Cannot get a loan

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szechuan_sauce

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Hi everyone,

I was accepted into the school of my choice this past November, which I think was the best day of my life, as many years of hardwork paid off (redoing courses, redoing MCAT, volunteering, shadowing, writing personal statement and all those damn secondary essays) . However I am just finding out that I will not be be able to go to this school as I cannot qualify for the loan that I needed, due to my families (my mothers) low income. I am international student so I wont be getting much from the government. Initially when I planned all this out, our bank representative informed us that my mother's savings would be enough to guarantee me a loan however now I have been told that I cannot get the amount that I needed and find myself completely distraught . I feel like most people will assume that I am an idiot for not making sure that I was financially capable before applying . But now I will have to work for at least 3 years to make enough to go to school and redo the MCAT, and do more shadowing and everything that goes with it.

My question is, am I the only idiot that this has happened with? is there literally anything that I can do? Friends and external family cannot help me either.

Also do schools keep on record who was accepted? so when I reapply in 4 years time, will there be a trace anywhere that I was initially accepted , not that it will matter.

Sorry for the long post, I think I just needed to vent but I appreciate any and all responses.
 
I can't imagine the stress and emotional rollercoaster you face. You seem well versed in understanding the limitations of being an international student, the only extra advice I would give is possibly speak to the medical school's financial aid office and see if they can offer any other help/advice
 
balston82 said:
Is there any chance you could get enough for first semester at least?
Click to expand...

My bank representative said that she MIGHT be able to get that much , but she said the chances are VERY, VERY slim and that it most likely will be rejected. If I could get the first year's loan , it would have been okay, since I would have used my mother's savings for the rest, using each and every one of her and mine credit line and credit card limits and all of her savings. I cannot get any scholarships since I am an international so I feel just helpless and stupid at the same time. But thank you for responding back , I truly do appreciate it.

I really hope I am able to get accepted in 4 years time, but I am guessing my gpa might not be enough by that time as all matriculation gpa and MCAT go up every year.
 
These may be dumb ideas, but can banks in your native country offer you a loan? Can your native country's military pay for your medical training in exchange for service? Maybe contact your senator or representative and explain to them the situation. Perhaps seek out a private loan with a wealthy individual or organization.
 
Not sure how it works but any chance you can defer the acceptance a year and earn some money or if you’re not a citizen see if you can become one to at least see if you can get something in scholarship or something along these lines. I’m not very familiar with the money side of things but I’d imagine if you can defer the acceptance a year it’ll at least buy you time to figure something out.
 
giguerex35 said:
Not sure how it works but any chance you can defer the acceptance a year and earn some money or if you’re not a citizen see if you can become one to at least see if you can get something in scholarship or something along these lines. I’m not very familiar with the money side of things but I’d imagine if you can defer the acceptance a year it’ll at least buy you time to figure something out.
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Do you think it would be possible to defer it for one year? Because that could literally solve everything, as it would allow me to gather the gap in funding that I so very much need.
 
international students are on their own. They do not qualify for FAFSA or even army scholarship. The only loan is private loan from the bank, and believe me they would want collateral or proof of very high income from co-signer because they cannot just tag you like US resident. Sorry to hear your situation man. If you have no money, your best odd is to marry someone and gain residency that way. Then you can apply for federal loan.
 
IslandStyle808 said:
Delay the year if possible. This would be your best shot at getting the loan thing sorted out.
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I emailed the school, unfortunately they cannot offer deferment to me as it is not for military or medical reason 🙁, which Im guessing makes sense, cannot blame them.
 
szechuan_sauce said:
Hi everyone,

I was accepted into the school of my choice this past November, which I think was the best day of my life, as many years of hardwork paid off (redoing courses, redoing MCAT, volunteering, shadowing, writing personal statement and all those damn secondary essays) . However I am just finding out that I will not be be able to go to this school as I cannot qualify for the loan that I needed, due to my families (my mothers) low income. I am international student so I wont be getting much from the government. Initially when I planned all this out, our bank representative informed us that my mother's savings would be enough to guarantee me a loan however now I have been told that I cannot get the amount that I needed and find myself completely distraught . I feel like most people will assume that I am an idiot for not making sure that I was financially capable before applying . But now I will have to work for at least 3 years to make enough to go to school and redo the MCAT, and do more shadowing and everything that goes with it.

My question is, am I the only idiot that this has happened with? is there literally anything that I can do? Friends and external family cannot help me either.

Also do schools keep on record who was accepted? so when I reapply in 4 years time, will there be a trace anywhere that I was initially accepted , not that it will matter.

Sorry for the long post, I think I just needed to vent but I appreciate any and all responses.
Click to expand...
What is your immigration status? F1/2? Immigrant visa or non immigrant visa?

On a completely different note, if you happen to have a US citizen significant other, it’s a good reason and time to marry them!

