Not enough money to move - what options have I got?

[Hitch]

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All but $3000 of my Residency/Relocation loan were used up interviewing. I took the maximum allowed. I have $3000 of my own savings. But on doing the math for myself and my girlfriend to move to a program in a certain big city it looks like it we need roughly $9000 to cover first month expences including moving, deposit and first + last months rent. So I'm short about 3k.


Is it possible to get a loan for this from a bank without having cosigners to cover the loan? If so, then, how and where can I get this, what sort of terms would I get and would it be possible to defer repayment? Thanks.

 

[rugtrousers]

Rough spot you're in....

It should be possible to get a loan from a bank without a cosigner, but that depends on your credit. Your girlfriend could consider taking out a loan, since it sounds like she's moving with you.

There is more than one company that offers the residency relocation loan. If you got the one from MedEx (Sallie Mae), try Access Group, and vice versa. There are probably a few others that will have repayment terms that a resident can live with.

Otherwise, good luck. Consider using the U-Haul instead of professional movers, try Craigslist, enlist your friends and pay them with pizza and beer, or sell some of your stuff. The hardship won't last forever!

 

[Broken Ankles]

All but $3000 of my Residency/Relocation loan were used up interviewing. I took the maximum allowed. I have $3000 of my own savings. But on doing the math for myself and my girlfriend to move to a program in a certain big city it looks like it we need roughly $9000 to cover first month expences including moving, deposit and first + last months rent. So I'm short about 3k.


Is it possible to get a loan for this from a bank without having cosigners to cover the loan? If so, then, how and where can I get this, what sort of terms would I get and would it be possible to defer repayment? Thanks.

check out www.prosper.com. it's a peer-to-peer loan network.

 

[Whodathunkit]

Possibly too much stuff you're trying to move. Unless your stuff is "family heirloom" material, you should consider selling it. Moving places often charge by weight as well. That should give you some extra cash, as well less stuff to move. I'm sure there are plenty of eager 1st and 2nd year medical students, as well as other students on the campus that would like to take a sofa/coffee table/dinette set off your hands. And if it's not worth selling...is it really worth keeping?

 

[chicamedica]

All but $3000 of my Residency/Relocation loan were used up interviewing. I took the maximum allowed. I have $3000 of my own savings. But on doing the math for myself and my girlfriend to move to a program in a certain big city it looks like it we need roughly $9000 to cover first month expences including moving, deposit and first + last months rent. So I'm short about 3k.


Is it possible to get a loan for this from a bank without having cosigners to cover the loan? If so, then, how and where can I get this, what sort of terms would I get and would it be possible to defer repayment? Thanks.

Try a credit card deal that gives you like 6-12 months of 0% APR. That's what got me through the interviewing process.

 

[sacrament]

All but $3000 of my Residency/Relocation loan were used up interviewing. I took the maximum allowed. I have $3000 of my own savings. But on doing the math for myself and my girlfriend to move to a program in a certain big city it looks like it we need roughly $9000 to cover first month expences including moving, deposit and first + last months rent. So I'm short about 3k.

That's a crazy-expensive move. Are you using professional movers? You can rent a coast-to-coast U-haul for roughly $2000.

 

[f_w]

I think I have moved about 10 times in the past 10 years, I don't think I have ever spend that kind of dough (including a move to this country).

- sell your stuff, if you can't sell it, burn it.
- get a hitch on your car, rent a U-haul trailer/get a small penske
- do the move yourself
- don't bank on getting your deposit back in time, the landlord will usually try to screw you out of it and hold on as long as he can
- if you already paid the last months rent on your current place, use it.

 

[fantasty]

U-hauls are not always cheaper than professional movers. For me, the price difference would have been about 200-300, at most. There was a thread about u-haul vs. penske vs. something else, which might offer some help on minimizing that costs.

Agreed, though - you might be able to do a pre-move purge that will help lower costs. But, keep in mind whether or not you'll have to buy replacements when you get there.

$9000 total does not seem that unlikely, especially when you factor in multiple months of rent and deposit. I thought that was why the residency loan programs went up to like $14 K.

 

[Hitch]

That's a crazy-expensive move. Are you using professional movers? You can rent a coast-to-coast U-haul for roughly $2000.

No. We're renting basic sized budget truck and driving ourselves. It's not the move per se that's the problem. The real issue is the startup three months rent and the costly logistical problem of having to start one week before housing becomes available. That adds roughly $1500 to the total. But basically the issue is the rent.

Thanks much to rugtrousers, chicamedica and Broken ankles for your suggestions. 👍

 

[APACHE3]

Sounds like you should get another landlord. Your a dr for christ's sake, ask them to cut the last month rent deposit. Or just suck it up and rent a cheaper place..or better yet, buy! I just did doctor loan, bought a nice house for my family, my payment will be the same as if I rented and the seller is paying most of my closing costs, I'll have to spend max $2000..and I get a house!! Granted I'm not in NYC or Boston..but its an option. Bank America, Suntrust, physicianloan.com all do this program..good luck! 👍

 

[EctopicFetus]

I would def look into getting a 2nd Residency Loan.. This is of course a loan and I believe the terms are creeping up to a 7-9% interest rate.. so that sux.. but it will get yuou started..