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Thread: AUA loans torturing successful grad

  1. #1
    iwanabmd is offline Member 516 points
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    AUA loans torturing successful grad

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    Dear AUA admins and future students, I graduated from AUA in 5/2012. I am in my 2nd year of a very competitive residency. (1 of 40 US IMGs in the country to attain a residency in this specialty) I thought I left behind all the woes and disappointments that are AUA, however the school continues to haunt me. I just want everyone to know what they are getting in to. I took out BOLM loans that required me to pay interest on the first 2 disbursements while in deferment in school. What I did not know is that when I defer the loans in residency they require me to pay interest on all the loans. The interest ALONE is over $1,000 a month. I clear 3000 a month in residency salary after taxes. Subtract 1100 for rent, add utilities, car, food and misc expenses and guess what? I can't really survive and have needed to contact a bankruptcy lawyer because I am at the end of my rope. Meanwhile, all the U.S. grads (I am the only IMG) defer everything, they don't pay a cent. Medical school will be rough. Residency will be even harder. Don't torture yourself through residency. Go to a school that has U.S. loans. AUA is OK if you have cash... I guess. For the admins reading this, maybe you could shed some light as to why the BOLM referred to BAN HPL loans require interest payments on all loans in residency instead of just the 1st two disbursements. It makes surviving residency impossible. I will never consider going back to AUA and supporting it after all it has been putting me through. Just another log on the fire AUA.... thanks again.
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    STEP 1 [X] STEP 2 [X] STEP 3[X] PGY - 1 [X] PGY-2 [*]

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    Lancelot is offline Member 520 points
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    Wow sorry to hear the trouble you are going through. My friends and I were discussing this issue the other day; are the BOLM loans able to be discharged in bankruptcy because they are private loans? I know that Sallie Mae (US government) student loans are not dischargeable in bankruptcy. At least be glad that you made it through. I have some friends who didn't make it through Ross halfway through and are now saddled with $100k loans that are not dischargeable because they were US govt loans.

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    Placida is offline Newbie 510 points
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    I am in the same predicament!!!
    I had $192,000 in loans after completing AUA, they I graduated in 2011 and they have continued to HAUNT me. My loans went into collections and they started calling me about making payments such as $5000 a month!!! I cannot pay that on a resident salary...I can't even afford to buy my daughter food sometimes, I have continued to breastfeed her every chance I have even though she is over two years. I have no choice. I have to feed her and pay my bill and Survive. I was lucky enough to have inherited a home and now my only option is to rent it out to cover my enormous loans.....*Sigh* Be careful all, AUA's loans will haunt you!!!!

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    rahulb is offline Senior Member 695 points
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    i won the lottery and paid off 200k in loans
    i don't even really need to work anymore but i have nothing else to do
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    iwanabmd is offline Member 516 points
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    whoever this thread is important to.... AUA has come up a with a mediocre solution to the problem. BUT its better then nothing. Some of the ancillary staff actually does care about us... Or they just dont want to see us default or declare bankruptcy. Which ever it is, they did try. You can call financial aid, tell them your a resident and having a difficult time making payments. They will offer you options. There is a better way, you don't have to share a box with the hobo on the corner or eat cup o noodles every night.
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    STEP 1 [X] STEP 2 [X] STEP 3[X] PGY - 1 [X] PGY-2 [*]

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    DOC.p is offline Super Moderator 7191 points
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    Quote Originally Posted by iwanabmd View Post
    whoever this thread is important to.... AUA has come up a with a mediocre solution to the problem. BUT its better then nothing. Some of the ancillary staff actually does care about us... Or they just dont want to see us default or declare bankruptcy. Which ever it is, they did try. You can call financial aid, tell them your a resident and having a difficult time making payments. They will offer you options. There is a better way, you don't have to share a box with the hobo on the corner or eat cup o noodles every night.
    i sent you a PM
    M.D.

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    siddy117 is offline Junior Member 510 points
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    Quote Originally Posted by DOC.p View Post
    i sent you a PM
    Doc.p, any insight into our options?

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    NicSTX is offline Senior Member 511 points
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    Are the the salary-dependent reimbursement options something you can consider? Luckily, I only had to deal with one loan like that as they came into effect at the end of my fourth year - and have since paid it off. Best of luck to you
    AUA 2010
    IM - Geisinger Health System, class of 2013
    Heme/Onc - National Heart, Lung, and Blood Institute, NIH, class of 2016

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