Please vet SDNers help me out here, do you guys think that starting the school for a semester and then taking a leave of absence to sort things out is practical/possible for OP?
 
theLastprocastination said:
What is your immigration status? F1/2? Immigrant visa or non immigrant visa?

On a completely different note, if you happen to have a US citizen significant other, it’s a good reason and time to marry them!

Please vet SDNers help me out here, do you guys think that starting the school for a semester and then taking a leave of absence to sort things out is practical/possible for OP?
Click to expand...
That's what I was thinking too. If he/she could get through a semester and then take a leave of absence then that might allow enough time to get finances together
 
theLastprocastination said:
What is your immigration status? F1/2? Immigrant visa or non immigrant visa?

On a completely different note, if you happen to have a US citizen significant other, it’s a good reason and time to marry them!

Please vet SDNers help me out here, do you guys think that starting the school for a semester and then taking a leave of absence to sort things out is practical/possible for OP?
Click to expand...


Unfortunately I don't have a significant other in the US or anywhere. I am a Canadian , and am currently in Canada.

How would a leave of absence work? How would the school approve it? Im sorry for so many questions. But I really appreciate everyone trying to help me here.
 
Sorry to hear about your situation. Unfortunately, I lived in the U.S. my whole life so there is not much advice I could give you as a Canadian and how student aid is handled in that country.

If there is any consolation, please understand we have a lying crybaby Commie in the White House who is secretly scheming with his Secretary of Education to make drastic cuts to the student aid programs in the United States. This could have a far-reaching and profound impact on millions of American students who wish to obtain higher education, as well as professional degrees such as medicine and law. All this is rooted in the fact that two people who were lucky to be born into or married into very wealthy families seem to think that everyone who finishes high school has access to millions of dollars of their families' money to obtain a degree, when nothing could be further from the truth considering how expensive a college education is these days. We are heading into very dark times here in the U.S. because of this vile and despicable administration --- so all I could advise you to do is be glad you live in Canada where the leadership of your nation still values education for all of it's citizens!
 
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When is the deadline to hold the seat ? I know it's a long shot but it doesn't hurt to go to websites like fastweb.com to see if you can apply for scholarships. Apply to as many as you possibly can.

It really does not hurt to try
Here is a link to a lot of websites for financial aid specifically for Canadians for study in Canada and the US.

Financial Aid for Canadian Students


Have you heard of the Canadian Higher education Loan Program (CanHelp). It's an alternative loan programs specifically for Canadians trying to study in the US and Canada

Canadian Student Loan Program | CanHELP Student Loan
 
I remember reading that for IMGs, you either needed proof that you could cover the whole 4 years of med school, or pay for the whole thing upfront:-(
 
Currently using our savings I can finance the first two years, not sure what'll I can do after that..
 
szechuan_sauce said:
Currently using our savings I can finance the first two years, not sure what'll I can do after that..
Click to expand...

That does give you two full years to solve the problem though -- If you're doing well in school, your school may chip in to help. You may also be able to arrange private loans though unconventional sources -- extended family members, wealthy individuals, charitable foundations, rural governments in exchange for a promise to practice there, etc.

How confident are you in your ability to rock medical school academics?
 
szechuan_sauce said:
Currently using our savings I can finance the first two years, not sure what'll I can do after that..
Click to expand...
I know it's not an ideal situation but you might try to get a part time job or try tutoring . I used to tutor for like $30 an hour and you could save that extra money during the first two years..I am sure a lot of students would need tutoring especially in Math and Science. Why I suggest tutoring is because it's very flexible hours.
 
Hey everyone, I just wanted to give everyone an update as you all were SO SUPPORTIVE

So i will be starting school this July. I was able to show enough funding for two years. And although the fear that I am using all of mother's savings she earned by working on a minimum wage looms over me, I have two years now to get everything together.

We will apply again for line of credit next year and maybe hopefully get approved.

As of now , I will try and not think about every penny I will be spending on living away paying 1000/month in rent and ofcourse the tuition. I made the mistake of not having a rooomate (would have saved me 3600 over the course of the year) .

Next question, do you think it will be possible to take a leave of absence after two years , for a period of one year? Just to get all of my finances together, how strict are schools on approving leave of absences? Im assuming i wont be paying tuition for that year. Let me know and again THANK YOU SO MUCH , although I dont believe in prayers, i think all of your good vibes really did help me.
 
You can always ask.

The hardest part is starting the matriculating class.

Every med school class has ~10-15 people drop out for various reasons 1st to 4th year.

Thus a med school can always “shuffle the siracha bottle” of funding if you have good reason, by your third year.

Best of luck!!
 
szechuan_sauce said:
Hey everyone, I just wanted to give everyone an update as you all were SO SUPPORTIVE

So i will be starting school this July. I was able to show enough funding for two years. And although the fear that I am using all of mother's savings she earned by working on a minimum wage looms over me, I have two years now to get everything together.

