Doc2B-Finally

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Any of you guys received NYCOM Financial Aid package? I received it yesterday and was wondering which lender to choose for loans? Any insight from current NYCOM students would be appreciated.
 

Cthulu

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Doc2B-Finally said:
Any of you guys received NYCOM Financial Aid package? I received it yesterday and was wondering which lender to choose for loans? Any insight from current NYCOM students would be appreciated.
Yeah I got it. I am waiting on the notice for that second deposit which is due the 15th of March.
 

irishlaydi

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Cthulu said:
Yeah I got it. I am waiting on the notice for that second deposit which is due the 15th of March.
HI. the $1500 is not due in March is it??? I thought May, i'm in trouble if its due in March (or is it different depending on when you got accepted). Anyway, anyone have any input on the financial aid package. I got it last week too, but its not so clear to me. For example, on the NYCOM initial fin aid app, what do we put for how much Stafford $ we are requesting? I want as much as I can get, anyone know what the limit is? I know they list total limits on the info pages, but what # do we put on the app? Thanks! :luck:
 

indebt

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DOn't go with Citibank, I got a extra $1,300 + added for processing fee.
 

gentlekev

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Is that guarantor or origination fee? Which other preferred lenders in fact do not charge processing fee?
Thanks for your info. I almost decided to choose Citibank, I think all these underlying fees should be acknowledge beforehand.

Kevin
 

djquick83

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indebt said:
DOn't go with Citibank, I got a extra $1,300 + added for processing fee.
Doesnt it say zero origination fee. It says if u borrow x amount, u pay x amount. Thats all. :confused:
 

djquick83

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Cthulu said:
Yeah I got it. I am waiting on the notice for that second deposit which is due the 15th of March.
I asked the lady at the admissions office. She said it wont be due til sometime in April. The March 15th deadline has been pushed back. Apparently, they are still in the process of accepting more ppl. Like 300 isnt enough as of yet. :eek:
 

NYCDawg81

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i was going to chose citibank...now im not sure. How bout medloans? Any info on that sucker. It sounds good at 14% total rebate. But i think it might just be a manipulation of the numbers. They dont offer any decreased percentage on interest or anything...

Any info would be appreciated
 

gentlekev

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NYCDawg81 said:
i was going to chose citibank...now im not sure. How bout medloans? Any info on that sucker. It sounds good at 14% total rebate. But i think it might just be a manipulation of the numbers. They dont offer any decreased percentage on interest or anything...

Any info would be appreciated
Well, after lots of calculations, I figured that there's a couple of benefits to Medloans. If you decide to pay off early, let's say 4 yrs, you will get the whole 14% total rebate which is roughly equivalent to 4 yrs interest post graduation. (assume 3% ea. yr post graduation) If you go with Citibank, assuming paying the same 3% post graduation, you will accrue roughly 3% for 4 yrs, 1% for 6 yrs., which will give you much higher total interest. The actual loan calculation will be much more complicated due to many other factors, but that's the idea.
I wasn't able to find enough info. I needed on internet, I had to do calculations with some assumptions.
Kevin
 

gentlekev

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I personally will choose Citibank, and consolidate later. However, I need to find out about the underlying charges. $1300 is 2.6% of $50k loan!
Which may be charged every year you re-apply, plus the interest.

Kevin
 

Dr. Kasper

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I also recieved the financial aid package and was quite confused. I called the financial aid office and that lady confused me even more LOL

I filled out my fafsa and I am in the process of filling out all the forms that need to be sent to back to the school. Choosing a Lender has been crazy!! I think Medinvest seems the best so far.

Does anyone know how much they are borrowing though? In the prelim application (white paper question 8) can someone clarify for me how much are we allowed to borrow? I think its 38,500 Stafford Loans and then what if i need more? Im soo confused!! please help thanks
 

eag

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I'm very confused too. If you aren't 100% about going there, what should I do with the financial information? Should I still fill out the forms?
 

