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credit card debt

Discussion in 'Pre-Medical - MD' started by SaltySqueegee, Apr 15, 2004.

  1. SaltySqueegee

    SaltySqueegee El Rey de Salsa
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    Not that I accrued any credit card debt during undergrad, because I'm way above that *wink* *wink* ;) :D . *cough* $10,000 *cough* *cough* . But, I was wondering what people did to manage there debt. More specifically was anyone able to defer their credit card debt?, and if they were, what loan consolidator did they use.


    Thanks in advance,

    -The not so smart, has 20/20 hindsight, MDPhDTom :rolleyes:
     
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  3. mackaikai

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    first of all, balance transfer them to a 0% balance transfer card (make sure there's no balance transfer fee)

    and look for a loan ! don't let credit card company suck all those interests out of u!
     
  4. SaltySqueegee

    SaltySqueegee El Rey de Salsa
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    Okay genius. This is essentially a rewording of my original post. I need the name of a Specific Company that someone can recommend. :p
     
  5. Alexander99

    Alexander99 Ghetto Fabulous
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    The thing is, what company is going to give you a (non-educational) loan without an income?
     
  6. SaltySqueegee

    SaltySqueegee El Rey de Salsa
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    Exactly, now we are getting to the point! What SPECIFIC COMPANY will consolidate my debt and defer it for me? Alright everyone, stop restating the question and if you can recommend any SPECIFIC credit unions that are willing to help out grad students or professional students, please reply.

    NO MORE Re-Statements of the OP! :smuggrin:
     
  7. Heal&Teach

    Heal&Teach cogito ergo sum
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    Hi Tom,

    I'm in a similar situation, except I'm not in school, but going in with debt (the same amount in fact). I'm also quite interested in what ppl have to say, as this may affect my decision to go to school or defer (most people have just said go to school and suck it up, but debt is a big burden).

    Try MBNA. They give personal loans, and may be willing to work with you considering your future employment potential. You can get interest as low as 7% I believe, depending on your credit status. Check their website http://www.mbna.com, and they have a "Loans" section on the menu.

    Best,
    H&T
     
  8. **** I need to do this too.
     
  9. ewing

    ewing Senior Member
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    If I were you, I'd string it along (with balance xfers to 0% offers, etc.) and then just borrow the max that you can in med school, live simply, and pay it off. When you get to be a 4th year, if you still haven't paid it off, you can get "moving loans" and "interview cost loans" and crap for 4th year expenses that exceed your school's budget.

    If you don't think this will work for you, I'm sure you'd be eligible for a semi-educational loan, which they give to people who are in school or who were recently in school, etc. They're semi-educational in that they don't need income (though you'd need a co-signer) and the interest may be tax-deductable, but the check goes to you, not your school's financial aid office, and you can borrow more than your schhol's budget (or even if you've already graduated). The rates are not much better than the signature loans or personal loans, though. And watch out for origination fees, with any of these...they average out in the long run if you get a decently low fixed APR, but they are definitely an added cost. One company that does them is www.educationone.com -- it's an "education" loan from BankOne. I have crappy credit and got $5K from them for my med school applications and I opted to defer payments while I'm in school. However, they hit me with their crappiest rates: 10% origination fee and 7% APR -- you might get a better quote from them if you borrow more, have better credit, and opt to start making payments right away. In retrospect, I should have gotten my parents to take out a home equity line of credit (4% APR, no fees) but they weren't being entirely helpful about that. Good luck!

    FYI, here's an example of their effective rates from their website:
    Repayment Example: $10,000 for 20 Years for Undergraduate/Career Education and Graduate/Professional Education Loans Annual Percentage Rate (APR) Example - If a student borrows $10,000 and chooses Repayment Option 3 (deferred principal and interest), and has a 4-year deferment period (48 months), and the variable interest rate remains constant at 5.76% over both the 4-year deferment period and the 20-year repayment period, and the origination fee is 6.5%, the monthly payment would be $94.47, the APR would be 7.45% during deferment and 5.75% during repayment, and the total finance charge would be $12,672.80.

    Note: Example is based on a three-month average of the one-month LIBOR of 1.11% as of 04/01/04. Origination fee may vary based on loan type, repayment option, credit and whether a cosigner is included. Interest rate and fees may vary slightly for Continuing Education and K-12 loans.
     
  10. linus

    linus fly tux.
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    mdphdtom, how did you accrue that much credit card debt as an undergrad? even if i wanted to, i would have needed like 5 cards to get that much debt cuz my limits are ridiculously/annoyingly low...
     