We will apply again for line of credit next year and maybe hopefully get approved.

As of now , I will try and not think about every penny I will be spending on living away paying 1000/month in rent and ofcourse the tuition. I made the mistake of not having a rooomate (would have saved me 3600 over the course of the year) .

Next question, do you think it will be possible to take a leave of absence after two years , for a period of one year? Just to get all of my finances together, how strict are schools on approving leave of absences? Im assuming i wont be paying tuition for that year. Let me know and again THANK YOU SO MUCH , although I dont believe in prayers, i think all of your good vibes really did help me.
Click to expand...
Good luck!
 
Have you considered just doing a local public college/university?

It might make more sense financially
 
Marry an American
Get the military to pay for the remainder of school


That would be my course of action...
 
Just wanted to respond to those who keep suggesting the OP "marry an American." This will solve little to nothing because foreigners who marry Americans are NOT simply granted US citizenship. Citizenship must be applied for and you can only apply after you have been married for 3 years. Additionally, if the Department of Homeland Security gets the impression that you have a sham marriage, they will deny your citizenship so fast it will make your head spin. Just wanted to clear up this common misconception.
 
sunshinegirl0808 said:
Just wanted to respond to those who keep suggesting the OP "marry an American." This will solve little to nothing because foreigners who marry Americans are NOT simply granted US citizenship. Citizenship must be applied for and you can only apply after you have been married for 3 years. Additionally, if the Department of Homeland Security gets the impression that you have a sham marriage, they will deny your citizenship so fast it will make your head spin. Just wanted to clear up this common misconception.
Click to expand...
They will have permanent residency status for these years which allows them to get loans.
 
Hey, have you looked into private loans? Discover/Sallie Mae?
 
sunshinegirl0808 said:
Just wanted to respond to those who keep suggesting the OP "marry an American." This will solve little to nothing because foreigners who marry Americans are NOT simply granted US citizenship. Citizenship must be applied for and you can only apply after you have been married for 3 years. Additionally, if the Department of Homeland Security gets the impression that you have a sham marriage, they will deny your citizenship so fast it will make your head spin. Just wanted to clear up this common misconception.
Click to expand...

Out of curiosity are you white American? As a first generation immigrant in this country and having lived and grown up with many people with uncertain immigration status, I’ve essentially experienced the complete opposite.


Sent from my iPhone using SDN mobile
 
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I've heard mixed things but I believe under certain circumstances the HPSP will take non citizen residents. I don't know the details or for certainty but it is definitely worth calling a recruiter. Serving in the military make not be something you ever wanted to do, but if it is your only shot at being a Physician it is worth a phone call. Good luck, I'll be keeping tabs on this to see if you find a solution!
 
bigreddoc said:
I've heard mixed things but I believe under certain circumstances the HPSP will take non citizen residents. I don't know the details or for certainty but it is definitely worth calling a recruiter. Serving in the military make not be something you ever wanted to do, but if it is your only shot at being a Physician it is worth a phone call. Good luck, I'll be keeping tabs on this to see if you find a solution!
Click to expand...

A non citizen cannot get HPSP. HPSP requires officer clearance, which is impossible for non citizens.
 
sunshinegirl0808 said:
Just wanted to respond to those who keep suggesting the OP "marry an American." This will solve little to nothing because foreigners who marry Americans are NOT simply granted US citizenship. Citizenship must be applied for and you can only apply after you have been married for 3 years. Additionally, if the Department of Homeland Security gets the impression that you have a sham marriage, they will deny your citizenship so fast it will make your head spin. Just wanted to clear up this common misconception.
Click to expand...
If OP marry an American, they can apply for him to become a permanent resident/green card holder (process usually takes a year or two). The permanent residency status allows you to get federal loans. And yes after 3 years of permanent residency status, OP will be eligible to become a U.S. Citizen which is what you were referring to I think (different from when you get a green card from a US citizen parent -> under 18 automatically becomes a US citizen, over 18 you have to wait 5 years to be eligible).

Source: Coming from an immigrant who's now a U.S. citizen about to start medical school this fall.

Sent from my SM-G950U using SDN mobile
 
Remember the earlier you get done with school the faster you can start earning. Its not a good idea to have a job in school but something like driving for uber, lyft, doordash, uber eats. Basically those kind of choose your own hours jobs are not a bad way to earn some money when you do have breaks or nights off (not like that will be plentiful). Depending where you live you can make decent money (speaking from experience). Good luck with everything.

Sent from my SM-G930P using SDN mobile
 
OP, you should be talking to rural communities in Canada, see if any of them will sponsor you and pay for your education (or part of it) in exchange for a commitment to return and provide medical services.

It’s happened before.
 
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