Who cosigned your medical school loans?

[Giovanotto]

Who cosigned your medical school loans?

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[tennerd]

why do you need private loans? medical schools use graduate degree federal loans which have the student as independent and are often enough for the student. you don't need cosigner for these types of loans.

 

[Giovanotto]

why do you need private loans? medical schools use graduate degree federal loans which have the student as independent and are often enough for the student. you don't need cosigner for these types of loans.

I'm not eligible for federal loans, but if I was, even then, I don't believe they cover the full COA of a 4-year OOS medical school.

 

[deleted480308]

I'm not eligible for federal loans, but if I was, even then, I don't believe they cover the full COA of a 4-year OOS medical school.

You need to educate yourself more on the financial realities of school if you don't think federal loans cover cost

 

[22031 Alum]

Federal loans cover cost of attendance, which schools calculate out to include living costs beyond just tuition. Are you just guessing that you're not eligible for federal loans or do you know for sure?

 

[premed_mommy]

We had a presentation on this at ACOM...
UNSUB loans have a lifetime limit of like 220,000 or something, but Grad Plus loans have no limit. For UNSUB loans there is no credit check, but they do have one for Grad plus, in which case you might need a cosigner if you don't have good credit??

 

[Giovanotto]

You need to educate yourself more on the financial realities of school if you don't think federal loans cover cost

Maybe I misspoke. But, I thought federal, subsidized loans, don't reach ~200,000 USD. In any case, I don't need to educate myself more, because I'm not eligible for them...But yes, please don't let me speak incorrectly as it may spread false info.

I know for sure.

 

[premed_mommy]

What are eligibility requirements? I don't think anyone ever told me that...

 

[deleted480308]

Maybe I misspoke. But, I thought federal, subsidized loans, don't reach ~200,000 USD. In any case, I don't need to educate myself more, because I'm not eligible for them...But yes, please don't let me speak incorrectly as it may spread false info.

I know for sure.

if you aren't eligble for federal loans, are you eligible for military/nhsc? I ask because most loan repayment programs and loan forgiveness are limited to federal loans...not private

 

[deleted480308]

What are eligibility requirements? I don't think anyone ever told me that...

the biggest is citizenship

 

[premed_mommy]

Ah, I see. Makes sense.

 

[22031 Alum]

Are you not a citizen, OP? Or are you already defaulted on another federal loan? I believe those are the main disqualifying factors, though I'll admit I'm no expert.

 

[Promethean]

Some folks can't imagine situations different from their own.

I had to have a co-signer for the Grad plus loan. My girlfriend co-signed for me. It is a crazy system, because even if I didn't finish med school, my earning potential is several times hers, but she never had a business go south on her, so her credit is a lot better than mine.

 

[Giovanotto]

if you aren't eligble for federal loans, are you eligible for military/nhsc? I ask because most loan repayment programs and loan forgiveness are limited to federal loans...not private

Unfortunately not, no. I would be solely using private loans. I know some are still eligible for repayment programs, but that's another story.

With this thread/poll I'm trying to get ideas for co-signership. Would this thread maybe be better placed in Osteo/Allo, rather than Pre Osteo/Allo?

 

[Seth Joo]

Unfortunately not, no. I would be solely using private loans. I know some are still eligible for repayment programs, but that's another story.

With this thread/poll I'm trying to get ideas for co-signership. Would this thread maybe be better placed in Osteo/Allo, rather than Pre Osteo/Allo?

Private loans are a bad idea, the payment terms are not as good as Federal loans. Is there any reason why you cannot qualify for Federal Aid?

 

[22031 Alum]

Some folks can't imagine situations different from their own.

I had to have a co-signer for the Grad plus loan. My girlfriend co-signed for me. It is a crazy system, because even if I didn't finish med school, my earning potential is several times hers, but she never had a business go south on her, so her credit is a lot better than mine.

Some folks have a hard time teasing out what the situation is when posts don't give the full story. A simple "I'm not a citizen" or "I have bad credit" to explain WHY OP is ineligible would have gone a long way. As you probably are able to imagine, there are a lot of uninformed pre-meds out there who make incorrect statements about what is or isn't possible out of simple ignorance. I'd argue that there are more of those, than people in your (or OP's) situation.

 

[Giovanotto]

Some folks have a hard time teasing out what the situation is when posts don't give the full story. A simple "I'm not a citizen" or "I have bad credit" to explain WHY OP is ineligible would have gone a long way. As you probably are able to imagine, there are a lot of uninformed pre-meds out there who make incorrect statements about what is or isn't possible out of simple ignorance. I'd argue that there are more of those, than people in your (or OP's) situation.

