*** Official NYCOM Class of 2010 ***

[docdoc2727]

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if you plan to live without parent, how much did you guys put down to borrow from grad plus or private loan?....i was thinking around 15k~20k...

 

[HunterGatherer]

If you consolidate them, can they still be deferred while you're in school? Or will you have to start making payments on them right away?

I'm only going to consolidate with a lender that will allow me to defer payments at least through medical school.

 

[PlasticMan]

if you plan to live without parent, how much did you guys put down to borrow from grad plus or private loan?....i was thinking around 15k~20k...

I chose "maximum allowed". LI is not a cheap place to live.

 

[docdoc2727]

I chose "maximum allowed". LI is not a cheap place to live.

i did too.....but when i was filling online MPN for grad plus, they ask you for specific amount....

 

[NUKid]

i did too.....but when i was filling online MPN for grad plus, they ask you for specific amount....

According to financial aide office, you are suppose to put $23,027 for the amount requested from Grad Plus (if you are not living at home), this takes into account the 1500 deposit and estimated living expenses. I haven't filled out the MPN but this assumes that their is no "maximum allowed" choice. I guess that gives us about 23,000 to live on for the year, assuming no other income or savings. Hopefully that will be enough to cover my rent!!

 

[nwg331]

I could not figure out if that is an AIDS poster, some guy playing hockey or some demon. WTF is it?

lol, it's paul s. (can't spell his last name) of the clash breaking his bass at a show in nyc. it's the clash's london calling album cover.

 

[yanky5]

Time goes by so fast in NYCOM. Us first years will be done on May 31st and you guys will fill our spots. See you all there!

 

[Marimba82]

But what about the grad plus loan, that is an alternative to private loans, so could that be used to cover housing expenses? I have no problem with private loans but would want to avoid them if possible...if not possible then I guess there is nothing I can do. I'm just trying to figure out how much I could afford for rent?? I realize that may be a personal issue depending on savings and such but without any major savings, how can you go about figuring out a good rent range?

Based on the breakdowns NYCOM gave us on interview day, the NYCOM Fin Aid office allots about an extra $12-14K for living expenses with parent and an extra $20-22K for living expenses withOUT parent. That's on top of all tuition, fees, books, supplies and health insurance.
So without parent, NYCOM allots a total of about $64K for loans that you will need to cover everything.

Stafford subsidized (interest-free) loans only cover up to $8500 a year. Max Stafford UNsubsidized gives you an extra $32K or so.....but that's only a total of about $41K. As was mentioned in a previous post, that means you will still need to take out an extra $15K-20K per year in private loans OR in GradPlus to cover everything else, rent included.

Read posts earlier in this thread for info about the difference between GradPlus and private loans (key posts are scattered throughout). It's not so much that Gradplus or private loans will be used to cover rent, think of it more as a total package.The majority of your loans will be Stafford but the rest will be private or GradPlus loans.

So basically -- try to find as cheap a place for rent as possible so you save as much money as possible. NY is a pretty expensive place, but there is no exact amount that you HAVE to spend on rent. What part of your loans you don't spend on rent, will be able to be spent on other necessities.

Hope that helps!!

 

[Marimba82]

I use T.H.E. as my lenderand I love them. Best deal on the market, non-profit and very good customer service by little old ladies with Fargo accents. It is rumored that you can't use them at NYCOM, but just make sure you ask to talk to Tom when you call F.A. and he will set you up. I think my reimbursment check took about 1 day longer to come than my friends using the preffered lenders.

I assume you're in the class of 2009 right? I think NYCOM gave you a list of preferred lenders, but i think the problem for us (Class of 2010) is that we don't have a list of choices.....this year for the first time, NYCOM is now the ONLY lender [in conjuction with Sallie Mae "school-as-lender" program]. There's no choice anymore.......

So I am pretty sure T.H.E. is not an option anymore, we have to choose NYCOM and only NYCOM as our school-as-lender. But someone feel free to correct me if i am wrong!

 

[interpol]

The Stafford loan is guaranteed right? If you ask for max amount, they give you max amount? 😕

 

[yanky5]

I assume you're in the class of 2009 right? I think NYCOM gave you a list of preferred lenders, but i think the problem for us (Class of 2010) is that we don't have a list of choices.....this year for the first time, NYCOM is now the ONLY lender [in conjuction with Sallie Mae "school-as-lender" program]. There's no choice anymore.......

So I am pretty sure T.H.E. is not an option anymore, we have to choose NYCOM and only NYCOM as our school-as-lender. But someone feel free to correct me if i am wrong!

