*** Official NYCOM Class of 2010 ***

[PlasticMan]

---

Members don't see this ad.

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

Meaning consolidation erases the original incentives offered for the loan?

 

[jellibelli]

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?

oh no. i so confuzzled.

 

[Marimba82]

Yes I am speculating about Bank of America -- because I've never borrowed Grad Plus loans with them before! But No, I am not speculating in general, because I think consolidation works the same way across various types of loans and lenders, and since I consolidated my undergrad loans, I am speaking from "experience" with consolidation.

okok, I give up = I called Bank of America!! Repayment incentives (up to 3% off) applies during repayment OF ANY KIND. Whether you are repaying after consolidation, or just repaying WITHOUT consolidating, regardless, if you are REPAYING anything to Bank of America, you are eligible for those incentives!

Does that make sense now?

😱

 

[PlasticMan]

Yes I am speculating about Bank of America -- because I've never borrowed Grad Plus loans with them before! But No, I am not speculating in general, because I think consolidation works the same way across various types of loans and lenders, and since I consolidated my undergrad loans, I am speaking from "experience" with consolidation.

okok, I give up = I called Bank of America!! Repayment incentives (up to #% off) applies during repayment OF ANY KIND. Whether you are repaying after consolidation, or just repaying WITHOUT consolidating, regardless, if you are REPAYING anything to Bank of America, you are eligible for those incentives!

Does that make sense now?

😱

Ok, now I believe you 😀 Thanks for finding out for sure. Now I just need to figure out if saving 1% all the years before I begin repaying would be worse/better than saving 3% after 3 years of paying for the duration of the loan.

 

[noonday]

oh no. i so confuzzled.

i agree. this financial aid thing is making my brain hurt. never been good with money things.

🙁

 

[Marimba82]

Ok, now I believe you 😀 Thanks for finding out for sure. Now I just need to figure out if saving 1% all the years before I begin repaying would be worse/better than saving 3% after 3 years of paying for the duration of the loan.

I am glad you finally believe me! But really I wouldn't be posting my thoughts about consolidation unless i really knew something from previous experience 😛

oh wow...... you know what I just realized after the 5000000 posts we have been exchanging about this issue?! Bank of America does not take 3% off your interest rate after 3 years. They take 3% off your outstanding PRINCIPAL balance! We (I?) complete read it incorrectly!! So it's not that we would end up with an interest rate of 5.25%......it's that our principal balance that we are trying to pay off would go down by 1% every year......

For example, if you have borrowed $80K from B of A over 4 years in med school.......your balance (not including accrued interest) would decrease by (only) $800 every year! That's barely a drop in the bucket right??

This changes everything! Incentives don't sound like such great incentives anymore do they? 🙁

 

[shenningdo]

I am glad you finally believe me! But really I wouldn't be posting my thoughts about consolidation unless i really knew something from previous experience 😛

oh wow...... you know what I just realized after the 5000000 posts we have been exchanging about this issue?! Bank of America does not take 3% off your interest rate after 3 years. They take 3% off your outstanding PRINCIPAL balance! We (I?) complete read it incorrectly!! So it's not that we would end up with an interest rate of 5.25%......it's that our principal balance that we are trying to pay off would go down by 1% every year......

For example, if you have borrowed $80K from B of A over 4 years in med school.......your balance (not including accrued interest) would decrease by (only) $800 every year! That's barely a drop in the bucket right??

This changes everything! Incentives don't sound like such great incentives anymore do they? 🙁

Exactly. Good job! I still went with Bank of America, purely because of out sourcing reasons, but there is no major incentive to choose it over EdAmerica or Nelliemae.

 

[tfg]

I am glad you finally believe me! But really I wouldn't be posting my thoughts about consolidation unless i really knew something from previous experience 😛

oh wow...... you know what I just realized after the 5000000 posts we have been exchanging about this issue?! Bank of America does not take 3% off your interest rate after 3 years. They take 3% off your outstanding PRINCIPAL balance! We (I?) complete read it incorrectly!! So it's not that we would end up with an interest rate of 5.25%......it's that our principal balance that we are trying to pay off would go down by 1% every year......

For example, if you have borrowed $80K from B of A over 4 years in med school.......your balance (not including accrued interest) would decrease by (only) $800 every year! That's barely a drop in the bucket right??

