How do you pay for medical school applications? Parents don't qualify for FAP.

[techiewizz]

And I can't get a credit card to build up credit, since my parents hate credit/loans or anything that has to do with borrowing, and won't cosign for any credit card. I am also too young to get a credit card on my own, and I don't have a full-time job, since I am a college student. So basically I don't qualify for a credit card, and therefor can't build up credit, and therefor can't use a credit card for medical school applications and interview travelling. I DO NOT live on the east coast so I will need to travel to most of my interviews by plane.

I have never taken out a student loan. I have never taken out any kind of loan.
I don't have a car.
I don't have anything useful that I could sell on craigslist.

if I apply to 20 schools, assuming it is about $150 per school per application (seconday, and the application fee) (not sure if DO schools have the same price as MD schools, but I am assuming so, correct me if I am wrong). That's $3,000 right there.
Let's assume I get 7 interviews (7 is a good number, right?), and 3 of them are in driveable distance. So, for 3 of them, I could rent a car and drive. Let's estimate this to be $100 per interview (rent a car, and gas for car). So $300
For the other 5, it would be about $500 (flight, food, etc) per interview. That's $2,500.
Total is $5,800.
let's assume that some secondaries are cheap, or that I got some plane tickets on a discount, and cut down the price to $5,500.
Let's also assume that some flights are closer than others, so they will be cheaper, right? So let's just round this number to $5,00 total.

How am I suppsoed to come up with this money, when I can't have a credit card?

There are only 3 medical schools within my driving distance. The rest of them are 8+ hours away by car.

I really don't want to take a gap year just because of these silly finances.
And let's just say my parents won't lend me any money, and I don't have relatives that will lend me any money.
Come on, how do other people come up with this money?
Does everybody's parents just throw money at them for medical school application?

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[Hemorrage]

You're supposed to save up. I spent around $5500 this cycle with apps + interviews. My parents paid for 1/3 of it, the rest i had saved from summer jobs and so forth.

 

[medickdb]

I worked and saved up money as well.

If you really want it, taking a gap year to work and save up money is not a bad idea. We all have to jump through certain hoops. It's not meant to be an easy process.

 

[bionerd89]

And I can't get a credit card to build up credit, since my parents hate credit/loans or anything that has to do with borrowing, and won't cosign for any credit card. I am also too young to get a credit card on my own, and I don't have a full-time job, since I am a college student. So basically I don't qualify for a credit card, and therefor can't build up credit, and therefor can't use a credit card for medical school applications and interview travelling. I DO NOT live on the east coast so I will need to travel to most of my interviews by plane.

I have never taken out a student loan. I have never taken out any kind of loan.
I don't have a car.
I don't have anything useful that I could sell on craigslist.

if I apply to 20 schools, assuming it is about $150 per school per application (seconday, and the application fee) (not sure if DO schools have the same price as MD schools, but I am assuming so, correct me if I am wrong). That's $3,000 right there.
Let's assume I get 7 interviews (7 is a good number, right?), and 3 of them are in driveable distance. So, for 3 of them, I could rent a car and drive. Let's estimate this to be $100 per interview (rent a car, and gas for car). So $300
For the other 5, it would be about $500 (flight, food, etc) per interview. That's $2,500.
Total is $5,800.
let's assume that some secondaries are cheap, or that I got some plane tickets on a discount, and cut down the price to $5,500.
Let's also assume that some flights are closer than others, so they will be cheaper, right? So let's just round this number to $5,00 total.

How am I suppsoed to come up with this money, when I can't have a credit card?

There are only 3 medical schools within my driving distance. The rest of them are 8+ hours away by car.

I really don't want to take a gap year just because of these silly finances.
And let's just say my parents won't lend me any money, and I don't have relatives that will lend me any money.
Come on, how do other people come up with this money?
Does everybody's parents just throw money at them for medical school application?

I worked throughout my undergrad so I paid for everything myself. I got a credit card when I was 18 years old without a full time job. I'm pretty sure you can get a student credit card without needing your parents to cosign. This entire process is going to be very expensive so you definitely need to get a job or get your parents to help you.

 

[AlbinoHawk DO]

I'm so happy that I only spent about $1,500 the entire interview season. OP, I strongly suggest you apply strategically to 8 to 10 colleges. You also can get a credit card. They offer them to students all the time, but you'll probably start with just $500 in credit.

