Studen Loans for Post Bacc

[Kouger86]

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I am considering doing a post bacc, possible at VCU. However, I've realized that I am already ~$8000 in debt. I've never had to apply for student loans in the past and will definetly need to, if I were to do a post bacc. From my understanding, the post bacc will cost ~$22,000. If I apply for a student loan, will they give me exactly enough to cover tuition and cost of living or will they also consider giving me more to cover my debt?

Any advice will be greatly appreciated.

 

[bamtuba]

If the loan follows the terms of other student loans (ie. must be certified by the school, etc.) then they will likely only give you money to cover school-related expenses with living and other things typically included in an undergraduate school loan. I would assume this could change depending on the school's policies, but it is not only a bad idea to pay off your other debt with this new loan, but unlikely allowed.

I ended up taking a student loan from Chase. My interest rate is about 2% and because of my credit history, it has been prime minus (!) some odd percent with the move away from non-variable rates.

Take care of your credit rating (pay bills, take as little debt as possible, borrow (if you must) wisely) and it will take care of you.

 

[Kouger86]

If the loan follows the terms of other student loans (ie. must be certified by the school, etc.) then they will likely only give you money to cover school-related expenses with living and other things typically included in an undergraduate school loan. I would assume this could change depending on the school's policies, but it is not only a bad idea to pay off your other debt with this new loan, but unlikely allowed.

I ended up taking a student loan from Chase. My interest rate is about 2% and because of my credit history, it has been prime minus (!) some odd percent with the move away from non-variable rates.

Take care of your credit rating (pay bills, take as little debt as possible, borrow (if you must) wisely) and it will take care of you.

So, if student loans don't cover other debt and is only for tuition and living expense. How does one continue to make payments while in school without a job?

When/If I start my Post Bacc this august, I will still owe ~4000 on my credit card, Can you guys offer any suggestions, which will allow me to continue my post bacc and not have to worry about payments, and or jobs on the side.

Basically, I have no experience with how student loans/school financing works, I would really appreciate it if anyone is willing to educate me, and have any specific ideas to offer me.

Thanks, in advance

 

[ThaliaNox]

So, if student loans don't cover other debt and is only for tuition and living expense. How does one continue to make payments while in school without a job?

When/If I start my Post Bacc this august, I will still owe ~4000 on my credit card, Can you guys offer any suggestions, which will allow me to continue my post bacc and not have to worry about payments, and or jobs on the side.

Basically, I have no experience with how student loans/school financing works, I would really appreciate it if anyone is willing to educate me, and have any specific ideas to offer me.

Thanks, in advance

I think you have some mistaken impressions on how life works. You've never had student loans before, but you've wracked up debt, at least 4000 of which is on credit cards. You will have to make payments on this debt during your post-bacc somehow. Student loans almost certainly will not cover it, and even if it did, you'd be financially foolish to do so. It sounds like you have two main options.

1. Get a part time job to cover your payments.

2. Beg family to help you cover the payments, perhaps with an agreement to pay it back later.

Basically, get a job and face the music.

 

[rbnsafsadgf]

How does one continue to make payments while in school without a job?

With Fin Aid, you get $Z per term for the cost of attendance (COA). COA includes the direct expenses (tuition, fees) and indirect ones (books, rent, food, etc.). Your school will issue you a check for indirect expenses. You can spend it however you want--there is no auditing. (But, you do agree to only use that money for "educational expenses".)

So, to pay credit cards, you could cut back on rent, for example, and put that money towards the credit card payment. There's no easy way out of credit card debt. Just make sure you continue to make payments if you don't pay it off. If you own a car, see whether you can get a credit card consolidation loan at a lower interest rate from your bank or credit union.

Paying back one loan with another isn't a great idea of course, but many people do it.

