More Money$$$$$

MoneyMan$$$

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    I just wanted to know if and how med students can take out more loans than their med school is allowing them to (I'm talking about loans that you only start repaying after you graduate). So if your financial aid package is $30,000/year, how do you go about borrowing $50,000/year for a nice convertible and to have some extra cash for the sexy ladies out there? I need more money, any ideas?
     
    Hee hee. Hey, if you get that money, you can spend it on me!

    Who is this? Is this someone new or someone who has an alias? Help me out people. There are some good detectives on this board!!!

     
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    twister

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      I can't believe I am actually replying...

      moneyman, in my meager experience with med school loans (i.e., just got started), med schools will usually cap the amount of money you are allowed to take out. the amount of money you can take out is based on tuition, cost of living (housing, food), insurance, ect. In fact, at some of the schools, some of the information sheets specifically stated that the money could NOT be used to buy a car.

      If anyone has more information, feel free to post. then again, what's the point?
       
      you can borrow money up to a limit which is calculated in some standard formula that the government requires. Usually, at least 10,000 is included in living/ other expenses, but it usually better to borrow the least amount you can get by on. Every car you buy today, you will actually have spent enough for 2-3 cars by the time you can pay them back with interest and all of the stupid fees they charge.
       

      MoneyMan$$$

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        Thank you for the replies. I realized that the school puts a limit on the amount you can borrow. IS THERE NO WAY OF GOING AROUND THAT? I don't mind paying all that interest 10 years from now, I just want my convertible and my trips to Europe twice a year while in med school. Somebody please help.
         

        Winged Scapula

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          You would undoubtedly get more useful information if you didn't state that you are planning on using the money for cars and women (whether that's true or not).

          Outside of the typical government and medical school alternative loans, you can borrow money from any number of banks - however these will be credit based, usually require some sort of collateral, and do not have nearly as generous and lenient payback schedules as do the former types of loans. Your parents, if willing and available, may consider co-signing for such a loan as well and paying it back while you are in school.

          Consider that many of us gave up good jobs to go back to school and "suffered" without fancy cars (or any car in my case) or expensive escorts. You too may find this your lot in life.
          smile.gif
           

          electra

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            hi moneyman,

            in my "real life," I'm a financial aid administrator, and I can tell you that you will pay interest on all funds (except the one sub loan for 8500) all the way through school. Money doubles in 7 years. Stick with your regular car, and get a nice med school girlfriend. that way, you can study and eat Top Ramen together.

             

            MoneyMan$$$

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              Do you think any banks would allow me to postpone my payments until after I graduate? I don't want my parents or I to pay for anything while I'm in school (I don't think we would be able to). I'm kind of losing my hopes for the convertible here, please give me some more ideas.
               

              WingZero

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                Repayment of Stafford loans does not begin until residency, although you can defer repayment or take a lesser monthly payment during residency. However, all that means is that in the end, you'll end up paying more. You'll have interest accumulating on the unsubsidized portion of your Stafford loans while in school, which you can choose to pay off or capitalize at graduation, again, increasing the amount you will have to pay off in the end.

                As for a convertible, if it's not within your means now, why overextend yourself? I could understand if you came from a family with money to spare, but to take out loans for a luxury item is just plain stupid. I remember reading in another thread on this forum - "The more you live like a doctor while you're a student, the more you'll live like a student when you're a doctor." Wise words...
                 
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                MoneyMan$$$

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                  Thanx for the input WingZero and everybody else. I know how the Stafford loans work. I don't care about the interest - I'm willing to pay triple 10 years from now. Forget about the convertible. IF I NEED MORE MONEY THAN THE SCHOOL ALLOWS ME TO BORROW, WHERE DO I GET IT FROM? (I want to start repaying only after graduation).
                   

                  GreatPumpkin

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                    You don't have to pay the interest. It will just capitalize on the principle. Don't even have to pay it during residency. Ask those financial questions, I just had my financial aid exit interview. So I am up on it.
                     

                    layne20

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                      You can get more money from www.plato.org.
                      These people do not need approval from the school to allow you to have more money. You can borrow up to $20,000 extra a year, and even $5,000 for a computer, assuming you have good credit history or have a co-borrower(s) that does. I learned this from my financial aid advisor at the med school which I will be attending in the fall. :p
                       

                      Firebird

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                        Layne20--I've been trying to catch up with you for a week or so now! I hope you come back and read this--

                        Anyway, if you don't mind, check out this thread...
                        Layne20 Thread
                        I created it specifically to talk to you about Marshall's chem program.

