When will we get our loans?

[kittyy]

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I'm sorry if something like this has been posted before!!

I was wondering if I get in to vet school this year, when will I get my loans? I wanted to move in to town for whichever school I may go to about a month before classes start. However, I have no way to pay rent without loans. I also wanted to furnish my apartment (via IKEA) and would need a little bit of money for that.. but I would need this early..

Does anyone know?

Thanks

 

[dyachei]

Usually a week or so after the school year starts. At least for utk

 

[kittyy]

Is there no way around that? I don't make enough at my current job as a veterinary technician to save (heck, I hardly make enough to eat), and I was hoping there is some sort of way to take out a few thousand early.

 

[dyachei]

Credit cards?

 

[DVMDream]

You don't get loans until after the school year starts usually. At least that is how it works here. Let's just say moving overseas to a new country was done off selling my car, lots of hoping for the best and credit cards.

 

[dyachei]

Or maybe if your parents are nice, a short term loan from them (if they can afford it)

 

[devyn]

There really is no way around that. You get the loans at the same time every year - it is usually a week or so into the school year. Early September and mid January - such is life. If you are worried about not having enough to start out with then you should look into credit cards, a personal loan, or see if a relative can front you the funds.

 

[kittyy]

Oh I really didn't think of a credit card. I've only ever used debit. Does anyone know what the normal amount of credit someone will get if it's the first card they open?

Also what are personal loans?

I might think about asking my grandparents. Thanks everyone.

 

[BlackDog17]

Oh I really didn't think of a credit card. I've only ever used debit. Does anyone know what the normal amount of credit someone will get if it's the first card they open?

Also what are personal loans?

I might think about asking my grandparents. Thanks everyone.

I think my first card gave me $1000/month, but it was a special deal for students so that may have limited my credit.

If you have no credit history you're going to have a very hard time getting a personal loan, so definitely start looking into that asap if you think you'll need to go that route.

 

[dyachei]

Do you have a credit union nearby? They tend to give out higher first time credit limits and personal loans.

 

[Rainheart]

I've had a student credit card as my first one for a few years now. I hardly ever use it- just to build credit and pay it off right away. First it had $500 limit then it went up to $750... It's enough for me at the moment.
Just wanted to add mine is through Capital One

 

[lailanni]

Talk to your bank. My bank often had student deals on credit cards. If for some reason you don't qualify or need a larger amount, you may need someone like a parent to also put their name on the app.

Got anything you can sell? I sold some of my stuff to help pay for my moving truck/costs for moving cross state.

You don't necessarily need to IKEA, just use CraigsList (or something similar). Plenty of free and cheap stuff there. I even got a nice $80 IKEA table for $20 there. Goodwill has some good finds too.

Also vet students are selling stuff all the time. Especially right after graduation and the months after. I'm positive that if you got on the vet school email system and went "Hey guys, I need a couch and a coffee table." someone would either give or sell you one. At least that's how it was at my school. We even had a student classifieds email for that kind of stuff.

 

[DVMDream]

I've had a student credit card as my first one for a few years now. I hardly ever use it- just to build credit and pay it off right away. First it had $500 limit then it went up to $750... It's enough for me at the moment.
Just wanted to add mine is through Capital One

I hate, hate, hate Capital One. They have been nothing but asshats to me and for no reason. I have always paid my bill on time, more than the minimum amount. I was in a bind at one point and asked if they could up the limit $50 and they flat out said no... again, good customer, never off on payment. Lately I have been bad and keep forgetting my payment by less than a day (12 hours max) and there is an instant $35 late fee and no they will not help you. I get it, you should not be late and it is my fault, but they do not win any brownie points with me.

I have another credit card through Wells Fargo. They are the most amazing people ever. (Credit card wise, run away fast if you need a school loan from them). They give you a two or three day leeway for missed payments, meaning if you slip up and forget and remember 12 hours later that your payment was due, then you don't have to worry about the late fee. If you are 2 days late you don't have to worry. If you are 5 days late, and call them and explain they will remove the late fee. They have been nothing but amazing and accommodating. They are also really good about helping out if you can't make a payment.

Ok /end rant about Capital One and shameless plug about Wells Fargo. (But seriously, can not wait until Capital One is paid off and I can drop kick them out of my life forever).

 

[epivetlove]

My first credit card (got it in 2011) had a $7,500 limit. It should be noted that my parents were kind enough to put my name on the mortgage of the house I lived in for 4 years while at school (never a late payment) and I was debt-free at the time of application. Also from the bank I have been a client of for the last 13 years...not sure if that plays a role.

