Can I still get money for school???

[Doctor246853]

Long story short. I cosigned for my dad in good faith to help him get on his feet. I signed for a $60,000 18 wheeler for him to work and he was to pay the payments. Well turns we had trouble with the first payment and after that the harrassing calls followed. I now have a BIG FAT "R" (repo) on my credit which Killed my credit Now my credit is as worse as his! Can I still get a loan for medical school with bad credit?

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[OncoticPressure]

For a definitive answer consult the financial aid counselor at your medical school (or a prospective medical school). It is likely that you will still qualify for Stafford loans. You will run into problems with Grad Plus loans or other private loans.

 

[BigRedder]

Bummer dude. You shouldn't cosign for things that you cannot personally afford, but that is in the past, lesson learned I guess. I would talk to a financial aid officer about it, as we at SDN may not be experts in such things. I would look at the studentloans.gov faq page. It appears that repossession within 5 years is grounds for denial of credit, but it can be appealed. Hopefully your story will be enough. Good luck.

 

[Doctor246853]

Bummer dude. You shouldn't cosign for things that you cannot personally afford, but that is in the past, lesson learned I guess. I would talk to a financial aid officer about it, as we at SDN may not be experts in such things. I would look at the studentloans.gov faq page. It appears that repossession within 5 years is grounds for denial of credit, but it can be appealed. Hopefully your story will be enough. Good luck.

Yeah that was a lesson learned alright. Just because their family doesnt mean anything. Similar thing happened to me with my brother but only with a 1000 loan. I will NEVER let this happen to me again.

 

[eablackwell]

Yeah that was a lesson learned alright. Just because their family doesnt mean anything. Similar thing happened to me with my brother but only with a 1000 loan. I will NEVER let this happen to me again.

Sadly it's usually the family that gets you in trouble. There's a reason there's a cliche about not mixing business and family.

Good luck with this. I hope it works out for you.

 

[Bernoull]

Federally backed loans don't require credit checks, so ur good for staffords etc. I think need n merit based aids dont require credit checks either. Gradplus loans do require credit checks but u can get a cosigner if need be...

Eitherway if u get accepted finaid will work with you. I applaud u for trying to help ur dad, I would have done the same, unfortunately it blew up in ur face, which sucks. Best of luck tho...

 

[Doctor246853]

Federally backed loans don't require credit checks, so ur good for staffords etc. I think need n merit based aids dont require credit checks either. Gradplus loans do require credit checks but u can get a cosigner if need be...

Eitherway if u get accepted finaid will work with you. I applaud u for trying to help ur dad, I would have done the same, unfortunately it blew up in ur face, which sucks. Best of luck tho...

Will the federally backed loans be enough? Im VERY disadvantaged to the point where no one can cosign because they all have bad credit, low education, think loans are a way for the goverment to get their info, ect...( I know what your thinking ) Im the only one thats going to college much less plan on going to medical school, so a cosigner is out the question. I was the one everyone came to for cosigning. Will the school help assist me based on my disadvantaged status?

 

[BigRedder]

If you go to a state school, Stafford loans should be sufficient. If you are lucky, your school might have additional programs for very disadvantaged students.

 

[WellWornLad]

Will the federally backed loans be enough?

Depends on the school. Federal loans will get you about $40k/year for grad school - so you have to fit both tuition/fees and living expenses into that. MD/PhD would be a free ride with stipend, but it's generally bad form to do it just for the money.

Will the school help assist me based on my disadvantaged status?

Again, depends on the school, but the chances are generally good given your background. I get a scholarship at the private school I go to simply because I'm below the med student "poverty line." I never would have considered myself poor - squarely middle class, really - but there is a jaw-dropping amount of wealth in med school. Something like 80% of med students come from the top 20% of the income bracket. It's really quite ridiculous. I live pretty frugally, and don't fly to Europe on every 3 day weekend like some others in my class, but I get by.

It was pretty silly of you to co-sign that loan, however, and pretty silly for the bank to take you as a cosigner if you couldn't cover the loan, but c'est la vie.

 

[Doctor246853]

Depends on the school. Federal loans will get you about $40k/year for grad school - so you have to fit both tuition/fees and living expenses into that. MD/PhD would be a free ride with stipend, but it's generally bad form to do it just for the money.

