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- Thread starter Wubbles
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Let me preface this by saying I haven't been in your situation, but I don't think you should let it get in the way of your goals. While volunteering is great experience, I think you should consider nixing the volunteer jobs and for now and through the summer getting a second job to try to pay off as much of your debt as you can before you get into school full-time. There will be time yet to volunteer, and while experience is a really important part of your application, logically speaking, I think it's more important to try to improve your credit score.
I don't know if the FAFSA people look at your credit score--they might or they might not--but I do remember hearing at the Tufts financial aid presentation that they'll loan you up to the amount of your vet school education regardless of your "need." Of course, that's a lot of debt to be in, but theoretically speaking, that's what they told me. They didn't say a word about credit scores in the presentation. For a private loan, you'd need good credit, but private loans are not so good for something as huge as vet school since they've got high interest rates. And again, I don't know if you need good credit to get student loans.
I don't know if the FAFSA people look at your credit score--they might or they might not--but I do remember hearing at the Tufts financial aid presentation that they'll loan you up to the amount of your vet school education regardless of your "need." Of course, that's a lot of debt to be in, but theoretically speaking, that's what they told me. They didn't say a word about credit scores in the presentation. For a private loan, you'd need good credit, but private loans are not so good for something as huge as vet school since they've got high interest rates. And again, I don't know if you need good credit to get student loans.
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i don't know much about this, but maybe something to consider is how much debt (non-school, non-mortgage debt) will you be in before you go to vet school. are you taking out more loans to go through undergrad?
especially for something like credit card debt, what happens to it while you're in school? interest keeps accruing and you can't defer payment i assume? in that case, think about how you're going to pay those while you're in vet school, and also how much interest you'll end up accruing for those... if you're paying through vet school with loan money, what are you going to do when you run out of loan money (for living costs and vet school) AND you still have some bills to pay?
maybe i'm thinking about this all wrong, but that was the impression i got after attending the financial aid session at tufts when the presenter said get rid of ALL credit card debts before starting vet school.
they have really cool online school loans debt calculator where you can plug in credit card debt and stuff too.
especially for something like credit card debt, what happens to it while you're in school? interest keeps accruing and you can't defer payment i assume? in that case, think about how you're going to pay those while you're in vet school, and also how much interest you'll end up accruing for those... if you're paying through vet school with loan money, what are you going to do when you run out of loan money (for living costs and vet school) AND you still have some bills to pay?
maybe i'm thinking about this all wrong, but that was the impression i got after attending the financial aid session at tufts when the presenter said get rid of ALL credit card debts before starting vet school.
they have really cool online school loans debt calculator where you can plug in credit card debt and stuff too.
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I'm almost positive that your credit score does not matter. I have TERRIBLE credit, so bad that I couldn't even get an apartment here without my husband's name on the lease (even though he doesn't live here with me). And yet I got the full amount through FAFSA. Also, I have quite a few bills (non-traditional student), including credit cards, and I'm able to make payments and still live off of my loans. Now of course, I don't live extravagantly (no shopping, no eating out, clipping coupons, etc.) but I have a roof over my head and food in the refrigerator!
Federal Stafford loans, which make up the bulk of Vet school loans for most people are not credit based. Grad Plus loans which account for the amount not covered by Stafford Loans are. So credit shouldn't hinder you too much.
That being said, I feel like classes should be more concerning. The pre-reqs are no walk in the park and admissions are hard to say the least. If your classes don't go well you could be coming out of undergrad with more debt and no acceptance to vet school.
Just my 2 cents 😳.
That being said, I feel like classes should be more concerning. The pre-reqs are no walk in the park and admissions are hard to say the least. If your classes don't go well you could be coming out of undergrad with more debt and no acceptance to vet school.
Just my 2 cents 😳.
You may not be eligible for GradPLUS loans if you have bad credit. Same with private educational loans. This eliminates non-US schools from consideration, basically.
