Professional to Pre-Med transition

[AliveNkickin]

Hi all, I'm about to make a huge leap. I'm giving up a lucrative 10 year career to go back to school full time and finish my pre-med prerequisites and BS. Back when I attended school I did quite well and I hope to do fine again.

I really have no savings at all, all my money has gone toward the elimination of high intrest debt (had a divorce, etc. -- all that non-trad stuff). Over the period of this last 6 month contract I've consolidated and paid off my debt, refinanced my car, sold my house, etc. Basically I'm finacially downsizing in preparation.

My credit score has become excellent over the years. But the challenge is that my 2007 tax file shows I made quite a bit of money in the year and my '08 will as well. For the next year and a half I will be eligible for very little federal student loan, and absolutely no grant or scholarship.

I need to avoid any full-time work so that I can obtain the highest GPA possible. I also need to spend that time on EC's, which if they are paid, are only bonus money.

I believe I will be able to draw on my credit rating and get substantial private student loans. My credit union said I can get up to 40k a year which would be more than enough to live on. I'm single and try to live frugaly. After the intial year and a half, I will hopefully require less money because my new tax status will have settled in and I'll live on campus.

Has anybody else pursued a similar route? Can anyone share what they've done as a non-trad student?

I'd really appreciate any shared experiences or advice. Thanks.

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[rgerwin]

Well, what's the interest on those private loans? Also, schools that can't afford grants won't care about how much money you make. And for professional school, the EFC is kind of irrelevant if you haven't gone bankrupt or foreclosed, etc. etc.

 

[Vith]

Sounds like you're in good shape, honestly. I'm doing the same thing, leaving a 6 year career in the military to finish my undergrad and pre-reqs, but I'm taking a wife, baby, mortgage, and lukewarm credit with me.
I'm running into the same problem with my tax returns showing a decent income this year, and having it cripple my ability to declare hardship. One thing to keep in mind is that you're guaranteed the max amount of stafford loans up to the cost of attendance for your school, regardless of income. If you've got a creditor willing to throw fistfuls of cash your way on top of that, it looks like you're golden.

 

[AliveNkickin]

Thanks Vith good to know others are in the same boat. Alot of us non-trad folks have other expenses.. I know I am paying for some things I would have avoided in hindsight.


I'm wondering if the credit union loan is above and beyond any COA calculation and just basically given on our honor.

For example, if the school said COA is X amount, and I need just a little more for child support. Does a private student loan bank consider the COA? I question because the CitiAssist loan (just 1 example) disburses the money to the school first.

 

[0_cat_state_1]

If you just need "a little more," the personal expenses factor of CoA may cover that need. I also have a CitiAssist loan, and I have not had any problems borrowing enough to cover expenses like monthly credit card bills, utility bills, and the like.

Typically, the check from the lender goes directly to the school, the school keeps tuition and fees and issues you a check for the remaining positive balance. The school needs to approve the loan amount before a check is even cut, so once your application is approved and completed for the requested loan amount, you shouldn't have to worry about not getting the whole requested amount.

Also, if the school's CoA is less than your calculations, talk to the fin aid department. Fin aid offices are usually able to help you with reasonable requests.