Which lender for a private loan ?

[SFbay]

I would greatly appreciate it if anyone can share info about the Private Lenders that they've found most favourable to use in financing their medical education. i.e. lowest interest and less frequent capitalization etc

Or is there not a great disparity in terms of final cost of education regardless of lender chosen ?

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[Henry]

What about the Stafford loan? Do you want to apply to federal funds?

 

[Deb]

Fortunately most of you won't have to deal with private lenders since the
max for stafford has increased to approx $180,000. This sounds like a lot
but if you attend a private school and bring undergrad/grad debt with you
you may exceed this amount. Stafford still has the best rates and is the
only program schools will use until you exceed the max. As you approach
the stafford limit your school will automatically go to the lowest rate
private lender. If this happens the lender chosen will be the one willing
to lend to you (based on your credit history). If you have lots of credit
card debt or a poor history they can still find a lender but you'll pay a
higher rate. Hope this info helps.

 

[SFbay]

Thanks Deb for the info. To my understanding, our college limits us to only $ 18,500 per year in Stafford loans, thus the rest has to come from private lenders. I wonder if this rule applies to all other osteopathic schools ?

 

[VM]

The Stafford Loan (subsidized & unsubsidized) amount was increased from $18,500 to a total of $38,500 per year a few years ago. Either your school or you must be mistaken because it would apply to all medical school students. $8500 per year is subsidized meaning the government pays the interest while you are in school and residency, and the rest, $30,000 per year is unsubsidized, meaning you have to pay the interest while you are in school or defer the interest and it accrues the whole time. Neither require a credit check. You may borrow up to the budgeted amount minus your contribution for the Stafford Loan. For example, if your school budget is 30,000 (includes minimum living, food, tuition, books, etc.) then you may only borrow $30,000 (minus your expected contribution according to FAFSA, I think) in Staffords. If you needed more money then you would need other loan funds. If your school is saying $18,500 you might want to look into why. I have gotten the same $38,500 figure total for Staffords from all of the schools I have interviewed at.

 

[justwannabadoc]

Suppose you get a Stafford loan. If you pay the entire amount off within the 6 months after graduating, do you still have to pay interest?

 

[VM]

You will not have to pay interest on the SUBSIDIZED Stafford Loan if you paid it in full on time, but you would have to pay any interest that accrued from the time you got your loan for an UNsubsidized Stafford Loan. But, who is going to be able to pay off the whole Subsidized Stafford Loan, anyway, unless you had the money making a higher than 8-9 % interest rate somewhere.

 

[scoren]

Hey VM,

Did you send in your loan apps to UOMHS yet? The instructions for the MEDCAP Stafford Loan through Norwest said that the max combined loan amount (sub & unsub) per year for professional students is $18,500. I know you can get additional funding through additional loan programs (OTHER than the stafford) that would bring you up closer to 40k/yr.

So what's the deal with the $38,500/yr in stafford loans? Did you see this for yourself, or are you quoting what you heard at your interviews?

Thanks,
Scott

 

[Nova2003]

Here?s the scoop:

The government had the HEAL loan, however, they stopped the program. Since they don?t offer the HEAL loan the government raised the UNSUBSIDIZED Stafford Loan limits from $10,000 per year to $30,000 per year (for certain health professions students, including med school students). Thus, you can get a total of $38,500 in Stafford loans ($30,000 in Unsubsidized and $8,500 in Subsidized) per year. The cap for both is $180,000. So, if you go over $180,000 or need more than $38,500 per year you will need to use an alternate lender to meet the difference. Alternate lenders will lend the difference between estimated need and other aid (Stafford loans, money from parents, scholarships, etc...). There are caps to the amount that alternate lenders will lend. This varies by lender. Alternate lenders will also lend money to MS4s for traveling/interview expenses.

Hope this helps.

As far as paying off your loan quickly as one poster asked, I know of an oncologist that had all her loans paid off by the hospital that she works for. So, it is possible to pay off your loans within six months of your residency/fellowship.

Nova2003



[This message has been edited by Nova2003 (edited April 27, 1999).]

 

[VM]

Hi Scoren, No, I didn't send out any loan apps yet, I'm still waiting on my FAFSA stuff to come back. Nova 2003 is right about the HEAL, etc. This is what I was told at UOMHS by Dr. Bates. Also, on the information UOMHS gave us, it states that the Stafford total is now 38,500. I got the same info from other schools I interviewed at. So, I'm not sure what the deal is with your MEDCAP loan. I would definitely look into it. Hope this helps.

