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where can you get non-certified private loans for Med school.....

Discussion in 'Pre-Medical - MD' started by FizbanZymogen, Apr 10, 2007.

  1. FizbanZymogen

    FizbanZymogen Guitar Hero Champion 5+ Year Member

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    Nov 1, 2005
    D.C.
    Does anyone know where one can get private medical school loans which don't have to be certified by the school. Please only constructive advice here (yes I know the dangers of debt yadda yadda). I have looked all over but it seems most banks will not cross the COA line set by the school.
     
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  3. CenterMass

    CenterMass 2+ Year Member

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    Apr 4, 2007
    South Cackalacky
    Bank of America (and Chase I think) offer the Education Maximizer loan. It does not have to be certified, but it does require a cosigner. So, if your parents trust you enough, you might be in luck. I've looked for the same things, and that is the only one I know of after much searching. Other than that, you would have to have some equity to borrow against.
     
  4. Cirrus83

    Cirrus83 Too old for this 10+ Year Member

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    May 31, 2006
    explain this certified thing...
     
  5. FizbanZymogen

    FizbanZymogen Guitar Hero Champion 5+ Year Member

    511
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    Nov 1, 2005
    D.C.
    certified means the school which you are attending has to approve the loan, which they won't if you are already receiving the max as outlined by the schools cost of attendance figure. Basically if school XYZ says it costs $36,000 to attend their institution and you are awarded that much in federal aid but you need more for various reasons then the banks say, "we'll give you some money but only if your school says you need it." Your school than says so sorry but you are already getting the full amount we determined it would cost you to attend our school. Non-certified loans just say to hell with the school (which is why I can't find any :) ).
     
  6. Cirrus83

    Cirrus83 Too old for this 10+ Year Member

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    May 31, 2006
    Ah, I see. I think then that schools are able to bump you up sometimes if you tell them you need something in particular. I think that Stony Brook will bump up the limit (apparently not by much though) if you tell them you don't have a car and need to purchase one to commute (since there isn't any practical public transportation there).

    I dunno if you've already spoken to your school so if you already have and they won't budge on the limit non-certified is the only option. Heh, it'd be funny if you'd already spoken to the school and you now suddenly don't have a car when you go to speak to them again :laugh:
     
  7. etf

    etf Moderator Emeritus 10+ Year Member

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    Apr 27, 2005
    loantolearn.com? they give you up to $50k cash, but repayment begins immediately, so it might not be the best idea.
     
  8. Biscuit799

    Biscuit799 7+ Year Member

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    Oct 29, 2004
    I have this cousin who knows this guy... he can hook you up with some good loans.
     
  9. bschusterbauer

    bschusterbauer Doctor B

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    Nov 15, 2006
    Well since there has not been much constructive help here for you, i'll give it a shot. Private student loans, which do have a slightly higher interest rate, are what is called direct to consumer. This means, they are independent from your school or financial aid office. You just fill out the application, decide how much money you will need, and if approved, you get the check sent directly to you. It is not based on cost of education.
    In most cases, there is a limit on the amount per year but most are fairly liberal, offering usually up to $40,000 per year. As far as payback goes, most offer some type of deferment until 4-6 months after graduation.
    I would suggest a company called Think Financial, which i used in the past. Check them out at www.thinkfinancial.com. But if you would like to compare the private loans that are out there, check out finaid.org. They have a chart which shows pretty much every loan out there. Good Luck with everything and I hope this helped.
     
  10. Cirrus83

    Cirrus83 Too old for this 10+ Year Member

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    May 31, 2006
    Oh I just thought of another option. You can take your regular old student loans for the amount they certified and then get a personal loan from a bank. Generally this is limited to a lower amount, but if you only need $10,000 or something it wouldn't be a problem (assuming you have good credit obviously). Of course you'd have to start paying back immediately also, so that's a real down side.

    Just offering another option though.
     
  11. Krisss17

    Krisss17 2+ Year Member

    I believe that Citibank offers a loan like this.
     
  12. FizbanZymogen

    FizbanZymogen Guitar Hero Champion 5+ Year Member

    511
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    Nov 1, 2005
    D.C.
    Thanks for the constructive help. And thanks everyone else for your advice and comments too.
     
  13. Mistress S

    Mistress S Don't mess with the S 10+ Year Member

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    Apr 15, 2000
    Thunderdome
    Wells Fargo offers a loan for board-related expenses, Medcap X-tra, that does not have to be certified by your school or require a cosigner. You can borrow up to $12,500/yr but you have to be at least a second year med student: https://www.wellsfargo.com/student/graduate/med_xtra/
     
  14. CenterMass

    CenterMass 2+ Year Member

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    Apr 4, 2007
    South Cackalacky
    I didn't make my post up (as in the one right under the OP). The problem here is that most private loans are not independent of the school, even if you contact the bank on your own. That is where certification comes in. I just followed the link above, and this loan is based on the cost of education. That is why it says you can borrow estimated cost or $40G/yr, whichever is less. Pretty much the same deal as most. Bank of America, for instance, has some other student loans that do not require a co-signer, but they do require certification. They are still private loans. The Education Maximizer is still a true student loan (i.e. repayment deferred until after you stop going to school), but since it does not require school certification, it requires certification from elsewhere, a co-signer.
     

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