credit card debt and dental school

[heydental]

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Hi everyone!

I recently found out I will be attending NYU which means $$$$, the problem I have is that I took a lowly research job out of school to "boost" my application and get some experience but got paid zilch. I had to live off my credit cards for a year-now I have almost $15000 on two cards 😱 and I'm about to try and take some major loans for NYU. Is it possible to use loan money to pay off credit debt? Do they look at where the money goes once it's in your account or how does this work?

I'm new to the forum having just found it today, but I'd appreciate any help for the newcomer

 

[tinman831]

Time to get a job now. You can't use one loan to pay off another. It's just going to go downhill from here.

 

[786mine]

Time to get a job now. You can't use one loan to pay off another. It's just going to go downhill from here.

listen to tinman, he knows what he is talking about. get your ass off the pc and get a job.

 

[tinman831]

listen to tinman, he knows what he is talking about. get your ass off the pc and get a job.

sadly i do... it's about time for me to get a job. 🙁

 

[mlle]

with all the stresses of life as a dental applicant, when are we supposed to catch a break? life is hard, but you do what you've gotta do and hope that something good will come of it all.

take a deep breath and open the classifieds section. you have to start killing that debt $6-10/hr at a time.

btw is your APR really high? if it is you should probably try to get some personal loans as a dental student like you thought about, in the meantime at least.

good luck with that.

 

[gsrthomas]

Are you accepted to NYU?? or not?

If you got accepted ask some close family members if you can borrow that money. And when you graduate you would pay them back. I'm sure if you were in dental school your parents or close relatives would try to help you out while being in dental school so you can finish without stressing over it.

 

[duh?]

Hi everyone!

I recently found out I will be attending NYU which means $$$$, the problem I have is that I took a lowly research job out of school to "boost" my application and get some experience but got paid zilch. I had to live off my credit cards for a year-now I have almost $15000 on two cards 😱 and I'm about to try and take some major loans for NYU. Is it possible to use loan money to pay off credit debt? Do they look at where the money goes once it's in your account or how does this work?

I'm new to the forum having just found it today, but I'd appreciate any help for the newcomer

Get a job, I'm sure if you're really 'prudent' you can get that total down by at least 20-25% if not more. In the summer you can even do 2 jobs, for real, that's a huge amount of debt you've got. I know banks will look at your credit record for private loans (which you may need for NYU, so try to get the total down). I don't know how funds are disbursed from banks to schools so i don't know about paying off the credit card with other loans. Good luck. 👍

 

[heydental]

uh..thanks I think. I mean I appreciate all the "get a job" replies-I have a job the pay just sucks. My paycheck literally goes directly to making payments on school loans, rent, ramen noodles and maybe I'll have enough left over to make the minimum on the credit bill. I should probably explain that I didn't accumulate this debt filling my closet with Gucci and Prada. It ironically first started with about $2500 between applications fees, secondaries, and interview costs. Then blew up another $3000 when the transmission blew on my car. Then between random medical expenses (dont' care to explain) and what not- it's grown to the monster it is now. The only reason why I have put up with my crap job this long was because the guy I work for wrote the recommendation that pretty much got me the interview, then I guess I did well enough on the interview to get accepted. NYU was my only interview and I applied to 15 schools. I honestly thought I would not get in this year and would have another year to get a better job and work that debt down. Now it seems like my good fortune is biting me in the ass. Do dental schools even defer enrollment? Sorry about the novel everyone, it just feels good to get it off my chest

 

[duh?]

A guy on this website said he defered his NYU acceptance for a year. You might want to search for threads that may have anything to do with this. As for the crappy job, its nice that you're sticking with your professor but if push gets to shove, you MAY have to find another job. If you explain your financial circumstances to him, he might reason with you. Like you said, it takes more than a good LOR to get accepted, i don't think you should feel indebted to him to the detriment of your own welfare. Keep your head up. You'll be fine. 👍

 

[mochafreak]

Getting a job and paying the debt off is pretty good, logical advice and what has to be done in the end. However, if you have a high enough credit rating you could get a fixed APR loan with a lower interest rate than the cards and consolidate the debt from the two cards leaving you with one monthly payment. That would make sense if the interest rate on the cards is really high. But, you should setup the consolidated payment so that you're paying as much as possible every month.

