money for boards

[Mistress S]

Just wondering if anyone has any experience with the MedCAP-XTRA loan (wells fargo). They have one for residency interview expenses, and one for board exam expenses. I am currently a second year and just started looking into fees for Step 1: ~$450 for the test, $300 for Qbank, and I'm sure I'll have to drop a few hundred at least for other review materials = $1200-2000! I certainly won't have that left over from fin aid at the end of the year. I am thinking about borrowing a little too for living expenses (the description on their website says this is an acceptable use of the loan funds), as I have been trying to get back on my feet financially after a difficult break-up a few months ago (we had been living together for several years, after he moved out I was left having to cover a lot of extra expenses).

I am thinking about borrowing ~$4-5k if possible, I have decent (although not fantastic) credit so I'm hoping I won't need a cosigner. If anyone knows of other loans like this, I'd like to hear about them--most student loans only let you borrow up to your cost of attendance but my school's budget doesn't include anything for board costs as far as I can tell. I have already spoken to my fin aid office and they were unhelpful, as usual. My only alternative right now would be to run up my credit card even more...not a great idea.

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[Dr Yiot]

i know this is an old thread but i try to do a search before creating a new one. I am also wondering the same thing and have come across the Wells Fargo board exam loan.

I am looking into a loan to pay for boards. My family pinches pennies with my current loan package as it is and I am thinking I might have to do something like this. On their website it says they need to certify the loan with the school, does anybody know what that means? Will this loan allow me to take out more than the COA?

I have a fairly high EFC as my wife works. I worked before med school and my loans don't give me nearly as much as I made previously. My first step is to try and increase my COA to receive more federal loans to pay for boards but I have heard this can often be difficult. If not I wanted to look into private loans for board exams. Was wondering if anyone had any experience with this.

 

[dubfarmer]

I think certify with school just means confirming you really are a medical student. Yes, you can take out more than COA. PM me if you have more questions

 

[survivordo]

If you want money and are a medical student/resident/attending with credit that is anywhere above absolutely terrible SOMEONE will give you a loan. Our default rate is significantly lower than basically any other subgroup. I'm sure they just want to certify that you are a student. Obviously take out money if you need it but look carefully at rates/stipulations.

Survivor DO