NOOOOOOO. There is a choice. You can choose any lender you want. The NYCOM ass holes want you to put them as a lender so they can make money, so they make it look like you must choose them (borderline illegal tactics here). Really, you can put down any one you want as a lender. Just fill out a master promisory note. If you choose another lender, just put it down on the application next to the amount you want to take out since if you don't do this, they will think you want to use NYCOM. I can post last years stuff for you guys if you want when NYCOM wasn't a lender and didn't try to manipulate you into chosing them. Talk to the financial aid office and they'll tell you the same thing (but will try to get you to use NYCOM). NYCOM though is a very good lender they say because they are dropping the origination fee so only choose someone else if you get a better deal. I am keeping my old lender.

 

[PlasticMan]

Which is better in the long run? Edamerica gives you a fixed rate of 7.5%, while Bank of America gives you a rate of 8.5% with a principal reduction of up to 3% after 3 years of consecutive payments(1% will be taken off after each of the first 3 years) ? 😕

 

[shenningdo]

Hi All-

Question, again... I just went on to the site to fill out my Grad Plus Loan Application and MPN. If I filled out the online application for Grad Plus and it now says "pending credit review" (most likely meaning it is Saturday and no one can run my credit to see if I am worthy), is there anything else I need to do for this Grad Plus stuff? I signed the MPN electronically and printed out the MPN App Packet for a Federal Plus Loan.

Thanks!
See some of you tonight.
-Shannon

 

[yanky5]

One of you guys wanted to know the schedule for last year. Here is my approximate schedule for this year.

Somtime at late August was orientation for about a week.
The the fundamentals Thread was from August 29 - End of September.
Really easy thread, where they baby you and give you lots of breaks. Don't think Medical School is this easy. The next thread will be MUCH harder.
Immunology thread was from October 11- about November 22/23?
Not as easy as the first one. Now you get to taste what medical school is like.
Intergumentory system thread was from November 28- Dec 21.
Neuro 1, Neuro 2, and Neuro 3 ran from January 3rd to April 12. Neuro 3 is when we started to do anatomy dissections. Now medical school gets much harder since you have to know the dissections for the practical.
The rest of the year until May 31 is Musculoskeletal System.
I have no clue if your schedule will look anywhere near like it was this year, so don't take this seriously.

Advice. DON'T BUY ANY OF THE BOOKS THEY TELL YOU TO GET until you start the course for at least 2 weeks since you will over buy and not use 3/4 of the books you get. I have 7 extra books lying around that I will never use bec. I listened to the school and bought the required texts. You only need these books: Grant's Dissector, Grant's Clinically Oriented Anatomy, some anatomy atlas (Grants, Netters whatever), Harrison's Principles of Internal Medicine (THIS is a must have since I think it is the most comprehensive and well written medical text in the world and helped me out a lot). The following books I used for myself (not required by NYCOM) but I think are really cool: First Aid for the USMLE step 1 (will help you a lot studying for exams GET IT), Clinical Pharmacology Made Ridiculously Simple (more useful for the boards but does help you out when you are confused), Clinical Neuroanatomy Made Ridiculously Simple (saved my ass in Neuro). Get "Mosbey's Dictionary of medicine, nursing and health professionals" since it is really good (look up all those medical terms/ diseases you never heard of). Maybee get the biochem book they require since maybee I used it like 2 times.

This is all you really need for NYCOM in my opinion, since these are the only books I ever use. Buy other books on a need to use basis. If you see that you need them, buy them.

 

[Stratus2675]

One of you guys wanted to know the schedule for last year. Here is my approximate schedule for this year.

Somtime at late August was orientation for about a week.
The the fundamentals Thread was from August 29 - End of September.
Really easy thread, where they baby you and give you lots of breaks. Don't think Medical School is this easy. The next thread will be MUCH harder.
Immunology thread was from October 11- about November 22/23?
Not as easy as the first one. Now you get to taste what medical school is like.
Intergumentory system thread was from November 28- Dec 21.
Neuro 1, Neuro 2, and Neuro 3 ran from January 3rd to April 12. Neuro 3 is when we started to do anatomy dissections. Now medical school gets much harder since you have to know the dissections for the practical.
The rest of the year until May 31 is Musculoskeletal System.
I have no clue if your schedule will look anywhere near like it was this year, so don't take this seriously.

