Cars in Medical School

[ZekeMD]

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There are some schools where a car is a necessity. The schools I can think of off hand are Rochester and Stony Brook (This is based on where I have interviewed, I'm sure there are others). My question is, do you think schools can work car payments into a financial aid package? I'm not talking about buying a mercedes, but something reasonable that can get you around. Depending on the car I would estimate it to cost between 100-200 extra a month. Think they would allow that?

 

[ZekeMD]

anyone???😕

 

[ManchotPi]

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[ZekeMD]

It would be silly for schools to post car payments in the budget. If anything it would be included under personal, or miscellaneous. At some of the schools students said, "If you need more money, you can get it. They aren't worried about future doctors defaulting on their loans." What I was asking is if it would be possible to take out a little more money in loans to buy a car at those schools where it is necessary to have one.

 

[dara678]

Hey, I basically asked the same question in the allo forum.
Here is the link:
http://forums.studentdoctor.net/showthread.php?s=&threadid=98603&highlight=dara678
It was very helpful. 🙂

 

[peptidoglycan]

There is some kind of thing with the federal government that says that they cannot include car payments in your financial aid package. The fin aid offices at med schools around the country have been fighting for it for some time, but right now you're SOL.

Good luck. +

 

[ZekeMD]

There is some kind of thing with the federal government that says that they cannot include car payments in your financial aid package. The fin aid offices at med schools around the country have been fighting for it for some time, but right now you're SOL.

Yes, but what they don't know can't hurt them...right? 👍

 

[Booch]

Hi -

I discovered these boards recently and haven't posted yet, but here goes:

At my Robert Wood Johnson interview, the financial aid guy addressed your question directly. He said: 1.) a car IS necessary if you attend there, and 2.) they will NOT allow you to make car payments using loan funds. As he put it, "I'll buy you a new transmission if you arrive here with a car that needs repair, but I will NOT buy you a new car!"

I don't know how it is at other schools, but RWJ clearly does not consider car payments an acceptable reason to extend additional loan funds to you.

Good luck; hope you can find a workable solution!

 

[ZekeMD]

I'm not talking about a NEW car. I'm talking about an old run down one. 🙂

 

[mpp]

The annual school budget (used to determine the amount of aid you will receive) cannot include an amount for car payments. However, they sometimes include parking/transportation costs or other living expenses. If you can work out an amount from these that will pay for your car then you can do so. Likewise you could live in a 'cheaper' apartment then what they give you for rent.

Moving to financial aid forum...

 

[JulianCrane]

That's why I'm going to a school where I don't have to drive. Plus, I refuse to drive anyways.

 

[supereagles]

I am guessing that the real question should be, what if you already have a car that you are making payments on?. Is there a way to factor the already acquired car payments into the student aid package considering that the student can no longer hold a full time job to support their payments. Or is one supposed to sell of their vehicle once they get accepted to med school or default on their car payments? Just wondering😕

 

[mpp]

You'll have to find the money or sell the car. They will not take your car payment into account when determing a financial aid package.

 

[ATPase]

I listened to a financial aid presentation at a school the other day that said you could use the money that's officially allocated to you for living expenses for whatever you want....including a car payment, if you have one. So basically if your aid package gives you $1300 a month for living expenses, you can spend it however you want, on food, rent, gas money, car payment, credit card bills, lottery tickets, whatever! At least, that's the impression I got. I don't think they go back and audit your spending of the loan money. (I've heard of people using it to go on vacation.) The school just can't officially designate money for a car payment.

 

[mpp]

Originally posted by ATPase
So basically if your aid package gives you $1300 a month for living expenses, you can spend it however you want, on food, rent, gas money, car payment, credit card bills, lottery tickets, whatever!

You are exactly correct. Just remember that you will typically receive your money in two lump disbursements...one at the beginning of the school year and one towards the middle (usually January). You will not be given money for any months that you are not in school. If you have two or three months off for summer vacation, your financial aid will not include expense for these months.