Unsecured Debt

[Deeper1]

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Hi all-

It's been a while since I've been on here. Congrats to all the pre-pods who are about to start pod school and the pod students (excuse me, doctors🙂 who started your residencies this month.

The admissions cycle is soon to be upon us again and it's question time!

Here is something that I haven't seen addressed before in the forums here. I asked about it once as apart of another post about a year ago but never received a satisfactory answer, so here goes:

How many of you had unsecured debt when you were applying to pod school and what did you do about it? I'm talking about car notes, credit card debt, loans from outside sources, etc. This is the type of stuff that I'm assuming (please forgive me if I'm wrong) that you would either have to take out extra loan money for to pay off before you go to pod school (since having a job isn't an option) or you pay off before you go to pod school in order to reduce your debt burden although it costs you time and future income.

Any thoughts, comments, questions...

 

[dyk343]

Hi all-

It's been a while since I've been on here. Congrats to all the pre-pods who are about to start pod school and the pod students (excuse me, doctors🙂 who started your residencies this month.

The admissions cycle is soon to be upon us again and it's question time!

Here is something that I haven't seen addressed before in the forums here. I asked about it once as apart of another post about a year ago but never received a satisfactory answer, so here goes:

How many of you had unsecured debt when you were applying to pod school and what did you do about it? I'm talking about car notes, credit card debt, loans from outside sources, etc. This is the type of stuff that I'm assuming (please forgive me if I'm wrong) that you would either have to take out extra loan money for to pay off before you go to pod school (since having a job isn't an option) or you pay off before you go to pod school in order to reduce your debt burden although it costs you time and future income.

Any thoughts, comments, questions...

I have/had credit card debt coming out of college. I didnt have parents that paid for everything so I had to accumulate some debt. Im paying it off with student loans because my interest rate is lower on the student loans than the credit card interest by 5%... But yeah it sucks. Try to get it all paid off before you start.

I also have undergraduate loans accumulating interest.

Money, money, money. I wish it would go away.

 

[RATM2010]

same here. I took out more money than i need to try to get things like CC debt paid off earliwe. Hopefully when I'm done, my only debt is pod school loans and not pod loans +car note +CC debt +undegrad loans+ etc. Again, work hard during undergrad to try to get it all paid off before you start.

 

[dleodyddlek]

I was worrying about the same thing here.
It seems direct loan will cover most (tuition + housing) and grad plus loan can cover the rest of the cost of attendance.
I'm pretty sure I wont have any left over to cover my credit card debt.
how did you guys go about this?? is there another way to take out extra loan?

 

[DancerPod]

I was worrying about the same thing here.
It seems direct loan will cover most (tuition + housing) and grad plus loan can cover the rest of the cost of attendance.
I'm pretty sure I wont have any left over to cover my credit card debt.
how did you guys go about this?? is there another way to take out extra loan?

Remember, just because you are taking out your Max CoA, that doesn't mean its what you need to survive on. Look into living as cheaply as possible and see how much extra you're left with before looking into other areas. Your student debt will be staggering enough without adding other random loans into the mix.

 

[dleodyddlek]

Remember, just because you are taking out your Max CoA, that doesn't mean its what you need to survive on. Look into living as cheaply as possible and see how much extra you're left with before looking into other areas. Your student debt will be staggering enough without adding other random loans into the mix.

The problem I have is my credit card debt. Since the interest on student loan is less than that of my credit cards, I was hoping to take some extra out to pay out some of my debt so I can pay them later when I start making some reasonable amount of money once I settle. Not a good idea? hmm.
Even if I take out max CoA, I doubt it'd be enough to live on and pay for some of my debt since I'll be living in NY and will have no financial support from anywhere.
any suggestion? 🙁

 

[dyk343]

The problem I have is my credit card debt. Since the interest on student loan is less than that of my credit cards, I was hoping to take some extra out to pay out some of my debt so I can pay them later when I start making some reasonable amount of money once I settle. Not a good idea? hmm.
Even if I take out max CoA, I doubt it'd be enough to live on and pay for some of my debt since I'll be living in NY and will have no financial support from anywhere.
any suggestion? 🙁

As I already stated... I am having to pay off CC debt w student loans. I had about 2K on credit for 4 years of undergrad. Its taken me about a year to pay most of it off with student loans. i suggest you find anyway possible to pay off the debt, but if you can not its not the end of the world (assuming your not in a black hole of CC debt). It does suck paying debt with loans.

They usually way overestimate the amount of money you will actually need to live.. especially if you have a roommate. so getting enough money shouldnt be a huge problem.