That said...my interest rate is fairly high, though I had an 18-month grace period. So I'm careful to only use it for small purchases now that I can pay off instantly. Keeps my credit score high and keeps me out of a hole (aside from my new student loans...boo).

 

[Rainheart]

I hate, hate, hate Capital One. They have been nothing but asshats to me and for no reason. I have always paid my bill on time, more than the minimum amount. I was in a bind at one point and asked if they could up the limit $50 and they flat out said no... again, good customer, never off on payment. Lately I have been bad and keep forgetting my payment by less than a day (12 hours max) and there is an instant $35 late fee and no they will not help you. I get it, you should not be late and it is my fault, but they do not win any brownie points with me.

I have another credit card through Wells Fargo. They are the most amazing people ever. (Credit card wise, run away fast if you need a school loan from them). They give you a two or three day leeway for missed payments, meaning if you slip up and forget and remember 12 hours later that your payment was due, then you don't have to worry about the late fee. If you are 2 days late you don't have to worry. If you are 5 days late, and call them and explain they will remove the late fee. They have been nothing but amazing and accommodating. They are also really good about helping out if you can't make a payment.

Ok /end rant about Capital One and shameless plug about Wells Fargo. (But seriously, can not wait until Capital One is paid off and I can drop kick them out of my life forever).

I've actually had the opposite experience... I've had zero issues with capital one. I was banking with Wells Fargo and didn't have any complaints. When I moved out to a state that didn't have any Wells Fargo banks, I wasn't using my card very much (I kept my loan money at a local bank and my personal funds still at Wells Fargo). They decided to charge me $10 a month for my account since it wasn't as active as it was. After 2 hours on the phone, I had to cancel my accounts when I went home. I will probably bank with them again once I move back home. Sorry you've had such a bad experience with Capital One :/

 

[DVMDream]

I've actually had the opposite experience... I've had zero issues with capital one. I was banking with Wells Fargo and didn't have any complaints. When I moved out to a state that didn't have any Wells Fargo banks, I wasn't using my card very much (I kept my loan money at a local bank and my personal funds still at Wells Fargo). They decided to charge me $10 a month for my account since it wasn't as active as it was. After 2 hours on the phone, I had to cancel my accounts when I went home. I will probably bank with them again once I move back home. Sorry you've had such a bad experience with Capital One :/

I think credit cards and banks are like cell phone companies. Every person has a different experience and every person has their favorite and least favorite. Sorry Wells Fargo started charging you. I do remember them making some new thing about their checking/savings accounts where you have to have so much money going in per month. My mom now just sticks $25 in my account once a month, then withdraws it again in order to avoid the charge.... 😉

 

[dyachei]

I have had excellent experiences with Chase, FWIW. They are always willing to help.

 

[equineconstant]

I have had excellent experiences with Chase, FWIW. They are always willing to help.

Mine is Chase, too. I haven't had any problems, and they've been great with dealing with fraudulent charges--they noticed before I did, even.

 

[Rainheart]

I think credit cards and banks are like cell phone companies. Every person has a different experience and every person has their favorite and least favorite. Sorry Wells Fargo started charging you. I do remember them making some new thing about their checking/savings accounts where you have to have so much money going in per month. My mom now just sticks $25 in my account once a month, then withdraws it again in order to avoid the charge.... 😉

That is so true! It does stink to have to cancel accounts at a bank I've been with since I was 15.

 

[twelvetigers]

We use capital one. Husband got a student one first (the 'Journey' card) and started at like $500, got up to $1000, then switched not long ago to a Quiksilver card. I had never had one and I have no income so he got a second one and put me on it. Let's just say that having a card for two years with a good income and payment history must mean a lot, because the one we just got could buy a car. Of course that would be a poor choice, but yanno. Hey must have decided we were worth a higher limit. Hopefully I can get one all my own once I do have a job.

 

[DoctorToby]

My first credit card (got it in 2011) had a $7,500 limit. It should be noted that my parents were kind enough to put my name on the mortgage of the house I lived in for 4 years while at school (never a late payment) and I was debt-free at the time of application. .

thats genius! haha

 

[DoctorToby]

to current vet students:

When the loans are disbursed, are they like typical undergrad loans where they pay the tuition first and the residual is sent via direct deposit ( if you have that set up)to your checking account ( this way you can pay for cost of living stuff?)

