Borrowed the Max Amount, Need more...

[GoldenDoggy]

Hi, I borrowed the max amount that I can for financial aid for medical school. Any advice on what companies and types of loans to get privately? I have a car payment and paid for the student health insurance. In hindsight, I probably shouldn't have gotten the student health insurance ($4,300 a year), so now I am literally paying for it.

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[RangerBob]

Talk to your financial aid director. When I needed extra money I was able to get a budget increase (and borrow more in federal loans) for certain expenses, like car payments, insurance, etc.

I will say you should be able to manage without having to borrow so much (I should’ve been able to as well, and wish I had borrowed less than the max amount allowed). Get a roommate, cheaper housing, ditch the gym membership, etc etc. MrMoneyMoustache is a great blog for students looking to manage their money better and live on less.

$4300/yr in insurance is actually still quite cheap, and student insurance is typically quite generous. I pay about $2k a month for my wife, son, and myself.

 

[MD-2022]

Credit card loan? Discover? Capitol One? Plenty of options.

 

[Saddleshoes]

Would you consider a part-time job?

 

[bwmd]

Agree that overspending now is probably setting you up for serious problems done the road.

However, to answer your question, you can get a private student loan if you've really maxed out your federal options (direct unsubsidized and PLUS). Companies like LendKey, Commonbond, and Citizens Bank would all be examples.

 

[SpartanWolverine]

That's way too much for insurance if you're a single person.

How much money do you need and for what period of time? You could probably float some things on credit cards for a month or two but I wouldn't go beyond that. Besides getting a cheaper insurance option (caution that your school may require certain things to be covered), consider if your car payment is too much as well.

If all else fails, I had a short-term residency relocation loan from Discover and found them to be easy to work with. I know they also do student loans. However, problem may be that they only loan up to the cost of attendance and you may be out of luck if you've already borrowed up to that. Talk to your financial aid office first.

 

[TMP-SMX]

Buy a cheap used car

 

[abolt18]

I've just come across this new online platform called Nuntiux that allows students to get invested instead of taking out student loans. Almost like a crowd-funding scheme for students looking to avoid student loan debt. It's free to sign-up and allows students to reimburse investors from future income-based repayments. Looks pretty legit and a great path to pursue if looking to avoid future debt: Google them and check their website out if you get a chance.

New member with 2 posts total, both saying the same thing advertising a product no one else has ever heard of... Seems legit.

 

[NearbyLab]

Talk to your financial aid director and see if your family members can help.