Again, depends on the school, but the chances are generally good given your background. I get a scholarship at the private school I go to simply because I'm below the med student "poverty line." I never would have considered myself poor - squarely middle class, really - but there is a jaw-dropping amount of wealth in med school. Something like 80% of med students come from the top 20% of the income bracket. It's really quite ridiculous. I live pretty frugally, and don't fly to Europe on every 3 day weekend like some others in my class, but I get by.

It was pretty silly of you to co-sign that loan, however, and pretty silly for the bank to take you as a cosigner if you couldn't cover the loan, but c'est la vie.

Yeah. He just really wanted to turn his life around and had me going with his plans and sincere look in his eyes. Well I dont have such a big of heart anymore when it comes to business.

 

[Bernoull]

Yeah. He just really wanted to turn his life around and had me going with his plans and sincere look in his eyes. Well I dont have such a big of heart anymore when it comes to business.

Dude/Dudette, I am convinced that if a school accepts you, they'll provide ENOUGH finaid for you to afford the school, especially that u're disadvantaged, u'll qualify for need based aid. Trust me don't sweat it, it'll all work out. Just focus on ur application, premed stuff etc etc, first things first, when the acceptance letter comes through, finaid will be adequate!!

Best of luck, don't look back, go full-steam ahead!!

 

[Doctor246853]

Dude/Dudette, I am convinced that if a school accepts you, they'll provide ENOUGH finaid for you to afford the school, especially that u're disadvantaged, u'll qualify for need based aid. Trust me don't sweat it, it'll all work out. Just focus on ur application, premed stuff etc etc, first things first, when the acceptance letter comes through, finaid will be adequate!!

Best of luck, don't look back, go full-steam ahead!!

Its dude, good points. I was just worried because Im REALLY busting my ass right now with school, volunteering, working fulltime, community service, research and learning bussiness (a little too late) and didnt want to go through all this to reach medical school with a slap in the face. It would break my soul if that kept me out after all Ive been through you know.

 

[235009]

didn't read most of the responses so sorry if this has already been said...

what's your state of residence? sounds like your state school would be your best bet here since tuition+living expenses at most state schools can be covered by stafford loans only

 

[kami333]

www.creditboards.com
www.debtorboards.com

While it's easier to negotiate before or right after the repo, you might still have a chance at getting it removed from your credit report.

 

[Doctor246853]

didn't read most of the responses so sorry if this has already been said...

what's your state of residence? sounds like your state school would be your best bet here since tuition+living expenses at most state schools can be covered by stafford loans only

Im in Texas and really hoping to get in a Texas school. Top choice UTSW

 

[235009]

Im in Texas and really hoping to get in a Texas school. Top choice UTSW

that's a pretty good state to be from. best of luck!

 

[longwhorn]

I'm in Texas and really hoping to get in a Texas school. Top choice UTSW

I went to the UTSW info session earlier this year and spoke with a financial aid counselor in depth about this same situation. I have horrific credit because I was a partner in an investment company that defaulted on a credit line that I was personally signed on. Bankruptcy at 25! So anyhow, you're not alone.

I was told basically that fed loans (no credit check) would cover everything for the most part and that at least at UTSW, getting in is what you should be worried about, not paying for it. She said if you get in, you're going to school here, we'll find a way to pay for it one way or another.

I can't speak for other Texas schools but it seems that 40k per year should cover everything, if you're in in-stater. Tuition is really cheap for us so I cant see needing more that that every year.

 

[Doctor246853]

I went to the UTSW info session earlier this year and spoke with a financial aid counselor in depth about this same situation. I have horrific credit because I was a partner in an investment company that defaulted on a credit line that I was personally signed on. Bankruptcy at 25! So anyhow, you're not alone.

I was told basically that fed loans (no credit check) would cover everything for the most part and that at least at UTSW, getting in is what you should be worried about, not paying for it. She said if you get in, you're going to school here, we'll find a way to pay for it one way or another.

I can't speak for other Texas schools but it seems that 40k per year should cover everything, if you're in in-stater. Tuition is really cheap for us so I cant see needing more that that every year.

WHOO You have no idea how bad I needed to hear that. Im a 26 year old man and if I couldnt attend because of funds I would literally break down and cry ( dont judge me, Im pretty serious about this) I wouldnt know what to do from there. Im going to start rebuilding my credit but THANKS A BILLION I really needed to hear that