 

[village idiot]

SF and others:
SF are you going to Touro?
If yes, then from what i have read the max loan amount is 18500. the 38500 max or schools that participated in the HEAL program. since it is new, Touro did not participate in HEAL and that is why it has a 18500 max.
Although the financial aid office has not confirmed this. Actually, when i spoke with the FAO, they said they were confused and would have to get back to me.
i had pretty much made up my mind to go to Touro until I learned about this sucky max amount. i am wary of taking out all these "alternative" loans to finance my education.
MSU is looking far more attractive from a financial standpoint. the stafford losan would cover all my expenses and I would be paying out of state tutition.
I hope i am wrong about this and if somebody goes to touro please correct me.
VI

 

[SFbay]

Hi VI ! Yes, I will be attending Touro this fall. I am presently exploring various private lenders for an educational loan, some of them require a co-signer which is a bummer! I figure that even if one gets an unsubsidized loan it will be almost as costly as some of the alternate loans (am I right?) Well, in my case I ve got no choice ... Are you then committed to attend MSU ??
I heard it gets really chilly up there near the lakes

 

[scoren]

Hey VM, Nova and everyone:

Thanks for the info on the Stafford. I think the application that was sent to me was outdated and thus listed $18,500 as the max. I contacted UOMHS, and they confirmed that it is actually $38,500.

Thanks again!
Scott

 

[village idiot]

SF-
how do feel about the newness of touro?

MSU is atractive to me for two reasons.
1. the financial aid
2. it ranked #31 on us news and world report for primary care.

other than that, i do not know if it is for me.
did you apply anywhere else?

 

[SFbay]

Actually Im excited about the new Touro location, I am sure the facilities will be quite nice too. As far as organization goes, I am not too concerned since the school has already been in business for 2 years.

I applied to about 12 schools, and I got an acceptance to Touro (my school of choice) got waitlisted in a few others. I did not apply to MSU though, my DO is a MSU alumni told me the school has more research opportunities compared to many other osteop schools. (if that interests you)

Touro is attractive to me due to its 1) its new location and environment 2) affiliations with major hospitals in the Bay area and elsewhere 3) curriculum / excellent faculty
4) I have relatives and many friends in the area 5) On certain Saturdays I could go to Berkeley to catch Cal football games ;-)

Of course the downside is the financial aid and ? newness ?
But then once youre in the medical profession it is a lifelong thing, money will hopefully be the least of your worries. And you'll be glad to have spent a good four year of that life in a place you were totally content with !

As far as school rankings are concerned, I believe that getting a residency in an excellent institution and performing well are what counts. Im sure in medical school one will push himself/herself to learn everything out there about medicine more than what the school teaches you. With that in mind, I dont pay much attention to school rankings.

Let me know how things develop and Good Luck !

SF

 

[village idiot]

SF
are you a cal alum?
go bears!

vi

 

[SFbay]

Hi Vi,

Cal alum here - I assume the same with you ??
I graduated at UCB in '97, did both undergraduate and graduate there. Watched lots of games.

Go Big Blue ! ;-)

SF

 

[edgar]

SFBay,

I live in the Bay Area as well and am going to COMP in the Fall. You mentioned your DO is an MSU alum, do you mind me asking who is he/she? My DO is an MSU alum as well, Dr. Neil Okamura. Just curious if we are talking about the same guy.

EDGAR

 

[drusso]

I'm another Cal grad--'94. God, do I miss the beautiful Bay Area. I envy you SFBay. By the way, did anyone else find the premed advising at Berkeley a little less than "helpful"?

I've been toying with the idea of putting together a special osteopathic awareness campaign at Berkeley (there are two other Cal grads at TCOM). With Touro now just up the road this could be a possibility. I think a lot of Cal students would really dig osteopathic medicine.

Say "hi" to Telegraph Avenue, Cody's, and Milano's on Bancroft (how many long hours did I toil there???) from a wayward Bear in, of all places, Texas! Go Bears!!

--dave

(Who imports Pete's coffee, longs for Trader Joe's, and has come to the sad conclusion that Texans will never learn how to make a decent latte...)

 

[SFbay]

To Edgar

The name of my DO is Dr. Seffinger. As a matter of fact, he recently left his practice to teach OMT at COMP - youre trully blessed !

To Drusso

Nice to hear from fellow Cal alum

Bringing Osteopathic awareness to the CAL is a great idea ! I would be very happy to be a part of the program, please let me know if there is anything I can do to get this started. Believe it or not, I learned about what DO is incidentally while casually chatting with a couple of nurses at my workplace here in LA .

Im sure our paths have crossed at one time or another in Berkeley. I frequented Cody and the other Cafe places. I used to TA Bio during early 90s.

Please Stay in touch

SF
(I really miss Bongo Burger, cant get it here in LA).