Advice. DON'T BUY ANY OF THE BOOKS THEY TELL YOU TO GET until you start the course for at least 2 weeks since you will over buy and not use 3/4 of the books you get. I have 7 extra books lying around that I will never use bec. I listened to the school and bought the required texts. You only need these books: Grant's Dissector, Grant's Clinically Oriented Anatomy, some anatomy atlas (Grants, Netters whatever), Harrison's Principles of Internal Medicine (THIS is a must have since I think it is the most comprehensive and well written medical text in the world and helped me out a lot). The following books I used for myself (not required by NYCOM) but I think are really cool: First Aid for the USMLE step 1 (will help you a lot studying for exams GET IT), Clinical Pharmacology Made Ridiculously Simple (more useful for the boards but does help you out when you are confused), Clinical Neuroanatomy Made Ridiculously Simple (saved my ass in Neuro). Get "Mosbey's Dictionary of medicine, nursing and health professionals" since it is really good (look up all those medical terms/ diseases you never heard of). Maybee get the biochem book they require since maybee I used it like 2 times.

This is all you really need for NYCOM in my opinion, since these are the only books I ever use. Buy other books on a need to use basis. If you see that you need them, buy them.

Great post!!! thanks for the advice 👍

 

[nvshelat]

One of you guys wanted to know the schedule for last year. Here is my approximate schedule for this year.

Somtime at late August was orientation for about a week.
The the fundamentals Thread was from August 29 - End of September.
Really easy thread, where they baby you and give you lots of breaks. Don't think Medical School is this easy. The next thread will be MUCH harder.
Immunology thread was from October 11- about November 22/23?
Not as easy as the first one. Now you get to taste what medical school is like.
Intergumentory system thread was from November 28- Dec 21.
Neuro 1, Neuro 2, and Neuro 3 ran from January 3rd to April 12. Neuro 3 is when we started to do anatomy dissections. Now medical school gets much harder since you have to know the dissections for the practical.
The rest of the year until May 31 is Musculoskeletal System.
I have no clue if your schedule will look anywhere near like it was this year, so don't take this seriously.

Advice. DON'T BUY ANY OF THE BOOKS THEY TELL YOU TO GET until you start the course for at least 2 weeks since you will over buy and not use 3/4 of the books you get. I have 7 extra books lying around that I will never use bec. I listened to the school and bought the required texts. You only need these books: Grant's Dissector, Grant's Clinically Oriented Anatomy, some anatomy atlas (Grants, Netters whatever), Harrison's Principles of Internal Medicine (THIS is a must have since I think it is the most comprehensive and well written medical text in the world and helped me out a lot). The following books I used for myself (not required by NYCOM) but I think are really cool: First Aid for the USMLE step 1 (will help you a lot studying for exams GET IT), Clinical Pharmacology Made Ridiculously Simple (more useful for the boards but does help you out when you are confused), Clinical Neuroanatomy Made Ridiculously Simple (saved my ass in Neuro). Get "Mosbey's Dictionary of medicine, nursing and health professionals" since it is really good (look up all those medical terms/ diseases you never heard of). Maybee get the biochem book they require since maybee I used it like 2 times.

This is all you really need for NYCOM in my opinion, since these are the only books I ever use. Buy other books on a need to use basis. If you see that you need them, buy them.

Thanks... whats the fundamentals block? Is that like how to not be an idiot around patients kind of class? Or is it rehashing the basic bio/chem/physio stuff from undergrad?

 

[nvshelat]

Did any of you guys order a copy of your Fico score? If so, from where and for how much? Thanks!

 

[HunterGatherer]

When looking at your credit and usings a service you need to know if your goal is 1)see if you have any discrepancies on your credit report or 2)see your score. If you want your FICO score then you should only go with myfico.com. The FICO score reports are generated from a proprietary formula. Other companies offer a credit score but these could easily be 50-100 points different from your FICO score.

If you plan on looking at all of your credit reports you can also just get a FICO score from one agency for $14.95 instead of all three. You have no idea which credit agency your lender will use to calculate your FICO score or even if they have their own formula. All three is fine if you have the money of course.

http://www.myfico.com/Products/FICOOne/Description.aspx?fire=1

For viewing your credit reports you should go directly to each credit reporting agency and pay or get your yearly free report. Credit tracking services are good but you should first view what is on file directly from each agency and a tracking service could be used later to track corrections, credit repair, etc.

http://www.transunion.com/index.jsp
http://www.equifax.com/
http://www.experian.com/

notice each credit reporting agency tries to get you to use their 30 day trial instead of just giving you an easy to find link for your yearly free credit report. The most accurate info comes directly from each agency so don't get a 3-in-1 deal until you have gone that route first.

 

[HunterGatherer]

After many unanswered calls I finally left a message at NYCOM Financial Aid Office and no return phone call. I call today and no answer. Interestingly the mailbox is full too.

 

[gobiggreen]

After many unanswered calls I finally left a message at NYCOM Financial Aid Office and no return phone call. I call today and no answer. Interestingly the mailbox is full too.

I called the office last week with a quick question but rather than call the direct line I called the office of admissions and they connected me over. Maybe that is a better route to go?