Right, but the thing is, this thread isn't about me, so I don't exactly care whether or not a pre-med knows or doesn't know about the loan climate. It's about the SDN community and to those that this poll applies to. I want to know about the ways some of you went about securing a cosigner. Whether or not I should be needing one is my own business. As you can see, some of the members here have used one. If I wanted help regarding loans and whether or not I should be taking them, I would have started a thread asking for help, in which I WOULD have disclosed information.

 

[deleted480308]

Right, but the thing is, this thread isn't about me, so I don't exactly care whether or not a pre-med knows or doesn't know about the loan climate. It's about the SDN community and to those that this poll applies to. I want to know about the ways some of you went about securing a cosigner. Whether or not I should be needing one is my own business. As you can see, some of the members here have used one. If I wanted help regarding loans and whether or not I should be taking them, I would have started a thread asking for help, in which I WOULD have disclosed information.

no need to get sassy, it's pretty common on here for people to ask for advice that ends up not being relevant to them when they eventually get around to releasing enough details

literally the first, and most helpful, step for helping you find a cosigner is determining if you actually needed one

 

[Giovanotto]

no need to get sassy, it's pretty common on here for people to ask for advice that ends up not being relevant to them when they eventually get around to releasing enough details

literally the first, and most helpful, step for helping you find a cosigner is determining if you actually needed one

I did get sassy. In the future, is there any way to simply make a poll without having a threaded discussion? I sincerely was only looking for data. I do however, appreciate good intentions and those trying to help me.

And again, I didn't make this thread asking whether or not I needed one. So, to assume that I need help with that is a little frustrating, when it only hurts my poll (It puts it into question), which is what I'm interested in...

 

[tennerd]

it's usually your parents or spouse if they have good credit and are willing.

 

[W19]

the biggest is citizenship

Or having a green card...

 

[22031 Alum]

I did get sassy. In the future, is there any way to simply make a poll without having a threaded discussion? I sincerely was only looking for data. I do however, appreciate good intentions and those trying to help me.

And again, I didn't make this thread asking whether or not I needed one. So, to assume that I need help with that is a little frustrating, when it only hurts my poll (It puts it into question), which is what I'm interested in...

Next time you want to make a poll just for curiosity's sake, simply say so- as opposed to just repeating the poll question in the body of the post. It would have saved you this "hijacking," and saved the time of the people who posted in an effort to help you out. People usually come to these forums for advice, so do you understand why we assumed you were asking for your own sake and asked for more information?

 

[Giovanotto]

Next time you want to make a poll just for curiosity's sake, simply say so- as opposed to just repeating the poll question in the body of the post. It would have saved you this "hijacking," and saved the time of the people who posted in an effort to help you out. People usually come to these forums for advice, so do you understand why we assumed you were asking for your own sake and asked for more information?

I disagree with your assessment of how forums/threads work and the implications of what I did. Nobody was mislead. Assumptions were incorrectly made.

 

[0dee]

The one with the better credit score. And most people who don't qualify for loans are usually international students like EU residents.

 

[deleted480308]

I disagree with your assessment of how forums/threads work and the implications of what I did.

you're speaking to a senior poster who has been here about 6x as long as you....they have a rough idea about how threads work on SDN and they are trying to help you

 

[Giovanotto]

you're speaking to a senior poster who has been here about 6x as long as you....they have a rough idea about how threads work on SDN and they are trying to help you

Threads/forums are not a phenomena unique to SDN.

 

[deleted480308]

Threads/forums are not a phenomena unique to SDN.

then by all means, continue to ignore good advice as is your right

 

[Cawolf]

International/BCOM/CNU are the main reasons.

 

[Giovanotto]

Thank you to those that have voted. Hoping for more.

 

[Bones 2020]

Threads/forums are not a phenomena unique to SDN.

You must be a misc'er then, because your jimmies sure are rustled

 

[cabinbuilder]

No one cosigned my loans.

 

[samac]

I get there are reasons, but you do really need to educate yourself. You mentioned you couldn't get subsidized loans to cover the cost of medical school. Well yeah, that's definitely true. No one can. It's all unsubsidized.
Also, if this was just for curiosity sake it helps no one to know who consigned other people's loans they just need to know who's available in their lives.

 

[Giovanotto]

I get there are reasons, but you do really need to educate yourself. You mentioned you couldn't get subsidized loans to cover the cost of medical school. Well yeah, that's definitely true. No one can. It's all unsubsidized.
Also, if this was just for curiosity sake it helps no one to know who consigned other people's loans they just need to know who's available in their lives.