This changes everything! Incentives don't sound like such great incentives anymore do they? 🙁

Hi Everyone, I'm Theresa and I'll be joining you in August! I wish I had checked out this site sooner when I was sorting out the financial aid stuff on my own. Well after reading the info I found out I did somethings right and am keeping my fingers crossed that all goes well.
I've seen a few posts about housing and just wondering if anyone is looking for a roommate? The lack of info from NYCOM and the threat of places going fast has sent me into a panic. I live in Northern NJ and don't know really know anyone going to NYCOM. Any help you can provide is much appreciated!

Thanks!
Theresa

 

[shenningdo]

Here is a simple break down, I think:

If you intend to reconsolidate the minute you graduate before repaying your loans at all (i.e. during your grace peroid prior to going into repayment), your interest rates on the loans taken out all four years will be:

Bank of America 8.5%
NellieMae 8.25%
EdAmerica 7.5%

If you intend to enter repayment after your grace period and not consolidate, then your interest rates for your loans will:

Bank of America - remain at 8.5%, but your principal will go down 1% each year
NellieMae - will go down with each option you choose (auto payment, etc.)
Ed America - will go down with each option you choose (auto payment, etc.)

Anyone want to correct me on this?

 

[shenningdo]

Hi Everyone, I'm Theresa and I'll be joining you in August! I wish I had checked out this site sooner when I was sorting out the financial aid stuff on my own. Well after reading the info I found out I did somethings right and am keeping my fingers crossed that all goes well.
I've seen a few posts about housing and just wondering if anyone is looking for a roommate? The lack of info from NYCOM and the threat of places going fast has sent me into a panic. I live in Northern NJ and don't know really know anyone going to NYCOM. Any help you can provide is much appreciated!

Thanks!
Theresa

Hi Theresa-

Welcome! My name is Shannon. If you are interested in talking with and meeting some of your future classmates, pm me your email address and AIM screen name. I will add you to the ever growing contact list I created in order for us all to get to know each other, find roommates, make friends, form study groups, and ease into Orientation and Medical School. We have get togethers once a month that I plan, and in between we all chat on im, SDN, and email! I just moved from Northern NJ (Montclair) to Glen Cove! Good luck, and I look forward to meeting you!

-Shannon

 

[PlasticMan]

I am glad you finally believe me! But really I wouldn't be posting my thoughts about consolidation unless i really knew something from previous experience 😛

oh wow...... you know what I just realized after the 5000000 posts we have been exchanging about this issue?! Bank of America does not take 3% off your interest rate after 3 years. They take 3% off your outstanding PRINCIPAL balance! We (I?) complete read it incorrectly!! So it's not that we would end up with an interest rate of 5.25%......it's that our principal balance that we are trying to pay off would go down by 1% every year......

For example, if you have borrowed $80K from B of A over 4 years in med school.......your balance (not including accrued interest) would decrease by (only) $800 every year! That's barely a drop in the bucket right??

This changes everything! Incentives don't sound like such great incentives anymore do they? 🙁

Right, and since they're only taking off 3% total, that's like $2400 ( actually a little less b/c after each year of payment and they take off 1%, 1% of the next year's principal wouldn't be as much as 1% the first year they take it off).

I did the calculations based on annually accumulated incremental interest based on $20k/year x 4 years. The difference between 7.5% and 8.5% came out to $2,340 which is close to what BofA will take off with that 3%. So at the 3rd year after you graduate, they will be about the same; however, for the duration of the loan after that you will still be paying 7.5% for Edamerica and 8.5% for BofA! (not taking into account the other deductions like auto-debit that they offer. With all that being said, it seems to me that Edamerica is the better choice.

 

[shenningdo]

Right, and since they're only taking off 3% total, that's like $2400 ( actually a little less b/c after each year of payment and they take off 1%, 1% of the next year's principal wouldn't be as much as 1% the first year they take it off).

I did the calculations based on annually accumulated incremental interest based on $20k/year x 4 years. The difference between 7.5% and 8.5% came out to $2,340 which is close to what BofA will take off with that 3%. So at the 3rd year after you graduate, they will be about the same; however, for the duration of the loan after that you will still be paying 7.5% for Edamerica and 8.5% for BofA! (not taking into account the other deductions like auto-debit that they offer. With all that being said, it seems to me that Edamerica is the better choice.

This is only true if you DO NOT CONSOLIDATE... at which point, the loan's interest rate could be even lower than 7.5% or 8.5%. This is only true for the duration while you are in school if you plan to consolidate. Make sense?