 

[coolingglasses]

My parents paid for a lot of it, but had the shoe been on the other foot, I would've put it on credit. I figured app fees on credit pale in comparison to student loans anyway.

 

[Escape_Goat]

Fee assistance program. Spent about $500 between primaries, secondaries, and interview.

Being poor does have its upside.

 

[Ogmora]

Fee assistance program. Spent about $500 between primaries, secondaries, and interview.

Being poor does have its upside.

This.

The FAP program for AACOMAS is better than AMCAS, I didn't get any assistance when I applied to MD schools, but my DO school applications were a fraction of what they would have been had I not gotten fee assistance.

All my secondaries were free (except Nova who has yet to send me the refund that they promised), 3 of the primary applications were free and the rest were discounted, I think. Total is about $500 if you apply to ~15-20 schools.

For interviews, you'll have enough time to save up between submitting in June and when interviews get handed out in mid-August. I would suggest starting now though.

Oh! If you get a credit card, make sure it's VISA or MC. I got a Discover card for students specifically for the application cycle, but when I went to submit my app, I couldn't because AACOMAS didn't accept anything besides VISA or Mastercard.

 

[DocWinter]

You have to find a way to make it work, and I suggest finding ways to cut down what you will have to spend.

1) Apply local. Driving is a heckuvalot cheaper than flight, car rental, eetc.

2) Apply to schools within your averages. Limit your "dream schools" to 1 or 2 and apply to schools you have a honest, realistic shot at. Compare your numbers to their averages.

3) Apply to 10 or 12, not 20. You won't need 20 if you follow 1&2

You WILL need between 1000-2000 for the deposit to a DO school - so prepare for that.

It's a expensive process and I've spent about 5K with application, 2ndaries, ii, and deposit. Just one deposit for 2K, but it adds up fast. Save like crazy.

 

[misseskwee]

Paid for apps with the money I saved up from working 2 jobs since I was a freshman.

There are banks that offer secured credit cards, in which you deposit money to open an account. You get the money once you close your account. I got one when I turned 18 with a $500 deposit my mom gave me (I returned it afterwards).

Btw OP, renting a car when you're under 25 is even more expensive. $$$$$$
I wouldn't apply to too many schools, pick strategically, as per the other posts above.

 

[yanks26dmb]

Your parents have a horrible concept of finance/credit. Starting to build credit when you're young is going to help you with things like car/home loans when your older - things you're absolutely going to need to take those "hated" loans for.

 

[Awesome Sauceome]

This.

The FAP program for AACOMAS is better than AMCAS, I didn't get any assistance when I applied to MD schools, but my DO school applications were a fraction of what they would have been had I not gotten fee assistance.

All my secondaries were free (except Nova who has yet to send me the refund that they promised), 3 of the primary applications were free and the rest were discounted, I think. Total is about $500 if you apply to ~15-20 schools.

For interviews, you'll have enough time to save up between submitting in June and when interviews get handed out in mid-August. I would suggest starting now though.

Oh! If you get a credit card, make sure it's VISA or MC. I got a Discover card for students specifically for the application cycle, but when I went to submit my app, I couldn't because AACOMAS didn't accept anything besides VISA or Mastercard.

I have been hearing more and more on this which gives me hope. When do you normally fill out the AACOMAS FAP because it was confusing trying to figure it out. Is it in May? The AMCAS one you fill out now I know.

 

[ninjaman22]

Have you looked into the credit cards specifically for college students? Most credit card companies have them these days. Also, I was approved for the FAP from AAMC but not from AACOMAS and didn't really know why

 

[Lost Vagus]

Get a part time job during college and save your money. If you are old enough to be in college, you are old enough to get a credit card. You could even ask your parents for a loan.

20 schools is a ton. If you don't qualify for assistance, it isn't likely you will be able to apply to that many. I would pick 10 schools you will realistically go to based on your competitiveness.

You could also take a few gap years to save up money. Lots of options. Good luck

 

[techiewizz]

Have you looked into the credit cards specifically for college students? Most credit card companies have them these days. Also, I was approved for the FAP from AAMC but not from AACOMAS and didn't really know why

My parents make 65-68k (including my income, which was like 3k or something), will i get fee assisfance from aacomas?

