pre-med working his way into bankruptcy to get into postbacc program...

[Gauss44]

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Posted with permission... I learned about a classmate who is working his way into a bankruptcy in order to get into a postbacc program. He had pretty bad grades (around a 3.0) as an undergrad due to financial problems. Now he cannot seem to get into any postbacc programs due to those bad grades. He recently discovered credit cards and has decided to use up to the maximum credit he can get to take classes and support himself to prove to post bacc programs and/or MD programs that he can make excellent grades under different financial circumstances. The only problem is that he says he will go bankrupt in the process... We live in Massachusetts so unless he gets into UMASS (which is competitive), I don't know where he's going to get an MD after a bankruptcy.

I am posting this in case anyone has any advice for someone in that situation? Or knows a better alternative to what he is doing?

 

[esob]

I thought I read somewhere one time that schools do a credit check (or at least employers do for residency) and that's a bad thing to have a bunch of bad debts as it reflects negatively on you personally. Of course there are circumstances under which it can't be avoided sometimes (ironically, often for medical debt) but I think trying to explain away that you ran up a bunch of bad debt to make up for the fact that you slouched in undergrad is probably not the best reason to give.

 

[etp123]

The stickied PLEASE READ post that nobody reads has some info on financial aid. Also there is quite literally a financial aid forum.

You should also tell your classmate being determined to reach your goals is important, but being able to make responsible decisions is also very if not more important. A lot of nontrads work for a bit to save up money then go back to school.

 

[CyrilFiggis]

As someone who counseled undergrads about debt and finances, I can tell you that nothing beginning with "He recently discovered credit cards" typically ends well for that person.

 

[Goro]

Posted with permission... I learned about a classmate who is working his way into a bankruptcy in order to get into a postbacc program. He had pretty bad grades (around a 3.0) as an undergrad due to financial problems. Now he cannot seem to get into any postbacc programs due to those bad grades. He recently discovered credit cards and has decided to use up to the maximum credit he can get to take classes and support himself to prove to post bacc programs and/or MD programs that he can make excellent grades under different financial circumstances. The only problem is that he says he will go bankrupt in the process... We live in Massachusetts so unless he gets into UMASS (which is competitive), I don't know where he's going to get an MD after a bankruptcy.

I am posting this in case anyone has any advice for someone in that situation? Or knows a better alternative to what he is doing?

SMPs are a dime a dozen; he should be willing to relocate if needed.

OR, he can do a DIY post-bac. Much cheaper.

I also suggest that he work a few years, save up some money and then go for the post-bac/SMP. He's in a marathon now, not a sprint.

 

[Gauss44]

I thought I read somewhere one time that schools do a credit check (or at least employers do for residency) and that's a bad thing to have a bunch of bad debts as it reflects negatively on you personally. Of course there are circumstances under which it can't be avoided sometimes (ironically, often for medical debt) but I think trying to explain away that you ran up a bunch of bad debt to make up for the fact that you slouched in undergrad is probably not the best reason to give.

My understanding is that he has zero "bad debts" at the moment. It's just a very large amount of debt that's becoming unsustainable.

 

[Gauss44]

The stickied PLEASE READ post that nobody reads has some info on financial aid. Also there is quite literally a financial aid forum.

You should also tell your classmate being determined to reach your goals is important, but being able to make responsible decisions is also very if not more important. A lot of nontrads work for a bit to save up money then go back to school.

My understanding is that he's not eligible for financial aid because he's not in a program. If he can get into a postbac, md, or masters program, then he will probably be eligible.

 

[Gauss44]

As someone who counseled undergrads about debt and finances, I can tell you that nothing beginning with "He recently discovered credit cards" typically ends well for that person.

My advice was to try to defer enrollment if and when he gets accepted, then call the credit cards and ask for a lower interest rate, and then work 2 full time jobs that offer the best pay to make the largest payments possible. Meanwhile try to transfer all credit card debt to a zero percent apr card while still making payments. Once paid off, start school. I don't know if that would work because of school policies. Just to be clear, I doubt that he is making a good decision, but do not see a better alternative for him. I guess giving up on medicine is debatable, but if it's a calling, then maybe not a good option.

 

[AlbinoHawk DO]

Sounds like a very bad move.

1. He has no idea how well he'll do in science.
2. Bankruptcy means certain student loans will be lost.
3. No guarantee to get into MD/DO. How will he pay for interviews?
4. The degree (if any) obtained during pre-med has no value.
5. No credit card will let him take the entirety out in cash, so how is he going to pay month-to-month to keep the credit cards valid until the end?

This sounds like it will all end in a disaster, but I'm sure he'll find some random 1 in a million story that something similar worked out and delude himself into thinking that'll be him too.

 

[Frosty808]

Hey all,

I am a nontrad... Looking to possibly retake classes. What kind of post bacc is your friend interested in? Formal or nonformal (aka do-it-yourself?) Either way, he can claim a 2nd bachelor's degree just to get federal funding so he doesnt need to use credit cards.

Formal programs means he will be a student full-time with no ability to support himself via rent or food on the table... Unless he has help. Formal programs provide structure and often MCAT prep help with resources to shadow a physician and volunteer as part of the formal program.

Informal or do-it-yourself means you take a mixed basket of classes you picked out. These classes can be from university or community college but fit to one's schedule. There is no formal committee letter ofmrec that you can gain but you can ask your professors directly for letter of rec anyway.

Also, with finances being a huge stress fmthroughout my wholr life... I will be working and going to school concurrently. Has your friend considered this path? Is he okay with work and take one or two classes at a time? What is the rush? Money needs to be saved up for applications ( both primary and secondary applications can cost $100 to $150 each) and to maximize admittance, one must also be able to apply to at least 15 to 25 schools. Even after applications, you have to afford going to the interviews...either plane tickets or road trip...also hotel rooms (or air bnb).

I know my undergraduate gpa is not a true reflection of my potential as I had taken on many things while an undergraduate (went to class full time, worked 3 on-campus student worker positions, volunteered and got involved with extracurriculars). The working was due to pay the differenxe in rising tuition and extracurriculars...I should've just transferred to a cheaper school...

Looking back...I was just struggling just to pay my tuition but was too stubborn to drop my other activities due to fear of looking like I was a quitter. Grades are more important than forcing yourself to do many other things at once. With post bacc classes bring calculated separately... At least we as nontrad can shoe an upward trend even though the retakes will just be averaged.

Currently, I also cannot afford to go to school without a roof over my head. I do not have the luxury of family who can help me out..my other half is already struggling also. I am going to stick to working full time but I want to pace myself with retaking my Prereqs classes. There is no rush to take it all over again rushing and unprepared.

 

[CyrilFiggis]

My advice was to try to defer enrollment if and when he gets accepted, then call the credit cards and ask for a lower interest rate, and then work 2 full time jobs that offer the best pay to make the largest payments possible. Meanwhile try to transfer all credit card debt to a zero percent apr card while still making payments. Once paid off, start school. I don't know if that would work because of school policies. Just to be clear, I doubt that he is making a good decision, but do not see a better alternative for him. I guess giving up on medicine is debatable, but if it's a calling, then maybe not a good option.

Unfortunately that's terrible advice. If he's already at the point of maxing out his cards his credit score will be terrible and no institution will give him a 0% APR.

Also, the whole premise of his scheme is terrible. He's creating a self-inflicted hardship, no school is going to buy that. If he's serious about medical school, drop the whole con and just enter the work force for a few years, get his finances on an even keel and then re-apply to post-bacc programs or do one independently. I tried to be light-hearted in my last post, but your friend sounds like an absolute idiot and this is a terrible idea.