 

[KateGia]

Honestly, when it comes down to it, we're going to be paying back $300,000+ in loans. If you're all worrying this much about .5% I'm scared of what you'll be like before tests! I think we all need to take a deep breath, pick a lender, and then enjoy your summer.... good luck 🙂

 

[shenningdo]

Honestly, when it comes down to it, we're going to be paying back $300,000+ in loans. If you're all worrying this much about .5% I'm scared of what you'll be like before tests! I think we all need to take a deep breath, pick a lender, and then enjoy your summer.... good luck 🙂

AMEN!!! That is exactly my thought and exactly why I chose B of A a long time ago and was done with it. Let's have some fun this summer.

 

[Marimba82]

Honestly, when it comes down to it, we're going to be paying back $300,000+ in loans. If you're all worrying this much about .5% I'm scared of what you'll be like before tests! I think we all need to take a deep breath, pick a lender, and then enjoy your summer.... good luck 🙂

Actually if anything scares you about these posts, it should be how much I enjoy posting about loans (of all things) ......just to procrastinate at work !! so don't worry, I am plenty relaxed 😉

 

[nvshelat]

Whos applying to DPC?

 

[noonday]

Whos applying to DPC?

i did.

 

[nvshelat]

😀 Yay!!

 

[PlasticMan]

😀 Yay!!

grats!

 

[nvshelat]

mon, wed, fri: group from 1-3
mon: OMM lab 8-12
tues: clinical w/ Dr from 2-5
tues: clinical w/ sim patient 9-11
thurs: DPC problem set 9-11
thurs: clinical lab 1-4

we spend more than enough time in the books. the clinical interactions reinforce what we read.
t

ps. note that this schedule is certainly subject to change and is modeled after my current schedule and does not reflect the schedule for the entire year

What about anatomy lab? Or is that clinical lab?

 

[TerminatorNYC]

After completing FAFSA, on the confirmation page, I got “estimated Expected Family Contribution (EFC) is: 33279.” Does this mean that I will have to come up with this much and that I will only get around $9K in Stafford? I am an independent student so this is not taking into an account any parents’ contribution that is none in my case. The EFC is based on my last year's salary (2005 tax return) that I am giving up in a month. Did anyone have an EFC similar to mine? Should I worry? 😕

 

[beastmaster]

This is the most boring class thread in the history of this forum 😴

If ya'll don't stop with all this financial aid stuff I will start reporting people.

 

[noonday]

This is the most boring class thread in the history of this forum 😴

If ya'll don't stop with all this financial aid stuff I will start reporting people.

hey, i tried, a little. and since i'm online after being out and singing (albeit really off key and tipsy) kareoke, i'll try to start something interesting.

so, lurkers/occasional posters from current classes: spill. spill the dirt. the stuff you love that you never expected. the stuff you hate that you're surprised exist that you also never expected. what do we all, the wide eyed incoming newbies, need to know that we don't, that you've discovered by being a nycom student for 1+ year(s)?

professors you love, professors you hate, things you spent money on that were useless, thing you needed but they didn't tell you, etc...

or don't. whatever. just my interest in knowing ahead of time.

 

[HunterGatherer]

What about anatomy lab? Or is that clinical lab?

The 2009 first year class did not start gross anatomy lab right away. I think it was not until the second half of the school year that they started Anatomy. there is a post somewhere on SDN about that.


Terminator You should be able to get the full amount for stafford loans to pay for tuition.
http://forums.studentdoctor.net/showthread.php?t=271877&highlight=subsidized

Anyone know where they will keep their loan money? What are the current high interest rate bank accounts?

 

[nvshelat]

The 2009 first year class did not start gross anatomy lab right away. I think it was not until the second half of the school year that they started Anatomy. there is a post somewhere on SDN about that.


Terminator You should be able to get the full amount for stafford loans to pay for tuition.
http://forums.studentdoctor.net/showthread.php?t=271877&highlight=subsidized

Anyone know where they will keep their loan money? What are the current high interest rate bank accounts?

Thanks HG. ING has a 4.15% savings rate. http://home.ingdirect.com/open/open.asp. A local bank here in SJ has rates at just under 5% http://www.sterlingnj.com/persSav.cfm?ShowID=1000#1000.

 

[nvshelat]

What's everyone's favorite beer?

My current mistress is Sam Adams Summer Ale.

 

[yasha83]

What's everyone's favorite beer?