 

[Ogmora]

I have been hearing more and more on this which gives me hope. When do you normally fill out the AACOMAS FAP because it was confusing trying to figure it out. Is it in May? The AMCAS one you fill out now I know.

For AACOMAS you need the SAR report and your FAFSA, from what I remember. If you are an independent student (any grad student is independent or undergrad above age of 24(?), etc.) for the upcoming school year, you'll probably qualify, so long as your income is less than 150% of the poverty line. If you are a dependent student (ie your parents claimed you as a dependant on their tax returns) your EFC (expected family contribution) on the FAFSA needs to be below a certain amount (usually the cost of tuition) to qualify. For AMCAS, I believe they do not consider dependent vs. independent status of the student and only take into account the parents income. If your parents income is within 300% of poverty line you qualify for AMCAS FAP. (I may have some of the details/numbers wrong since it's been a year or so since I filed mine, so definitely do a quality check before taking my advice)

When you apply for AACOMAS fee assistance, make sure you do it as early as possible...BUT do not submit it too early. If you send it in a day before they accept them, they'll throw it out and won't notify you that they threw it out, so you'll wind up sitting there waiting for them to approve you while everyone else who sent it in a day later is getting approved. I think they start accepting mid-April, but your best bet is to check the AACOMAS handbook or call them up and find out. The later you send it in, the longer it will take to process and your app will get delayed as a result.

Have you looked into the credit cards specifically for college students? Most credit card companies have them these days. Also, I was approved for the FAP from AAMC but not from AACOMAS and didn't really know why

I had a friend who had the same thing happen to him. Basically, he was a dependent student whose EFC was above his cost of tuition (very cheap state school tuition) but his family income was within 300% of the poverty level which is what qualified him.

My parents make 65-68k (including my income, which was like 3k or something), will i get fee assisfance from aacomas?

If you're an independent student, yes.

If you are a dependant student, it would depend on the size of your family and the cost of your tuition...Fill out the FAFSA, see what the EFC comes out to and call AACOMAS to get the exact numbers on what you need to be considered for the fee assistance.

 

[techiewizz]

For AACOMAS you need the SAR report and your FAFSA, from what I remember. If you are an independent student (any grad student is independent or undergrad above age of 24(?), etc.) for the upcoming school year, you'll probably qualify, so long as your income is less than 150% of the poverty line. If you are a dependent student (ie your parents claimed you as a dependant on their tax returns) your EFC (expected family contribution) on the FAFSA needs to be below a certain amount (usually the cost of tuition) to qualify. For AMCAS, I believe they do not consider dependent vs. independent status of the student and only take into account the parents income. If your parents income is within 300% of poverty line you qualify for AMCAS FAP. (I may have some of the details/numbers wrong since it's been a year or so since I filed mine, so definitely do a quality check before taking my advice)

When you apply for AACOMAS fee assistance, make sure you do it as early as possible...BUT do not submit it too early. If you send it in a day before they accept them, they'll throw it out and won't notify you that they threw it out, so you'll wind up sitting there waiting for them to approve you while everyone else who sent it in a day later is getting approved. I think they start accepting mid-April, but your best bet is to check the AACOMAS handbook or call them up and find out. The later you send it in, the longer it will take to process and your app will get delayed as a result.



I had a friend who had the same thing happen to him. Basically, he was a dependent student whose EFC was above his cost of tuition (very cheap state school tuition) but his family income was within 300% of the poverty level which is what qualified him.



If you're an independent student, yes.

If you are a dependant student, it would depend on the size of your family and the cost of your tuition...Fill out the FAFSA, see what the EFC comes out to and call AACOMAS to get the exact numbers on what you need to be considered for the fee assistance.

My efc is 9.9k. Im an only child, so there are 3 people total in my family. I am not independent. My college tuition is like 10k a year.

