Private Loan Disbursement

[DrMommy]

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Hello

I had been recieving Sallie Mae's Tuition Answer Loan in order to pay for my children's daycare while I'm in Med School. I'm maxed out with Stafford, Perkins, etc for general living expenses. I just called to reapply for this current year, but was told that they no longer service private loans disbursed directly to the student. As of 3 weeks ago, no loans are to be given above COA anymore or directly to the student. That is what the rep from Sallie Mae told me.

My question is - does anyone know of a lender that still does disburse their private loans directly to the student?

Thanks

 

[rgerwin]

What year are you? If you are a second year or above, then you could try for a board review, or residency loan. They fairly finit limits (usually 5-15K) but it's better than nothing.

 

[Doctor Bagel]

Have you talked to your school about increasing your COA? I think daycare is one of those expenses that can easily be added to your budget for federal loans.

 

[TacoStand]

The end of private medical student loans really sucks. I am a MS3 with a little kid at home and have used these loans so that my wife can stay home with the kiddo vs make a little money since a decent portion of it would have to go to daycare.

I have gotten increases to the official COA for medical costs and I know that you can also get increases for daycare.

I'll be looking into increases for board review and it looks my wife my have to end up working now. Bummer...

 

[pokerslut]

Hello

I had been recieving Sallie Mae's Tuition Answer Loan in order to pay for my children's daycare while I'm in Med School. I'm maxed out with Stafford, Perkins, etc for general living expenses. I just called to reapply for this current year, but was told that they no longer service private loans disbursed directly to the student. As of 3 weeks ago, no loans are to be given above COA anymore or directly to the student. That is what the rep from Sallie Mae told me.

My question is - does anyone know of a lender that still does disburse their private loans directly to the student?

Thanks

Chase has a private loan that goes directly to the student; they have tightened up their standards with regard to credit score and needing a co-signer. Good luck.

If you still can't find it after a google search drop me a line. I was able to get 12,500 for this semester.

 

[DrMommy]

Chase has a private loan that goes directly to the student; they have tightened up their standards with regard to credit score and needing a co-signer. Good luck.

If you still can't find it after a google search drop me a line. I was able to get 12,500 for this semester.

Thanks! Do you know the minimum credit score required for a cosignor for this loan?

 

[yokurutu]

you should call chase and see if you really need a cosigner...