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

 

[OMFSCardsFan]

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

Geez...that sucks. You can use the money for whatever you want--I'd definitely try to get some of that paid off. Oh, the interest has to be ridiculous...and here I hate it in the off-month when I have to carry a small balance...

 

[12YearOldKid]

$15,000. Ouch!! The interest on that has got to be killing you. Definitely plan on paying that off with student loans.

 

[3rdMolarRoller]

$15,000. Ouch!! The interest on that has got to be killing you. Definitely plan on paying that off with student loans.

Sure you can use student loans to pay it off, but how will you live???

If NYU says you can take $75k in loans, $55k goes to tution and $20k is living and you will need every cent of that and its highly doubtful on that budget that you can even pay the minimum on $15k of credit card debt, especially when the gov't this year is making the credit card companies rasie their minimum monthly payment

Sad to say, even if you got into a state school, this is a hard ball to juggle.

I used to be a collections agent for citibank, you might be headed toward a debt consolidation which is one step above a bankruptcy

 

[ItsGavinC]

Closing, please post in the duplicate thread in pre-dental (it has more responses).