 

[Sprgrover]

The loan money that you will be receiving from NYU is intended for living expenses, and New York is an expensive place to live. It might not even cover everything for you. The school nor the government cares where the money goes, but keep in mind that you will have other expenses so be careful that you're not robbing Peter to pay Paul.

 

[JavadiCavity]

Listen, I was in a similar situation with debt. I found a nice loan through BankOne (now Chase) that let me borrow enough money to pay off the credit cards and defer payment until after I graduate from dental school. If you want more details, send me a private message. Sometimes, doing the right thing costs money (i.e. going back to school). Fortunately, places like SDN provide a vehicle for people like me to help people like you.

 

[Solid Snake DDS]

Listen, I was in a similar situation with debt. I found a nice loan through BankOne (now Chase) that let me borrow enough money to pay off the credit cards and defer payment until after I graduate from dental school. If you want more details, send me a private message. Sometimes, doing the right thing costs money (i.e. going back to school). Fortunately, places like SDN provide a vehicle for people like me to help people like you.

Greetings JavadiCavity,

I'm also in the situation. What type of loan did you take out to pay off your credit card and defer payment until graduation?

Thanks
William

 

[jbeaner]

uh..thanks I think. I mean I appreciate all the "get a job" replies-I have a job the pay just sucks. My paycheck literally goes directly to making payments on school loans, rent, ramen noodles and maybe I'll have enough left over to make the minimum on the credit bill. I should probably explain that I didn't accumulate this debt filling my closet with Gucci and Prada. It ironically first started with about $2500 between applications fees, secondaries, and interview costs. Then blew up another $3000 when the transmission blew on my car. Then between random medical expenses (dont' care to explain) and what not- it's grown to the monster it is now. The only reason why I have put up with my crap job this long was because the guy I work for wrote the recommendation that pretty much got me the interview, then I guess I did well enough on the interview to get accepted. NYU was my only interview and I applied to 15 schools. I honestly thought I would not get in this year and would have another year to get a better job and work that debt down. Now it seems like my good fortune is biting me in the ass. Do dental schools even defer enrollment? Sorry about the novel everyone, it just feels good to get it off my chest

I know 15K seems like a whole lot of debt, but I think the average person out of college has like 20K. I'm sure there are a lot of people in your situation, myself included. Regardless, being in debt sucks, but don't let it consume you. It can really mess with your mind. Just do everything in your power to reduce it. For sure, get a higher paying job - sounds like waiting tables would even make you more money.

 

[jfitzpat]

Hi everyone!

I recently found out I will be attending NYU which means $$$$, the problem I have is that I took a lowly research job out of school to "boost" my application and get some experience but got paid zilch. I had to live off my credit cards for a year-now I have almost $15000 on two cards 😱 and I'm about to try and take some major loans for NYU. Is it possible to use loan money to pay off credit debt? Do they look at where the money goes once it's in your account or how does this work?

I'm new to the forum having just found it today, but I'd appreciate any help for the newcomer

If it makes you feel any better, by the time I start dental school, I will already have 150K in student loans (from law school and taking pre-reqs). Here's hoping that I get into my state school.

 

[drengineer]

If it makes you feel any better, by the time I start dental school, I will already have 150K in student loans (from law school and taking pre-reqs). Here's hoping that I get into my state school.

It's interesting you went through law school and then decided upon dentistry.

 

[iviikoivi]

Having some debt is good for your credit score. And if you are looking to borrow (and I'm sure you will since you're going to NYU) then having a good credit score will be in your favor. However, 15k in credit cards isn't the most desireable kind. As others have suggested, I would work an extra job. Taking out a loan would be another idea, but I personally don't know if I could take out loan to pay off credit card bills. But, it just might be a better idea if you can get lower interests on a bank loan.

If you think about it, you can work extra hours. If people in residency can work 80 hours a week then you can certainly work more than 40.

You can always tutor. If you work the regular joe-shmo m-f 9-5 then tutoring will fit your schedule perfectly since most families prefer you come in when they are home (nights and weekends). Plus the pay isn't so bad either--I get $16.5/hour tutoring 5th grade math and english. Not a bad gig if you ask me.

