Student Loan for Applications?

[MedPR]

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Not sure why I hadn't thought of this before, but is it possible for me to take out a student loan and just use the money to pay for applications/interviews?

My parents always handled the loan applications in undergrad (the loans are in my name, unfortunately) so I know nothing about the timing or how to go about getting one. What's another $5k in loans, right? Any non-trads doing this?

 

[ShoTyme]

Not sure why I hadn't thought of this before, but is it possible for me to take out a student loan and just use the money to pay for applications/interviews?

My parents always handled the loan applications in undergrad (the loans are in my name, unfortunately) so I know nothing about the timing or how to go about getting one. What's another $5k in loans, right? Any non-trads doing this?

Uh... yeah... duh... 😉 but seriously, that's the only way I can realistically get this done. I took enough loans to be able to cover everything... MCAT, MCAT prep, application, interviews, new suit, the works. So if this whole md thing doesn't pan out, look for me in a non-extradition country sipping mai tais with the remainder.

 

[susan10]

Haha..yeah! It is totally possible to take out a student loan and use the money to pay for applications/interviews..

 

[MedPR]

Would it be possible to apply for a loan now and have the money by July? Where do I go to apply for student loans?

 

[DrMidlife]

Avoid private loans. Doing a private loan is probably no better than doing a credit card. If you do a private loan or credit card, have a plan for how you'll get it paid off before med school starts.

To get federal loans:
1. Be in school
2. Fill out FAFSA
3. Go see the financial aid office

July, in any case, is highly unlikely.

Best of luck to you.

 

[nextgendoc]

In order to qualify for a student loan you must be a registered student for that semester or quarter with school expenses which are to be covered by the loan - tuition room and board, parking etc.

 

[MedPR]

Avoid private loans. Doing a private loan is probably no better than doing a credit card. If you do a private loan or credit card, have a plan for how you'll get it paid off before med school starts.

To get federal loans:
1. Be in school
2. Fill out FAFSA
3. Go see the financial aid office

July, in any case, is highly unlikely.

Best of luck to you.

No better than credit card huh? Well I have about $20k available in credit cards and a low balance at the moment. Can secondaries be paid with credit card?

 

[DrMidlife]

No better than credit card huh? Well I have about $20k available in credit cards and a low balance at the moment. Can secondaries be paid with credit card?

Yes.

 

[MedPR]

Yes.

Good deal. Thanks! Citi/Chase/Amex have been pretty good to me in the past. Perhaps I can call them and see if they'll give me 6 months of 0% 🙂

 

[Prncssbuttercup]

In order to qualify for a student loan you must be a registered student for that semester or quarter with school expenses which are to be covered by the loan - tuition room and board, parking etc.

This...
As long as this is your status, do it... I did...

 

[MedPR]

This...
As long as this is your status, do it... I did...

Isn't it too late for FAFSA this year?

 

[ShoTyme]

Isn't it too late for FAFSA this year?

You won't get it by July but you will get it in the fall if you qualify and take classes. So you could put it on the card and pay the card off with the proceeds from the loan later.

 

[Prncssbuttercup]

No, it's not too late for fafsa, you can fill out your fafsa for this year until NEXT June...

 

[realmeaning]

Isn't it too late for FAFSA this year?

No, I filled out FAFSA for my local state school just a week ago and they said it should be processed by middle of next week for summer classes!

 

[MedPR]

You won't get it by July but you will get it in the fall if you qualify and take classes. So you could put it on the card and pay the card off with the proceeds from the loan later.

No, it's not too late for fafsa, you can fill out your fafsa for this year until NEXT June...

No, I filled out FAFSA for my local state school just a week ago and they said it should be processed by middle of next week for summer classes!

Well I guess I'll get to it! I was looking at Perkins and it's only a 5% rate. Is that the one to get?

 

[deleted382095]

Uh... yeah... duh... 😉 but seriously, that's the only way I can realistically get this done. I took enough loans to be able to cover everything... MCAT, MCAT prep, application, interviews, new suit, the works. So if this whole md thing doesn't pan out, look for me in a non-extradition country sipping mai tais with the remainder.

One of my friends took out student loans to pay for his residency interviews/flight tickets. I might do the same a MCAT prep course.

 

[MedPR]

Looks like I'll be doing the same. I can probably pay it back within 10 months so the interest won't get me as bad as a credit card would.

 

[MedPR]

Finished FAFSA, but have no idea what to do now :/

 

[DrMidlife]

Finished FAFSA, but have no idea what to do now :/

This:

3. Go see the financial aid office

 

[MedPR]

This:

I know, but don't I have to wait until FAFSA approves my application and then don't I have to talk to FAFSA about which award package I want to accept or something?

 

[ShoTyme]

I know, but don't I have to wait until FAFSA approves my application and then don't I have to talk to FAFSA about which award package I want to accept or something?

If you just did it, wait till maybe Thursday. Then go talk to your financial aid office. They will let you know which award package you can accept.