My current mistress is Sam Adams Summer Ale.

There we go, now theres a post worthy of summer, and more discussion.

Currently, I would have to go with Magic Hat, one of the best microbrews I know of.

 

[TerminatorNYC]

The 2009 first year class did not start gross anatomy lab right away. I think it was not until the second half of the school year that they started Anatomy. there is a post somewhere on SDN about that.


Terminator You should be able to get the full amount for stafford loans to pay for tuition.
http://forums.studentdoctor.net/showthread.php?t=271877&highlight=subsidized

Anyone know where they will keep their loan money? What are the current high interest rate bank accounts?

Thanks, Hunter. What a relief.

About beer.... Spaten Optimator is realy good. Had it at Killmeyer's Old Bavarian Inn in SI a couple of weeks ago... But today I think I'll go with Sam Adams. 👍

 

[noonday]

About beer.... Spaten Optimator is realy good. Had it at Killmeyer's Old Bavarian Inn in SI a couple of weeks ago... But today I think I'll go with Sam Adams. 👍

beer's ok (speakeasy prohibition ale is very nice), but i really dig on boutique bourbons. jefferson special reserve....mmmmm. bourbons have a more mellow and warm feel without the peaty-ness of scotches or the cloying sweetness of sour mashes.

 

[Marimba82]

This is the most boring class thread in the history of this forum 😴

If ya'll don't stop with all this financial aid stuff I will start reporting people.

Another way to look at it is that this is the most helpful class thread in the history of this forum 😀 Someone asks, someone answers, everyone's happy!

 

[TerminatorNYC]

Another way to look at it is that this is the most helpful class thread in the history of this forum 😀 Someone asks, someone answers, everyone's happy!

Word! 👍

 

[Mike2010]

What's everyone's favorite beer?

My current mistress is Sam Adams Summer Ale.

My Favorite Beer is Corona. When it is in season, I also think Sam Adams Octoberfest is outstanding.

 

[jellibelli]

My Favorite Beer is Corona. When it is in season, I also think Sam Adams Octoberfest is outstanding.

eeew beer!! i'm a two buck chuck kind of gal 😛

 

[lilzelda]

oooo alcohol my favorite topic, i like guinness, strongbow, woodchuck and newcastle brown I don't like like Sam Adams but if i have to drink one it would be cherry wheat

 

[nvshelat]

oooo alcohol my favorite topic, i like guinness, strongbow, woodchuck and newcastle brown I don't like like Sam Adams but if i have to drink one it would be cherry wheat

Mmmmmmmm newcastle mmmmmmmm

countdown to happy hour...

 

[HunterGatherer]

I'll drink anything with alcohol in it. Pschorr Brau Weiss does bring the thoughts of a summer vacation so I'll go with that. Grand Marnier or single malt scotch served in a snifter reminds me a drinking by the fireplace in winter. Too bad I don't have that kind of money these days. 🙁

 

[HunterGatherer]

got my FA award letter and it only had stafford info. Anyone know if perkins would be included on there if we received it? I'll probably stop by NYCOM Financial Aid Office next week when things settle down after my graduation.

 

[shenningdo]

got my FA award letter and it only had stafford info. Anyone know if perkins would be included on there if we received it? I'll probably stop by NYCOM Financial Aid Office next week when things settle down after my graduation.

Mine also only had Stafford, and I KNOW I received a TAP award. TAP wasn't on there either. I would hope I will receive Perkins, since it is first come, first serve, and I returned my papers ASAP. Perkins wasn't on mine either. I am going to call today, so I will let you know what I find out 🙂!

 

[shenningdo]

got my FA award letter and it only had stafford info. Anyone know if perkins would be included on there if we received it? I'll probably stop by NYCOM Financial Aid Office next week when things settle down after my graduation.

If you were awarded Perkin's Loan, it would appear on your award letter. If it does not appear on the award letter, than you did not receive the award. It is on a first come, first serve basis, and the FAO said chances are if you did not receive the Perkin's Loan, they ran out of money by the time they processed your application. Preference is given to fourth years, then third years, then second years, then first years, if someone needs the loan. There were some first years who received the Perkin's loan, so they did not run out before they got to our class. You can call and be put on a waitlist for the Perkin's loan, and, when someone does not need it or declines it, you will be granted it. The FAO said chances are you will receive it if you are on the waitlist. It is $2,500 this year.

