Options for COA

[madcye]

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I figure there is a lot of knowledge in the people who roam these forums so I'm gonna ask for some advice.

Basically, I'm kinda stuck... I dont have the best credit and neither do my family members so I cant take out the grad plus loans or any other loans above the Stafford. Do you think my only option is to join a service like the National Guard? Should I consider working a few hours a week to help with cost of living? This is stressing me out. Any note worthy advice is appreciated.

 

[TexasTriathlete]

Military

 

[spicedmanna]

HPSP or primary care type scholarships... It's not good to take these types of scholarships just for the money, particularly military scholarships, but if it's your only option, well, then... COMP is pretty expensive. I guess an alternative would be to take out high-interest bank loans and owe for the rest of your life. Yeah, the military is sounding better, isn't it, even despite the issues with it? Hmm...I suppose another thing you could do is make a deal with a hospital in some underserved area and agree to practice there for some kind of financial deal you could make with them. If you are going to go the military route, make sure you KNOW what you are signing up for.

You will probably need something like $1600-1800 per month to make ends meet your first two years. I don't think parttime work is going to cut it, especially considering how difficult of an adjustment first year is going to be for most people.

 

[DrMidlife]

I'd be very surprised if you can't get private loans. Get on the phone with the financial aid office and lay it all out. You're definitely not the first med student with a bad credit history.

 

[spicedmanna]

I'd be very surprised if you can't get private loans. Get on the phone with the financial aid office and lay it all out. You're definitely not the first med student with a bad credit history.

The OP probably could, depending on exactly how bad his or her credit happens to be. However, the interest rate may be quite high. I guess one key is to find someone with good credit who is willing to back you.

 

[madcye]

Yeah I've thought about the HPSP but that wont be till next year anyways since you have to apply right?

Anyhow yeah I contacted the finaid office and I'll see what they say but I think its going to be along the lines of get a private loan/cosigner. Still gotta ask though...

Thanks

 

[fabu1ous]

OP-- I agree with DrMidLife-- someone out there will loan you money for school, just look at all your options. Not sure what you would consider as bad credit, but from myrichuncle.com, here's their defination of bad credit:

Eligibility for the Grad PLUS loan is not solely determined by the FAFSA, however borrowers must file a FAFSA with their school as part of the application process. There is a mandatory credit check, and to be eligible the borrower must not have an adverse credit history. Adverse credit history is defined as being more than 90 days delinquent on the repayment of any debt; having debt discharged in bankruptcy during the most recent 5-year period; and/or having been subject to a default determination on any debt, foreclosure, a tax lien, a repossession, a wage garnishment, or a write-off of Title IV debt during the most recent 5-year period.

Maybe the above doesn't apply to you? Hope this helps- good luck!

 

[madcye]

Eligibility for the Grad PLUS loan is not solely determined by the FAFSA, however borrowers must file a FAFSA with their school as part of the application process. There is a mandatory credit check, and to be eligible the borrower must not have an adverse credit history. Adverse credit history is defined as being more than 90 days delinquent on the repayment of any debt; having debt discharged in bankruptcy during the most recent 5-year period; and/or having been subject to a default determination on any debt, foreclosure, a tax lien, a repossession, a wage garnishment, or a write-off of Title IV debt during the most recent 5-year period.

Maybe the above doesn't apply to you? Hope this helps- good luck!

Thanks, I made sure to check my credit report and the requirements for a grad plus.

 

[scpod]

You will probably need something like $1600-1800 per month to make ends meet your first two years. I don't think parttime work is going to cut it, especially considering how difficult of an adjustment first year is going to be for most people.

I made that much a month teaching A&P at a nursing school during my first two years. Wouldn't recommend it for most people, though. Also, remember that few "part-time" jobs pay that well. I got lucky. You can shop around for private loans....but banks are being a lot more picky on all of their lending these days because they have lost their butts in the real estate market. Typical private loan requirements are a lot more stringent than GradPlus loans are.