How to Pay for Matriculation Fee?

[Doghead]

Was anyone able to find a defer-able loan to apply towards the matriculation fee?

I originally thought I could obtain a private student loan to cover the cost of down payment for acceptance, which I could then have deferred until graduation. However, after significant research I can find no such loan, as student loans are only given for tuition and curriculum costs.

A personal loan would be pointless, because it wouldn't be deferred so I would have to pay it back while in medical school, which is impossible because I won't have time to work. I have no one to borrow money from, and can't afford to pay it because I barely break even with rent each month.

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[LA1004]

Do you have a credit card (and does the school allow you to pay with it)? If so, there's one option.

I'm in a similar situation, and considered going to my bank, show them the acceptance letter and deposit requirements, and ask (beg) for a loan on that amount.

The way I see it you may have toev entually bite the bullet and get a personal loan, then pay it off via a part-time job before school starts or use part of your COA money to cover that bill. It sucks, but not being able to matriculate because of $2k would suck more, in my modest opinion.

 

[Doghead]

I agree and that's what I'm considering right now. I could only afford to pay off one loan before school starts though, so if I got accepted anywhere else (my dream school, for example) down the road, I'd have to pass it up I suppose. And no, only debit :/

 

[LA1004]

I agree and that's what I'm considering right now. I could only afford to pay off one loan before school starts though, so if I got accepted anywhere else (my dream school, for example) down the road, I'd have to pass it up I suppose. And no, only debit :/

Dang, that sucks. One school I got accepted to allows credit cards, so I'm good there. The other requires cold, hard, money order (or check).
Well, at the very least you know you will be in medical school next year (even if not in your #1 choice). It's a tough call. When do you need to submit the payment for the school you are already accepted at?

 

[Doghead]

October 27th, money or check order Meanwhile, I have an interview at my dream school on November 6th. I hope your bank has mercy on your ambitious soul

 

[db4277]

Can you pay off a personal loan with a student loan if you budget accordingly?

 

[Doghead]

Can you pay off a personal loan with a student loan if you budget accordingly?

Hey now that's an idea, I'll take a better look at that and see if I can pull that off. Thanks @db4277

 

[yanks26dmb]

OP put your place on airbnb to make few extra dollars. Sell plasma. Sell sperm. Cancel lease a month or two early and live out of your car or tent.

 

[Doghead]

OP put your place on airbnb to make few extra dollars. Sell plasma. Sell sperm. Cancel lease a month or two early and live out of your car or tent.

Haha you just summarized my senior year. I admire your grit. I'll do what it takes yanks, but damned if I don't try smarting my way out of it first.

 

[wxman393]

Yea, check a credit union if you have one in your area. They typically are more personable than the bigger banks/chains. When I was 22 and going to flight school, I borrowed $2400 to put a down payment on a car. Not only did they give me a loan, they gave it to me interest free and deferred payments until I graduated flight school. It's surprising what can happen when you explain your goals to a person in a polite way!

 

[Doghead]

Yea, check a credit union if you have one in your area. They typically are more personable than the bigger banks/chains. When I was 22 and going to flight school, I borrowed $2400 to put a down payment on a car. Not only did they give me a loan, they gave it to me interest free and deferred payments until I graduated flight school. It's surprising what can happen when you explain your goals to a person in a polite way!

Hey now, you must have some serious moxy to win that kinda favor. But I will absolutely check this out as well. Thank you for the feedback thus far everybody

 

[wxman393]

Hey now, you must have some serious moxy to win that kinda favor. But I will absolutely check this out as well. Thank you for the feedback thus far everybody

I think the funniest part is that I didn't ask for any of that! I just explained my situation and they offered the down payment (in the form of a check) and to start making payments when I graduated school. I must admit that this was down in south Alabama where everyone is friendly!

Are you by chance a USAA member? They are very good to work with, especially for "career starter" loans.

 

[Doghead]

I think the funniest part is that I didn't ask for any of that! I just explained my situation and they offered the down payment (in the form of a check) and to start making payments when I graduated school. I must admit that this was down in south Alabama where everyone is friendly!

Are you by chance a USAA member? They are very good to work with, especially for "career starter" loans.

Alas, I am not a member. And what is more, I am largely uninformed on the USAA when comparing it to other services 🤔

 

[wxman393]

Alas, I am not a member. And what is more, I am largely uninformed on the USAA when comparing it to other services 🤔

https://www.usaa.com/inet/pages/why_choose_usaa_main?wa_ref=pub_global_usaaandu#

 

[AlteredScale]

What about using a credit card and adjusting your medical loans to help you with your monthly payments?

