Loans for the initial deposit

[mj42]

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Please excuse my laziness. I just want to know if programs usually offer loans for the initial deposit. I just got accepted and need to pay about $1000 by the end of December but I simply can not afford it right now. Thanks for any help fellow Docs.

 

[Chocolate Bear]

Please excuse my laziness. I just want to know if programs usually offer loans for the initial deposit. I just got accepted and need to pay about $1000 by the end of December but I simply can not afford it right now. Thanks for any help fellow Docs.

I haven't heard of any schools helping you with that portion, but you can find a private loan or credit card to help. Then pay it off later with school loans, since the deposit goes toward tuition.

 

[ShyRem]

Some schools will allow you to defer for a couple weeks if you contact them and explain. However, if you try and say "can I defer until Jan 15" or some other significant date that sounds suspiciously like another deadline for another school's deposit, they are likely to say no figuring you just don't want to pony up the cash for deposits for med school. I know, and I agree that non-refundable deposits are total crap and an unethical money maker for med schools, but that's how it is.

You have nothing to lose by asking for an extension.

 

[Chocolate Bear]

Some schools will allow you to defer for a couple weeks if you contact them and explain. However, if you try and say "can I defer until Jan 15" or some other significant date that sounds suspiciously like another deadline for another school's deposit, they are likely to say no figuring you just don't want to pony up the cash for deposits for med school. I know, and I agree that non-refundable deposits are total crap and an unethical money maker for med schools, but that's how it is.

You have nothing to lose by asking for an extension.

Very good points. Yes, many schools will give you a break on the due date if you talk to the dean and ask politely. Don't be rude if they don't let you though.

 

[IamAriDO]

Just echoing above...I got a zero interest credit card that had the rate for a year. Put my deposit on that, payed $24 a month min payment until loans came in....the deposit is credited to your first bill at my school. So I payed off the remainder of the card, took the points and bought an iPod.

IamAriDO

 

[OsteoAlloDoc]

Some schools will allow you to defer for a couple weeks if you contact them and explain. However, if you try and say "can I defer until Jan 15" or some other significant date that sounds suspiciously like another deadline for another school's deposit, they are likely to say no figuring you just don't want to pony up the cash for deposits for med school. I know, and I agree that non-refundable deposits are total crap and an unethical money maker for med schools, but that's how it is.

You have nothing to lose by asking for an extension.

Its interesting how Allopathic schools ask for only a small deposit. Hopkins only requests $100 to hold a place in that class, I think its extremely unfair for schools to ask for such large amounts of money.

 

[TopQuark]

Its interesting how Allopathic schools ask for only a small deposit. Hopkins only requests $100 to hold a place in that class, I think its extremely unfair for schools to ask for such large amounts of money.

If you don't want to go to the school, then don't pay the deposit. This way schools can keep slots open for people that are seriously interested in attending.

 

[bainrd]

Its interesting how Allopathic schools ask for only a small deposit. Hopkins only requests $100 to hold a place in that class, I think its extremely unfair for schools to ask for such large amounts of money.

I think it is unfortunately because DO schools have historically, and even still today, been used as a backup plan by some until they hear about their MD programs. High deposits make applicants more accountable for their decision to hold multiple spots. The public/state DO schools (MSU, OU, OSU, UMDNJ) have smaller deposits, but there are just more private DO schools. Regardless, some are just ridiculous though like like Wm. Carey ($3000 deposit, ouch.)