Good Luck

👍

 

[jbeaner]

Having some debt is good for your credit score. And if you are looking to borrow (and I'm sure you will since you're going to NYU) then having a good credit score will be in your favor. However, 15k in credit cards isn't the most desireable kind. As others have suggested, I would work an extra job. Taking out a loan would be another idea, but I personally don't know if I could take out loan to pay off credit card bills. But, it just might be a better idea if you can get lower interests on a bank loan.

If you think about it, you can work extra hours. If people in residency can work 80 hours a week then you can certainly work more than 40.

You can always tutor. If you work the regular joe-shmo m-f 9-5 then tutoring will fit your schedule perfectly since most families prefer you come in when they are home (nights and weekends). Plus the pay isn't so bad either--I get $16.5/hour tutoring 5th grade math and english. Not a bad gig if you ask me.

Good Luck

👍

If you can are good at SATs, you can make $20 - $35 per hour.

 

[johntara04]

Having some debt is good for your credit score.

NO DEBT IS GOOD DEBT!!! (unless the interest is below 3-4% and even then it is iffy) I use my credit card for everything, always pay it off at the end of the month, and my credit is amazing. I am blown away by how many people think you need to carry a balance and have debt to get a good credit score. You don't need to carry a balance at all. Just show people that you will pay off your card every month and they will be willing to give you money, because you will pay it back. Heck, I have never carried a balance on my credit card and just the other day I got a letter in the mail offering me a loan for $250,000. Don't think you need debt to get good credit. You need to use a card, but you don't have to pay interest on it. That is just throwing away your money.

 

[eapleitez]

NO DEBT IS GOOD DEBT!!! (unless the interest is below 3-4% and even then it is iffy) I use my credit card for everything, always pay it off at the end of the month, and my credit is amazing. I am blown away by how many people think you need to carry a balance and have debt to get a good credit score. You don't need to carry a balance at all. Just show people that you will pay off your card every month and they will be willing to give you money, because you will pay it back. Heck, I have never carried a balance on my credit card and just the other day I got a letter in the mail offering me a loan for $250,000. Don't think you need debt to get good credit. You need to use a card, but you don't have to pay interest on it. That is just throwing away your money.

This man is right. The only thing that matters in credit is making your payments on time, every time. You don't need to have debt at all for a great credit score.

 

[iviikoivi]

NO DEBT IS GOOD DEBT!!! (unless the interest is below 3-4% and even then it is iffy) I use my credit card for everything, always pay it off at the end of the month, and my credit is amazing. I am blown away by how many people think you need to carry a balance and have debt to get a good credit score. You don't need to carry a balance at all. Just show people that you will pay off your card every month and they will be willing to give you money, because you will pay it back. Heck, I have never carried a balance on my credit card and just the other day I got a letter in the mail offering me a loan for $250,000. Don't think you need debt to get good credit. You need to use a card, but you don't have to pay interest on it. That is just throwing away your money.

Let me clarify myself...

Having a history of debt and then paying it off in full is good. After all, who would loan u money if you have no history of borrowing money. Sorry for the mixup. When I said having credit card debt isn't the most desireable kind, I was sugarcoating the fact.
If my knowledge on this matter is false, please tell me. I am wrong many times.

👍

 

[OMFSCardsFan]

Let me clarify myself...

Having a history of debt and then paying it off in full is good. After all, who would loan u money if you have no history of borrowing money. Sorry for the mixup. When I said having credit card debt isn't the most desireable kind, I was sugarcoating the fact.
If my knowledge on this matter is false, please tell me. I am wrong many times.

👍

Citibank offers a loan for dental students called a CitiAssist loan. The interest when I took one out in dental school was 6.75%. I don't have to pay it back until after I finish, completely. It is even deferred now while I'm residency. May be a good way to get the numbers down a little. Like Javadi was saying, there are plenty of banks that offer these sorts of things to dental students.

 

[heydental]

Thank you for everyone contributing to the thread-your advice and experience is really helpful. Well, I've been on a couple of job interviews 🙂 , have been researching various loan + loan consolidations, and decided not to defer NYU. Just wanted to thank all you guys for you help!