 

[IUHoosier]

You guys make me sick. Graduating from Berkeley which overlooks the entire bay and is probably one of the most beautiful campuses ever. Talking of all the different things you were able to do and see while going there. Who do you think you are, like this SFBay is any better than where I went. I guess the only question I have for you is.............HOW THE HELL DO I GET OUT THERE!!

On a serious note, I have been visiting the SFBay for over 15 years because I have close family that live there. One of my goals has always been to live there, but it has been set back for a little time while I go to CCOM. My question is have any of you heard about how tough it is to get land a residency somewhere in Cal. I figure it is almost impossible for a midwestern like myself because so many others want to live there. DO any of you have any suggestions as to how I could go about it. What are your plans to be able to land a residency there and have you heard if they are as hard to land as I figure they are.

Thanks,

Josh

P.S. You should see the view Bloomington, IN has to offer.

 

[edgar]

IUHoosier/SFBay/Dave:

How you guys doing? IU, the best way to get a residency in California is to try to do some of your electives at Cali hospitals during your 3rd and 4th years. CCOM is one of the better DO schools, and I don't think you will have a problem landing a residency here (one of the faculty at the Stanford/San Jose Medical Group Family Practice Residency is a CCOM graduate). From what Dr. Burnett has been telling me, getting a job is a another story.....

SF Bay: I believe Dr. Okamura and Dr. Seffinger were classmates at MSU. I will ask him the next time I see him. Talking about burgers, I wonder if you or Dave has been to Barney's, I believe it is on University Avenue. The burgers there are totally awesome!


Take it easy.

EDGAR

 

[drusso]

CA residencies (and practice opportunities) are tough to land; not impossible but tough. Depending upon the area though, a DO degree can really be an asset. As you may know, the further North you get in CA, the crunchier (as in granola) it gets. I know of a group of DO's up in the Shasta area who do a old-fashioned family medicine/OMM style practice. People love it.

Regarding Barney's Burgers: Excellent, not as good as Nation's in my opinion, but damn good. I have to admit that Texas does put CA to shame in any category involving red meat...

--dave

 

[edgar]

Dave,

I'm actually from Castro Valley which is about 25 miles south of Cal. There is a burger place called "Val's", and it has been rated by Sunset magazine as the "best burger of the west." They are pretty good. I like Barney's because their bacon cheeseburger has nice crispy bacon. Texas is very, very hot, but I have heard that their barbeque is absolutely awesome. Would it be difficult for a person to be a vegetarian in that state?

Have a good one.

EDGAR

 

[SFbay]

I thought this thread is about School Loan.

But.. hey let's talk about Burgers . Here in LA the best burgers are at IN&OUT, fries from freshly skinned and cut potatoes while you wait. Ive never tried Barneys, but I give Nations burgers a 9, awesome fries !

Regarding, residencies I agree that it is very competitive here in Cal. When I was working at UCSF, I was suprised to find that a majority of the Docs and residents there hailed from the East Coast. By the same token, all of my ex-classmates who attended allopathic schools in the east coast & South managed to land jobs in the Bay area. All said, I might add it helps to establish some connection as Edgar mentioned and to be a little lucky during the matching process.

Wish yer all the best !

SF

[This message has been edited by SFbay (edited May 07, 1999).]

 

[edgar]

Guys,


Dragging the burger horse through the mud, I personally think that Nations' and In & Out burgers are a little too greasy for my taste, and Nations' is the messiest hamburger on the planet. In & Out fries are unique, they remind me of shoe-string potatoes. But I do agree that the In & Out food in LA is WAY BETTER than the chains up here in NorCal.

About the California residency issue, I think networking is the MOST important factor, not necessarily your grades/what med school you went to. A DO I know who did his internal medicine residency at St. Mary's Hospital in SF (UCSF-affiliation/and now Touro-affiliation) said he is convinced that since he performed well during his IM clerkship in med school and knew the residency director very well is why he was the only DO in the program at that time.

For all med students, I have been told by this doctor that you need to do rotations at hospitals you are considering a residency at. Get to know the residency director, and make sure do have completed ALL your core clerkships before the elective (IM, FM, pediatrics, surgery, etc.). You don't want to look like an idiot in front of the faculty at the program you want to do your residency at.

Good luck,

EDGAR

 

[drusso]

SFBay,

It works both ways. I did an internship in maternal/child health at Emory after graduating from Cal. People were falling all over themselves that I was from Berkeley.

The UC's are nortorious for going after East Coasters for their professional and graduate programs. What ends up happening is that a lot rich kids from CA go back east to college, maintain their CA state residency (because mommy and daddy still live in CA), and then come back for medical school/residency. On paper it technically looks that the UC's accept nearly all in-state students. When I interviewed at Davis I was with a guy from Cornell, a gal from Smith, and another guy from Rice. We were all considered in-state students. Funny...

--dave