Borrowed the Max Amount, Need more...

Discussion in 'Financial Aid' started by GoldenDoggy, Oct 11, 2018.

  1. GoldenDoggy

    5+ Year Member

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    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.
     
  2. RangerBob

    Physician 5+ Year Member

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    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.
     
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  3. MD-2022

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    Credit card loan? Discover? Capitol One? Plenty of options.
     
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  4. 12jas

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    I second the recommendation for MrMoneyMustache. Sell your car. Buy a bicycle. Stop living a lifestyle you can't afford.
     
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  5. Saddleshoes

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    Would you consider a part-time job?
     
  6. bwmd

    bwmd SDN Gold Donor
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    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.
     
  7. SpartanWolverine

    SpartanWolverine PGY1 --> Rads
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    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.
     
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  8. TMP-SMX

    TMP-SMX Senior Member
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    Buy a cheap used car
     
  9. abolt18

    abolt18 I regret nothing. The end.
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    New member with 2 posts total, both saying the same thing advertising a product no one else has ever heard of... Seems legit.
     
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  10. NearbyLab

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

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