Is BCOM the only DO school that doesn't offer federal loans?

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CantStop_WontStop

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I'm applying this upcoming cycle, but just read that federal loans are not available at BCOM. I didn't know this was a thing... since I most likely won't have any cosigner for private loans I'd like to remove schools from my list that are similar to BCOM in this regard.

Does any one happen to have information on which schools do not offer federal loans as a means of financial aid?
 
I believe any for-profit school is not going to have access to federal funding.
 
RVU had access to federal funding once it graduated its first class. The DO for-profits school that start out don't have access in their first year, but usually get it later on.

I really don't know how the guidelines work for new schools in terms of federal loans, because a lot of what is thrown around here on SDN are really guesses. For now, I believe only BCOM doesn't have access to federal loans (but you might as well try for the other new schools and ask later on during the interview stage about access to federal loans). You don't want to miss out on getting into a school altogether.
 
One of my friends attending BCOM this August told me that BCOM should be eligible for federal loans starting in August 2017.
 
I have been accepted into BCOM, but IDK if I will be attending or not. I will tell you what I know, though. BCOM has partnerships with Wells Fargo and Sallie Mae and a few other loan companies, but these two companies seems to be the most well-liked of the choices. I can tell you that you don't need a cosigner every loan, there are many loans where you can sign just by yourself, but remember that credit score and credit history will play a role in your interest rate. Out of those who have already applied, I believe the interest rate range has stretched from as low as 3.5% to 7%. Now you have to remember, normal federal medical school loans have an interest rate of 5.8% and the Graduate Plus loan which you will have to use if you exceed $250k in loans has a 6.8% interest rate. So, I don't think private loans are as big of a downfall as people might think. BCOM students WILL be eligible for federal loans near the end of our first or second year.
 
Okay great, thanks for the reply guys/gals... so it seems like BCOM should even have access to federal loans if i'm applying for the 2017 start, or at least by 2nd or 3rd year anyways, that's good to know. Like IslandStyle stated, it's probably best just to apply and ask about it during the interview also.
 
Just wanted to bump this because I have an additional question.... Does anybody know if branch campuses fall under the same "new school = no federal loan" gist as say BCOM? I was thinking specifically of the RVU-UT campus, as well as any other new branch campuses opening up.
 
Branch campuses for the most part have always gotten federal loans in the past since start up. However, with the dynamic of RVU-UT being for-profit it will be difficult to say if this same rule applies. I believe the incoming students of NYIT-Arkansas have access to federal loans, but this is both a combination of being a branch campus and being in partnership with a university.
 
Lots of misinformation about federal funding on this thread. Eligibility for federal funding is not related to the tax status of your school. There are many nonprofit colleges that do not have federal funding just like some for-profit colleges.
The application to apply for aid usually takes between 2-3 years because it usually takes that long for a school to have proven that it is financially and academically stable to request funds. There are also a ton of federal requirements that a school must meet to be qualified, most importantly Title IX. It takes a year or so for a school's title IX to be verified and accepted. The reason medical schools that are affiliated with large universities get federal funding quicker is because they "piggyback" on the Title IX and other programs of the main campus.
RVU, for example, does have a robust Title IX program with an institutional officer and, as such, it has full federal funding for student loans from the Department of Education.
BCOM has an institutional officer for Title IX but they are still waiting for verification, from what they told the new students. The school has said they are going to apply for federal aid and anticipate to be eligible in 2 years. I believe students are looking to SallieMae as well. Current students will be eligible for aid during their third year.
California Northstate has an agreement with SallieMae and the administration has stated on multiple occasions that they do not intend on filing the TitleIX paperwork or applying for aid from the DOE.

You should always try to avoid private loans as much as possible for a variety of reasons that are already discussed in details in other threads.
 
Lots of misinformation about federal funding on this thread. Eligibility for federal funding is not related to the tax status of your school. There are many nonprofit colleges that do not have federal funding just like some for-profit colleges.
The application to apply for aid usually takes between 2-3 years because it usually takes that long for a school to have proven that it is financially and academically stable to request funds. There are also a ton of federal requirements that a school must meet to be qualified, most importantly Title IX. It takes a year or so for a school's title IX to be verified and accepted. The reason medical schools that are affiliated with large universities get federal funding quicker is because they "piggyback" on the Title IX and other programs of the main campus.
RVU, for example, does have a robust Title IX program with an institutional officer and, as such, it has full federal funding for student loans from the Department of Education.
BCOM has an institutional officer for Title IX but they are still waiting for verification, from what they told the new students. The school has said they are going to apply for federal aid and anticipate to be eligible in 2 years. I believe students are looking to SallieMae as well. Current students will be eligible for aid during their third year.
California Northstate has an agreement with SallieMae and the administration has stated on multiple occasions that they do not intend on filing the TitleIX paperwork or applying for aid from the DOE.

You should always try to avoid private loans as much as possible for a variety of reasons that are already discussed in details in other threads.