 

[rbnsafsadgf]

Also, do your reading about Fin Aid, so that you understand what you are getting into.

http://www.finaid.org/

http://studentaid.ed.gov/

 

[boaz]

I would consider doing the postbac at your state school if it's cheaper. Prestige of postbac institution is not that important. Just not CC.

 

[Kouger86]

I currently am working and studying for the MCAT....from what I can predict is if I were to get in this august to a post Bacc program. I still will have a balance left to pay. I would hate to not attend the post Bacc b/c of debt. I am actually working my ass off right now and will be picking up a 2nd job when I'm done with the MCAT.

Anyways, thx for the input, much appreciated.

 

[Kouger86]

What do ppl do when accepted to med school but they have debt. Do they always have help from family or is there a way to not worry about the debt until after med school without family assistance.

 

[ARK013]

Is the post bacc something you really want to do? If you're going to medical school why don't you just skip the whole thing and work on paying off that debt so you have nothing to worry about when you start medical school?

 

[Kouger86]

Is the post bacc something you really want to do? If you're going to medical school why don't you just skip the whole thing and work on paying off that debt so you have nothing to worry about when you start medical school?

I have to do a post Bacc so that I can bring my gpa for med school. I would really like to do the post Bacc this year so that I can go to med school the following year.

 

[ARK013]

I have to do a post Bacc so that I can bring my gpa for med school. I would really like to do the post Bacc this year so that I can go to med school the following year.

Did you check with the schools you want to apply to? Some don't even consider post bacc gpas...just undergrad! And in the end if the debts need to be paid they need to be paid...You will just have to figure them into your expenses! For post bacc you will probably need a job...for med school it will just force you to live even more frugal

 

[Showa57]

I think you have some mistaken impressions on how life works. You've never had student loans before, but you've wracked up debt, at least 4000 of which is on credit cards. You will have to make payments on this debt during your post-bacc somehow. Student loans almost certainly will not cover it, and even if it did, you'd be financially foolish to do so. It sounds like you have two main options.

1. Get a part time job to cover your payments.

2. Beg family to help you cover the payments, perhaps with an agreement to pay it back later.

Basically, get a job and face the music.

False. If you have student/other loans and are in school F/T, you can defer repayment of the original loan. Do you think current med students with undergrad loans are working P/T to cover their payments?

 

[ARK013]

False. If you have student/other loans and are in school F/T, you can defer repayment of the original loan. Do you think current med students with undergrad loans are working P/T to cover their payments?

But his loans aren't school loans...they're credit card loans and something else...OP said he had never taken out a school loan before

 

[Kouger86]

Yea, they r credit card loans. So, what do I do if i get in to a post Bacc this august and haven't paid them off. There must a way to put them on hold, I know I'm not the only one who has ever been in this scenario.

 

[DrSmooth]

Yea, they r credit card loans. So, what do I do if i get in to a post Bacc this august and haven't paid them off. There must a way to put them on hold, I know I'm not the only one who has ever been in this scenario.

The only way to get out of credit card debt without paying them off is called "bankruptcy". Not recommended. What you need to do is cut back on your expenses so you can pay off the cc debt as soon as possible. You could live w/ family, rent a room instead of an apartment, eat top ramen, etc. Also you can sell some assets, like a car, bike, TV, jewelry. You can also add a computer and sometimes PDA into your cost of attendance, and then use that $2000 extra loan $ toward your credit card. $8000 in debt isn't insurmountable, but you'll have to be creative to take care of it before school starts. And adjust your lifestyle so you don't make that mistake again. It is financially foolish to ever be carrying credit card debt, you really have to live w/in your means.

 

[rbnsafsadgf]

As I said earlier, you can probably just manage to pay the credit card payments while in school using the "extra" in your Fin Aid's COA.

$4k credit card debit -> ~$150 min payment, right? Just find housing that is $150 cheaper then expected and pay it.

What is the other $4k of the $8k?

 

[Kouger86]

K. Understood. Thx for the helpful advice. Much appreciated.