Ineligible for GradPLUS, what are my options? Don't apply?

[PotGoblinsales10]

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Ineligible for GradPLUS (I spoke on the phone with the government aid office who referred me to a website and stated I was ineligible secondary to civil default determination). My options:

1.) Wait 4 years before applying (because the default determination is not counted after 5 years and if I apply in 4 years, I'll matriculate in the 5th)

2.) Apply before the 5 years, but only to schools that offer PCL (primary care loans) and LDS (Loans forDisadvantaged Students), but it is not clear to me if PCL or LDS loans (along with direct sub/unsubsidized loans) can really cover the full tuition cost. If anyone has any info on this, please let me know!

Also let me know if it EVER possible to pay off medical school without gradPLUs. The Financial aid forum doesn't have many active users and I haven't had much luck there. Please do help if you know anything that may benefit me. I'm not interested in army service. Also I won't have the option of an in state medical school

I do not want to wait 4 years because I don't know what I'd do with my life for 4 years. Plus I'd have to retake the MCAT and explain to medical schools that I have been doing something proactive for these 4 years.

 

[all things possible]

I'm sorry, I don't follow you.

Are you an accepted student looking to matriculate to medical school this fall?

Edit: nevermind. So you're looking to apply but you're not eligible for gradplus. How do you even know without having applied yet or being accepted?

 

[thedoctorwillseeyounow]

If you have a credit worthy parent, spouse or sibling (or anybody who likes/trusts you enough) that will cosign you can get a private loan. You should be able to get a grad plus loan with a cosigner who meets the requirements. Honestly, I would never cosign for anyone (especially someone with a fresh judgement) but I'm sure most people don't feel as strongly about it as I do. If you can't get a cosigner, you may be able to rehab your credit to apply for a private loan yourself in 2-3 years but I'm not positive about this at all.

I'm not super familiar with the PCL or LDS loans but I know they are not available at all schools so that would be really hard to count on either way.

I'm going to med school without using grad plus but I'm going to my state school and I got a scholarship and have some money (i'm non trad, taking time off isn't the worst thing you can do!) so I'm only borrowing the direct unsubsidized loan.

I don't know the circumstances that led to the default judgement but that's a pretty serious delinquency. Whatever happens, you have to get on top of your finances, whenever you matriculate, there will be no room for error and you really don't need the distraction. The best thing I did for myself as an adult was develop a budget and learn to spend less than I make. Good luck!





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[drmantistobbogan]

Ineligible for GradPLUS (I spoke on the phone with the government aid office who referred me to a website and stated I was ineligible secondary to civil default determination). My options:

1.) Wait 4 years before applying (because the default determination is not counted after 5 years and if I apply in 4 years, I'll matriculate in the 5th)

2.) Apply before the 5 years, but only to schools that offer PCL (primary care loans) and LDS (Loans forDisadvantaged Students), but it is not clear to me if PCL or LDS loans (along with direct sub/unsubsidized loans) can really cover the full tuition cost. If anyone has any info on this, please let me know!

Also let me know if it EVER possible to pay off medical school without gradPLUs. The Financial aid forum doesn't have many active users and I haven't had much luck there. Please do help if you know anything that may benefit me. I'm not interested in army service. Also I won't have the option of an in state medical school

I do not want to wait 4 years because I don't know what I'd do with my life for 4 years. Plus I'd have to retake the MCAT and explain to medical schools that I have been doing something proactive for these 4 years.

As an older non-trad with old credit issues, this has been something that is on my mind. How did you go about finding out whether or not you qualified?

 

[deleted480308]

How much did you default on and what type of loan/debt?

The answer will likely end up being wait, I believe recent bad credit can effect military and the nhsc is not enough of a guarantee to bank on

 

[JB50]

If you have a credit worthy parent, spouse or sibling (or anybody who likes/trusts you enough) that will cosign you can get a private loan. You should be able to get a grad plus loan with a cosigner who meets the requirements. Honestly, I would never cosign for anyone (especially someone with a fresh judgement) but I'm sure most people don't feel as strongly about it as I do. If you can't get a cosigner, you may be able to rehab your credit to apply for a private loan yourself in 2-3 years but I'm not positive about this at all.

I'm not super familiar with the PCL or LDS loans but I know they are not available at all schools so that would be really hard to count on either way.

I'm going to med school without using grad plus but I'm going to my state school and I got a scholarship and have some money (i'm non trad, taking time off isn't the worst thing you can do!) so I'm only borrowing the direct unsubsidized loan.

I don't know the circumstances that led to the default judgement but that's a pretty serious delinquency. Whatever happens, you have to get on top of your finances, whenever you matriculate, there will be no room for error and you really don't need the distraction. The best thing I did for myself as an adult was develop a budget and learn to spend less than I make. Good luck!





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Anyone cosigning on 200k+ is a certifiable dummy. Or maybe my parents don't love me idk.

 

[jcorpsmanMD]

Anyone cosigning on 200k+ is a certifiable dummy. Or maybe my parents don't love me idk.

They don't love you bro.

 

[thedoctorwillseeyounow]

Anyone cosigning on 200k+ is a certifiable dummy. Or maybe my parents don't love me idk.

I used to listen to the Dave Ramsey show pretty often and you'd be surprised how many parents call in saying they cosigned on sometimes over $100K for little jimmy's UNDERGRAD loans and now little Jimmy doesn't have a job and the loans are past due. There are also a fair amount of calls from parents that take out parent plus loans for their child's undergrad thinking that the child will pay it back. These situations ruin families so I'm pretty sure your parents love you. A lot.


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[JB50]

I used to listen to the Dave Ramsey show pretty often and you'd be surprised how many parents call in saying they cosigned on sometimes over $100K for little jimmy's UNDERGRAD loans and now little Jimmy doesn't have a job and the loans are past due. There are also a fair amount of calls from parents that take out parent plus loans for their child's undergrad thinking that the child will pay it back. These situations ruin families so I'm pretty sure your parents love you. A lot.


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I was kidding. My parents covered like 80% of my undergrad. They do love me

 

[PotGoblinsales10]

How much did you default on and what type of loan/debt?

The answer will likely end up being wait, I believe recent bad credit can effect military and the nhsc is not enough of a guarantee to bank on

So I'm not sure if the story behind it counts. But basically, I took a home for rent with roommates, some roommates left, I couldn't stay in the home and pay. I paid the last months rent, but the landlord wanted me to pay the remainder 2 years of rent on the lease before I can leave. But I couldn't get a new roommates in time. So the default determination was issued for about $30,000 (which the the next 2 years of rent). But, i won't have to pay 30k, as once the landlord gets a new tenant, that would be decreased.

 

[PotGoblinsales10]

I have had acceptees in the past with similar issues that they couldnt even appeal thru proper channels. I have found some mixed success by having them contact their senators and congress member to intercede. They usually have a liaison to each federal department, including DOE. Writing a note about how you have been accepted to medical school with the appropriate achievement, the average earning of a doctor that makes you a low financial risk, etc. You can look up your members of the senator and house and on their website will be a process to contact them. Now I must warn you, this will likely will take several months and you may in fact have to take a deferral over it, but as I said I have had some mixed success in doing so

Thanks for the info. Will this work even if you are not a resident of the state in which the senator/congress member is? Let's say you are just in that state for medical school, does that have an impact on their response?

Also I can't tell if you are joking as I haven't found anything about this online. Any source you may have regarding this may be helpful!

 

[LivMoore]

Wait, some people's parents helped pay for college?! 🙁

Anyone cosigning on 200k+ is a certifiable dummy. Or maybe my parents don't love me idk.