 

[Awesome Sauceome]

For AACOMAS you need the SAR report and your FAFSA, from what I remember. If you are an independent student (any grad student is independent or undergrad above age of 24(?), etc.) for the upcoming school year, you'll probably qualify, so long as your income is less than 150% of the poverty line. If you are a dependent student (ie your parents claimed you as a dependant on their tax returns) your EFC (expected family contribution) on the FAFSA needs to be below a certain amount (usually the cost of tuition) to qualify. For AMCAS, I believe they do not consider dependent vs. independent status of the student and only take into account the parents income. If your parents income is within 300% of poverty line you qualify for AMCAS FAP. (I may have some of the details/numbers wrong since it's been a year or so since I filed mine, so definitely do a quality check before taking my advice)

When you apply for AACOMAS fee assistance, make sure you do it as early as possible...BUT do not submit it too early. If you send it in a day before they accept them, they'll throw it out and won't notify you that they threw it out, so you'll wind up sitting there waiting for them to approve you while everyone else who sent it in a day later is getting approved. I think they start accepting mid-April, but your best bet is to check the AACOMAS handbook or call them up and find out. The later you send it in, the longer it will take to process and your app will get delayed as a result.



I had a friend who had the same thing happen to him. Basically, he was a dependent student whose EFC was above his cost of tuition (very cheap state school tuition) but his family income was within 300% of the poverty level which is what qualified him.



If you're an independent student, yes.

If you are a dependant student, it would depend on the size of your family and the cost of your tuition...Fill out the FAFSA, see what the EFC comes out to and call AACOMAS to get the exact numbers on what you need to be considered for the fee assistance.

Heres the problem and I emailed them about this:
I do not have a SAR since I graduated over a year ago and am working.
My previous tax return is not even remotely accurate to my financial stuff now. 1 year ago I was living home, dependent, etc. Now I am 900 miles away, married, independent, paying my own bills etc.
Really really big difference in my finances haha. My parents will be contributing absolutely nothing to my application and contribute absolutely nothing (monetarily) to regular life.

Would my best bet be to file FAFSA this year? like as if I was going to be going to school next year?

 

[Ogmora]

Heres the problem and I emailed them about this:
I do not have a SAR since I graduated over a year ago and am working.
My previous tax return is not even remotely accurate to my financial stuff now. 1 year ago I was living home, dependent, etc. Now I am 900 miles away, married, independent, paying my own bills etc.
Really really big difference in my finances haha. My parents will be contributing absolutely nothing to my application and contribute absolutely nothing (monetarily) to regular life.

Would my best bet be to file FAFSA this year? like as if I was going to be going to school next year?

Yes. As long as your income is less than 150% of poverty line. Just because you fill out the FAFSA doesn't mean you are definitely going to school, it only means you are considering it. If you will be a grad student, then you will be independent for tuition purposes.

My efc is 9.9k. Im an only child, so there are 3 people total in my family. I am not independent. My college tuition is like 10k a year.

Are you going to be a graduate student starting in the fall? If so, you'll qualify for AACOMAS because your income is less than 150% and you'll be considered an independent student.

If you will still be an undergrad and considered a dependent student for loan purposes, you probably won't qualify for AACOMAS, but you may qualify for AMCAS (depending on what the poverty level is this year for a family of 3)

 

[Awesome Sauceome]

Yes. As long as your income is less than 150% of poverty line. Just because you fill out the FAFSA doesn't mean you are definitely going to school, it only means you are considering it. If you will be a grad student, then you will be independent for tuition purposes.



Are you going to be a graduate student starting in the fall? If so, you'll qualify for AACOMAS because your income is less than 150% and you'll be considered an independent student.

If you will still be an undergrad and considered a dependent student for loan purposes, you probably won't qualify for AACOMAS, but you may qualify for AMCAS (depending on what the poverty level is this year for a family of 3)

I am not a grad student, just working. But sounds good, I will go for it then. Thanks a bunch

 

[techiewizz]

Yes. As long as your income is less than 150% of poverty line. Just because you fill out the FAFSA doesn't mean you are definitely going to school, it only means you are considering it. If you will be a grad student, then you will be independent for tuition purposes.



Are you going to be a graduate student starting in the fall? If so, you'll qualify for AACOMAS because your income is less than 150% and you'll be considered an independent student.

If you will still be an undergrad and considered a dependent student for loan purposes, you probably won't qualify for AACOMAS, but you may qualify for AMCAS (depending on what the poverty level is this year for a family of 3)

I'll be a graduate student when I start med school....... but before that, undergraduate.