                        (Sorry that this was such an off-topic post)
                         

                        GreatPumpkin

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                          Originally posted by Stephen Ewen:
                          •Point of Fact: It is against the law to use student loans to buy an automobile.•

                          And, watch out the loan police will get ya. No one asks you what you do with the money. Some of my classmates maybe even invested all of their loan money and did quite nicely.
                           

                          BlueFalcon

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                            Dude,

                            Here's what you do. This will totally work.

                            Set up like five bank accounts. Let's call them A, B, C, D, and E. Write a check for $100K on Account A payable to account B. Then write a check for $110K from B to C. Continue this all the way to E. Then write a check from E to A before the first check from A to B clears. This is a great way to make money. You may as well have your own printing press!

                            If that's a bit too complicated for you, here's another that's guaranteed to work. Compliments of Margo Rocca of Mary Kay cosmetics. Let's keep this one on the downlow though, dude. It's a ground floor opp and I don't want to ruin it.

                            To all of my friends,

                            I do not usually forward messages but this is from my good friend Pearlas Sanborn and she really is an attorney.....If she says that this will work - it WILL work. After all, what have you got to loose?
                            Anna V

                            SORRY EVERYBODY.....JUST HAD TO TAKE THE CHANCE!!! I'm an attorney, and I know the law. This thing is for real. Rest assured AOL and Intel will follow through with their promises for fear of facing a multimillion dollar class action suit similar to the one filed by PepsiCo against General Electric not too long ago. We're not going to help them out with their e-mail beta test without getting a little something for our time.

                            My brother's girlfriend got in on this a few
                            months ago. When I went to visit him for the Baylor!/UT game.&! nbsp; She showed me her check. It was for the sum of $4,324.44 and was stamped "Paid In Full". Like I said before, I know the law, and this is for real. If you don't believe me you can email her at *******@baylor.edu. She's eager to answer any questions you guys might have.

                            Intel and AOL are now discussing a merger which would make them the largest Internet company and in an effort to make sure that AOL remains the most widely used program, Intel and AOL are running an e-mail beta test. When you forward this e-mail to friends, Intel can and will track it(if you are a Microsoft Windows user) for a two week time period. For every person that you forward this e-mail to, Microsoft will pay you $203.15. For every person that you sent it to that forwards it on, Microsoft will pay you $156.29 and for every third person that receives it, you will be paid $17.65.
                            Within two weeks, Intel will contact you for your address and then send you a check. I thought this was a scam myself, but a friend of my good friend's Aunt Patricia, who works at Intel actually got a check of $4,543.23 by forwarding this e-mail.Try it, what have you got to lose????

                            Margo Racca
                            Mary Kay Independant Beauty Consultant
                             

                            Cobragirl

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                              Layne20, I'd like to say thanks too! I posed this same question (a bit more seriously) a while back and never got anywhere with it. I hate that I'm going to have to pay 10% interest on the $10,000 that I need to borrow....but it's better than the 14.99% I'm paying on my credit cards.... :eek:
                               

                              pcl

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                                Originally posted by Cobragirl:
                                •Layne20, I'd like to say thanks too! I posed this same question (a bit more seriously) a while back and never got anywhere with it. I hate that I'm going to have to pay 10% interest on the $10,000 that I need to borrow....but it's better than the 14.99% I'm paying on my credit cards.... :eek:

                                Yes, thanks Layne20...

                                Don't forget the 8.9 origination fee, so actually you're paying 9% up front, and 10% over the life of the loan... YOu might want to look at a NPV analysis of that over time to determine which option is better. I requested the info anyways though...

                                I have the 14.99 CC's too... I'm working as a waitress part time in addition the regular job to try to pay it off before August! Depressing... Did I need that furniture? Did I need the last year in college? Ugh. Visa is Satan's sibling.
                                 
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