Impact of a bankruptcy on financing medical school (MD program)?

[wormboge]

What is the impact of a personal bankruptcy (by the student) on financing medical school (MD program)? After a bankruptcy, how long will it take to get private loans again? Is it possible to attend without private loans? Cosigners are not available.

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[TMP-SMX]

If you are going to school in the US and are a US citizen you won't need private loans

 

[thatsrad]

You will have a very difficult time. Even state schools have cost of attendance in the $40-50k/year range and I believe Stafford loans max at about $20,500/year. You can’t get GradPLUS for 10 years after bankruptcy without a co-signer. You’re unlikely to qualify for private loans, especially with little or no income during school.

Are you sure absolutely nobody will co-sign GradPLUS loans? Otherwise you may be out of luck.

 

[TMP-SMX]

You will have a very difficult time. Even state schools have cost of attendance in the $40-50k/year range and I believe Stafford loans max at about $20,500/year. You can’t get GradPLUS for 10 years after bankruptcy without a co-signer. You’re unlikely to qualify for private loans, especially with little or no income during school.

Are you sure absolutely nobody will co-sign GradPLUS loans? Otherwise you may be out of luck.

This is incorrect advice. The maximum stafford loan amount per year for professional students is $40,500. OP how long ago was your bankruptcy?

 

[thatsrad]

This is incorrect advice. The maximum stafford loan amount per year for professional students is $40,500. OP how long ago was your bankruptcy?

You’re right, $40,500 for medical school. But even the cheapest in-state schools are higher than this in total COA. Maybe you can live especially frugally at some medical schools and take out only $40,500, which will be less than the COA max.

 

[TMP-SMX]

In terms of grad plus it's fairly easy to qualify. Bankruptcy may make it difficult but it depends how long ago (typically must be for more than 5 years unless there were some extenuating circumstances around the bankruptcy). It also depends on the type of bankruptcy. Someone who had a bankruptcy shouldn't really be thinking frugally about where or if they really should be going to medical school as there is a large temptation throughout the 20s in running up more debt. There are a few opportunities to make some cash during medical school but a lot depends on overall plans and how efficient someone is.

 

[thatsrad]

In terms of grad plus it's fairly easy to qualify. Bankruptcy may make it difficult but it depends how long ago (typically must be for more than 5 years unless there were some extenuating circumstances around the bankruptcy). It also depends on the type of bankruptcy. Someone who had a bankruptcy shouldn't really be thinking frugally about where or if they really should be going to medical school as there is a large temptation throughout the 20s in running up more debt. There are a few opportunities to make some cash during medical school but a lot depends on overall plans and how efficient someone is.

Bankruptcy makes it impossible to get a GradPLUS loan for 5 years. Unless you get a co-signer, which is what I recommend, if at all possible.

 

[TMP-SMX]

Bankruptcy makes it impossible to get a GradPLUS loan for 5 years. Unless you get a co-signer, which is what I recommend, if at all possible.

Isn't that what I said? Though it's not absolutely impossible. I would guess if one was serving in the military and something catastrophic happens it might be seen as an extenuating circumstance that would make one eligible again despite a bankruptcy. Since we have no idea what happened with the OP who knows.