How are you paying for the application process?

[TheSouthFace]

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I've glanced at similar threads but the replies are mostly an ill-attempt at humor with the sperm bank riddled in between. I have a state scholarship that pays for all of my tuition and three part-time jobs that cover living expenses and such. That is how I have made it to this point in college. As I begin to add up the expenses of AMCAS along with secondaries and travel expenses for interviews, I am starting to realize that I simply cannot afford this. It is extremely expensive. Most of my peers have parents that are wealthy enough to fit the bill but this is not my case. I have done my research and I am not just asking this question to be lazy.
....Proof:
-Parents: Neither my mom or dad have the funds to assist me at this time of the year
-Student loans: I cannot find a private loan tailored for this sort of expense. I was not approved for a regular private loan and student loans are for classes only.
-Credit card: My credit card only has a $1,500 limit. I have a good credit history but its only about 2 years deep at this point.
-Savings: haha, ohhh ...haha...the phrase "im just getting by" doesn't do it's justice
-Graduation: My only option at this point. Send out a hundred or so announcements and let the cash flow in. This seems to be my only viable option at this point. (Yeah -I'm a senior applying this cycle)

Thanks for the help guys!

 

[Oso]

This may help:

https://www.aamc.org/students/applying/fap/

Also, apply to many schools within a doable driving distance. Flights are crazy expensive. Stay with student hosts wherever you can. Keep using your credit card.

 

[type12]

Get a better paying job? What can you do outside of medicine? Tutoring is pretty good pay. If you're really good with logic, you could look into programming or web development and secure a six-figure job in 1-6 months.

 

[Awesome Sauceome]

Both of those options are ridiculous. Just saying... The AMCAS FAP bar is set so freaking high (because it takes into account your parents income). And the option by type12 is just ridiculous, an acceptable meme for that is posted below.

 

[Awesome Sauceome]

I have to use my wife's student loans and then work and scrape by. I mean we are talking every two weeks it is a scare of whether my paycheck is going to be big enough to pay the bills. That is the only thing I can suggest it seriously to try and get several jobs. I will agree with type12 that tutoring is a good gig.

 

[Oso]

Both of those options are ridiculous. Just saying... The AMCAS FAP bar is set so freaking high (because it takes into account your parents income). And the option by type12 is just ridiculous, an acceptable meme for that is posted below.

The OP didn't tell us much about his/her parents income, so no, providing a link for FAP is not ridiculous. Since the OP is so worried, it's definitely worth looking into it. I have several close friends who qualified.

 

[Awesome Sauceome]

The OP didn't tell us much about his/her parents income, so no, providing a link for FAP is not ridiculous. Since the OP is so worried, it's definitely worth looking into it. I have several close friends who qualified.

Ok, fair enough, it is a good place to start.

 

[nOchemallday]

Getting jobS over the summer of my cycle. Ideally: lab tech as close to full time as possible during the week. Babysit nights/weekends. Tutor through whatever program (Kaplan/TPR/etc) in whatever free time I have left. Mow neighbors' lawns Sunday mornings.

The idea for seasonal jobs is to layer as many part time jobs together as physically possible since everyone is looking for summer jobs (HS/college students, teachers, landscapers, etc.)

Other ideas include parking lot security (twilight/3rd shift)
Part-Time lifeguarding
Public School Janitor/Secretary (Seasonal jobs are available through public school district websites)
There are also ways to make money online in your free time (but they typically don't pay very well or pay in the form of coupons/deals)

 

[TheSouthFace]

Get a better paying job? What can you do outside of medicine? Tutoring is pretty good pay. If you're really good with logic, you could look into programming or web development and secure a six-figure job in 1-6 months.

I have seen the FAP but always assumed it was for the really disadvantaged. I really don't consider my family to be poor and I have never thought of myself as disadvantaged but they also don't have thousands of dollars to throw at me.

I already work as an EMT at two different jobs, the pay is really competitive even for any other opportunity that could arise. I also work as a scribe. The scribe job was more or less a decision to widen my clinical experience (less pay vs. EMT). I plan to work full-time as an EMT after I complete my initial application, I even have a job lined up back home.
My problem is that I am re-taking the MCAT in June and starting at the end of this month I will only be working the minimal required hours at all jobs in an effort to focus my attention on preparation for the MCAT...I am sure everyone understands. As of right now I already work a cumulative 40-46 hours a week making a very good wage at each job, especially for a college student.

 

[Oso]

I have seen the FAP but always assumed it was for the really disadvantaged. I really don't consider my family to be poor and I have never thought of myself as disadvantaged but they also don't have thousands of dollars to throw at me.

I already work as an EMT at two different jobs, the pay is really competitive even for any other opportunity that could arise. I also work as a scribe. The scribe job was more or less a decision to widen my clinical experience (less pay vs. EMT). I plan to work full-time as an EMT after I complete my initial application, I even have a job lined up back home.
My problem is that I am re-taking the MCAT in June and starting at the end of this month I will only be working the minimal required hours at all jobs in an effort to focus my attention on preparation for the MCAT...I am sure everyone understands. As of right now I already work a cumulative 40-46 hours a week making a very good wage at each job, especially for a college student.