Also, maybe you can just ask someone in office of admissions to find a financial aid person for you. They basically work right next to each other.

 

[yanky5]

Thanks... whats the fundamentals block? Is that like how to not be an idiot around patients kind of class? Or is it rehashing the basic bio/chem/physio stuff from undergrad?

It basically reviews stuff you alread learned in undergrad (Biology, Physiology, a little biochemistry) and they throw in a few intro. medical courses. You learn some basic skeletal anatomy and you start learning OMM. It is a very easy block so enjoy it while you can.

 

[yanky5]

I called the office last week with a quick question but rather than call the direct line I called the office of admissions and they connected me over. Maybe that is a better route to go?

Also, maybe you can just ask someone in office of admissions to find a financial aid person for you. They basically work right next to each other.

You are better off going there and asking them since you can rarely get through calling them. If you are too lazy, then call at an off time like before lunch of after lunch.

 

[noonday]

i read all the stuff on "technical standards" that came with the acceptance, and i'm wondering a few things...what does NYCOM mean by "behave in a manner exhibiting high moral and behavioral standards." this can be interpreted many ways. specifically, will visible piercings or a visible tattoo be a problem (thinking of getting one that would show if wearing short sleeves)? what about extra-curricular involvements? do they care if i continue to spend my free time working needle exchange, advocacy for legalization of sex work, and organizing for gay marriage? or are those things that they will censor? or do they not care as long as i don't get arrested? my NY contacts in these causes want to know if i'll be joining up with them when i move there, and i don't know what to tell them...

 

[lilzelda]

When filling out the loan papers for grad plus after the pre-approval credit check did anyone get a message saying there was an error in processing the info?

 

[TheBean517]

hey, u guys. im new to the site so be patient with my ignorance 🙂 so...i know nycom allots an extra amount of money for housing, but is this included in the 40g max? also, i was looking at the forms they want us to turn in and im just flat out confused about the entrance interview one. how are we supposed to fill that out b/c i thought that we wouldn't be able to do it until arriving at school. ok thanks guys!

 

[shenningdo]

When filling out the loan papers for grad plus after the pre-approval credit check did anyone get a message saying there was an error in processing the info?

Isn't that spectacular? I received the same message, called them, and all they told me was there was a confirmation error in my address. When I applied for a loan SIX years ago, I had a different address than I do now, so they halt processing until they confirm you are in fact you and not some fraud. Just call them, and they will straighten it out. Good luck!

 

[shenningdo]

hey, u guys. im new to the site so be patient with my ignorance 🙂 so...i know nycom allots an extra amount of money for housing, but is this included in the 40g max? also, i was looking at the forms they want us to turn in and im just flat out confused about the entrance interview one. how are we supposed to fill that out b/c i thought that we wouldn't be able to do it until arriving at school. ok thanks guys!

Hi! Welcome to the board. First, the "extra money for housing" is above and beyond the 40K they a lot for tuition, books, etc. You can take out up to something like 65K (a little more, a little less, but somewhere around there), inclusive of tuition, room and board, books, supplies, fees, insurance, etc... total! As for the entrace interview form, fill EVERYTHING EXCEPT WHAT IS IN THE BOX. The portion that says something along the lines of "Complete this at Exit Interview" is the only portion that should remain blank. Everything else must be filled out. Finally 🙂, if you are new to the site and would like to get to know some of your fellow classmates via AIM, email, and once-a-month get togethers, pm me your name, AIM screen name, and email address. I can add you to our contact list and get to meet you! Take care!

 

[Marimba82]

hey, u guys. im new to the site so be patient with my ignorance 🙂 so...i know nycom allots an extra amount of money for housing, but is this included in the 40g max? also, i was looking at the forms they want us to turn in and im just flat out confused about the entrance interview one. how are we supposed to fill that out b/c i thought that we wouldn't be able to do it until arriving at school. ok thanks guys!

The 40-41K max is your limit for Stafford loans. If you add up the max subsidized and unsubsidized Stafford you can borrow, the maximum for our class, first year, is about $41K. So living expenses and whatever other costs above and beyond $40,722 would have to be borrowed from another source (private loans, grad plus).

the entrance interview form -- Just fill out the top part of it and then fill out the bottom where it asks for 4 references. These 4 names should be of people who might be able to get in touch with you during and after you finish school, basically as a back-up in case you don't pay back your loans (people who know how to find you and can vouch for you).

hope that helps!

