Financing Pod School

[iceman915]

---

Members do not see this ad.

Hello all. Just wondering if anyone forsees or is currently experiencing difficulty in getting loans or financial aid. With the state of the economy at present and all these bank closings, I am concerned about the difficulty in being able to obtains the sufficient funds that will be required for all the years of school. Any thoughts on this?

Also, does anyone know what kinds of loans are available just in the event that one doesn't qualify for FA?

 

[toothsome]

loans for school are generally not done by the "small" banks that are closing so that should not be an issue. You have to worry about sallie mae funding which just got some billion dollars in funding. I believe it will get better in the next year. I work in the finance industry and that is the response we are getting from the market. There will be a crack down on the risk they will take however, credit, amount already loaned out etc.. If you have a strong co-signer you are fine. If not having little UG loans and good credit will help.

Plus you only apply to 1 year at a time and it will get better, hopefully, from here on out for students. Cross your fingers.

 

[dtrack22]

That's an interesting question for a pre-pod. I only say that because I don't see anybody in the MD/DO world not getting their loans...Dr.'s pay their loans back, its a smarter loan on the banks part than most housing loans IMO. Give a med student money, get it all back plus interest. However, I have no idea if the financial sector takes into consideration the higher attrition rate among pod students and how that may effect how generous they are with loan money. My guess is that it may hurt us a little, but again, we are Dr.'s and I'm sure not a whole lot will change with the loan situation even with the current economic state.

 

[toothsome]

I wouldnt call it a "smart" loan. Definantly less risky then a mortgage now a days. However, some doctors do default on loans. And there is NOTHING for the bank to take unlike a house loan. There are articles of college kids leaving the country because they could not pay student loans. A little extreme, yes.

http://money.cnn.com/2008/10/23/pf/college/student_loan_fugitives/index.htm?postversion=2008102407

http://marketplace.publicradio.org/display/web/2009/01/09/student_default_rates/

I know there are about 200 threads out there about student loans and how insane they are but you have to think about whose fault it is. First, the government needs to step in and regulate colleges. They need to come into the public schools that they give funding to and elminate the costly things that the school really does not need. For example, big program budgets and costly sports teams. Lets give the scholarship money to a med student rather than a Basketball or football player. And Im not saying this out of vain because I received a scholarship. But thats a whole other subject.

 

[dyk343]

I wouldnt call it a "smart" loan. Definantly less risky then a mortgage now a days. However, some doctors do default on loans. And there is NOTHING for the bank to take unlike a house loan. There are articles of college kids leaving the country because they could not pay student loans. A little extreme, yes.

http://money.cnn.com/2008/10/23/pf/college/student_loan_fugitives/index.htm?postversion=2008102407

http://marketplace.publicradio.org/display/web/2009/01/09/student_default_rates/

I know there are about 200 threads out there about student loans and how insane they are but you have to think about whose fault it is. First, the government needs to step in and regulate colleges. They need to come into the public schools that they give funding to and elminate the costly things that the school really does not need. For example, big program budgets and costly sports teams. Lets give the scholarship money to a med student rather than a Basketball or football player. And Im not saying this out of vain because I received a scholarship. But thats a whole other subject.

IMO sports players should have just as much of a right at a scholarship as a medical student. They put their bodys on the line everytime they go out there. Especially football players. I heard a quote that said something about every year they play (football) they take 3 years off their body. Sure, its their choice but its also your choice to want to be a doctor. Also, They provide school spirit and a sense of being to the fans/students. That and they (usually) rake in alot of money for the schools.

 

[toothsome]

No i totally agree I will always remember the time I spent at games and the school spirit it brought. But my sugestion would be maybe tone it down a little. I mean D1 teams have coaches with multi million dollar contracts...😕

 

[dyk343]

...

 

[air bud]

i go to iowa. ferentz can have his, but take away the basketball scholarships, they are hopeless.

 

[toothsome]

College scholarships may give out stipends as well to some students. The point is money could be used for other things. Nothing is going to change though so....

 

[dyk343]

College scholarships may give out stipends as well to some students. The point is money could be used for other things. Nothing is going to change though so....

Maybe im completely wrong but from what I know usually only grad students get stipends and that is there way of living. Grad students do terrible B#$%h work for the school and they pay them a stipend (at least in PhD science work).

 

[toothsome]

this wll blow your mind: http://www.usatoday.com/sports/2004-08-31-top-ten-number-7_x.htm