 

[techiewizz]

Maybe I should get married lol and consider myself "independent"

 

[Awesome Sauceome]

Maybe I should get married lol and consider myself "independent"

not only the financial benefits but marriage is a pretty sweet gig if you find the right guy/gal

 

[techiewizz]

What is the fee waiver for AACOMAS like? I know in AMCAS they waive up to 14 secondary fees, right? And I think they waive that $35 fee that you have to send in when you send applications to each school (they also waive up to 14 of those, I think).

How does it work on AACOMAS?

 

[Awesome Sauceome]

I believe its 3 primaries and then its up to the schools for secondaries, but a lot of them waive it.

 

[TreadLightly]

I would NOT recommend getting a credit card and rack up like $3k in debt with the intention of paying it off later...That said, there are credit cards that you can get with zero-little credit history but the credit limit is going to be like $500 with high rates.

Just a note: DO secondaries are around the same as MD, maybe slightly cheaper. But when you get accepted you're going to have to put up $1-2,000 as a deposit almost immediately so it's probably a good idea to plan for where that money comes from before your loans kick in. Also for the record, MD schools (even private) tend to be cheaper than DO schools in terms of tuition so if you have the stats don't discount MD simply for secondary costs.

 

[techiewizz]

I would NOT recommend getting a credit card and rack up like $3k in debt with the intention of paying it off later...That said, there are credit cards that you can get with zero-little credit history but the credit limit is going to be like $500 with high rates.

Just a note: DO secondaries are around the same as MD, maybe slightly cheaper. But when you get accepted you're going to have to put up $1-2,000 as a deposit almost immediately so it's probably a good idea to plan for where that money comes from before your loans kick in. Also for the record, MD schools (even private) tend to be cheaper than DO schools in terms of tuition so if you have the stats don't discount MD simply for secondary costs.

I am not discounting MD. I will apply to a mix of MD and DO schools. I will not be applying to anything upper tier. The highest tier school I will apply to is a top 40 MD school which is my state school and prefers in state applicants (70% matriculants are in state). The other schools I will apply to are the private low tier MD schools (NYMC, Drexel.....), and some DO schools (a couple that are close to where I live, and some far away). This will probably make up about 20 schools.
Do you know which DO schools do NOT waive the secondary?

Also, can I get multiple credit cards, and take out $500 on multiple of them?
Also, can I take out grad plus loans for that $1k deposit thing? And when is the deadline for that deposit? I just want to make sure that I give a chance for MD schools to accept me, so I don't want to deposit anything too early.

 

[Ogmora]

I am not a grad student, just working. But sounds good, I will go for it then. Thanks a bunch

No problem.

 

[Lost Vagus]

I would highly suggest getting a job.

 

[techiewizz]

I already have a part time job, and I also have to contribute to my tuition. So half of my earnings goes towards tuition. Then I pay for phone bill. The rest, maybe $100-150 a month is mine. I won't be working in the summer (long story), so in total I have about 12 months to save. $150 times 12 =$1,800. Not enough. Maybe it will be enough to apply to like 10-12 schools, but there is no money left over for interview travel. That's why I am looking for other options of money making.

I was considering donating plasma twice a week for an entire year, but is that healthy and safe? To donate it twice a week for an entire year? That would yield me about 200 a month. Which would result in maybe an extra $2.4k. But is this sort of thing safe? Won't my vein be all poked up by needles and leave scars or something?

 

[bionerd89]

I already have a part time job, and I also have to contribute to my tuition. So half of my earnings goes towards tuition. Then I pay for phone bill. The rest, maybe $100-150 a month is mine. I won't be working in the summer (long story), so in total I have about 12 months to save. $150 times 12 =$1,800. Not enough. Maybe it will be enough to apply to like 10-12 schools, but there is no money left over for interview travel. That's why I am looking for other options of money making.

I was considering donating plasma twice a week for an entire year, but is that healthy and safe? To donate it twice a week for an entire year? That would yield me about 200 a month. Which would result in maybe an extra $2.4k. But is this sort of thing safe? Won't my vein be all poked up by needles and leave scars or something?

Are you being serious about donating plasma? Can't you take out student loans for your tuition? I would suggest that you get a student credit card. Having good credit card will help a lot especially when you apply for loans in med school.

 

[medickdb]

Are you being serious about donating plasma? Can't you take out student loans for your tuition? I would suggest that you get a student credit card. Having good credit card will help a lot especially when you apply for loans in med school.

Those drug companies need someone's plasma on which to test.