EDIT: This is basically what Shannon said above! Maybe next time I should reload the page and read the responses before writing one myself 😳

 

[PlasticMan]

Which is better in the long run? Edamerica gives you a fixed rate of 7.5%, while Bank of America gives you a rate of 8.5% with a principal reduction of up to 3% after 3 years of consecutive payments(1% will be taken off after each of the first 3 years) ? 😕

Anyone? 😕

 

[HemaOncoDoc]

Hey everyone -

First off, congrats on getting accepted. I will be applying for the class of 2011. I know that accepted students are able to access the boards to look up information on housing. I was wondering if someone would give me the cost figures for one and two bedroom apartments/condos? I was told that housing is expensive and students should look to rent/buy apartments that around 6 miles north or south of campus. Any thoughts or comments on this? Thanks!

 

[PlasticMan]

Hey everyone -

First off, congrats on getting accepted. I will be applying for the class of 2011. I know that accepted students are able to access the boards to look up information on housing. I was wondering if someone would give me the cost figures for one and two bedroom apartments/condos? I was told that housing is expensive and students should look to rent/buy apartments that around 6 miles north or south of campus. Any thoughts or comments on this? Thanks!

Check out jellibelli's post on page 15 of this thread.

 

[TheBean517]

Hi! Welcome to the board. First, the "extra money for housing" is above and beyond the 40K they a lot for tuition, books, etc. You can take out up to something like 65K (a little more, a little less, but somewhere around there), inclusive of tuition, room and board, books, supplies, fees, insurance, etc... total!

Thanks for the reply, haha you guys are fast. I'm still somewhat confused because from this it sounds like i can borrow 65g from NYCOM, but in the post that came shortly after this it said that anything above 41g would have to be borrowed from alternative sources. hehe help.

this is me 😕 this constantly confused 😀

 

[yanky5]

i read all the stuff on "technical standards" that came with the acceptance, and i'm wondering a few things...what does NYCOM mean by "behave in a manner exhibiting high moral and behavioral standards." this can be interpreted many ways. specifically, will visible piercings or a visible tattoo be a problem (thinking of getting one that would show if wearing short sleeves)? what about extra-curricular involvements? do they care if i continue to spend my free time working needle exchange, advocacy for legalization of sex work, and organizing for gay marriage? or are those things that they will censor? or do they not care as long as i don't get arrested? my NY contacts in these causes want to know if i'll be joining up with them when i move there, and i don't know what to tell them...

Stop joking around. Of course you can have a tatoo. I know people with tatoos in NYCOM. NYCOM follows the rest of the American Universities in being extremely liberal and they would not care about your insane activities.

 

[HunterGatherer]

Thanks for the reply, haha you guys are fast. I'm still somewhat confused because from this it sounds like i can borrow 65g from NYCOM, but in the post that came shortly after this it said that anything above 41g would have to be borrowed from alternative sources. hehe help.

this is me 😕 this constantly confused 😀

If you are not getting Title IV loans or military scholarship:
school will cost approx $41K for the first year and will be covered by Stafford loans. Anything above $41K will have to covered out of pocket or private loans, perkins, etc.

 

[TerminatorNYC]

Which is better in the long run? Edamerica gives you a fixed rate of 7.5%, while Bank of America gives you a rate of 8.5% with a principal reduction of up to 3% after 3 years of consecutive payments(1% will be taken off after each of the first 3 years) ?

I guess, it would depend on how long the repayment period is. Is it 10 years after the residency? Bank of America looks pretty good since that would give you 5.25% rate for the last 7 years or repayment when the accumulated loan amount (original principle + ~8 years of the accumulated interest) is the highest. On the other hand, you can gamble on getting a 1% rate reduction from Edamerica over those ~8 years of deferment and then hope to reduce the rate by consolidating. But who knows what consolidation rates will be 8 years from now?

😕 Any enlightening thoughts are appreciated.

 

[Marimba82]

Thanks for the reply, haha you guys are fast. I'm still somewhat confused because from this it sounds like i can borrow 65g from NYCOM, but in the post that came shortly after this it said that anything above 41g would have to be borrowed from alternative sources. hehe help.

this is me 😕 this constantly confused 😀

ok hope this helps to clarify:

you aren't borrowing anything from NYCOM directly.... the $65K figure is the total COST of attending one year at NYCOM. That is what they are charging you. Out of that you will need to ask for a MAXIMUM Of $41K in Stafford loans and the rest from other sources. The Stafford loans (given by the government, disbursed to you by a lender) have a maximum limit ($41K as i said); private loans or the new Grad Plus loan have their own features, rates, limits, etc.

 

[Marimba82]

I guess, it would depend on how long the repayment period is. Is it 10 years after the residency? Bank of America looks pretty good since that would give you 5.25% rate for the last 7 years or repayment when the accumulated loan amount (original principle + ~8 years of the accumulated interest) is the highest. On the other hand, you can gamble on getting a 1% rate reduction from Edamerica over those ~8 years of deferment and then hope to reduce the rate by consolidating. But who knows what consolidation rates will be 8 years from now?

just my un-informed 2 cents.....