  11. mackaikai

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    wow be nice man...just trying to help...geez
     
  12. Spitting Camel

    Spitting Camel Anteater for Life!
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    Nice, man! It really makes you think of how long the man has been keeping us down... :laugh:
     
  13. Mr. Rosewater

    Mr. Rosewater Senior Member
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    lay off dude. the guy was trying to be helpful, this is a premed message board, not a financial advisors office. you're lucky anyone else responded to you after this BS.
     
  14. Spitting Camel

    Spitting Camel Anteater for Life!
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    All I have to say is: :clap: Being nice really pays off.
     
  15. SaltySqueegee

    SaltySqueegee El Rey de Salsa
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    My bad. Not to make any excuses, but what you worded earlier was the exact same thing I've been hearing all day. It sucks when you know some place is actually interested in your application, but are worried that you can't attend due to financial obligations that would ruin your credit if not attended to properly. Any ways, I'm sorry to all that I snapped at. As for everyone that replied, I appreciate your help. I called MBNA, and they seem willing to work with me during my medical school years.

    Per a previous post, the 10,000 accrued over the past 1.5 years, and has a whole lot to do with last minute interview flights, hotel costs, applications fees, etc. It "paid" off in the end with my eventual acceptance, but has really put me in the hole--so to speak.

    Again, sorry if I snapped earlier, I've been talking to creditors and loan officer financial types that have been giving me conflicting circular advice/information all day.

    Of course, as always the SDN community rocks. Thank you all for your help.
     
  16. Yeah, I need another loan. Man. :(
     
  17. BerkeleyPremed

    BerkeleyPremed Membership Revoked
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    First of all, this post shouldn't even be in pre-allo since it's primarily about financial issues and not about premed issues. Secondly, the above poster was right..you flew off the handle at people that were just trying to help you. This isn't StudentLoanOfficer.net or StudentFinanceManager.net...I'm surprised a mod hasn't moved this thread into another forum yet. Well, best of luck to you in paying off the $10,000 hole you've dug yourself into.

    My EXPERT financial advice: Defer enrollment in your MD/PhD program and walk to your nearest McDonald's and fill up a job application. If they ask for references, tell them to just go to www.studentdoctor.net and we'll cover for you. Flip burgers, serve fries, and refill Coca-cola cups for a year and I'm sure that you'll have enough money to pay back your debt+interest. McDonald's also trains their employees in McDonald's University (I'm not kidding...that's what they call it)...you'll receive another prestigious degree!

    Insincerely,
    BerkeleyPreBusinessSchoolStudent
    BS Business Administration UC Berkeley (Haas School of Business)-Class of 2005
    MBA University of Pennsylvania (Wharton School of Business)-Class of 2007
    PhD University of Chicago (Department of Economics)-Class of 2013
     
  18. Wait...I'm confused. You're premed, but planning on pursuing an MBA and PhD? No MD?
     
  19. BerkeleyPremed

    BerkeleyPremed Membership Revoked
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    lol. That part of the post was meant as a joke...hence the "insincerely" written right above it...also.."BerkeleyPreBusinessStudent"...as opposed to my actual sn which is "BerkeleyPremed"...I was just trying to make up credentials to earn...I'm still on the MD path :)
     
  20. Ah, sorry, I got confused. Thought that was all part of your signature. :)

    Gotcha!
     
  21. kristabel

    kristabel Member
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    MDPhDTom, I'm in a very similar situation and my plan is to do basically what ewing suggested. I'm going to max out my loans in med school and eat lots of Ramen noodles. The loans for med school will be at significantly lower interest rate and don't hurt your credit as much as credit card debt. It's not a great situation, but I don't think it's worth putting off med school for a year.
     
  22. SaltySqueegee

    SaltySqueegee El Rey de Salsa
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    I agree, I don't believe it is worth putting it off for another year to flip burgers, when I can land additional research stipends that pay more than McDonalds, and actually lead towards a PhD, and not a Degree at McDonalds. As I said in an earlier post, thanks to Heal&Teach and ewing, I will be able to move my debt off to a low interest payment only consolidation ~1.9% for an entire year. This will be enough time until my additional stipends kick in, and my wife is out of graduate school and working full time.

    Thanks again. Flame if you will if it makes you feel better; I probably deserve it from yesterday. I promise it won't happen again. I truly am sorry about the previous posts. Everyone was just trying to help. I think I was stuck in combat get $hit done-mode, don't take anything (even though Alexander99, and mackaikai were truly helping) for an answer. I hate dealing with finances. My wife is out of town on a school trip, and I have to deal with this side of my life. Usually she takes care of the finances and I the more logistical planning of our lives. I suppose this is just another education in life's hard knocks so to speak. I'm sorry to the repliers of this post if I was too harsh (and I realize I was); thank you for your help and valuable time.
     

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