Getting a Loan?

[bethanyjb]

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This may be taboo, but has anyone in an MSTP received an education loan of any kind? The financial aid office of my school has told me that I am not eligible to get any kind of education loan. Forget federal subsidized or unsubsidized. I'm talking about the kind you get directly from the bank (e.g. Wells Fargo, Bank of America). Also, is there some system of credit consolidation that anyone knows about? I need some kind of help. 😡 😕 🙁

Thanks,

 

[_ian]

The reason for the low-interest educational loans is to pay for education... if you're in an MSTP, you're fully funded by the NIH. With tuition and stipend, I imagine it would be very difficult to secure any sort of educational loan.

I'm assuming you have poor credit and large debt.. you're just going to have to eat the high interest loans.

 

[xanthines]

There is absolutely nothing wrong with MSTP's applying for loans! It's not like the stipend makes us rich.

I applied for and will receive (in Sept, unfortunately) both subsidized and unsubsidized Stafford loans. I come from a pretty poor family so that might have helped. If your parents are well-to-do, then you may have to go get some private loans. Check the Financial Aid forum in the thread about paying off credit card debt. Someone posted a couple of places where you can take out some loans that are paid directly to you without having to deal with financial aid offices.

Some notes about the private laons:

You will almost definitely need a credit-worthy cosigner.
You will need proof of enrollment (a schedule, invoice, bill etc).
The interest rates are higher than regular student loans.
You have start paying them back after 4 or 5 years (I think); this means you'll have student loan bills while still in school. Make sure you can make the payments on an MSTP stipend!

There are credit counseling services available. Sometimes they can work out a consolidation for you. Sometimes not. You should never have to pay for counseling services. They're free! Go to www.cccs.org for more info.

Before you take out a loan or enroll in a debt management program (through the counseling service), make sure you can keep you spending under control. The best way would be to cut up all your credit cards and just use a debit card. Debit cards are much much safer to use than they used to be and offer some good protection features. The last thing you want to do after taking out a loan is to create more credit card debt!

-X

This may be taboo, but has anyone in an MSTP received an education loan of any kind? The financial aid office of my school has told me that I am not eligible to get any kind of education loan. Forget federal subsidized or unsubsidized. I'm talking about the kind you get directly from the bank (e.g. Wells Fargo, Bank of America). Also, is there some system of credit consolidation that anyone knows about? I need some kind of help. 😡 😕 🙁

Thanks,

 

[saco]

I'm MSTP and I take a federal loan every year. Usually subsidized. It's extra cash to live large in the big city. When will you ever again have a chance to take a loan with no interest for many years. The stipend just went up to 26G but it's hard to stay on budget in Manhattan.