 

[Ogmora]

What is the fee waiver for AACOMAS like? I know in AMCAS they waive up to 14 secondary fees, right? And I think they waive that $35 fee that you have to send in when you send applications to each school (they also waive up to 14 of those, I think).

How does it work on AACOMAS?

I am not discounting MD. I will apply to a mix of MD and DO schools. I will not be applying to anything upper tier. The highest tier school I will apply to is a top 40 MD school which is my state school and prefers in state applicants (70% matriculants are in state). The other schools I will apply to are the private low tier MD schools (NYMC, Drexel.....), and some DO schools (a couple that are close to where I live, and some far away). This will probably make up about 20 schools.
Do you know which DO schools do NOT waive the secondary?

Also, can I get multiple credit cards, and take out $500 on multiple of them?
Also, can I take out grad plus loans for that $1k deposit thing? And when is the deadline for that deposit? I just want to make sure that I give a chance for MD schools to accept me, so I don't want to deposit anything too early.

AACOMAS waives first 3 primaries and (for me at least) the initial application fee. So anything after 3 is $35(?) per app. All the secondary fees are waived, except for a few schools that don't take the AACOMAS fee waiver (LECOM is one that comes to mind but if you check the information book on the aacom website you can see for sure).

You can get as many cards as you want...you can also max them out to their respective limits...and then close them too. Granted, you'll be reported to collection services in a heartbeat and your credit score will drop to double digits. Do some research on what credit is, how it works, the terms and vocabulary that are associated with it. After you get a good understanding of how credit cards work and how credit is calculated, research different credit cards to find the one that works best for your situation. Nothing is worse than getting into debt and not understanding how you got there. Believe me.

I highly suggest getting a job first before opening a credit card account. How are you going to pay for the card if you have no income?

If you're getting loans for undergrad then you can get the plus loans and use them however you want. Your parents have to cosign if you're an undergrad for the plus loans though. And I think it's based on their income. Do some research and you could probably figure it out.

 

[techiewizz]

Are you being serious about donating plasma? Can't you take out student loans for your tuition? I would suggest that you get a student credit card. Having good credit card will help a lot especially when you apply for loans in med school.

My parents hate loans or anything that has to do with debt. They pay for my tuition. I have to contribute half of my salary. If I don't work at all, then I don't contribute to tuition and they will pay for all of it, BUT that would leave me no money for myself and for med school apps. They won't pay for med school apps or interviews.

If I take out a student loan, my parents will find out, and they will kick me out and not pay for my tuition any more. The student loan won't be enough to cover all of tuition, and I won't have a place to stay or money to buy food.

So basically, student loans aren't an option if I want to graduate college. I am considering various odd ways to make money, and considering donating plasma, but I am not sure what are the side effects of that. Is it safe to do it for a long period of time twice a week?

 

[techiewizz]

AACOMAS waives first 3 primaries and (for me at least) the initial application fee. So anything after 3 is $35(?) per app. All the secondary fees are waived, except for a few schools that don't take the AACOMAS fee waiver (LECOM is one that comes to mind but if you check the information book on the aacom website you can see for sure).

You can get as many cards as you want...you can also max them out to their respective limits...and then close them too. Granted, you'll be reported to collection services in a heartbeat and your credit score will drop to double digits. Do some research on what credit is, how it works, the terms and vocabulary that are associated with it. After you get a good understanding of how credit cards work and how credit is calculated, research different credit cards to find the one that works best for your situation. Nothing is worse than getting into debt and not understanding how you got there. Believe me.

I highly suggest getting a job first before opening a credit card account. How are you going to pay for the card if you have no income?

If you're getting loans for undergrad then you can get the plus loans and use them however you want. Your parents have to cosign if you're an undergrad for the plus loans though. And I think it's based on their income. Do some research and you could probably figure it out.

Parents won't cosign for loans.
I was thinking that if I do get some sort of credit card to pay for med school apps, that I will pay it off with GRAD plus loans, when I start medical school.

 

[darklabel]

I would NOT recommend getting a credit card and rack up like $3k in debt with the intention of paying it off later...That said, there are credit cards that you can get with zero-little credit history but the credit limit is going to be like $500 with high rates.