Ok, so FAP is probably not an option then.

You may also consider taking some time off (ie. a gap year) to earn/save some money and pay off your debt. This could make your app cycle (next summer) much less stressful and give you more options in terms of where you can apply. Just something to think about.

 

[WillburCobb]

You could donate plasma in addition to work. Its not much in the grand scheme of things, but an extra ~$240/month definitely won't hurt.

 

[Mt Kilimanjaro]

I have seen the FAP but always assumed it was for the really disadvantaged. I really don't consider my family to be poor and I have never thought of myself as disadvantaged but they also don't have thousands of dollars to throw at me.

I already work as an EMT at two different jobs, the pay is really competitive even for any other opportunity that could arise. I also work as a scribe. The scribe job was more or less a decision to widen my clinical experience (less pay vs. EMT). I plan to work full-time as an EMT after I complete my initial application, I even have a job lined up back home.
My problem is that I am re-taking the MCAT in June and starting at the end of this month I will only be working the minimal required hours at all jobs in an effort to focus my attention on preparation for the MCAT...I am sure everyone understands. As of right now I already work a cumulative 40-46 hours a week making a very good wage at each job, especially for a college student.

Both you and your parent's household have to earn <300% of the federal poverty level. $59,370 if you're their only dependent child. Higher if you have siblings. Your incomes are separate, but both are considered, no matter how old you are or if you're married, emancipated, etc. That would help with application costs, but not much with interview costs. You'll have to apply to schools nearby to keep those low. There's a lot of reasons why most physicians come from well-off families. This is one of them. Good luck. Hope you make it.

 

[Mt Kilimanjaro]

.

 

[mik30102]

Its not completley kosher, but you mentioned you all ready pay for your expenses. You should be able to get a stafford loan for living expenes. Take out a small one (like 4k). Hang on to the money and use that to apply.

 

[type12]

Both of those options are ridiculous. Just saying... The AMCAS FAP bar is set so freaking high (because it takes into account your parents income). And the option by type12 is just ridiculous, an acceptable meme for that is posted below.

I'm fully aware of the current job market situation. That's why I specifically talked about the one field outside of medicine that has no recession and is actually growing and has a low bar of entry. I took one month out of my medical scribe job and did the same thing. I'm still getting offers from recruiters despite having something in the interim to pay the bills and then some.

The time and rigor are flexible also, so that's another plus.

 

[chenzt]

Open a new credit card. With two year history it shouldn't be hard to get another card with 1000-1500 limit. Make sure to look for one with 0% intro offer so that you're not paying through your nose with the interest.

another option is peer to peer lending, but with limited credit history, the interest rate may be worse than credit card.

 

[13132]

http://www.gofundme.com/

 

[Optimus-Prime]

Your gonna need another credit card,

opt for rewards, or travel points??

I went with rewards, capital one quicksilver=1.5% cash back, drop a few grand on applications

YOUR CELEBRATORY ACCEPTANCE DINNER/BOOZEFEST IS PAID FOR!!!
(unless your a baller, then at least your tip is covered)

 

[nellbot2000]

I used my measly tax return and money I saved from being a participant in a research study.

Honestly if you aren't opposed to being a guinea pig, it pays pretty well. I was on a 9 month study that required once a month visits for an hour and it paid over $1000. I have done single visit studies that pay $500. Granted I have asthma, so it was easy to find studies investigating new inhalers etc... (also, I got free medicine for 9 months).

 

[abn632]

Max out your student loans. Go to your school's financial aid website and take a look at their COA (cost of attendance). Take out student loans that cover everything that your scholarship does not. This is a perfectly kosher and legitimate use of student loans. Doing this should also allow you to decrease your work hours and increase your study time/EC time/volunteer time etc. Assuming that you roll straight into medical school, you won't start paying off your student loans until 6 months after graduation, so you're looking at 5.5-6.5 years from now. $10,000 taken out now, at 6.8% interest will be $14,520 5.5 years from now, $15,539 6.5 years from now. This is a small price to pay if you look at the big picture.

Definitely use your credit card, but ensure that you're paying it off in full each month, so I would use it for stuff that you absolutely know you would have paid cash for anyway, such as your utilities. With a $1,500 credit limit, you could easily exceed safe FICO credit utilization ratios and begin slowly killing your credit rating. Don't use more than 1/3 of your credit limit, pay it off in full and over time your limits will increase. That being said, use it if you must but make it a priority to pay it back.

 

[Mad Jack]

I took an extra year applying (despite the fact I was already 27) so I could work and save money for the process. I feel like having enough cash to afford to spend a day at my interview destinations and resting the night before in a hotel and eating some decent food, rather than flying in the morning of and being tired as hell with nothing but the snacks provided before the interview and at lunch to sustain me, really contributed to my being accepted.

Since you're already working about as much as you can, credit cards or loans might be your only options- just pay them off by working your butt off over the summer.

