Guys please lend me your intelligence and help me think this out...please

[coolaid]

I just got off the phone with Dr.G. He said a lot of things about the loan, but this is what I understood...THERE WILL BE NO LOANS FOR THE MAY SEMESTER:(.

So here I am........I have anatomy,Histo,Embryo,Ethics and Biochem credits all done and ready.

I just need to nail physio,and sem3 n 4 at Windsor!

My question:
is it wise to take credit card loans and complete sem 3,4 and 5[the kaplan one], and then transfer to a school for clinicals which has loans?

advise me all O great ones,
this warrior is sittin on the sideline,
and missin all the action......


I pray , help me think this one out....


Luv n Peace

[coolaid]

Oh, and I got admission into Windsor too....and they will transfer my credits and all that..

[DC2BMD]

Probably not a good idea to take out loans on a credit card. They are usually very high interest and require monthly payments. Why not look into private loans with a co-signor?

Also, it seemed from your post that you are not in med school yet and the school is willing to transfer some credits from previous work. If so, I would suggest you not take this route, you may run into licensing issues later on.

[coolaid]

I was in med school......I am rejoining after a short break..I have completed the equivalence of sem 1 and 2 barring physio.....

[Fry]

take out loans on your credit card is having a financial dagger on you. If you fail or leave this school (you already are transferring - so the possibility is there) then you will have payments to make...also, if you dont have money know to pay, how long can you carry debt for before money magically appears??

I"m not trying to sound harsh, but CC companies can cancel your loan and ask for the full amount back at any time. I was in a similar position years ago and had only 2500 in debt, within 1yr as I kept making min. payments and the odd larger payment (as cash came to me) the credit card company sent me a letter saying they want the full balance from me. I later found out that this was perfectly within their right.

Your best bet is to work, accumulate some capital that you can invest for your education...if that is not an option and your desperate to start, the get a SECURED loan where you have fixed payments for a fixed amount. Any other loan and you will suffer.

[coolaid]

Thanks Fry. really value the input.
Actually I misspoke when I said credit card loan, its actually a personal loan from BOA.
The terms are here...
Request the amount you need and pick the initial payment term that best fits your budget. Samples are based on the account qualifying for the 8.99% APR; the payments will be higher if the account is approved with a higher APR. APR increases or additional advances will lengthen term or increase payments.
http://www.bankofamerica.com/vehicle_and_personal_loans/images/m00194_ast_pay-chart.gif

All payment amounts and terms are estimates based on an APR of 8.99%. Your APR may be higher. We will set your initial APR between 8.99% and 24.99% based on creditworthiness. We reserve the right to change your APR, fees or other credit terms at our discretion. Repayment term and payment amount are estimates which may change if, for example: we change your APR, you make late or partial payments, we assess fees, you enroll in Credit Protection, or you take additional advances. You will pay a 3% transaction fee on each advance (minimum fee $5; there is no maximum). Transaction fee is added to balance and accrues finance charges. Other fees may apply.


...............from the looks of it ,seems like personal loan which will have 'fixed' payments.

[lifeAgift]

NO WAY WOULD I USE A CREDIT CARD OR THAT BOA PRODUCT WITH THAT DISCLAIMER LISTED FOR FINANCING MY EDUCATION, NO WAY!!!

Haven't you been working and saving during your hiatus away from med school. What about family? Can mom or dad due a equity line of credit on their home for you?

Try Citibank

OR consider another personal loan option with everything fixed, then consider joining the health service corps after your clinicals and residency.