Seat Deposits

[hev]

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Anyone else have trouble paying for a seat deposit? I am fully dependent on scholarship/fin aid and am looking for suggestions for where people had success with short term loans, etc.. I was told today by my Bank that they do not offer any kind of personal loan and my credit line doesn't reach $1500.

 

[chizledfrmstone]

Did you speak to the schools to see if you can workout something with them?

 

[SpartanWolverine]

I would contact the school to ask if they can work with you in some way (i.e., waive the deposit, delay the deposit until loan disbursement, etc).

Edit: as chizled so aptly also pointed out seconds before me.

 

[hev]

Did you speak to the schools to see if you can workout something with them?

I would contact the school to ask if they can work with you in some way (i.e., waive the deposit, delay the deposit until loan disbursement, etc).

Edit: as chizled so aptly also pointed out seconds before me.

I actually did. They offered a 1 week extension (from april 8th to april 15th) which was definitely appreciated, but they said they could not extend any longer or reduce the deposit amount

 

[superdoc2.0]

If you have a car you could do a title loan, but you will lose your car if you don't pay it back. Have you tried credit cards? If you can get a good one it could have as high as $1500 cash advance limit.

 

[chizledfrmstone]

If you have a car you could do a title loan, but you will lose your car if you don't pay it back. Have you tried credit cards? If you can get a good one it could have as high as $1500 cash advance limit.

The biggest issue with car title loans is they tend to have triple digit APR.

This is why I hate such high deposits. It's insane how every school expects you to fork over ~$1,500.

 

[Chillywilly]

Can't you extend your credit limit? That's what I did. Just put in a request to your bank to increase the limit and they usually let you. Keep in mind though, of you don't pay $1500 after 30 days, it could ruin your credit

 

[superdoc2.0]

Can't you extend your credit limit? That's what I did. Just put in a request to your bank to increase the limit and they usually let you. Keep in mind though, of you don't pay $1500 after 30 days, it could ruin your credit

What do you mean it will ruin your credit?

 

[Elevencents]

Get another credit card. Preferably 0% APR for a year, then just pay it off before the year is up and cancel if you want.

 

[AlbinoHawk DO]

That's tough. Contact the school. If they are like mine, they won't be kind about it. They basically said a 10 day extension and "we hope you can still join the class." I skipped in paying rent. I figure I could live as homeless for a few months, but I got lucky and my landlord did work a payment plan with me. It is the only time I was late on a rent payment.

 

[iTcanBdone]

Anyone else have trouble paying for a seat deposit? I am fully dependent on scholarship/fin aid and am looking for suggestions for where people had success with short term loans, etc.. I was told today by my Bank that they do not offer any kind of personal loan and my credit line doesn't reach $1500.

I feel your pain, financially I'm in your same shoes. I know time is limited but you could also throw together a quick fundraiser. Contact your undergrad or even highschool, they will love to help an alumnus become a doctor!!! Good luck, I really hope it works out!

 

[Jazzy G]

And the best lesson for future applicants- be aware that applying, interviewing, and the deposit all come with heavy price tags. Start setting aside money now if necessary, and explore what options you'll have to help you out (credit card/family/sell car...). All the deposit prices are also listed on AACOM information book.

 

[ninjaman22]

How about asking them if you can pay half the deposit by deadline and then the other half a month or 15 days later? I also had some trouble coming up with the $1500 so I called the school and they said I could pay it half and half.