Hello folks,
would appreciate any advice for private loans for med school. I have a bankrupcy that will be ten y/o by next year. This has been cause for several denials for private loans so far.Any advice, otherwise I’m left with only 10k for next year…ouch
I don’t get it, why aren’t you getting more in Stafford loans? At my school no one started dipping into private money unless they were borrowing more than the $38,500 limit in Stafford money.
Mary
My tuition is $28000/yr, this leaves $10k from stafford loans.
I’m still confused. If tuition is $28K/yr, that should be completely covered by Stafford loans; the total available PER YEAR in Stafford loans was $38,500 last year and the limit increases a little each year, I think. So if you borrow $28K for tuition, you’ll still be able to borrow an additional $10K/yr in Stafford for that - I don’t guess there’s any school in the U.S. whose estimated student budget for living expenses is less than $10K/year. It’s only if you go BEYOND borrowing $38,500 per year that you’ll need private loans.
I think you may be looking at either the subsidized Stafford number (which was $8,500 a few years ago) and/or the Stafford amount for undergrad loans (I don’t know what that is, but it’s less than the med school amount). While there is a four-figure limit to the SUBSIDIZED Stafford loan amount, the TOTAL limit for Stafford is way more - approaching $40K at this point. Believe me, an unsubsidized Stafford is what you want after you’ve used up your subsidized benefit.
Talk to your FAO some more. I think there’s a piece of information missing somewhere.
Mary
I see the misunderstanding. Yes, I am eligable for Federal Student Loans, and I will have the $10k for living expenses. I have a 4 y/o son, with associated loving costs for him, requiring more funds.
I wish to borrow above the federal loan amount, $38,500, and I have exhausted my unsubsidized loans. I need to borrow under private loans, but my credit history is the pits…5 year old seperation and a 10 y/o bankruptcy…I was wondering if anyone knew of any private med school loans for somone with very poor credit could obtain. I’m looking for an additional $10k for this coming school year…
School is paid for, I will received the full $38.5k from the government. I’m just looking for private loan resources or other funding that is available for a 39, almost 40 y/o oms-I med student with a 4 y/o child.
thank for your patience mary…
shenry
Are you getting help from your financial aid office? they should be your first resource - they SHOULD be familiar with private lenders and hopefully can steer you to one who can help you. Good luck!
Mary
I agree, you should talk to your financial aid advisors about this. But I think it is possible to get private loans even with bad credit if you have a cosigner. Could you find someone with good credit to cosign?
Quote:
I see the misunderstanding. Yes, I am eligable for Federal Student Loans, and I will have the $10k for living expenses. I have a 4 y/o son, with associated loving costs for him, requiring more funds.
I wish to borrow above the federal loan amount, $38,500, and I have exhausted my unsubsidized loans. I need to borrow under private loans, but my credit history is the pits…5 year old seperation and a 10 y/o bankruptcy…I was wondering if anyone knew of any private med school loans for somone with very poor credit could obtain. I’m looking for an additional $10k for this coming school year…
School is paid for, I will received the full $38.5k from the government. I’m just looking for private loan resources or other funding that is available for a 39, almost 40 y/o oms-I med student with a 4 y/o child.
thank for your patience mary…
shenry
First thing get a copy of all three credit reports if you do not have any recent (within 6 months). Bankruptcies are taken off your credit report after 10 years (I have read the absolute longest is 10 years + 6 months). The credit agencies have to take the BK off it is federal law. Any other problems with your credit you could dispute and they may come off the
reports. This all takes time like 3-8months and it will take you writting dispute letters but it works. You have 10k to start with and there are other lenders such as wells-fargo that lend to poor credit students. Google the web and hang in there! I have problem credit too and know it’s tough but keep in the race! http://creditboards.com/forums/index.php?http://www.creditboards.com
a good place for advice.
Yes…I am…
The private loan reccomended denies if you have a bankruptcy on file…well my bankruptcy turns ten y/o in oct! so I’ve been denied. There are no apparent grants or scholarships she is aware, but we are both looking! I’ve tapped out co signers to just get through post bach work…
I had scholarships, but no full rides…
I worked, but stopped full time after a horrible semester! Here is where I encumbered my co signing friends…
I’m still looking thanks!
http://www.healthxpressloan.com/
Have you looked at this one? I think it’s easier to get aprroved. Don’t know though. Good luck and if I see anything else I’ll post it for ya. Oh since your in the states, Key Medachiever approved me with a 9 yearold BK after I submitted a letter and reconsideration.
Bill. 
A very speculative suggestion…for a "bridge loan"
As a retail bank officer (in computers) , I believe that the mortgage and home loan group are using 7 years as a cut off for bankruptcies. If you have property, You may want to consider a home equity line of credit until your credit history is free and clear for a private education loan. It has the advantage of being relatively low rates, tax deductible and if you have a line of credit you can take what you need when you need it. Again, this would best as a stop gap measure until you get other loans.