Financing full-time post-bacc coursework?

[Trismegistus4]

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I have a few upcoming appointments with advisors at local universities, but I thought I'd ask this here anyway because it's so easy to do so. 😀 Does anyone know if it's possible to get enough financial aid while doing post-bacc coursework not only to pay tuition, but to cover living expenses? I'd much prefer to take my courses full-time, to prove that I can handle rigorous coursework (because my undergrad transcript doesn't contain much proof of that.) But I certainly don't have enough in savings to pay for it all. Stafford loans only go up to $10,500 per year, which in most cases wouldn't even cover tuition. On top of tuition, I need to pay rent, buy food, put gas in my car, etc. Is it possible (and if so, easy) to find enough private loans to live and take classes full-time?

 

[tahitian3]

I'm in the same boat as you so maybe I can shed a little light on the situation. You are right, the fed loans only do about $10,000 because the post-bacc courses are essentially undergrad classes. Some schools may have other financial resources specific to their school (i.e. some universities have scholarships intended just for post-baccs) but at most, these scholarships are only like a couple thousand dollars (maybe enough to pay 3 months rent? )
What I have been told to do is to apply for alternative loans. Sure they have a higher interest rates and what not, but if you're going to med shool, you might as well get prepared to be in debt, it's basically a fact of life for most folks.
With the alternative loans, I have heard of people borrowing up to, and beyond, $20,000 from one lender, I think that may save you some of the stress of trying to get smaller loans from many private lenders.
Good luck!

 

[TiggidyTooth]

Definately, just apply to a couple of the private lending groups like Sallie Mae, citibank, wellsfargo, etc. If your credit sucks (like mine😛 ) you can apply with a cosigner like mom or dad.

Peace

Tooth

 

[Trismegistus4]

Oh, I've given up on having qualms about going into debt. I do have some savings, and if worst comes to worst I could liquidate my 401(k), so my post-bacc debt might not be that bad. I just want to know whether it's possible or not.

I guess the notion of borrowing for living expenses seems strange to me because I don't understand how it works. As an undergraduate, I always lived on campus, and so I didn't have to worry about things like monthly rent checks since my room and board were part of my total college bill. My lenders cut checks directly to my college; I never touched the money. When you're on your own, how does it work: do lenders just give you a big check, and you dump it in your bank account and use that to write a monthly rent check, buy groceries, pay car insurance, etc.? Also, how does one get an apartment while a full-time student? I've always had to provide a job reference.

 

[Febrifuge]

PM me if you like.

I'm applying to postbacs, and my day job is in FA at a university.

 

[Never2Late]

I too have questions concerning the financing of my postbacc education. I know about alternative loans but my questions are?

Will the financial institutions disburse the loan in installments or lump sum to me or to the institution that I?m attending?

How flexible are they in their repayment schedule? Can the repayment be deferred after the completion of your postbacc studies if you do actually get into Medical School?