Don't let them find out...nellish said:I have read that you can't use federal loans to pay for car payments. If you are like me and aren't loaded, what is the best way to pay for a new car during medical school?
I'm a nontrad. Before med school, I called the finaid dept and asked if I'd be able to borrow money to pay for my mortgage. They said "yes". As is often true in life, people give wrong answers. Now in med school, the reality is that fin aid dictates your budget. They calculate an amount and you have to survive on it. If you're coming from undergrad, it'll probably be fine. If you're a nontrad who is used to being able to buy things, you'll feel dirt poor. Anyway, it's survivable. Plan on just getting by. If you get really cheap rent, you may have more money to spend, but if fin aid can, they'll just reduce the money that you get.borisd said:Hi, I just wanted to know how taking out loans work out....Do you receive a check from them and it pays for rent and everyday living? Can someone please explain how this process works? I'd appreciate it.
Technically you're not allowed to, but it's not uncommon.nellish said:I have read that you can't use federal loans to pay for car payments. If you are like me and aren't loaded, what is the best way to pay for a new car during medical school?
Okay, here's a back of the napkin example:fun8stuff said:per semester? per year?
I borrow around $35k per year, so that's around $17k per semester. After tuition and fees are taken out, I'm left with around $9k per semester to live on.Bigsheed920 said:Can anyone post ballpark numbers for how much money they recieve with this loan check per semester. I would like to hear from students who do not recieve any financial help from their parents.
Sorry guy for not elaborating. It's per semester. When calculating your budget make sure that you take into account the following things that many people forget: health insurance (probably required at your school), car insurance, gas money, school books, fast-food, etc. Even if you skimp on textbooks, which probably isn't a bad idea as long as you know some people who do have them, you'll undoubtedly still spend lots of $ on review books. $800-1000 a semester is a reasonable estimate although you could probably get by with spending around $400 if you only buy the bare minimum needed to pass (not something I recommend). Make sure to overestimate your budget by about $1000 if possible. There will always be unexpected expenses in life and this way you won't be s.o.l. when your car breaks down or whatever. Good luck with school!fun8stuff said:per semester? per year?
Check with your school. They may have a one time ability to increase your financial need so you can pay for a car (or at least a portion of it). UIC will increase your financial need by 5k for auto expenses. Keep in mind that this loan will likely have to be from a private lender. Either an education loan (easier to get b/c you are a student) or a regular old private loan. Keep your credit in good order!brody17 said:How much is usually budgeted for a car payment and insurance? Any suggestions on appropriate cars?