 

[wxman393]

What about using a credit card and adjusting your medical loans to help you with your monthly payments?

I think the OP's school only takes check or money order (if I am not mistaken).

 

[AlteredScale]

I think the OP's school only takes check or money order (if I am not mistaken).

Oh I see, my bad!

 

[wxman393]

Oh I see, my bad!

No worries! I am actually surprised that some schools "still" don't accept credit card, especially for the initial deposits. While I know there are some schools out there with a rather inexpensive deposit (e.g., $500), a deposit of $2000 is a small fortune for most people applying to school. My wife and I are both active duty officers and I am dreading paying the $2000. That's a mortgage payment in some cases!

 

[Doghead]

https://www.usaa.com/inet/pages/why_choose_usaa_main?wa_ref=pub_global_usaaandu#

Gimme a day to look through this bit.

 

[AlteredScale]

No worries! I am actually surprised that some schools "still" don't accept credit card, especially for the initial deposits. While I know there are some schools out there with a rather inexpensive deposit (e.g., $500), a deposit of $2000 is a small fortune for most people applying to school. My wife and I are both active duty officers and I am dreading paying the $2000. That's a mortgage payment in some cases!

Thank you for your service first and foremost! My father was in the Navy for 10 years. May I ask: because you are already doctors, do you automatically receive the HPSP? I got to the first screening and they told me I was screened out after that unfortunately :/

Ahh yes the school I am putting my deposit to is also 2000, doesn't work on a SBUX pay rate! 😉

 

[diiaa36]

Just to throw it out there. My school's deposit is 3k. Having to borrow it from a close friend unfortunatly.

 

[wxman393]

Thank you for your service first and foremost! My father was in the Navy for 10 years. May I ask: because you are already doctors, do you automatically receive the HPSP? I got to the first screening and they told me I was screened out after that unfortunately :/

Ahh yes the school I am putting my deposit to is also 2000, doesn't work on a SBUX pay rate! 😉

Thank you for the support and thank you for your father's service. As far as the HPSP, I can only speak from the Army side. I don't know/never investigated Air Force or Navy. HPSP is competitive when you are going to a professional school (Medical, Dental, Vet, etc.). The Army has Minimum Acceptance Criteria (MAC) that must be met to be competitive. If not, you typically have to ask for a MAC waiver (e.g., low MCAT, low GPA, etc). You can, however, come into the Army through Direct Commissioning and apply for the loan repayment programs. The National Guard offers up to $240,000 repayment ($40,000 per year for six years). There really is no "automatic" HPSP that I am aware of, unless you got some really high up connections! I would venture to guess that current and former military servicemembers might have an "easier" shot (provided everything else is equal) at getting selected as they have already once proven their physical fitness, personal behavior, and typically have a security clearance. Just my opinion though.

 

[AlteredScale]

Thank you for the support and thank you for your father's service. As far as the HPSP, I can only speak from the Army side. I don't know/never investigated Air Force or Navy. HPSP is competitive when you are going to a professional school (Medical, Dental, Vet, etc.). The Army has Minimum Acceptance Criteria (MAC) that must be met to be competitive. If not, you typically have to ask for a MAC waiver (e.g., low MCAT, low GPA, etc). You can, however, come into the Army through Direct Commissioning and apply for the loan repayment programs. The National Guard offers up to $240,000 repayment ($40,000 per year for six years). There really is no "automatic" HPSP that I am aware of, unless you got some really high up connections! I would venture to guess that current and former military servicemembers might have an "easier" shot (provided everything else is equal) at getting selected as they have already once proven their physical fitness, personal behavior, and typically have a security clearance. Just my opinion though.

Thank you very much for your advice! I didn't know about the MAC waiver, perhaps I shall ask again.

 

[wxman393]

Thank you very much for your advice! I didn't know about the MAC waiver, perhaps I shall ask again.

As the old saying goes, "Everything in the Army is waiverable". But, with the drawdown, it might start getting tighter. Now that you have an acceptance, highly recommend you pursue this ASAP. The board meets once per month and packets are due by the first of the month for that month's board (e.g., by 1 NOV for the NOV board meeting). Since we are in a new fiscal year now (FY15), the scholarship pot is full of money!