Paying for a DO if you cannot take out private loans?

[Gauss44]

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Is it possible for a Massachusetts resident to pay for a DO without taking out private loans? A person with no cosigner who was an orphan and has very bad credit (long story, but in short, not due to being irresponsible...)?

Disadvantaged and 3.8sGPA

 

[SpartanWolverine]

As far as I know, all DO schools are approved for Federal loans. You would get Grad PLUS and Stafford loans up to the estimated cost of attendance (tuition + living expenses).

 

[wubalubadubdub]

You don't qualify for any federal loans? You should contact your school's financial aid office first before coming to SDN since everyone has a different situation.

In my experience, my school sent out a list of required documents I had to fill out on the StudentLoans.gov website, completed them, and I was given an award letter (reimbursement occurs when school starts).

I did not have a cosigner and have no credit history (went to college in Georgia, got HOPE and Pell so I had no debt.) I've received more than enough federal loan money for my COA.

I recommend you contact your financial aid office since you may qualify for some federal student loans and the rest can be done through private lenders (which have to be contacted by your school's financial aid office anyways before they give you the loan.)

 

[Gauss44]

Guys, it says private loans (ie loans that require good credit). Federal loans are different (he can get federal loans, but there is a limit on those.. federal loans are usually enough to cover a school where you have in-state status, but probably not enough to cover most private schools without scholarships or some other funding source).

 

[acapnial]

Guys, it says private loans (ie loans that require good credit). Federal loans are different (he can get federal loans, but there is a limit on those.. federal loans are usually enough to cover a school where you have in-state status, but probably not enough to cover most private schools without scholarships or some other funding source).

My school was pretty expensive and I didn't have to do private loans... are you sure?

 

[AnatomyGrey12]

Guys, it says private loans (ie loans that require good credit). Federal loans are different (he can get federal loans, but there is a limit on those.. federal loans are usually enough to cover a school where you have in-state status, but probably not enough to cover most private schools without scholarships or some other funding source).

Yeah no. Every school factors in total COA and it doesn't matter if you are in state or out of state.

 

[AlteredScale]

Guys, it says private loans (ie loans that require good credit). federal loans are usually enough to cover a school where you have in-state status, but probably not enough to cover most private schools without scholarships or some other funding source).

That is not true. I am at a private medical school and my federal loans completely cover everything including COA. This is the case for most schools.

Your federal loans should cover everything.

 

[DocSomeDay22]

^I second this. Federal loans will often offer you the choice to take out more money than you need. This is why some people do nefarious things with their loan money.

 

[austintr]

All of the above is correct, but I think OP's concern was a bit misworded. Grad PLUS loans and the like do require a credit check, although your credit has to be < 40th percentile roughly to get turned down, from what I have read. These are still federal loans, but credit does play a factor. This may be what OP is referring to.

 

[AnatomyGrey12]

All of the above is correct, but I think OP's concern was a bit misworded. Grad PLUS loans and the like do require a credit check, although your credit has to be < 40th percentile roughly to get turned down, from what I have read. These are still federal loans, but credit does play a factor. This may be what OP is referring to.

That's not really true either though, they only look for adverse credit history. They don't consider score or other factors that a private lender would, they only look for adverse credit history and if you don't have any then you are good

 

[Dr. Rafiki]

The real question is: how can one have such bad credit without being irresponsible? Smells fishy

 

[austintr]

The real question is: how can one have such bad credit without being irresponsible? Smells fishy

Too many open accounts, not enough open accounts, too young avg account age, no revolving credit, high debt to income ratio, guarantors opening accounts on your behalf and defaulting/being delinquent, sharing credit accounts w/ others that don't pay on time, too many hard inquiries. Plus others I can't think of right now; I think that's sufficient. It's waaaay easier to have good/avg credit when you haven't lived as an adult for a significant amount of time. Not saying this is the case with anyone, just things I've learned from experience. My credit was garbage for almost ten years from my parents making poor financial decisions and it's just now respectable after 3-4 years of working on it incessantly.

 

[Dr. Rafiki]

Too many open accounts, not enough open accounts, too young avg account age, no revolving credit, high debt to income ratio, guarantors opening accounts on your behalf and defaulting/being delinquent, sharing credit accounts w/ others that don't pay on time, too many hard inquiries. Plus others I can't think of right now; I think that's sufficient. It's waaaay easier to have good/avg credit when you haven't lived as an adult for a significant amount of time. Not saying this is the case with anyone, just things I've learned from experience. My credit was garbage for almost ten years from my parents making poor financial decisions and it's just now respectable after 3-4 years of working on it incessantly.

All the things you listed are great examples of being irresponsible. Blaming others for your bad credit is inherently irresponsible.

As I've gotten older I realize more and more that the vast majority of my misfortunes during my teen / early / mid / late-20s were none other than my own fault. This is something that can only come with age. You'll get there too, hopefully.

 

[austintr]

All the things you listed are great examples of being irresponsible. Blaming others for your bad credit is inherently irresponsible.

As I've gotten older I realize more and more that the vast majority of my misfortunes during my teen / early / mid / late-20s were none other than my own fault. This is something that can only come with age. You'll get there too, hopefully.

Well, for starters I'm not the OP. I was merely giving examples of how one's credit can be suboptimal without being "irresponsible". We obviously disagree on the fundamental concept of what exactly "irresponsible" means. Yes it's egregiously irresponsible for a 16 year old to allow their parents to open a credit card in their name without their permission or knowledge. It happens a lot, sadly. Also, not having five credit cards with a balance is borderline reprehensible. That aside, I sure hope I don't get "there", wherever that is. Because if that means I would become as myopic as yourself, hard pass.

 

[Coltuna]

I think there's a fine line between irresponsibility and naivety. Medical school is largely dominated by people in their 20's who probably have little to no exposure to the benefits/difficulties that come with a good/bad credit line