Presumptuous much?

 

[Prehealth001]

New schools that haven't graduated a class yet are not eligible for federal loans, anyone know if this is correct?

What happens if you don't have a consigner or enough credit in this situation?

 

[deleted480308]

New schools that haven't graduated a class yet are not eligible for federal loans, anyone know if this is correct?

What happens if you don't have a consigner or enough credit in this situation?

If the new school is attached to a university they are fine

You don't need a lot of credt as much as you need to not have negative credit

 

[Buzzlightyear33]

The federal government loans money to students attending St. George and Ross but not your school. Think about that for a moment OP.

 

[Giovanotto]

The federal government loans money to students attending St. George and Ross but not your school. Think about that for a moment OP.

You've blown my mind.

 

[Prehealth001]

The federal government loans money to students attending St. George and Ross but not your school. Think about that for a moment OP.

I am very curious about this and have researched in the past without much success.

Can any carib school qualify for fafsa, what are the requirements?

and are they eligible for all fafsa types a stateside school would be able to offer or there are differences?

 

[Prehealth001]

If the new school is attached to a university they are fine

You don't need a lot of credt as much as you need to not have negative credit

and so if a new school stands by itself, any type of fafsa is completely out of the question?

 

[deleted480308]

and so if a new school stands by itself, any type of fafsa is completely out of the question?

Until they graduate a class as I understand it

 

[Mad Jack]

I cosigned my own loans because I have good credit.

 

[Mad Jack]

What I would be wary about is, if you are eligible only for private loans, you could lose that eligibility in the future, and private loans require repayment starting at day 1 and have no forgiveness nor reduced payment plan options. Keep that in mind if you're going to utilize non-federal loans.

 

[Giovanotto]

What I would be wary about is, if you are eligible only for private loans, you could lose that eligibility in the future, and private loans require repayment starting at day 1 and have no forgiveness nor reduced payment plan options. Keep that in mind if you're going to utilize non-federal loans.

Can you talk more about this? That is a little bit scary. How could you lose eligibility mid loan?

 

[Mad Jack]

Can you talk more about this? That is a little bit scary. How could you lose eligibility mid loan?

If the credit of your cosigner changes, or if you fail to make regular payments on the loan. Keep in mind, your cosigner's credit will be impacted by this loan, and the debt to income ratio might be too much for them to cosign for after a while.

 

[Giovanotto]

If the credit of your cosigner changes, or if you fail to make regular payments on the loan. Keep in mind, your cosigner's credit will be impacted by this loan, and the debt to income ratio might be too much for them to cosign for after a while.

What? There are private loans that allow deferment of paying until 60 months (max) post graduating from medical school. What payments?
You do bring up some good points though, thank you. Can you elaborate on the bolded above?

 

[deleted480308]

What? There are private loans that allow deferment of paying until 60 months (max) post graduating from medical school. What payments?
You do bring up some good points though, thank you. Can you elaborate on the bolded above?

your cosigner would show your loans on their credit as a liability......it could effect their credit rating/qualification for other things in the future

 

[Mad Jack]

What? There are private loans that allow deferment of paying until 60 months (max) post graduating from medical school. What payments?
You do bring up some good points though, thank you. Can you elaborate on the bolded above?

Well, a cosigner can only back so much debt. The sort of person that can cosign on 100k in debt might not be able to cosign on 400k in debt. And you won't know what that limit is until you reach it, and it can also change based on the lender's credit wariness, as happened after the 2008 crash. Basically, there's a lot of variables. Some loans will require repayment from day 1, so be careful when applying for loans.

 

[Giovanotto]

your cosigner would show your loans on their credit as a liability......it could effect their credit rating/qualification for other things in the future

It could certainly be a positive effect as well, correct? I'm sensing a lot of hesitation here, but there is no reason to believe that if loans would be repaid, that would only AID the cosigners credit, yea?

 

[deleted480308]

It could certainly be a positive effect as well, correct? I'm sensing a lot of hesitation here, but there is no reason to believe that loans would be repaid and that would only AID the cosigners credit, yea?

if your sister cosigns and you fail out 3 years in and you default, you have ruined her. cosigning is not a small matter

 

[Prehealth001]

I am very curious about this and have researched in the past without much success.

Can any carib school qualify for fafsa, what are the requirements?

and are they eligible for all fafsa types a stateside school would be able to offer or there are differences?

any comment on this?