Soup

Running down a dream
10+ Year Member
Sep 25, 2004
164
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Right where I belong
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I'm having a difficult time figuring out where to turn to for school loans over and above what the school has decided is my "cost of attendance." Most alternative loans say that they will lend up to "cost of attendance" minus other financial aid. For me that equals zero. I need another $1500 to $2000 a month to cover my bills. I don't live extravagantly but I have a family and a house and cars and other bills that I acquired before I started school. I own my own business but now as a get ready to start second year, I don't think that I can continue to own the company and go to school very much longer. If I'm able to sell the business, I'll be okay. If I can't sell it, I'll need some loan money to cover my bills. I have great credit and my wife has a good job (although we will be having a baby in the spring and she'll be home for a few months). Does anybody know of any good loan programs for a medical student that doesn't take into account "cost of attendance." It would be a real bonus if comes with some deferment/foreberance options for residency. If you know of anything, please let me know.
 

ShyRem

I need more coffee.
Moderator Emeritus
15+ Year Member
Jun 17, 2004
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Where I hang my hat.
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I also have a house, cars, a family, etc. My husband and children are moving to med school with me, and jobs in our new area pay about half of what my husband was making, but housing is more expensive. With his salary and the COA money, we'll be doing just fine. If, as you say, you don't live extravagantly, your "other bills" must be killing you slowly. Perhaps you need some credit counseling to assist you in those "other bills". It can really help lower your payments to something managable. Give 'em a call. Can't hurt. Other options: home equity loans, refinance of current mortgage, sell off high cost cars and buy something more economical (if applicable). Get creative. It is possible to live well and not spend a whole lot of money, but you sure won't be going to Disneyland or Europe every year for vacation.

As for loans above and beyond COA, I have no idea. If they exist, I'm pretty sure they won't be deferred.
 

adrienne729

New Member
10+ Year Member
Jul 3, 2006
2
0
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Medical Student
Check out the Bank of America Education Maximizer loan. (There are other student loans out there that don't require school certification, but that's the only one that I can think of right now)

Personally, I decided to look for a second mortgage / home equity loan / HELOC instead because the interest rates are significantly better.

Good luck!
 
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Soup

Running down a dream
10+ Year Member
Sep 25, 2004
164
1
Right where I belong
Status
Resident [Any Field]
ShyRem said:
I also have a house, cars, a family, etc. My husband and children are moving to med school with me, and jobs in our new area pay about half of what my husband was making, but housing is more expensive. With his salary and the COA money, we'll be doing just fine. If, as you say, you don't live extravagantly, your "other bills" must be killing you slowly. Perhaps you need some credit counseling to assist you in those "other bills". It can really help lower your payments to something managable. Give 'em a call. Can't hurt. Other options: home equity loans, refinance of current mortgage, sell off high cost cars and buy something more economical (if applicable). Get creative. It is possible to live well and not spend a whole lot of money, but you sure won't be going to Disneyland or Europe every year for vacation.

As for loans above and beyond COA, I have no idea. If they exist, I'm pretty sure they won't be deferred.
My other bills do indeed include a consolidation loan that I had to get due to the costs associated with my daughter's medical care for the two and half years before she passed away. I do not have any other unsecured or "bad" debt. My car is a used 1996 chevy. My estimate of another $1500-2000/mo is probably a little high ($700-1000/mo would probably be enough). It is just that I had to live skinny for a long time and would like to have a little cushion for a change -- a little "just in case" money so I don't fall into another hole if bad luck finds us again. If everything goes perfect we will probably be okay for the next couple of years, but if my wife goes on bed rest, her parents have more health problems, my car dies, or our new baby has health issues my current loans won't be enough. I'd just like to have access to a little more money so that I can concentrate fully on school.
 

jbone

Herro!
10+ Year Member
7+ Year Member
Sep 17, 2005
2,274
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Some freakin corn field in Iowa
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Soup said:
I'm having a difficult time figuring out where to turn to for school loans over and above what the school has decided is my "cost of attendance." Most alternative loans say that they will lend up to "cost of attendance" minus other financial aid. For me that equals zero. I need another $1500 to $2000 a month to cover my bills. I don't live extravagantly but I have a family and a house and cars and other bills that I acquired before I started school. I own my own business but now as a get ready to start second year, I don't think that I can continue to own the company and go to school very much longer. If I'm able to sell the business, I'll be okay. If I can't sell it, I'll need some loan money to cover my bills. I have great credit and my wife has a good job (although we will be having a baby in the spring and she'll be home for a few months). Does anybody know of any good loan programs for a medical student that doesn't take into account "cost of attendance." It would be a real bonus if comes with some deferment/foreberance options for residency. If you know of anything, please let me know.
Hey Soup,
I just recieved my check from Bank of America (Maximizer loan). If you want, I can give you all of the details. PM me if ANY of you need info. It sure is a life saver for my family and me.
 

ShyRem

I need more coffee.
Moderator Emeritus
15+ Year Member
Jun 17, 2004
9,798
128
Where I hang my hat.
Status
Attending Physician
I hear ya, Soup. I'm driving a 10 year old car, too. :) I love that car.

We do save a TON of money by purchasing groceries in bulk and freezing them. Especially beef - we buy that in blocks of 1/2 a cow, cut, wrapped & frozen for less per pound than the price of 92% lean burger at the store (and yes, that includes the choice ribeye steaks at the same price). While the initial outlay is outrageous, we save money in the long run. I grew up pretty poor, tho - I'm a pro at saving money in food bills with the least amount of time input.

Talk with your school's FA office as well - they're not unsympathetic and may have some reasonable ideas for you. I hope jbone can also help.
 
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