Emergency Loan Question -- Unique

[drhaibane]

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So I'm in a bit of a dilemma here...

I had to take a medical leave of absence from medschool in the Spring 2008 semester. The school sent back all my finaid to the lenders (as per federal law requirements). Now that I'm coming back this fall, I have around $13,000.00 to pay for prior tuition.

My financial aid office said that there are no federal student loans out there that will cover tuition from prior semesters. They said that a private loan would be the only option, but I can't seem to find a student loan that states in its terms that I can use it for the previous balance.

Any advice? Thanks!

 

[rgerwin]

myrichuncle might do it.

 

[LADoc00]

So I'm in a bit of a dilemma here...

I had to take a medical leave of absence from medschool in the Spring 2008 semester. The school sent back all my finaid to the lenders (as per federal law requirements). Now that I'm coming back this fall, I have around $13,000.00 to pay for prior tuition.

My financial aid office said that there are no federal student loans out there that will cover tuition from prior semesters. They said that a private loan would be the only option, but I can't seem to find a student loan that states in its terms that I can use it for the previous balance.

Any advice? Thanks!

Im confused, you dropped out due to medical reasons and the school is saying you need to still pay for it? Tell them to go fk themselves.

Step 1. Get a box
Step 2. Put your dick in the box
Step 3. Give your med school the box

Why do people allow themselves to get pushed around so much??

Get an attorney.

 

[AMDFAO]

Most alternative loans have a component to cover a back balance within a certain time frame (usually by the end of the next academic year but they can vary). The easiest way would be to call and simply ask the question: can I borrow to pay a balance from a prior academic year?
The other option would be to contact the FA Office and see if they know of a lender that does this. I can't imagine you to be the first kid caught with a back balance, trust me and I stumped as to why they didn't offer a suggestion or two. Call the FA Office and see if they can point you in the right direction. You could also perhaps call the lender who has your Stafford (unless you are borrowing through Direct) to see if they have an alt loan for this. Be warned, not all of them are created equal since the lender is well aware of the fact you're back's against the wall. Some lenders play nicer than others.
The federal refund calculation is a master work of the most confusing calculation known to FA folks (actually, I'm not even sure the Dept of Ed can figure it out and they wrote it). They essentially take the total number of days you completed to calculate out the percentage of aid you earned. Whatever wasn't earned has to be returned to the lender and there is no way around it no matter how grave the reason for dropping below 1/2 time enrollment.
I believe it was to stop kids from enrolling, taking the refund check and running away so the the feds dictated to the school to send the money back to the lender and now you owe the school.
Good luck.