally want some reasonable prrof that you have the ability to repay the loan. I have never heard of a lender accepting a future loan as collateral or cash flow proof. Too many things can happen to stop the second loan that are beyond their control. That is why med students buy houses right before starting school when they have income. No-doc loans do exist, but strong credit is required for a good rate.

If you have had a strong banking relationship with a lender (i.e. borrowed and repayed the loan) you might have a shot. Otherwise, look up those you know that can help or use a credit card.

 

[jonb12997]

it is a little rediculous, but it does come off your first semester bill (an extra $1500 will come in nicely when you're buying books and stethascopes and flash cards (get the netter flash cards for anatomy, they're great!)... I'd suggest asking friends and/or family or if you're having real problems call the school once you get accepted. They might give you some extra time if you send them a little bit... Best of luck

Jon