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Make sure you have a good CREDIT SCORE!

Discussion in 'Pre-Medical - DO' started by tucomnvms1, Jul 26, 2006.

  1. tucomnvms1

    tucomnvms1 Membership Revoked
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    Hey pre-meds, I am starting med school in 2 weeks.. The best advice I can give you pre-meds is to HAVE GOOD CREDIT!! They don't tell you untill it's too late that you must have no adverse things on your credit report in order to get the grad-plus loan. If your education is going to cost more than $38,000 (tuition, room, board, living expenses) then federal stafford loans won't cover anything past 38k.. You will have to pull out a grad plus loan to fill in the gap.. Example

    Tuition $30,000
    that leaves only $8000 for books, and living cost for the entire year so you will have to get a grad plus or private loan which means you need good credit!

    Good luck everyone!
     
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  3. mshheaddoc

    mshheaddoc Howdy
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    great point! This is part of the reason why we suggest you venture over to the financial aid/financial investment forums to ask any financial questions.

    This is the ONE class I wish everyone had to take. Personal Banking 101. There is a new name for our generation. Generation debt. There is actually a book out called that. I watched the author on the view describing all the issues that our generation has with financial issues. Credit card debt and misuse of credit is a huge issue.

    If you guys have any questions about credit/financial issues, the two forums mentioned above are great resources.

    Credit is one of the most important factors to live here in the US. Something you might not learn in college or high school. You might have a job and some money. But without financing, you can get in a jam if you need a new house or a car or even a cellphone.

    :luck:

    Mushy
     
  4. Kubed

    Kubed Mostly Harmless
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    I have a fried that just got divorced and is getting screwed trying to get loans for this year. It totally sucks. Be careful with your credit.
     
  5. JasonUD

    JasonUD PGY-I
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    Not true. We're getting $40,722 from the government for NYCOM. That's $32,222 in federal unsubsidized stafford loans and $8,500 in federal subsidized stafford loans.
     
  6. strawberryfield

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    I am also getting $34,400 unsub stafford and $8,500 sub, and taking an additional $13,700 w/ a plus loan. My credit is not perfect (I do have some debt--car, credit cards) but I was not over 90 days late on any payments and have no bankruptcies which I believe are the main criteria for the Grad PLUS loan, I was approved in a few seconds, actually... this whole fin aid thing has been much easier than I expected, maybe I'm just lucky, I dunno :rolleyes: that's for an 11 month school year
     
  7. JonnyG

    JonnyG IN the hospitals....
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    Thats because you go to class a month more than everyone else.
     
  8. mshheaddoc

    mshheaddoc Howdy
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    I just got this PM: I figured I would share with the OP's permission! :D


    myfico is a good site to get an idea. If you only got 2 scores they usually would be from two major companies, right?

    Certain companies use all three or two of them and then then might average them. Every company might be different but usually they will take your highest score. One score is not looked upon as more favorable.

    To learn about what is good ... you can look here
     
  9. Barts

    Barts Member
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    Great information and thanks for the link! :)
     
  10. JasonUD

    JasonUD PGY-I
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    What??? We do? We go from August 22 - May 31...how are most schools?
     
  11. dtrain5

    dtrain5 Member
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    Thank you guys for this information. This is one thing that I had no idea about. My credit is terrible because the only thing that I have on my report is undergrad debt, and a paid collection from when I was 16. My parents forgot to pay a $75 co-pay for an MRI. Isn't that cool that you can get totally screwed before you even know what a credit score is. I did not even know I had a bad score until I got rejected by every credit card application I applied for in college. The worst part of it, my dad is the CEO of a group of banks. :eek:
     
  12. Buckeye(OH)

    Buckeye(OH) 5K+ Member
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    sept6-may18
     
  13. mshheaddoc

    mshheaddoc Howdy
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    That's about normal. You only go about 2-3 longer than OSU-COM
     
  14. mshheaddoc

    mshheaddoc Howdy
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    Oh and most americans have credit between 650-750 which is average. From the private loan company that I have dealt with, as long as your credit is above 650 you shouldn't have any problems with private loans. I think maybe even down to 620. Feel free to contact prospective lenders to see what their credit requirements are. If so post on here!
     