 

[TheSouthFace]

Max out your student loans. Go to your school's financial aid website and take a look at their COA (cost of attendance). Take out student loans that cover everything that your scholarship does not. This is a perfectly kosher and legitimate use of student loans. Doing this should also allow you to decrease your work hours and increase your study time/EC time/volunteer time etc. Assuming that you roll straight into medical school, you won't start paying off your student loans until 6 months after graduation, so you're looking at 5.5-6.5 years from now. $10,000 taken out now, at 6.8% interest will be $14,520 5.5 years from now, $15,539 6.5 years from now. This is a small price to pay if you look at the big picture.

Definitely use your credit card, but ensure that you're paying it off in full each month, so I would use it for stuff that you absolutely know you would have paid cash for anyway, such as your utilities. With a $1,500 credit limit, you could easily exceed safe FICO credit utilization ratios and begin slowly killing your credit rating. Don't use more than 1/3 of your credit limit, pay it off in full and over time your limits will increase. That being said, use it if you must but make it a priority to pay it back.

In hindsight I should have done exactly what you described first. As far as loans, I only took out what I needed and that was a measly 2.5k/semester federal loan. The first thing I tried to do after realizing I can't afford the app process was call the Financial Aid office to see if they would approve an additional private student loan if I applied for one. They basically told me no. I could possibly look into this further though because I have also spoken one of my bank's loan specialists who assured me that borrowing additional money during the middle of a semester was not that uncommon. ...People run out of money then need additional living expenses, etc.. I guess I could push the Fin Aid office a little to see what they can do for me. This was my first idea initially because I knew the interest rates would be lower compared to the ones on my credit card.

TO ANYONE APPLYING SOON: Read what I said above, account for these expenses now and borrow what you will need! Learn from my mistake, this could have been avoided. You can avoid much un-needed stress in your future when you will have enough stressors without worrying about money.

^And speaking of the credit card, I could ask to have my max increased so that I could spend more with a lower chance of maxing it out and not being able to pay it down below the 1/3 level. It shouldn't be a problem, I have only ever used the card for gas and pay off the full balance every month on time. And I am so weary about opening multiple credit lines.. I started my first one simply to build my credit from nothing and have seen huge improvements. I would hate to see the opposite happen...I will not live by the excuse that "every college student leaves school with a poor debt record."
--But again, if its my only option I'll take an acceptance letter in my hand if it means a credit score of 400 any day.

^As for taxes, I submitted at the end of March...I have factored in this income already

 

[TheSouthFace]

I took an extra year applying (despite the fact I was already 27) so I could work and save money for the process. I feel like having enough cash to afford to spend a day at my interview destinations and resting the night before in a hotel and eating some decent food, rather than flying in the morning of and being tired as hell with nothing but the snacks provided before the interview and at lunch to sustain me, really contributed to my being accepted.

Since you're already working about as much as you can, credit cards or loans might be your only options- just pay them off by working your butt off over the summer.

Credit cards are starting to look like my only option. I just despise the thought of using them like that.

 

[type12]

If you are 100% sure you will get in, CC's are the right bet. If you are unsure, then you are piling on credit card debt. Just be aware of this risk.

 

[Awesome Sauceome]

Credit cards are starting to look like my only option. I just despise the thought of using them like that.

Here is something to think about is the fact that you will essentially be having a gap year after you apply (this June). So like hit the credit cards hard in the summer and fall for all of the aplcation stuff. And then really just focus hard in the winter and spring on paying it off. A lot of cards have deals where interest does not apply for 12 months ad stuff. So like that could work.

 

[abn632]

I know a guy who knows a guy who might be interested in that second kidney of yours that you're not using...just kidding.

Bear in mind that credit card rates shoot up the lower your credit rating is. Applying for new cards and maxing them out will lower your score, but it shouldn't kill your score. Missing your payments will absolutely kill your score, so if you are maxing out your cards, ensure that you are able to at the very least make your minimum payments. Another thing to bear in mind, will you need to use GradPlus loans to finance medical school? If so, they'll check your credit history and you may require a cosigner. If that's the case, will your parents cosign for you? If not, who will?

But you do what you need to do - max out your cards if necessary. Even if you tank your credit, you'll still have four years in medical school to recover from it. If you apply for a new card(s), consider joining a credit union In my n=1 experience, I've always received fantastic deals through credit unions. Otherwise, do your research. Bankrate.com is a good place to start.

Good luck!

 

[mehc012]

I broke my personal rule against living with my parents...I now live with my mom and have 3 jobs - 2 scribe (bad pay, great experience) and 1 biotech (pays 2x as well, great coworkers). Scribing 40+hrs/wk covers food (shared expense w/ family), gas, and 2 classes/semester. My entire paycheck from the biotech job (16-20hrs/wk) goes into savings, though I skip a month here and there to pay for MCAT fees/materials, etc. Hopefully come application time I will have a little bit of a cushion, though I did get into a car wreck which demolished my savings and left me with $3k in debt (had to buy a 'new' old car).