I know this has been asked before

[tkim]

And I've read the thread I've found about it.

But I have to ask once again - is there any way to borrow more money than what the financial aid office certifies you as needing?

My wife is due to deliver in June, and since she will be out of the job market for at least the first 6 months if not the year, I'm looking for some way to borrow the extra money to support her and our baby.

I'm currently looking into HPSP, but would probably prefer to delay and enter FAP once my residency is set. So, borrowing more money is the only way I can see us surviving the first year of school.

Anyone have any leads to private loans? Or do schools increase the sutdent budget to allow for this? My previous readings indicate no, but there isn't much info on how to make up the difference. Any suggestions would be appreciated!

- Tae

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[Andrew_Doan]

Originally posted by tkim6599
And I've read the thread I've found about it.

But I have to ask once again - is there any way to borrow more money than what the financial aid office certifies you as needing?

My wife is due to deliver in June, and since she will be out of the job market for at least the first 6 months if not the year, I'm looking for some way to borrow the extra money to support her and our baby.

I'm currently looking into HPSP, but would probably prefer to delay and enter FAP once my residency is set. So, borrowing more money is the only way I can see us surviving the first year of school.

Anyone have any leads to private loans? Or do schools increase the sutdent budget to allow for this? My previous readings indicate no, but there isn't much info on how to make up the difference. Any suggestions would be appreciated!

- Tae

Congrats on the new baby! You can take additional loans out in the form of private loans or unsubsidized federal loans. I took out unsubsidized federal loans when we had our first baby. The kicker is that interests accrues while you're in school.

 

[tkim]

Originally posted by Ophtho_MudPhud
Congrats on the new baby! You can take additional loans out in the form of private loans or unsubsidized federal loans. I took out unsubsidized federal loans when we had our first baby. The kicker is that interests accrues while you're in school.

Thanks for replying!

So, I can take out private loans or max out unsub fed loans beyond what the finan aid office has certified as my need? That would be a very comforting thing to know.

- Tae

One of my good friends from HS and one of my phil profs in college both went to Reed. Nothing much to that, but I just wanted to mention.

Thanks again for replying.

 

[kd]

Ba careful about this! My school abolutely will NOT let you borrow unsub Stafford beyond the budget. You can petition the school for adjustments to the budget, but they are not allowed to include dependents in these expenses, except for daycare costs. My FAO said I could get a private loan to cover dependent health insurance, but that was it. Best thing to do is check with your FAO first.

Originally posted by tkim6599
Thanks for replying!

So, I can take out private loans or max out unsub fed loans beyond what the finan aid office has certified as my need? That would be a very comforting thing to know.

- Tae

One of my good friends from HS and one of my phil profs in college both went to Reed. Nothing much to that, but I just wanted to mention.

Thanks again for replying.

 

[paean]

Congratulations on the new arrival. I have some non-loan ideas that you may want to look into.

1. WIC This is a program that provides food coupons (like food stamps, except that they are for specific, supposedly nutritious, items) to pregnant and nursing Women, Infants, and Children under the age of five. If you eat mostly what they provide, it's often enough food for two adults.

2. Food stamps (the regular kind). If you don't have assets like owning a house, and have no income, you will probably be eligible.

3. State sponsored children's health insurance. In CA the program goes by the name Healthy Families, and can cost as little as $5 a month for comprehensive coverage for persons under 18.

4. AFDC, aka welfare. You have no income, you wife will have none, you may qualify for a few months before she is able to return to work. This isn't an option a lot of medical students think about going for, but it certainly is a possibility.

Make sure that you are getting any low income discounts you are eligible for from all your phone and utility companies, that can bring costs down.

In terms of loans, certainly ask your FAO about possibilities. Beg, plead or cry if you feel it might help. If you find a way to get more money, let us know how, please? UCSF says that rarely, but occasionally, they do increase budgets to cover dependant child costs for single parents (but not if you have a stay at home partner) beyond childcare, so sometimes the firm rules have exceptions.

Good luck.

 

[Adcadet]

Originally posted by paean
Congratulations on the new arrival. I have some non-loan ideas that you may want to look into.

1. WIC This is a program that provides food coupons (like food stamps, except that they are for specific, supposedly nutritious, items) to pregnant and nursing Women, Infants, and Children under the age of five. If you eat mostly what they provide, it's often enough food for two adults.

2. Food stamps (the regular kind). If you don't have assets like owning a house, and have no income, you will probably be eligible.

3. State sponsored children's health insurance. In CA the program goes by the name Healthy Families, and can cost as little as $5 a month for comprehensive coverage for persons under 18.

4. AFDC, aka welfare. You have no income, you wife will have none, you may qualify for a few months before she is able to return to work. This isn't an option a lot of medical students think about going for, but it certainly is a possibility.

Make sure that you are getting any low income discounts you are eligible for from all your phone and utility companies, that can bring costs down.

In terms of loans, certainly ask your FAO about possibilities. Beg, plead or cry if you feel it might help. If you find a way to get more money, let us know how, please? UCSF says that rarely, but occasionally, they do increase budgets to cover dependant child costs for single parents (but not if you have a stay at home partner) beyond childcare, so sometimes the firm rules have exceptions.

Good luck.

Oh my. My fiance and I are discussing how to have a child with me still in school. Scarry to think that we may have to go on wellfare to do it.

 

[edmadison]

A good resource for eligability requirements for public assistance are social workers. Your hospital should have a ton of them. I would suggest the pediatrics department. They will know all the ins and outs of these programs.

Ed

 

[tkim]

Yow - welfare, social workers, oh my!

I will definitely have to call the school FAO first to see what the deal is.

It's really this first year that'll be the most problem, financially. We've got a cross-country move to plan - with a delivery time close to the move time. I've got dogs that will complicate finding housing as well. I'm sersiously considering asking my parents for a loan for the first year until the wife can go back to work.

*sigh*

Getting accepted was damn hard. Making it feasible might prove to be rather difficult as well.

Thanks for all the advice and well-wishes! It's really one of the only positives of this experience so far. God knows the application process was no all-you-can-eat night at Sizzler.

- Tae