 

[DVMDream]

to current vet students:

When the loans are disbursed, are they like typical undergrad loans where they pay the tuition first and the residual is sent via direct deposit ( if you have that set up)to your checking account ( this way you can pay for cost of living stuff?)

This is how it works at Edinburgh. This is also how it worked at my undergrad, so I believe this to be standard across the board, but can not say so for certain. 🙂

 

[epivetlove]

thats genius! haha

Right? I didn't understand at the time, since I was 19 and was like, "credit, wha?"...but they were really looking out for me and my future. I gotta give them mad propz. Well, just to my mom now...since I haven't heard from my dad in 2 years (that's a whole long sob story that doesn't need to be told). 🙄

 

[dyachei]

to current vet students:

When the loans are disbursed, are they like typical undergrad loans where they pay the tuition first and the residual is sent via direct deposit ( if you have that set up)to your checking account ( this way you can pay for cost of living stuff?)

yes.

 

[JaynaAli]

Two weeks ago I got a student card through Discover. A friend recommended them. I had no credit history at all except bills for satellite TV and Internet in my name for two years with no late payments. I only make $100/week at my lab job, but my credit limit was $1,000.

Yes, that's how loans work at my school. They take out their share for tuition and feed then direct deposit any remainder into my savings account usually on the third day of classes.

I second the ask students and check Craigslist for furniture thing. No need to even pay ikea prices for stuff. My roommate was given an entire bedroom set from ikea that was like new because she thought to ask a graduating senior she knew was moving across the country.

 

[kittyy]

Talk to your bank. My bank often had student deals on credit cards. If for some reason you don't qualify or need a larger amount, you may need someone like a parent to also put their name on the app.

Got anything you can sell? I sold some of my stuff to help pay for my moving truck/costs for moving cross state.

You don't necessarily need to IKEA, just use CraigsList (or something similar). Plenty of free and cheap stuff there. I even got a nice $80 IKEA table for $20 there. Goodwill has some good finds too.

Also vet students are selling stuff all the time. Especially right after graduation and the months after. I'm positive that if you got on the vet school email system and went "Hey guys, I need a couch and a coffee table." someone would either give or sell you one. At least that's how it was at my school. We even had a student classifieds email for that kind of stuff.

I think I can manage to go about this without a credit card. The more and more I think about it, the more I think I can find someone to lend me the money since I can guarantee to get it back to them once loans come in. I will just have to calculate the amount before hand for what would be a comfortable amount to take out of my loans and still have enough left to live on easily.

I have a lot of furniture that I bought when I moved out of my parents house to go to undergrad school so that will all come with me. Just a few things need to be updated. My cat had a bad case of cystitis and as a result I need new couches (already got rid of the old ones).. Also her cystitis has since resolved (THANK GOODNESS!!!)

Thanks for all of the advice everyone!

 

[wildcatj]

I was really sketched out about buying furniture off craigslist, but we got a lot of stuff to furnish our place. We got really nice microfiber couches for $250 I think. Only damage is a little bit of cat scratching on the corners. Our kitchen table/chairs came from there, plus some other odds and ends. I would definitely not get a mattress off craigslist though. I had a friend who did that and had her house infested with bedbugs. Everyone we purchased through off craigslist wasn't sketchy at all which was a surprise.

 

[orcagirl]

I was really sketched out about buying furniture off craigslist, but we got a lot of stuff to furnish our place. We got really nice microfiber couches for $250 I think. Only damage is a little bit of cat scratching on the corners. Our kitchen table/chairs came from there, plus some other odds and ends. I would definitely not get a mattress off craigslist though. I had a friend who did that and had her house infested with bedbugs. Everyone we purchased through off craigslist wasn't sketchy at all which was a surprise.

I actually got a bedbug infestation from a Craigslist couch. Thankfully the apartment was small, but in taking care of all that it would have been cheaper to buy a new couch.

 

[beatles1964]

Oh I really didn't think of a credit card. I've only ever used debit. Does anyone know what the normal amount of credit someone will get if it's the first card they open?

Knowing I'd need to start building credit before loans kicked in, I applied and was approved for a card with Discover about a yr ago and I think they started me at a $750 limit, which seemed to rise fairly quickly (since I mostly use it for things like gas or airfare and then pay it off). Just a plug for Discover... they have a "refer a friend" program where if you know someone with a card, they can send you a link from Discover's site and if you apply/get approved, both you and your friend will get $50!

 

[hedgehogcatcher]

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