Just a note: DO secondaries are around the same as MD, maybe slightly cheaper. But when you get accepted you're going to have to put up $1-2,000 as a deposit almost immediately so it's probably a good idea to plan for where that money comes from before your loans kick in. Also for the record, MD schools (even private) tend to be cheaper than DO schools in terms of tuition so if you have the stats don't discount MD simply for secondary costs.

Actually, I would suggest a credit card with a period of interest fee for about a year. Hopefully by then you'll be accepted and can pay off the credit card by using some of the CoA loans to pay it off before any interest hits you.

I got a Discover card and love it. 15 months interest free and about ~4k available to me and will pay it off before the interest hits (which is only 10.99% for me). But I have been building credit since the moment I turned 18. I agree with other posters that building credit is very important and the sooner you do it the better. Most mortgage companies (especially after the market crash of '08) want to see how you handle debt long term (such as a credit card) so the old saying of "No credit is good credit" isn't exactly true.

 

[techiewizz]

Actually, I would suggest a credit card with a period of interest fee for about a year. Hopefully by then you'll be accepted and can pay off the credit card by using some of the CoA loans to pay it off before any interest hits you.

I got a Discover card and love it. 15 months interest free and about ~4k available to me and will pay it off before the interest hits (which is only 10.99% for me). But I have been building credit since the moment I turned 18. I agree with other posters that building credit is very important and the sooner you do it the better. Most mortgage companies (especially after the market crash of '08) want to see how you handle debt long term (such as a credit card) so the old saying of "No credit is good credit" isn't exactly true.

what credit cards would I qualify for though? At age 18, without any cosigner, and only working 10 hours a week while going to college. I thought most credit cards require a minimum income of like 12k a year or something. Even for students...

 

[Awesome Sauceome]

Nah not true, I got a card my senior year just to start building credit. I was making like no money, just a part time CNA job. It only had like a 1500 spending limit and the interest was nuts. But just apply for a few. I applied for maybe 5 or 6 and got half of them. But be prepared to start getting spammed with junk mail once you get your first card haha

 

[Ogmora]

Actually, I would suggest a credit card with a period of interest fee for about a year. Hopefully by then you'll be accepted and can pay off the credit card by using some of the CoA loans to pay it off before any interest hits you

"Hopefully..." otherwise he's gonna have to work at the plasma donation place full-time to pay it off if he doesn't get in and has no loans to pay the bills with.

(@darklabel We probably have the same card b/c I got the same terms on my discover. not sure if yours looks the same as mine, but every time I hand mine to a cashier they have no idea what to do with it since it has nothing on the front)

Parents won't cosign for loans.
I was thinking that if I do get some sort of credit card to pay for med school apps, that I will pay it off with GRAD plus loans, when I start medical school.

How do you know you'll get the GRAD plus loans/get into med school? I'm sure most would agree it's a risky investment to borrow money that you plan on paying off with borrowed money that you may or may not even get.

 

[Ogmora]

Nah not true, I got a card my senior year just to start building credit. I was making like no money, just a part time CNA job. It only had like a 1500 spending limit and the interest was nuts. But just apply for a few. I applied for maybe 5 or 6 and got half of them. But be prepared to start getting spammed with junk mail once you get your first card haha

Literally. I get a new "pre-approval" card every day. Apparently I'm a hot commodity now.

 

[techiewizz]

"Hopefully..." otherwise he's gonna have to work at the plasma donation place full-time to pay it off if he doesn't get in and has no loans to pay the bills with.

(@darklabel We probably have the same card b/c I got the same terms on my discover. not sure if yours looks the same as mine, but every time I hand mine to a cashier they have no idea what to do with it since it has nothing on the front)



How do you know you'll get the GRAD plus loans/get into med school? I'm sure most would agree it's a risky investment to borrow money that you plan on paying off with borrowed money that you may or may not even get.

If I don't, then I won't be able to pay for medical school, because my parents will NOT be filling out the FAFSA. What do you do when your parents don't fill out the FAFSA for medical school?

 

[techiewizz]

Nah not true, I got a card my senior year just to start building credit. I was making like no money, just a part time CNA job. It only had like a 1500 spending limit and the interest was nuts. But just apply for a few. I applied for maybe 5 or 6 and got half of them. But be prepared to start getting spammed with junk mail once you get your first card haha

Were you of age 21 or older? I am under 21.

