Paying off credit card debt

[akpete]

Okay, so I couldn't work for a year in undergrad (athletic training student, i.e. worked for free for the university), so I started racking up credit card debt. Was getting somewhere paying it off, but then came med school app process. So anyway, I have ~$7000 debt on 3 different cards right now. I would like to get these paid off right away since I'll be living off loans completely soon. I've thought about transfering to 0% APR cards, but was denied one last year (tried to get card for app process), plus, I'd still be making the payments with loan money. So anyway, does anyone have any suggestions on lenders who would give me a private loan that is above and beyond the school budget? My credit score is ~740. Thanks.

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[Blade28]

Did you try Bank of America, Discover, or Wells Fargo yet?

 

[akpete]

nope. Thanks Blade.

 

[akpete]

okay, I need more help. Couldn't find Discover loans. Wells Fargo and TCF are only for school budget minus other financial aid (which I need more). Bank of America and Collegiate Funding Services state that the loan max is $30,000 or the school's budget, whichever is less, so I'm not sure if that mean minus other aid or not. Does anyone know or have other ideas?

 

[box29]

okay, I need more help. Couldn't find Discover loans. Wells Fargo and TCF are only for school budget minus other financial aid (which I need more). Bank of America and Collegiate Funding Services state that the loan max is $30,000 or the school's budget, whichever is less, so I'm not sure if that mean minus other aid or not. Does anyone know or have other ideas?

Collegiate funding services does offer unsecured private loans which means it does not have to be certified by the school. I just took out a loan from them in May...at the end of the school year.

 

[irishlaydi]

these are two I have been looking at. They don't require school certification, so you can borrow more than cost of edu.

Chase: http://www.educationone.com/foryou/graduate.html

suntrust/emax: http://www.suntrusteducation.com/ploans-ei.asp

 

[DrB]

My suggestion, to live very cheap in med school. You school will certify X but you should only use Y. Use the rest to slowly pay off the credit debt. As an example, our school gives a budget of around 800/month for an apartment. If you get a roomate, or two, you can save 400/month. Use that to pay down your debt.

As far as I know, the loans you can get above your schools budget are at a very high rate. So you would be trading a high interest credit card for a high interest loan. Fix the problem at the source.

 

[akpete]

Thanks!! That's a big help.

 

[akpete]

My suggestion, to live very cheap in med school. You school will certify X but you should only use Y. Use the rest to slowly pay off the credit debt. As an example, our school gives a budget of around 800/month for an apartment. If you get a roomate, or two, you can save 400/month. Use that to pay down your debt.

As far as I know, the loans you can get above your schools budget are at a very high rate. So you would be trading a high interest credit card for a high interest loan. Fix the problem at the source.

Well, I already thought of this, but thanks for the suggestion anyway. I was hanging out on waitlists til the last minute, so I'll be signing a lease for an apartment on July 9 with school starting July 27. Plus, I'll be still be paying with loan money either way. I also have a car loan. I think I'd like to have the debt paid off and not have to worry about it, rather than be stressed about saving money during school for minimum payments.

 

[akpete]

So Suntrust has no origination fee, while all others do. What's the catch?

 

[xanthines]

I'm also interested in this. In my case, I'm MSTP (no financial need according to the Financial Aid), but I ironically have some medical bills to pay off which are killing me.

The website is pretty stingy with information. Does anybody know about these things?

-X

So Suntrust has no origination fee, while all others do. What's the catch?

 

[akpete]

bump

 

[akpete]

well, anyone know the catch with Suntrust??

 

[2tall]

Okay, so I couldn't work for a year in undergrad (athletic training student, i.e. worked for free for the university), so I started racking up credit card debt. Was getting somewhere paying it off, but then came med school app process. So anyway, I have ~$7000 debt on 3 different cards right now. I would like to get these paid off right away since I'll be living off loans completely soon. I've thought about transfering to 0% APR cards, but was denied one last year (tried to get card for app process), plus, I'd still be making the payments with loan money. So anyway, does anyone have any suggestions on lenders who would give me a private loan that is above and beyond the school budget? My credit score is ~740. Thanks.

seems like you're talking about paying off these cards...and not paying off the debt. you're just moving the debt. if you plan to "pay" them off using your loan money...then what's the point of consolidating/refinancing them.

I know schools starts soon, but is there a job you could find (telemarketing/delivering pizzas/sales). BEST OPTION.

Another suggestion...since I know variable interest rates are a pain in the @ss. Whichever card has the least amount on it...pay it off as soon as you can. Then, call and see if they have any special offers on balance transfers (0%).

Remember everyone...Credit Cards are the Devil!

 

[akpete]

Thanks, but does anyone know anything more about Suntrust???????


Yes, I know I'm just moving the debt. I've been working, but it's hard to completely pay off a debt when there's so much else to pay for. Esp. with applying to med school.

 

[bethanyjb]

AHH,
If you find out anything else about how to fix this problem through Suntrust or another lender please let me in on the secret! It's amazing how the financial aid officers can just tell you what you NEED. If undergrad and applications and LIFE wasn't so expensive I wouldn't be in this situation! Sorry, I never had a rich Mommy or Daddy to pay for me. They say fly here for an interview and well think about allowing you into our school. Yippie, all our apps are on-line isn't that great! So, then I have to go out and buy a computer. Then once you get there they say " You have debt? You should have been more responsible. Shame on you." Thanks a lot!
PLEASE send help!

 

[mshheaddoc]

So Suntrust has no origination fee, while all others do. What's the catch?

well from what I can see, you have to make payments while in deferral (min of $50/month), additionally it could be a credit thing based on their variable rate (they are making more money off the back end and don't need ot charge fees) or they might catch you somewhere else with fees. Couldn't really tell. Have you called to ask rather than relying on website? Sometimes its easier to see the deal.

I would call your schools financial aid dept as well. Once your a student you can get a private loan with their lenders if needed but that depends on your financial aid situation. For instance Sallie Mae has private loans, some use nelnet, etc.

I know some students that did this but the majority of the ones in your situation that I know have $12K credit card bills because they were unable to pay them off as you are trying to do. Good luck because getting them off ot he cards is a good idea as minimum payments are expected to double in our debt driven society.

 

[YFR]

Don't know if you've found a solution yet, but here's a good starting point:
http://www.finaid.org/loans/privatestudentloans.phtml
Look for loans that don't include "COA" in the "Rates" column.

Good luck.

 

[DieselPetrolGrl]

I have heard that if you call the card company and make deals with tjem they can cut your intrest rates – I have a friend who has promised them she will pay $300 a month or they will up her APR again. She had to call them directly and I am sure they will wisk away the deal if she ever falters on her payments – but if your dead set and dont miss any payments that may work.