  15. JonnyG

    JonnyG IN the hospitals....
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    They probably count you as a student for more months then other schools. Next year when I start at school year round, the government allowance goes up to 45000. Its based upon the number of months you are considered a student. While you may not go longer then most schools (in fact shorter then PCOM), the school probably figured out a way to increase your funds
     
  16. Kubed

    Kubed Mostly Harmless
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    Just to follow up on this, the criteria for grad plus loans is to have none of these:

    • Any current delinquency of 90 days or more

    • Any of the following items within the preceding five years of the date of the credit report:

    Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a Title IV Debt, Open Collection
     
  17. Kubed

    Kubed Mostly Harmless
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    Wow, I had something very similar happen to me. My parents didn't pay a $50 copay for an ER visit when I was 16. That thing haunted me for years. Make sure you pay it (if you haven't already) and try to get a small credit card. Capitalone has some very low limit cards, and there are several companies that offer secured cards.
     
  18. DnB607

    DnB607 Member
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    LECOM goes to school August 3 to May 25. Even longer! :eek:
     
  19. harrypotter

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    (not starting a flame war)

    Does anyone know if there's a difference in loans for md vs.do?

    Thanks!
     
  20. mshheaddoc

    mshheaddoc Howdy
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    no difference in loans.
     
  21. scpod

    Physician Moderator Emeritus 10+ Year Member

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    First years at Bradenton are July 31st to May25th. Even longer!!! :(
     
  22. medhacker

    medhacker We can end world poverty!
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    Which leads me to the following advice

    If you do have negatives on your report. Learn how to have them corrected. Peace out!
     
  23. Beau Geste

    Beau Geste yah mo b there
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    That's pretty bad. Hospitals will usually send you a 3rd or 4th reminder before turning it over to collections.
     
  24. HunterGatherer

    HunterGatherer HunterGatherer
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    This is not the reason.
     
  25. jcr_massage

    jcr_massage BodyworkSweety
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    There are other ways also than the grad plus loan. Personally before I made the decision to trudge down this path it is one thing I had to look at. I am divorced and due to some difficulties with my x-husband primarily pertaining to his lack of responsibility for anything......oh ok another story......I wound up with a bankruptcy and a reposession that went through about 3 weeks before my divorce was final. So I'm screwed on that one. However most of the time if you get turned down for any plus loans, you can still get approved with a co-signer...so there is hope.

    Blessings
    Jen
     
  26. MD2b20004

    MD2b20004 Membership Revoked
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    Then why would you have to worry if your dad is a CEO of a group a banks. With the money he is banking you dont need credit, a score, or a loan, your lucky enough to have your father's fat wallet just in case....
     
  27. dryuja

    dryuja Member
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    You don't need good credit for a federal loan?
     
  28. mshheaddoc

    mshheaddoc Howdy
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    Credit is not one of the requirements per their website:

    Link
     
  29. Skaterbabe74

    Skaterbabe74 Senior Member
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    Nope, the fed loans don't look at your credit score. I unfortunately have poor credit due to periods of unemployment a couple years ago but I have no trouble getting the fed loans. My problem is getting private loans. (I still have a couple years of ugrad left though - apparently the private loans are more willing to fund you when you're getting med school loans.) My school has a stupid policy where if you're over 180 credits you can't access fed loans or grants and no appeals process. So I have to fund my ugrad completely on my own and don't have anybody that can co-sign for me so I can't get the private loans. Therefore I will most likely be doing a masters/possibly a phd prior to even thinking about med school because my credit won't be high enough yet in only two years to qualify for a private loan without a co-signer (& the likelihood of not needing a private loan is not very high).
     

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