 

[techiewizz]

I also just found out the stafford loans for med students can be up to 57k per year. So if a DO school's tuition is like 48k, then I can use the other 9k for paying off credit card. And live in a homeless shelter XD

I don't know how I'll survive without GRAD PLUS loans, to be serious. Stafford loans may cover tuition, and a part of living expenses, but honestly, who can live on 9k a year? Rent with a room mate is about $400 a month including utilities (if we are talking about the cheapest possible), food at the cheapest is $100 a month, but then there is only $250 for transportation. That's not enough, considering gas would be at least $50-80 a month, insurance $100 a month, and car payments, $200 a month. Unless I get a cheaper car lol. Then 9k a year might work. I don't have a car right now, so I will have to get some sort of cheap car payment once in med school. I really don't want to get a car off of craigslist, because I did before, and lost quite a bit of money after it broke down in 3 days.

 

[bionerd89]

I also just found out the stafford loans for med students can be up to 57k per year. So if a DO school's tuition is like 48k, then I can use the other 9k for paying off credit card. And live in a homeless shelter XD

I don't know how I'll survive without GRAD PLUS loans, to be serious. Stafford loans may cover tuition, and a part of living expenses, but honestly, who can live on 9k a year? Rent with a room mate is about $400 a month including utilities (if we are talking about the cheapest possible), food at the cheapest is $100 a month, but then there is only $250 for transportation. That's not enough, considering gas would be at least $50-80 a month, insurance $100 a month, and car payments, $200 a month. Unless I get a cheaper car lol. Then 9k a year might work. I don't have a car right now, so I will have to get some sort of cheap car payment once in med school. I really don't want to get a car off of craigslist, because I did before, and lost quite a bit of money after it broke down in 3 days.

If you are so worried about money then maybe you should avoid applying to CA and NY..the rent and living expense in those states are really high..I would suggest that you try to talk to the person who is in charge of loans and finances at the medical school you are interested in attending..they will discuss all the loans with you...

 

[Ogmora]

I also just found out the stafford loans for med students can be up to 57k per year. So if a DO school's tuition is like 48k, then I can use the other 9k for paying off credit card. And live in a homeless shelter XD

I don't know how I'll survive without GRAD PLUS loans, to be serious. Stafford loans may cover tuition, and a part of living expenses, but honestly, who can live on 9k a year? Rent with a room mate is about $400 a month including utilities (if we are talking about the cheapest possible), food at the cheapest is $100 a month, but then there is only $250 for transportation. That's not enough, considering gas would be at least $50-80 a month, insurance $100 a month, and car payments, $200 a month. Unless I get a cheaper car lol. Then 9k a year might work. I don't have a car right now, so I will have to get some sort of cheap car payment once in med school. I really don't want to get a car off of craigslist, because I did before, and lost quite a bit of money after it broke down in 3 days.

Talk to a financial advisor and pre-med advisor at your school. They will help you and be able to cater advice to your specific situation much better than anyone on the internet.

 

[techiewizz]

Do pre-med advisors even know how to pay for medical school? And my undergrad university doesn't have a medical school.

 

[techiewizz]

If you are so worried about money then maybe you should avoid applying to CA and NY..the rent and living expense in those states are really high..I would suggest that you try to talk to the person who is in charge of loans and finances at the medical school you are interested in attending..they will discuss all the loans with you...

I won't be applying to any schools in CA. I will apply to low tier MD schools in NY (I guess I will somehow make the finances work if I get into an MD school in NY), but I won't apply to DO schools in those two states.

 

[Awesome Sauceome]

Do pre-med advisors even know how to pay for medical school? And my undergrad university doesn't have a medical school.

Haha depends on your school. I (along with some others) have had interesting experiences with pre-med advisers (basically not knowing what they heck they are talking about). However there are some gems out there that are veterans and know all of the ins and outs.

 

[Mad Jack]

Credit cards and savings. I used a mix of the two. If you don't qualify for the assistance programs, you're probably looking at 5-10k in expenses, depending on how many schools you interview at and how many applications you submit.

 

[Awesome Sauceome]

Have you found that a lot of the interview invites came around the same time?

Thats my big fear is that like I absolutely only have 1 deposit. And like some school thats lower on my list accepts me and then I am holding out for a better one that may or may not come, within the months following...