I think when you consolidate your loans, the lender comes up with your final rate by taking some sort of weighted average of the rates your loan has been under the previous few years. Please someone correct me if i am wrong!

So that means if Grad plus is fixed at 8.5 and you consolidate with your Stafford loans which will be fixed at 6.8, it won't be that low (it'll be somehwere in between). Does that make sense? I might just be making this all up 😉)

PlasticMan, your question would be a great one for Clair in the NYCOM fin aid office! PM me if you can't get through on the main line, I have her direct #.

 

[shenningdo]

just my un-informed 2 cents.....

I think when you consolidate your loans, the lender comes up with your final rate by taking some sort of weighted average of the rates your loan has been under the previous few years. Please someone correct me if i am wrong!

So that means if Grad plus is fixed at 7.5 and you consolidate with your Stafford loans which will be fixed at 6.8, it won't be that low (it'll be somehwere in between). Does that make sense? I might just be making this all up 😉)

PlasticMan, your question would be a great one for Clair in the NYCOM fin aid office! PM me if you can't get through on the main line, I have her direct #.

Hey All-

It pays to be an early bird. I spoke to the Financial Aid Office this morning. They said if you plan to consolidate, it really will not make much of a difference. If you go with Edamerica, you will pay 1% less in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). With Bank of America, you will pay 1% more in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). It really makes no difference if you plan to consolidate - your interest rate will be whatever interest rate they set as the fixed rate at that time (4.75% now). Hope that helps. I am heading to NYCOM in a few hours to talk to financial aid about a lot of stuff, so I will post information if any of it is good!

 

[nvshelat]

Hey All-

It pays to be an early bird. I spoke to the Financial Aid Office this morning. They said if you plan to consolidate, it really will not make much of a difference. If you go with Edamerica, you will pay 1% less in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). With Bank of America, you will pay 1% more in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). It really makes no difference if you plan to consolidate - your interest rate will be whatever interest rate they set as the fixed rate at that time (4.75% now). Hope that helps. I am heading to NYCOM in a few hours to talk to financial aid about a lot of stuff, so I will post information if any of it is good!

What about Nellie Mae?

 

[HunterGatherer]

Anyone make the switch from NYCOM to another lender for Stafford Loans?

 

[PlasticMan]

Hey All-

It pays to be an early bird. I spoke to the Financial Aid Office this morning. They said if you plan to consolidate, it really will not make much of a difference. If you go with Edamerica, you will pay 1% less in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). With Bank of America, you will pay 1% more in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). It really makes no difference if you plan to consolidate - your interest rate will be whatever interest rate they set as the fixed rate at that time (4.75% now). Hope that helps. I am heading to NYCOM in a few hours to talk to financial aid about a lot of stuff, so I will post information if any of it is good!

Thank you, Shannon. Let us know how it goes.

 

[nvshelat]

Anyone make the switch from NYCOM to another lender for Stafford Loans?

I called and tried to get the low-down on this, but the FA ppl were very evasive. At first they said I can use whoever I want, that I just needed to do a little "legwork". Then when I asked if I could use AES, they said I can't because they're not on the list of preffered suppliers or something. So then when I asked who IS on the list, they said only NYCOM is 🙂

I already signed my promissary note with them so I dont htink I can change it anyway

 

[Marimba82]

Not to change the topic from the financial aid discussion......but anyway, I was reading the thread about the Newsweek "Hero M.D." article featuring a military doctor who is actually a D.O. (NYCOM grad). This post was among the ones in that thread..........I wanted to know if current NYCOM students lurking on this thread can fill us incoming MS-1's in about how much clinical exposure to expect in the first two years.
Go to the link below = the post was in response to the fact that NYCOM students don't get their white coats until end of 2nd year. Does that mean NYCOM students don't get to shadow or be with patients/in a hospital at all in the first two years as part of the curriculum? Or does that just mean that we don't need a white coat if we do end up shadowing/getting early clinical exposure in years 1 and 2?

http://forums.studentdoctor.net/showpost.php?p=3581621&postcount=148

thanks in advance for the input! sorry for the long a$$ question!!

 

[Marimba82]

Hey All-

It pays to be an early bird. I spoke to the Financial Aid Office this morning. They said if you plan to consolidate, it really will not make much of a difference. If you go with Edamerica, you will pay 1% less in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). With Bank of America, you will pay 1% more in interest through medical school, but once you consolidate, you lose that interest rate anyway (too a lower rate, hopefully). It really makes no difference if you plan to consolidate - your interest rate will be whatever interest rate they set as the fixed rate at that time (4.75% now). Hope that helps. I am heading to NYCOM in a few hours to talk to financial aid about a lot of stuff, so I will post information if any of it is good!

