Financial aid crisis! Options?

[Jackolantern]

Your mission, if you choose to accept it, is to give me good advice.

I got accepted to 3 private medical schools:

1) my father is M.I.A. He's really, really, really weird so we don't know where he lives other than his state. So, this makes it hard to get his w-2 and his tax info for other loans and grants and things. No known phone number.

2) I have horrible credit. I owe probably almost 1k. Late movies, credit card default, etc.

3) I have a great job and make 50k a year.


Because my credit is bad, I'm probably only going to qualify for stafford loans which maxes out at 45k a year. My schools have tuitions around this price.

What do I do?

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[ChiDO]

1. pay off "bad debt"
2. accept govt loans for tuition and living expenses (stafford) and if needed (grad plus)
3. go through school and don't worry about your dad since obviously he is MIA
4. whats the problem?

 

[Sammich117]

If you make that much a year, you should be able to pay off what's bringing your credit down. You don't need parental info for med school fafsa purposes, so don't worry about that too much. you should still be able to get the loans you need to cover it.

 

[Schemp]

You don't need parental info for med school fafsa purposes

Are you sure about this?

 

[Bacchus]

Are you sure about this?

Yes. Its only required, more often than not, for institutional funds.

 

[amine2086]

Since all medical students are considered as independent, you are NOT required to provide parental information on your FAFSA. But most schools recommend that you provide this information to be considered for need based grants, etc.

 

[Schemp]

Yes. Its only required, more often than not, for institutional funds.

Ah, that's where I was confused. I rely entirely on financial aid for paying for my undergrad, but I'm 25 so I'm considered independent. I think between the two of my parents they make about 100k a year (although they don't help me), so do you think I won't be eligible for any need-based institutional grants?

 

[Sammich117]

Ah, that's where I was confused. I rely entirely on financial aid for paying for my undergrad, but I'm 25 so I'm considered independent. I think between the two of my parents they make about 100k a year (although they don't help me), so do you think I won't be eligible for any need-based institutional grants?

If you can add parent info, you might as well just to see. It won't affect your federal EFC.

 

[Jackolantern]

1. pay off "bad debt"
2. accept govt loans for tuition and living expenses (stafford) and if needed (grad plus)
3. go through school and don't worry about your dad since obviously he is MIA
4. whats the problem?

Thanks for the replies guys .. Im mid panic attack.

Im on step one here so that should be paid off like in a week.

My understanding was bad cred equals nothing but stafford and that barely covers tuition?

 

[Sammich117]

but if you have that awesome job, won't you have some money for living?

is there any way to get a cosigner for other private loans?

 

[Pills Of Soap]

Your mission, if you choose to accept it, is to give me good advice.

I got accepted to 3 private medical schools:

1) my father is M.I.A. He's really, really, really weird so we don't know where he lives other than his state. So, this makes it hard to get his w-2 and his tax info for other loans and grants and things. No known phone number.

2) I have horrible credit. I owe probably almost 1k. Late movies, credit card default, etc.

3) I have a great job and make 50k a year.


Because my credit is bad, I'm probably only going to qualify for stafford loans which maxes out at 45k a year. My schools have tuitions around this price.

What do I do?

on the fafsa, say ur parents are divorced. then just input ur mothers info. leave ur fathers info blank.

then if you qualify for need-based grants, you will get it. if the schools asks u why dont have ur fathers info, just explain it.

 

[Jackolantern]

but if you have that awesome job, won't you have some money for living?

is there any way to get a cosigner for other private loans?

I wont be able to save for four years worth in a couple months.

 

[searun]

Your mission, if you choose to accept it, is to give me good advice.

I got accepted to 3 private medical schools:

1) my father is M.I.A. He's really, really, really weird so we don't know where he lives other than his state. So, this makes it hard to get his w-2 and his tax info for other loans and grants and things. No known phone number.

2) I have horrible credit. I owe probably almost 1k. Late movies, credit card default, etc.

3) I have a great job and make 50k a year.


Because my credit is bad, I'm probably only going to qualify for stafford loans which maxes out at 45k a year. My schools have tuitions around this price.

What do I do?

Dude, you owe less than one thousand dollars and your credit is bad, when you are making $50 grand a year. What are the payments, like $60 bucks a month and you cannot keep that under control. You have no concept on how to deal with money - and you want to go $200K in debt for medical school. I would not loan you fifteen cents.

Why would any bank or financial institution loan you ten dollars? If you cannot manage less than one thousand dollars of debt with a salary of fifty grand, time to put the dubies away.

 

[Morsetlis]

See a financial counselor, stat!

 

[Jackolantern]

Good stuff guys. Worst case scenario i could do nhs or something. Ill pay my debts and try to get a co-borrower!