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Cost of living loans with not great credit

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futuredoc0655

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Will schools help you find funding to cover costs including cost of living? My wife will be a nurse practitioner by then but we'd need extra income to supplement especially with one baby and possibly another one by then (2018). I don't have the best credit and it may be hard to find a co signer.


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Wjldenver

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Will schools help you find funding to cover costs including cost of living? My wife will be a nurse practitioner by then but we'd need extra income to supplement especially with one baby and possibly another one by then (2018). I don't have the best credit and it may be hard to find a co signer.


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The difference between tuition and a school's calculated cost of living can be covered by a Federal Plus loan. Take that avenue first since the corresponding credit check is less rigorous than what any private loan requires. Essentially you will be filling out two distinct federal loan applications. One for a Stafford which has around a $40.5K max and another for a Federal Plus loan. Note there is no credit check for the Stafford but there is one for the Federal Plus.
 
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radian313

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Will schools help you find funding to cover costs including cost of living? My wife will be a nurse practitioner by then but we'd need extra income to supplement especially with one baby and possibly another one by then (2018). I don't have the best credit and it may be hard to find a co signer.


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Does not matter what your credit score is, as long as you dont have any adverse credit history, mainly no debt in collections for over $2000. If no you would not need a co signer.

I have quite a bit of debt, but I got approved without a cosigner.
 

futuredoc0655

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Thank you guys. Is that stafford of 40k on a per year max or just total for the duration?

Also, has anyone applied for loans with a bankruptcy?


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OrdinaryDO

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Are you not eligible for federal funding? Federal funding maxes out at $224,000 last time I checked into it. This should be enough with your wife's income from her NP degree, I would think. Click here for more info.
 

radian313

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Are you not eligible for federal funding? Federal funding maxes out at $224,000 last time I checked into it. This should be enough with your wife's income from her NP degree, I would think. Click here for more info.

Only the stafford loan program has a aggregate max, the Grad Plus DOES NOT....
 
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OrdinaryDO

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Only the stafford loan program has a aggregate max, the Grad Plus DOES NOT....
I wasn't talking about the Grad Plus loan. I was implying that he should not need the Grad Plus loan if he has his wife's income to help supplement his medical school loans. However, I realize I am not in a place to judge that situation for anyone, nor do I know his/her financial standing entering medical school. I do know that the majority of NPs can make anywhere from $80,000-$100,000 depending on experience. Food for thought.
 

radian313

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I wasn't talking about the Grad Plus loan. I was implying that he should not need the Grad Plus loan if he has his wife's income to help supplement his medical school loans. However, I realize I am not in a place to judge that situation for anyone, nor do I know his/her financial standing entering medical school. I do know that the majority of NPs can make anywhere from $80,000-$100,000 depending on experience. Food for thought.

You wrote "Federal funding" which includes that program since its eligible for PAYE when its in repayment.....
 

OrdinaryDO

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You wrote "Federal funding" which includes that program since its eligible for PAYE when its in repayment.....
Like I said, I only meant the original Federal Funding that is provided to you without going the extra distance to apply for another type of loan. I was speaking generally, as I corrected myself in the previous post.
 

radian313

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Like I said, I only meant the original Federal Funding that is provided to you without going the extra distance to apply for another type of loan. I was speaking generally, as I corrected myself in the previous post.

Just trying to get the correct information out there, SDN is often riddled with misinformation at times.
 

OrdinaryDO

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Just trying to get the correct information out there, SDN is often riddled with misinformation at times.
I understand. It was my mistake to speak so broadly.
 
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futuredoc0655

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Can I borrow federal funds and also apply for grad plus ? In no way do I want to debt myself more than necessary but thinking aHead since some schools have outrageous OOS tuition


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samac

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    Can I borrow federal funds and also apply for grad plus ? In no way do I want to debt myself more than necessary but thinking aHead since some schools have outrageous OOS tuition


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    Most DO schools don't have IS/OOS tuition.

    But the Grad plus is all wrapped up in their cost of living package. The amount they quote is the amount you can have for tuition and living expenses.

    But seriously consider minimizing your debt. As a nurse practitioner, even with 2 kids, her income should suffice for you all to not struggle at most places.
     

    futuredoc0655

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    You're right about that. Some DO schools do charge a difference. MSU is about $80k a year for OOS according to

    Start-class medical school rankings.

    Btw, does anyone else recommend a different ranking website? Maybe one that focuses more on curriculum and rotation experience?


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    radian313

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    You're right about that. Some DO schools do charge a difference. MSU is about $80k a year for OOS according to

    Start-class medical school rankings.

    Btw, does anyone else recommend a different ranking website? Maybe one that focuses more on curriculum and rotation experience?


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    Rankings can be very subjective so there isnt one "master list". A list can be made based on your preferences (i.e. Location vs cost vs residency outcomes)

    Grossly speaking, you want to go for more established schools first, they are known well, they know what they are doing, and have a proven track record. Thats one of the reasons why I chose to go to the school I am, though it is expensive for OOS for some people, its relatively close to my home, and has a good spread for their residency outcomes, its established, very nice admin staff, and technologically advanced that focuses only on Osteopathic medicine and not other healthcare programs.
     
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