Quantcast

What's in your wallet? How much cash and credit card debt do you have?

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

Xmulder

Member
7+ Year Member
15+ Year Member
Joined
Jan 14, 2004
Messages
94
Reaction score
0

Members don't see this ad.
As I look through the FAFSA and other financial aid applications, two critical questions are:

1) How much you have in cash, savings, checkings accounts

and

2) How much credit card debt do you have?

How much are people putting down as their balances? I have heard that schools like to see little to none in outstanding credit card debt. What is considered high, reasonable, or low?

What about cash? Since schools have no way to verify this information, do many ppl underestimate (lowball) their assets? If so, do schools take this into account and "adjust" accordingly to estimate the real cash level? I'm not that lucky to have huge savings to lowball, but am just wondering how schools look at this since the figure looks so prone to abuse....??
 

mpp

SDN Moderator
Moderator Emeritus
15+ Year Member
Joined
Jan 18, 2001
Messages
3,403
Reaction score
27
Lying on a financial aid application is probably not the best way to start off your medical career...I'm sure there are people that do it, but I'm not sure the reason. Everyone will be eligible for $38,500 in low-interest Stafford loans.

As far as debt, it is used to determine your EFC which is used to determine the amount of subsidized Stafford loans (up to a maximum of $8,500) and any need-based institutional aid for which you may qualify.
 

gwyn779

stargazer
7+ Year Member
15+ Year Member
Joined
Feb 23, 2003
Messages
2,809
Reaction score
2
Hmm, I never had to put down credit card debt on an application. Of course, I was so proud when I finally paid off all my credit cards last month (mostly 2 trips to Europe). Then I had to pay for the stupid f***ing Step 2 exams and promptly put $1400 back on. :rolleyes:
 
Top