How do you plan on paying the safety deposit for med school?

[TunnuS]

Ok guys so I've been waitlisted at two NY osteopathic schools for the 2014-2015 admission cycle. I'm really desperate to get in. However, if that does happen, I'm not really sure how I'll pay the 2000$ deposit that's due within 2 weeks of the acceptance notice. I know financial aid and loans don't kick in till much later, once you've already registered for classes. So what do students in my situation typically do? Pay from savings? Take out a personal loan at a bank? Ask family? I am financially handicapped at this point and at a loss of what I would do if an acceptance was coming my way (hopefully). Any and all advice is welcomed. Thanks

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[Gandyy]

If you have no options at all, get a loan from a bank. I believe you need a decent line of credit for that too though. Before you do all that, maybe if you make a case about your situation the school will allow you to use their financial aid to pay it?

If I were you though I would ask friends or family FIRST.

 

[FutureDrB]

Family and friends first.
Bank if you have good credit.
If all else fails, and I mean ALL ELSE fails, and I mean after you've stood on the corner with a can and a nifty sign, there are plenty of payday/online loan places that will be happy to charge you 600% interest on a short-term loan...but at least you'll have your seat.

 

[xxxxxxxxxxxxxxx]

As others have said, definitely go to friends and family first. I'm not sure on the specifics on your financial situation, but if I were you and I couldn't find help elsewhere, I would absolutely take it out of my savings.

That obviously just depends on how strapped for cash you are, though...so I'm not sure if I could responsibly tell you to spend your savings

 

[TunnuS]

Family and friends first.
Bank if you have good credit.
If all else fails, and I mean ALL ELSE fails, and I mean after you've stood on the corner with a can and a nifty sign, there are plenty of payday/online loan places that will be happy to charge you 600% interest on a short-term loan...but at least you'll have your seat.

Lol...That can and sign visual just made my day

 

[TunnuS]

That obviously just depends on how strapped for cash you are, though...so I'm not sure if I could responsibly tell you to spend your savings

Sadly i dont have anything in savings right now

 

[samac]

The school and government won't let you get financial aid before you're enrolled, and you have to be enrolled to get that.

My recommendation is save now. Any penny you can get that you would go out to eat with, basically anything non essential put aside. Then ask family and friends. And lastly loans.

 

[KO_TV]

You can always start a GoFundMe and advertise it to friends and family. I know one of my friends, in particular, did this and you'd be surprised at how many people helped out. He funded his entire trip to New Mexico for his biological illustrations internship.

 

[deleted480308]

Sell stuff, talk to the school about an adjustment of the amount and borrow from family

DO NOT take out some shady loan that you can't pay. If you fall behind on that and go into default it will effect you getting your loans to pay for living expenses in school

 

[Elleiram]

Get a credit card that has a 0% interest for the first year?

 

[Seth Joo]

I was wondering why deposits for DO schools are so high but apparently I was told the reason the schools charge high acceptance deposits is to prevent people from reserving multiple acceptances. Deposits for MD schools are low, usually around $100 to keep your seat at a top tier MD school.

I think you should look into personal loans or family, if the latter is not willing to help you look into personal loans.

 

[deleted480308]

I was wondering why deposits for DO schools are so high but apparently I was told the reason the schools charge high acceptance deposits is to prevent people from reserving multiple acceptances. Deposits for MD schools are low, usually around $100 to keep your seat at a top tier MD school.

I think you should look into personal loans or family, if the latter is not willing to help you look into personal loans.

I think it's both a fundraising function of DO schools being more likely private as well as the reality the DO schools are more likely to be dropped by someone who gets and MD acceptance.

At the end of the day, the higher deposit is the opportunity cost of not having stats high enough to have acceptances at schools with lower deposits. it is what it is

 

[Seth Joo]

I think it's both a fundraising function of DO schools being more likely private as well as the reality the DO schools are more likely to be dropped by someone who gets and MD acceptance.

At the end of the day, the higher deposit is the opportunity cost of not having stats high enough to have acceptances at schools with lower deposits. it is what it is

The admissions staff at my school told me the reason they charge a high deposit fee is because they want to prevent people from taking multiple acceptances. My school gives you four months to pay the deposit. Giving someone two weeks to pay 2000 dollars is ridiculous.

A friend of mine got into a top 5 MD program and only had to pay 100 dollars.

 

[ChrisMack390]

This policy is absurd and I refuse to apply to the NY DO schools because of it.

 

[deleted480308]

The admissions staff at my school told me the reason they charge a high deposit fee is because they want to prevent people from taking multiple acceptances. My school gives you four months to pay the deposit. Giving someone two weeks to pay 2000 dollars is ridiculous.

two weeks in september is ridiculous.....two weeks in june is not, school starts in 6 weeks

 

[TunnuS]

A friend of mine got into a top 5 MD program and only had to pay 100 dollars.

Wow would love to be in his shoes

 

[kalat]

Like everyone else said: ask family first. Don't ask friends or never take a loan from a friend you want to lose. If your credit is good you will have an easy time finding a card that has 0% APR for 9-12 months (e.g. this means you pay no interest, and can just pay it off with your loans when you matriculate). If your credit is even better you can often find cards which will have spending bonuses.

For example, I found a card that gives you back $100 for spending $1,000. Make sure you look hard at the card itself when going through these bonuses though as big bonuses aren't always better. I chose the $100/$1,000 card, but there was at least a $250/$1,000 available that I didn't like the terms/perks on.

If your credit is bad and you don't have any family or friends you need to be talking to the school directly about your options. If you are truly unable to pay I have to imagine they will find some sort of option for you. As a final aside, yes, these deposits are absolutely ludicrous... Someone needs to step in and cap them around $250-500 which I think is reasonable given the schools desires to not have a revolving door of acceptances.

 

[ChrisMack390]

For some reason I thought this was a policy more specific to the 2 schools in New York, but on second look I see its pretty across the board.

That is so obnoxious. So no one should be applying to multiple schools? Just because a school isn't my top choice doesn't mean I wouldn't love to go to it if my top choice doesn't work out...