Wait a second, I'm confused about what is being asked vs. what is being answered....

From the way I understand it, PlasticMan said that Bank of America lowers it's rates upon receiving a certain # of consecutive payments from you. Does Edamerica take that extra 1% off when you enter re-payment or from the get-go when the disbursement begins while in med school?

My point is -- Shannon mentioned it all being the same thing once you consolidate. BUT actually my understanding is that Bank of America lowers the rates for you AFTER consolidation, AFTER you give them some consecutive payments. If that is the case -- then we all will have the same interest rate in med school (fixed at 8.5%) but when we enter repayment post-residency, Bank of America gives you more incentives to keep repaying the loan? Right?? Anyone?? help me out 😉

[me when i think about financial issues 😡 ]

 

[shenningdo]

Thank you, Shannon. Let us know how it goes.

Hi All-

Short and sweet, this is what I learned from the FAO. All Financial Aid papers are up to date at the FAO for incoming first years, so we should receive our award letters in the next week or so. The award letters list all of the Federal loans we have received, any Perkins loans, and any grants or scholarships. What will not appear on the award letter is any private or Grad Plus loans; they are not processed until after July 1st, so you will not know for how much/if you were approved until after that. As far as EdAmerica, B of A, or NellieMae, it really depends on you personally. Any benefits either has over the other will only be worthwhile when you are in medical school IF you plan to consolildate once you graduate. If you do not plan to consolidate, then obviously it is worth going with a lender that has a lower rate or a better deal. B of A does have the percent reduction, but whether or not a lower interest rate or a percent reduction will be more beneficial depends on how much you intend to borrow. You will need to do the math to figure it out. I hope that helps the FAO conversations.

For those who are waitlisted, have not heard, or know anyone in that situation, it seems (as I heard in the office today and could not confirm with anyone of authority) that the class is only filled up to 200-250 students; the rest of the spots remain to be filled. Hope that gives a glimmer of hope!

-Shannon

 

[beastmaster]

As first years we didn't do any clinical work. I don't think second years did any either. The guys in DPC did. As a practical solution, coats are available for standardized patient encounters and such. If scrubbing in is your fancy, I think with few phone calls and some leg work you can do it in the summer after 1st yr. Though I don't see how a coat holds permissive influence over any of these activities.

 

[Marimba82]

To clarify what I mean, here are the incentives/features of the three Grad Plus lenders (from the websites)

Edamerica

With Edamerica, you receive an immediate 1% interest rate reduction. The standard GradPLUS interest rate is 8.5% versus 7.5% for Edamerica's GradPLUS, effective for 2006/07.
Receive a .25% interest rate reduction just for paying by auto debit.


Bank of America

A 0.25% point interest rate reduction upon authorization of automatic debit of funds from your checking or saving account.

In addition, Graduate PLUS borrowers can receive up to a 3% reduction of their current outstanding principal balance during the first 36 months of repayment


Receive 1% principal reduction after the first 12 on time payments as initially scheduled.
Receive another 1% principal reduction after 24 on time payments as initially scheduled.
Receive another 1% principal reduction after 36 on time payments as initially scheduled.


Nellie Mae

0.25 percentage point interest rate reduction awarded at first disbursement
0.75 percentage point interest rate reduction awarded at repayment
0.50 percentage point interest rate reduction by authorizing payments from a checking or savings account
2.4% loan credit of the original principal loan balance with Nellie Mae PLUSback after the first 24 payments are made by the due dates as initially scheduled*

Affordable rate
Borrow up to the cost of attendance (minus other aid) at the low, fixed interest rate of 8.5%. Graduate students can reduce the rate to 7.0% by applying the benefits above.


SUMMARY: Edamerica better rate while in school, but "worse" benefits (higher rate) in the long run. Bank of America and Nellie Mae seem to be the best (lowest) in the long run right?

 

[PlasticMan]

To clarify what I mean, here are the incentives/features of the three Grad Plus lenders (from the websites)

Edamerica

With Edamerica, you receive an immediate 1% interest rate reduction. The standard GradPLUS interest rate is 8.5% versus 7.5% for Edamerica's GradPLUS, effective for 2006/07.
Receive a .25% interest rate reduction just for paying by auto debit.


Bank of America

A 0.25% point interest rate reduction upon authorization of automatic debit of funds from your checking or saving account.

In addition, Graduate PLUS borrowers can receive up to a 3% reduction of their current outstanding principal balance during the first 36 months of repayment


Receive 1% principal reduction after the first 12 on time payments as initially scheduled.
Receive another 1% principal reduction after 24 on time payments as initially scheduled.
Receive another 1% principal reduction after 36 on time payments as initially scheduled.