The TAP award will not appear on the award letter until HESC reports that you have received it. HESC told me I received it, but the school has not received the report that I did. Therefore, I will have to keep tabs on this until NYCOM receives word that I received the award.

Hope that helps!

For now, we just wait until Private/Grad Plus loans are processed through after July 1st 🙂!

 

[nvshelat]

If you were awarded Perkin's Loan, it would appear on your award letter. If it does not appear on the award letter, than you did not receive the award. It is on a first come, first serve basis, and the FAO said chances are if you did not receive the Perkin's Loan, they ran out of money by the time they processed your application. Preference is given to fourth years, then third years, then second years, then first years, if someone needs the loan. There were some first years who received the Perkin's loan, so they did not run out before they got to our class. You can call and be put on a waitlist for the Perkin's loan, and, when someone does not need it or declines it, you will be granted it. The FAO said chances are you will receive it if you are on the waitlist. It is $2,500 this year.

The TAP award will not appear on the award letter until HESC reports that you have received it. HESC told me I received it, but the school has not received the report that I did. Therefore, I will have to keep tabs on this until NYCOM receives word that I received the award.

Hope that helps!

For now, we just wait until Private/Grad Plus loans are processed through after July 1st 🙂!

Does hte packet say anything about qualifying for work-study?

 

[dbcuse23]

First off, I'm a 22 yo male from Binghamton, NY (upstate) who will be attending NYCOM this fall (class of 2010).

I was down in Bayville last week and I put a deposit down on a 2 bedroom place right on the beach (10 second walk literally). Now I need to find a roommate!! If anyone is interested lemme know. I got pics of it too per request..

Info on the place:
Fully furnished, 2 bedrooms, kitchen (stove, microwave, full size fridge), living room, study room, one bathroom, no washer and dryer (laundromat just down the road), free satellite television!

The place is about 8 miles from campus in a very nice area; plenty of private parking.

Cost = 625 a month, 9 month lease, most utilities are included in monthly cost except for heat

 

[shenningdo]

Does hte packet say anything about qualifying for work-study?

I did not apply for work study, so mine says nothing about it. Anyone else apply for it? If so, does it appear on your award letter?

 

[nvshelat]

I did not apply for work study, so mine says nothing about it. Anyone else apply for it? If so, does it appear on your award letter?

I didn't apply for it; I wasn't aware there was an app (if there is one). In my undergrad, it was part of the FA package. Maybe we'll have more info @ orientation. However, I'm not sure how much time I'll have to work..

 

[shenningdo]

I didn't apply for it; I wasn't aware there was an app (if there is one). In my undergrad, it was part of the FA package. Maybe we'll have more info @ orientation. However, I'm not sure how much time I'll have to work..

I was pretty certain that on either the FAFSA or the NYCOM financial aid applications there was a place to check a box if you were interested in work study. I know there was not a separate application. Sorry I cannot be of more help!

 

[nvshelat]

I was pretty certain that on either the FAFSA or the NYCOM financial aid applications there was a place to check a box if you were interested in work study. I know there was not a separate application. Sorry I cannot be of more help!

Oh yea, thats right. Theres a section on the FAFSA where you check "yes" if you're interested in 'student employment'. But I dont think I've seen anything yet from NYCOM.
Thanks!

 

[Ski2Doc]

Hey does anyone know if you can borrow extra money without a good reason? For example, if you are a little short for a down payment or you want to buy a car.

Basically, do you need to show that the extra money you are borrowing is for particular lving expenses, say rent, or do they just give it to you and you decide how to spend it?

 

[nvshelat]

I'll drink anything with alcohol in it. Pschorr Brau Weiss does bring the thoughts of a summer vacation so I'll go with that. Grand Marnier or single malt scotch served in a snifter reminds me a drinking by the fireplace in winter. Too bad I don't have that kind of money these days. 🙁

The 2 Blue Moons I just had were rather refreshing 🙂

 

[Marimba82]

dude! XMen3 ROCKED 😀 I heart Hugh Jackman, but regardless of that, the movie rocked 😉

Note: if you haven't seen it yet, make sure when you go that you stay until the very end of the closing credits for the "extra" scene......

can't wait for superman and Pirates2.....!

 

[mdage]

Has everyone received financial award letter? I haven't received anything from the financial aid yet...weird 😕

 

[HunterGatherer]

Has everyone received financial award letter? I haven't received anything from the financial aid yet...weird 😕

I did. I was accepted in early Feb though. When were you accepted?