What is an escrow account and which schools require one?

[doctaroo]

I was under the impression that some schools require all funds be deposited into an escrow account before starting.

I will be taking a line of credit to fund my entire education which will be ~200K over 4 years. Does this mean I can't apply to those schools requiring an escrow account?....

I heard NYCOM and St.Louis require this. What other schools?

😀

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[armybound]

escrow is like a third party that holds onto your money. it's to keep one party from getting paid without delivering the goods.

 

[chessknt]

I imagine it would not be difficult to set one up. Idk if it requires everything up front though, because if it does that sucks (200k for 4 years vs 50k increments per year).

 

[Lynkeus]

Are you an international student? Unless I'm very mistaken (which I might well be), escrow accounts are only required for matriculants who are not U.S. citizens, nationals, or permanent residents. However, if so, a quick google turns up that SLU at least requires the full $189,304 up front 😱, which would definitely not be fun.

 

[bozz]

When they say "upfront," do they mean you have to show $200k in assets or do you have to somehow have $200k in your bank?

 

[Lynkeus]

I'm pretty sure that schools actually requiring an "escrow" account require you to hand over the $200K in one lump sum to some third party, which'll then pay the costs for medical school. If it ends up costing more, you'll of course have to pay more, but if less, than you'll be refunded after 4 years are up. It's just to make sure that the person is able to pay.

Having said that, I don't think all schools require an escrow account. If memory serves, some schools just want proof of $200K in assets, in which case you wouldn't actually have to have that much money liquid.

Caveat: I am not a financial specialist, just a pre-grmed. Take everything I write with a (couple) grain(s) of salt.

 

[bcat85]

Are you an international student? Unless I'm very mistaken (which I might well be), escrow accounts are only required for matriculants who are not U.S. citizens, nationals, or permanent residents. However, if so, a quick google turns up that SLU at least requires the full $189,304 up front 😱, which would definitely not be fun.

Yeah, if you are an international student, you need an escrow account for a lot of schools.. I dont know which. Otherwise, you don't.

 

[Oceaner]

Yeah, if you are an international student, you need an escrow account for a lot of schools.. I dont know which. Otherwise, you don't.

are Canadians considered international? :O

gosh darnit, does the cultural invasion from the South not count for anything????? Did I subject myself to years of trashy talk shows for nothing????

 

[bozz]

are Canadians considered international? :O

gosh darnit, does the cultural invasion from the South not count for anything????? Did I subject myself to years of trashy talk shows for nothing????

Yup schools like Hopkins, Cornell, WashU, Duke come to mind.

 

[doctaroo]

Yes, I am an international student, but I'm Canadian, so some schools won't put me in the international pool. George Washington comes to mind!

I heard New York Medical College also requires 200K or so up front 😱 in an escrow account. That's why I didn't apply.

 

[exame]

Any actual experience would be welcome.

Assets or cash ?
Access to your funds allowed or with restriction ?

Thks