Financial Problem Prior to Matriculation to Dental School

[Lord.Buddha]

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[wengerout]

Hello Dental Students,

I have a situation. Please help. So I am applying to dental schools this cycle and I has been accepted. I have no financial support from family. Throughout college, I have been using my credit cards to pay for living expenses, and tuition. I am unable to pay the payments on time, and one of my account with Bank Of America has been placed into Collection with a third party company.

Does anyone know if I can get student loans for 4 years in dental school if I have debt in collection? If not, does that mean I have to give up dental school because I can not get student loans for dental school since I have debt and it is in collection?

Please input your idea and suggestion regarding on my case. This concerns me a lots. I appreciate your input! Thank you.

In all seriousness: If you need to use the Grad Plus loan this could be a big issue. Why didn't you use a regular loan for undergrad?

 

[dshen92129]

Do you have a job? are you in a bad enough spot that you have to claim bankruptcy are we even close to that yet? can you borrow what you have in collections plus the 4 years you have in school?

One point I want to come across is.. your going to have 400k+ in student loans.. how do you expect to pay those on time if you already have something in collections? doesn't that show a kind of irresponsibility?

I would talk to a financial specialist about this.. this is not necessarily the right place to get financial advice.. but I could be wrong..

 

[Lord.Buddha]

What is this supposed to mean?

 

[DMDDDSHopeful]

:troll:

 

[Alpha Centauri]

If you couldn't pay for the expenses you needed a loan not a credit card.

 

[Lord.Buddha]

Hey guys, I am serious asking this. This is not a troll. Please respect.

 

[MOLARSITY]

Your best bet is to talk to bank of america, or another bank, to get a personal loan and transfer your credit card debt to the personal loan. That way you aren't paying credit card interest. After that, if you credit score isn't already rubbish, you should be able to slowly pay your personal loan off and still get into dental school. You won't need the grad plus loan until your federal loans run out so you should at least be able to get through your D1 year without needing the grad plus, which will give you time to make payments on the personal loan and improve your credit score. Good luck =)

 

[DSlotted]

In all seriousness: If you need to use the Grad Plus loan this could be a big issue. Why didn't you use a regular loan for undergrad?

He said he has no financial support from his parents. Loans don't grow on trees for undergrads...They need cosigners and most likely his federal EFC was more than what qualifies him to get grants.

 

[dr.d00m]

Hello Dental Students,

I have a situation. Please help. So I am applying to dental schools this cycle and I has been accepted. I have no financial support from family. Throughout college, I have been using my credit cards to pay for living expenses, and tuition. I am unable to pay the payments on time, and one of my account with Bank Of America has been placed into Collection with a third party company.

Does anyone know if I can get student loans for 4 years in dental school if I have debt in collection? If not, does that mean I have to give up dental school because I can not get student loans for dental school since I have debt and it is in collection?

Please input your idea and suggestion regarding on my case. This concerns me a lots. I appreciate your input! Thank you.

Why in God's name would you use A CREDIT CARD to pay for college when you don't have the money?!! That's even dumber than taking out loans for the whole 4 years.

Lucky for you Uncle Sam has got your back, and let's you take out unlimited loans, no questions asked. Isn't that great? /s

 

[DMDDDSHopeful]

Why in God's name would you use A CREDIT CARD to pay for college when you don't have the money?!! That's even dumber than taking out loans for the whole 4 years.

Lucky for you Uncle Sam has got your back, and let's you take out unlimited loans, no questions asked. Isn't that great? /s

Sorry. Do people really believe someone went through most their undergrad not knowing about loans? Also, we all are just to believe he has a limitless credit card to finance his entire undergrad and dental school application and is only now asking about how to pay this off?

Look, I'm not calling bull on this, but I'm very skeptical and will only believe it with proof.

OP, please seek a financial advisor and start by discussing this with sources provided by your school. Whoever advised you to come to this forum and seek financial advice here has steered you wrong.

 

[stoopidmonkeycatdog]

I want to be sympathetic but no way in the world does an undergrad get a credit card with enough room to live off of for four years

 

[Blessthefall]

I'll agree with the overall sentiment of skepticism. If you're line of credit was THAT generous then clearly, you have or at one point had the means to pay that credit off. I don't know anyone in a tough financial history/ environment with an unlimited credit line.


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[rainbow05]

Maybe you can defer your acceptance so you have time to get finances in order? Again, I agree that you should seek professional help from a financial advisor.