Thank you for the informative post.

Just to make sure I finally understand the whole loan process correctly. Why in the case of RVU did it take 4 years even though the application process takes 2-3 years? I have also read from certain posters that ACOM had loans since the beginning (they are a stand alone non-profit school). Do you know for the reason for this also?

I just want to make sure I understand the federal funding application process correctly.
 
yes, thanks for the explanation. Since I won't have a cosigner and although I have a decent credit score, I also have current credit card debt and likely more by the end of the application cycle, I'm trying to avoid the extra $500+ expense to travel and interview at spots that will require private loans, since I can't guarantee I'll have access to the funds.
 
Thank you for the informative post.

Just to make sure I finally understand the whole loan process correctly. Why in the case of RVU did it take 4 years even though the application process takes 2-3 years? I have also read from certain posters that ACOM had loans since the beginning (they are a stand alone non-profit school). Do you know for the reason for this also?

I just want to make sure I understand the federal funding application process correctly.

Institutional Planning. RVU never promised to have loans up during their second year. Title IX is really expensive and an investment for a school. Some school plan for it from day 1 and others just plan for it differently I am guessing. I don't know. RVU students had an institutional private lender (i.e.: rich chairman/CEO) that provided these loans at a low rate regardless of credit score and didn't have to go to these big banks like Sallie Mae or Wells Fargo. This might have been why they took their sweet time to figure out their federal funding regulations/policies.
 
BCOM is gonna be a powerhouse DO program in the upcoming years. Mark my words.
 
We'll see if all their promises turn out to be true. I'm still skeptical.

I feel you on that man. I don't blame you! 🙂 Hopefully it turns out to surprise both of us in a positive manner.
 
Bu bu bu but the research center!!.......... For policy research.. Yeah that'll help you match ortho 🙄

policy, public health, are just as important and have done more for society in terms of life expectancy than biomedical research
 
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policy, public health, are just as important and have done more for society in terms of life expectancy than biomedical research

Source? Vaccines didnt increase life expectancy?

If that was the case then you would see the majority of nih funding going to public health but that is NOT the case.


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Source? Vaccines didnt increase life expectancy?

If that was the case then you would see the majority of nih funding going to public health but that is NOT the case.


Sent from my iPad using SDN mobile app


sanitation, clean water lead to spikes in life expectancy across world, basic PH measures
 
The only reason we knew those things were important was due to basic science research... Not too long ago the concept of bacteria and microorganisms was unimaginable.
 
sanitation, clean water lead to spikes in life expectancy across world, basic PH measures

Health policy research isnt publich health research though and thats bcoms research focus. There may be a good amount interested in that type of research but for those who want to do IM at a strong university hospital where research (biomed) is expected they are SOL.




Sent from my iPad using SDN mobile app
 
I better interject here since I feel there are some misconceptions on public health.

The first point made was that since biomedical research medical research has more funding it is considered important. Importance has nothing to do with funding. The largest reason why biomedical research has more NIH funding is because it generates money while public health interventions don't. For instance, making a vaccine generates money for the health industry (since the people themselves are paying for it). However, telling people to exercise/diet to stave off heart disease and diabetes doesn't generate money. It does however saves money in the long run, but people don't realize this (i.e. less dudes coming into the ER with a MI or heart failure => less costs for insurance companies and people and, yes, hospitals). The benefits of biomedical interventions can also be seen, such a drug therapy or surgical procedures. However, public health interventions are not nearly as visible, such a keeping water clean, proper sanitation, etc. (we even take it for granted, until its gone that is).

The second point made is that without an understanding of microorganisms there is no way public intervention against them could be done. Yes, it does help to know what we are up against and basic science discoveries have been pivotal against pandemics such as small pox. However, I can think of one famous example that counters this statement. You all remember Dr. John Snow, the founder of epidemiology. He was trying to figure out the cause of death of people with digestive problems in London. He surveyed the people and pin pointed the problem to a water pump in town. Had the water pump removed and the deaths due to the unknown disease dropped. This disease was, of course, Cholera but the best part was that he didn't even know it was a bacterium at all. A public health health intervention that was done without the understanding of the microorganism that caused it.

Even till this day when there is outbreak of a disease that is unknown, public health officials still try figure out ways to stop the spread of the disease even with minimal understanding of the pathogen (covering the mouth, or washing ones hands, etc.). It doesn't always follow the linear pattern of find out pathogen => figure out route of transmission => figure out public health measures.

Last point made is that it doesn't help for specialty specific research. This is true for the most part and it is always good to have research in the field. However, it won't be wise to brush it off entirely. There are still specialties in medicine that rely on such research such as preventative medicine or occupational medicine (requiring an MPH). So if one wanted to enter the field for residency (even in IM, FM, or Peds) or as a fellowship it could help having a publication in pubic health. I have heard many cases of SDN members doing public health research on the forum and wondering if it worth their while. Most members have said if it generates a pub then yes.
 
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