I think you can get through many US schools with only Stafford Loans, which you can get without a decent credit score. You might double-check this if you're interested in the really expensive schools, like Western. Foreign schools have a lower limit on Stafford Loans than US schools, so students' credit scores matter, because you will need GradPLUS or private loans to finance the education.
I think you can get through many US schools with only Stafford Loans, which you can get without a decent credit score. You might double-check this if you're interested in the really expensive schools, like Western. Foreign schools have a lower limit on Stafford Loans than US schools, so students' credit scores matter, because you will need GradPLUS or private loans to finance the education.
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i would agree with this. get another job in place of your volunteer work and put all of that money towards your credit card debt. if you're lucky maybe you can find a second job that would count towards animal or vet experience
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Thanks for all the replies. This is actually what I'm trying to do right now, I just haven't been able to find something that will work with my other job schedule. The volunteering was to fill in that extra time and an extra thing to put on my resume.
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Since this thread has already discussed student loans, I thought I put a loan question here rather than start a new thread...
I'm 25 (FINALLY an "independent" student) and just filed my FAFSA without my parent's info. I didn't realize, however, that you need to include parental info to be awarded any Health Professions Loans.
I am going to school OOS (estimated cost of attendance ~$54,000 for 2010). Although my parents will not be contributing financially to my education, I may need them to co-sign things (have ~$3,000 credit card debt... UGH). While I don't want to go crazy with loan money, I also want to be sure that I am awarded enough to cover the cost of school and living expenses since there really won't be money coming from anywhere else.
Should I nag my parents to file their taxes before the March 1st deadline and refile the FAFSA with their information?
Do any current students know about the Health Professions Loan? (i.e., does it contribute significantly to covering your total cost of attendance?)
Will including my parent's info change my "need" by taking into account their income?
I'm 25 (FINALLY an "independent" student) and just filed my FAFSA without my parent's info. I didn't realize, however, that you need to include parental info to be awarded any Health Professions Loans.
I am going to school OOS (estimated cost of attendance ~$54,000 for 2010). Although my parents will not be contributing financially to my education, I may need them to co-sign things (have ~$3,000 credit card debt... UGH). While I don't want to go crazy with loan money, I also want to be sure that I am awarded enough to cover the cost of school and living expenses since there really won't be money coming from anywhere else.
Should I nag my parents to file their taxes before the March 1st deadline and refile the FAFSA with their information?
Do any current students know about the Health Professions Loan? (i.e., does it contribute significantly to covering your total cost of attendance?)
Will including my parent's info change my "need" by taking into account their income?
From what I know the HPSL won't contribute significantly to your financial aid. Some years you may not get any. Some maybe $1000-$3000. It is subsidized, so it will help even if it's a small amount.
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I remember hearing that the maximum award for HPSL is $5000, so it's not a lot compared to your total cost, but it is nice that it's subsidized and has a lower interest rate than the Stafford loans.
you don't need your folks to complete their taxes; you just need some key info from them. So get the info, adjust your FAFSA (easy if it is online) then move on. if their numbers change at the point when they file (the final numbers differ) you can update the fafsa online again.
btw - regardless of whether your folks contribute, you are considered independent as a grad student. their info will ONLY affect your eligibility for HPSL, not your other govt loans as a grad student. has nothing to do with age.
btw - regardless of whether your folks contribute, you are considered independent as a grad student. their info will ONLY affect your eligibility for HPSL, not your other govt loans as a grad student. has nothing to do with age.
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Get the job, pay off your credit card debt, and do your pre-reqs.
Also, pay off more than your minimum amount. The minimum amount is just enough to keep them from charging you a penalty, but you'll never actually pay off the credit card by just paying the minimum. We spent a whole lecture going over this in Finance because the teacher was amazed at how many people let the credit card debt get away from them and this was the primary reason why. Interest is a hell of a bitch.
Also, pay off more than your minimum amount. The minimum amount is just enough to keep them from charging you a penalty, but you'll never actually pay off the credit card by just paying the minimum. We spent a whole lecture going over this in Finance because the teacher was amazed at how many people let the credit card debt get away from them and this was the primary reason why. Interest is a hell of a bitch.
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