Nellie Mae

0.25 percentage point interest rate reduction awarded at first disbursement
0.75 percentage point interest rate reduction awarded at repayment
0.50 percentage point interest rate reduction by authorizing payments from a checking or savings account
2.4% loan credit of the original principal loan balance with Nellie Mae PLUSback after the first 24 payments are made by the due dates as initially scheduled*

Affordable rate
Borrow up to the cost of attendance (minus other aid) at the low, fixed interest rate of 8.5%. Graduate students can reduce the rate to 7.0% by applying the benefits above.


SUMMARY: Edamerica better rate while in school, but "worse" benefits (higher rate) in the long run. Bank of America and Nellie Mae seem to be the best (lowest) in the long run right?

Nice post, weighing it all out. Regarding your summary, if we're going to consolidate sometime after graduation, then all those rate reductions you earn while paying it back mean nothing, correct? So perhaps we should go with Edamerica for the short run, since in the long run consolidation will erase any of the long term benefits of BofA or Nelly Mae?

Another quick question: What exactly is consolidation? I know it means someone combining your debts into one large debt to pay back, but how does this apply to med students? Does almost everyone consolidate? Once you start working, why wouldn't one want to consolidate? 😕

 

[Marimba82]

Nice post, weighing it all out. Regarding your summary, if we're going to consolidate sometime after graduation, then all those rate reductions you earn while paying it back mean nothing, correct? So perhaps we should go with Edamerica for the short run, since in the long run consolidation will erase any of the long term benefits of BofA or Nelly Mae?

NO NO NO!! The exact OPPOSITE, actually! If you consolidate, then the rate reductions WILLL take effect because you will start re-paying the loan as soon as you consolidate! First graduation, then consolidation to lock in a (hopefully) good low rate, then repayment begins, THEN rate reductions take effect!! Does that make sense? Consolidation does not erase anything. The purpose of consolidation is to lock in a fixed and lower rate and also to consolidate, or join, all your various stafford and other federal loans into one easy payment.

As an example, when I graduated from undergrad, I had 4 years of Stafford subsidized loans. They give you a 6 month grace period where you don't have to pay anything until 6 months after graduation. But interest rates were going to get really high that summer, so I graduated and called my lender and consolidated right away. So from that point on, I had a really low, fixed interest rate, and the lender told me how much my monthly payment would be and how many months it would take me to pay it off. I had to forfeit the rest of my grace period, and my repayments started right away, but they took 0.25% off when I set up direct debit payments. They will take off another whole 1% once I make 2 years of consecutive payments.
While I am in med school, I will be in deferment. Not required to pay anything, no interest will be accruing. So i think consolidation is a good thing, esp. if you have many loans like we will in my med school (stafford and grad plus).
One drawback of PRIVATE loans , you can't ever consolidate....your loan will forever collect interest at whatever random variable rate is there, high or low.

 

[PlasticMan]

NO NO NO!! The exact OPPOSITE, actually! If you consolidate, then the rate reductions WILLL take effect because you will start re-paying the loan as soon as you consolidate! First graduation, then consolidation to lock in a (hopefully) good low rate, then repayment begins, THEN rate reductions take effect!! Does that make sense? Consolidation does not erase anything. The purpose of consolidation is to lock in a fixed and lower rate and also to consolidate, or join, all your various stafford and other federal loans into one easy payment.

As an example, when I graduated from undergrad, I had 4 years of Stafford subsidized loans. They give you a 6 month grace period where you don't have to pay anything until 6 months after graduation. But interest rates were going to get really high that summer, so I graduated and called my lender and consolidated right away. So from that point on, I had a really low, fixed interest rate, and the lender told me how much my monthly payment would be and how many months it would take me to pay it off. I had to forfeit the rest of my grace period, and my repayments started right away, but they took 0.25% off when I set up direct debit payments. They will take off another whole 1% once I make 2 years of consecutive payments.
While I am in med school, I will be in deferment. Not required to pay anything, no interest will be accruing. So i think consolidation is a good thing, esp. if you have many loans like we will in my med school (stafford and grad plus).
One drawback of PRIVATE loans , you can't ever consolidate....your loan will forever collect interest at whatever random variable rate is there, high or low.

Hmmm I dunno? When you consolidate they may offer you a new low rate, but by consolidating perhaps you're giving up any other benefits offered by the original loan(such as 3% reduction after 36 payments) in order to consolidate and receive the cosolidated rate? Or is it like you say, that the incentives still apply after conslidation? Do you know for sure or are just speculating? Does anyone know how this works exactly?