EReze

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:confused: Confused is not the word. What do you do if you still have loans from undergrad? That cuts the 189000 max down a lot. Plus the blue sheet in the package divided everything up and it was like 40000 for each of the 4 years, but that doesn't add up correctly. During the interview, the financial aid lady said we get MAX 58000 each year. For anyone with no family in NY and are currently apartment hunting, did you calculate the costs? For a studio or 1br that costs $850/ month (if you're lucky in LI) you're looking at ~$10000 a year in rent alone + $37000 tuition- max loan that can be taken, you're looking at $11000 for living expenses (if you don't still have a car note). I'm scared :scared: I will be eating Ramen Noodles for breakfast and dinner for the next 4 years.
 

irishlaydi

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eag said:
I'm very confused too. If you aren't 100% about going there, what should I do with the financial information? Should I still fill out the forms?
Yah, I would go ahead and fill them out, unless you expect to hear from another school soon. I was hoping to get another interview from a diff school, but knew it would be a while so I filled everything out anyway. I just recently withdrew my spot and it was very easy to cancel the Stafford Lender. I had been informed that it was best to get the paperwork done, especially if you aren't sure if you will get a spot anywhere else. So, I would say do the fin aid stuff, but only if you don't expect to hear from another place soon. hope this helps. Good Luck with whatever other school u r waiting on! :luck:
 

dr_almondjoy_do

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i had citibank for undergrad, and i stayed with citibank at nycom. citibank has a $0.00 origination fee for medical students and you will have an additional $1300 in your pocket!

I thought it was a good deal...
 

djquick83

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Same here. Citibank is what I chose. But just curious, did anybody receive their third identical financial aid package again. I feel like I am gettin spammed over here. :eek:
 
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Doc2B-Finally

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djquick83 said:
Same here. Citibank is what I chose. But just curious, did anybody receive their third identical financial aid package again. I feel like I am gettin spammed over here. :eek:
Same here. I received the third package today. I called Fin-aid office and was told all my paperwork that I sent previously is in order. Seems like there is a disconnect between fin-aid and admissions.
 

Dr. Kasper

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Hey,

what did you guys sign for the white paper? Granting or Denying NYCOM permission to use excess funds? Grant right?

thanks
 

Peon9985

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Doc2B-Finally said:
Same here. I received the third package today. I called Fin-aid office and was told all my paperwork that I sent previously is in order. Seems like there is a disconnect between fin-aid and admissions.
I can see where our future tution is going towards.. lol.. yup got my third financial aid package forms yesterday...
 

SuperFemDoc22

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Dr. Kasper said:
Hey,

what did you guys sign for the white paper? Granting or Denying NYCOM permission to use excess funds? Grant right?

thanks
I wrote "deny" because I heard NYCOM likes to scam money from students so I want to make sure I know where this money is going. Don't let them decide for you.
 

djquick83

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Im pretty sure it just means that if they "accidently raise something for tuition last minute" they have no problem getting the money from the lender. If u choose no, then they will ask u to pay the amount thats is charged extra for that year. In some cases, students should allow them to borrow that extra money since they may not have that money in a bank account/parents/lotto winnings. :p
 

Dr. Kasper

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Thanks for the help.

I was going to check yes, and if I want to change it to no, I can change my decision anytime I want.

Have you guys chosen lenders yet? Let me know what you have decided, maybe we can help each other out. So far MedInvest seems ok. I'm still looking over things, I will be sending mine out though sometime this week.
 

djquick83

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I went with Citibank. In most cases, it doesnt really matter. Its all federal government aid. Only diff. is that some allow u to get cash back and other things like that and the time in which u have to pay it back differs. U can always consolidate loans later on anyways. Just make sure u finish it on time and everything is paid for.
 

NYCDawg81

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Anybody got either an award letter or financial aid verification form yet?

I sent my forms in march...now the fin aid office is telling me they sent out a verification form on march 3rd ...which i never got...my phone call was made last week and they told me they would send another one out the same day....a week later still nothing....

please list if you got either the letter or verification form... its seems to me like these scumbags are very unorganized... :mad:
 

dr.aldehyde

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NYCDawg81 said:
Anybody got either an award letter or financial aid verification form yet?

I sent my forms in march...now the fin aid office is telling me they sent out a verification form on march 3rd ...which i never got...my phone call was made last week and they told me they would send another one out the same day....a week later still nothing....

please list if you got either the letter or verification form... its seems to me like these scumbags are very unorganized... :mad:
i don't know if this is what you're referring to, but i recently asked fin aid when my app will go through/be processed and they said not until atleast june for the incoming class (they process the apps of current students first). perhaps they send out a form to recognize that the required materials are in (is this what you mean by verification form?), but you can just call and ask about that. i haven't gotten any forms and i submitted my forms in march as well, but i'm just gonna sit still until june or so...