Can someone help this Postbacc Dropout?

[GhostDoctor]

Hi! I'm a 23yr-old graduate from UCR (2010), ending with about a 2.99 cGPA. At the end of my college career I managed to get into my school's postbacc program. Everything went fine (had a 3.6 GPA the first semester) until I couldn't secure a loan for the rest of my school year, about two semesters. Now, trying to find a job for about a year afterwards in a bad economy, I want to go back to school to continue my path towards Med school.

Basically, I have no clue what to do! I want to save up for school, hopefully back at my original school. I'm just wondering if anyone else has been in my shoes and how they went about pursuing their goal.

It would surely be helpful because the more I think about it, the more I seem to get flustered by this daunting task.

Thanks in advance

-- GhostDoctor

---

Members don't see this ad.

 

[nabeel76]

Hi! I'm a 23yr-old graduate from UCR (2010), ending with about a 2.99 cGPA. At the end of my college career I managed to get into my school's postbacc program. Everything went fine (had a 3.6 GPA the first semester) until I couldn't secure a loan for the rest of my school year, about two semesters. Now, trying to find a job for about a year afterwards in a bad economy, I want to go back to school to continue my path towards Med school.

Basically, I have no clue what to do! I want to save up for school, hopefully back at my original school. I'm just wondering if anyone else has been in my shoes and how they went about pursuing their goal.

It would surely be helpful because the more I think about it, the more I seem to get flustered by this daunting task.

Thanks in advance

-- GhostDoctor

Why exactly can't you secure a loan? Is it a credit issue? Are federal loans available to you? You don't usually need great credit for these but you do need to be in a degree granting program for the most part. I am not sure if a postbacc applies? If thats the case you might be better off applying to a school that accepts 2nd bachelors degree seeking students. You don't have to complete the 2nd bachelors degree if you don't want but it's a great way to get accepted into a 4 year and start taking postbacc classes with federal financial aid.

Look around at the schools in your area to figure out which schools allow you to work towards a 2nd degree, I am not positive but I believe some of the Cal State schools do.

 

[mmdp]

Hi there, I'm in a similar situation. I ended up applying for an alternative credit based loan with Citi to cover my post-bac since I maxed my financial aid for undergrad coursework (thankfully my husband co-signed). I suggest taking out a private loan with a co-signer to get a lower %.

There is always the more affordable option of a community college, however, we all read threads and opinions on doing pre-reqs at a CC so it's really up to you which way you want to go.

 

[PTWOB02]

Hi there, I'm in a similar situation. I ended up applying for an alternative credit based loan with Citi to cover my post-bac since I maxed my financial aid for undergrad coursework (thankfully my husband co-signed). I suggest taking out a private loan with a co-signer to get a lower %.

Money is pretty tight for all students right now. I know I struggled myself to come up an out-of-state annual tuition of $26,000 for my Post Bacc program, where I had to dip into my savings. Private alternative loans are not a viable option if OP's credit is bad, like mine (I was denied private loans!), unless OP gets a co-signer with a really great credit. As a Post Bacc, he won't qualify for Grad PLUS loans either. He can look into the federal Perkins loans to see if he qualifies as having "exceptional financial need."

This leaves Stafford loans, which are based on financial need. I don't see why he wouldn't qualify for those loans ($12,500 per year for a max of $57,500 cap as an independent student) unless there are some personal financial circumstances we are not aware. Then, there are 3rd party scholarships available, but those are usually merit-based so OP has to read the fine print on whether he qualifies for them or not. There is Grant money available based on financial need, but there is a priority deadline of March by which you have to complete your FAFSA to qualify for them.

We can discuss this ad nausea, but it is better for OP to talk to the financial advisor directly at the school. Based on his unique situation, advisors are better suited to tell him what grants and federal loans he qualifies for.

 

[GhostDoctor]

Thanks you guys for taking the time to help me out.

Originally, I was told by my postbac director that I would not be able to apply for federal financial aid. Then I was under the assumption that I could get a cosigner from my family that was decent enough. Then (mr. brightidea... me) I decided that I would find work... which hasn't panned out yet....

so that's the complete story...

Thanks Again for the help!

 

[nabeel76]

Money is pretty tight for all students right now. I know I struggled myself to come up an out-of-state annual tuition of $26,000 for my Post Bacc program, where I had to dip into my savings. Private alternative loans are not a viable option if OP's credit is bad, like mine (I was denied private loans!), unless OP gets a co-signer with a really great credit. As a Post Bacc, he won't qualify for Grad PLUS loans either. He can look into the federal Perkins loans to see if he qualifies as having "exceptional financial need."

This leaves Stafford loans, which are based on financial need. I don't see why he wouldn't qualify for those loans ($12,500 per year for a max of $57,500 cap as an independent student) unless there are some personal financial circumstances we are not aware. Then, there are 3rd party scholarships available, but those are usually merit-based so OP has to read the fine print on whether he qualifies for them or not. There is Grant money available based on financial need, but there is a priority deadline of March by which you have to complete your FAFSA to qualify for them.

We can discuss this ad nausea, but it is better for OP to talk to the financial advisor directly at the school. Based on his unique situation, advisors are better suited to tell him what grants and federal loans he qualifies for.

He won't qualify for ANY federal aid, which includes perkins loans, stafford loans, parent plus loans, etc. I was in a similiar situation when taking postbacc classes and found out that federal aid can only be given out to degree seeking students. If your taking classes that don't lead to a degree then your only options are private loans (which may be hard to get if you don't have great credit) or paying upfront in cash.

If thats not an option then the only way around it is to look for schools that accept students working towards a 2nd bachelors degree and apply, declare a major, and start taking courses. Whether you choose to follow the requirements for the second major or even complete it is entirely up to you - you won't need the second degree for med school.

 

[Lefty Doodle]

I did the second degree thing for my post-bacc and it worked out wonderfully. I only spent a year in school, but I got all the perks of being a degree-seeking student.

I wonder if your problem getting federal loans may also be your parents' income? My parents' income was taken into account until I was 24, for federal loans. Although I think I could have gotten some sort of unsubsidized federal loan, I don't remember, the economy was good back then so I paid for the classes I took just out of college myself...

 

[mmdp]

True, it does depend on the OP's age. I'm 29 and I used my husband as a co-signer (his credit score is above average) so we were approved without a problem. It's a little different once married too and I believe OP is single. Like one of the posters above suggested, speak with the financial aid...my advice go in to see them in person, often times they give you more advice and tell you things you wouldn't find out over the phone (like the grant/scholorship opportunities!). If you are single there has to be a way to show a need based situation...unless of course there were issue with you withdrawing and not meeting the schools set number of hours etc...in that case alternative loans might be the only option, in addition to a long payment plan option. Best of luck, you will find a way!