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  1. #1
    RedRaider_01's Avatar
    RedRaider_01 is offline Member 510 points
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    Paying for school

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    Is there anyone else on VMD that has realized that they have absolutely no way to pay for school? For instance I have no credit and I don't have a credit score. I have a cosigner, but I don't want to exhaust their supply of credit. I'm looking at about 100k in loans (thats including premed). I've read some things about edinvest and most of it seems to be negative. Am I just absolutely screwed, you know just SOL. I really want to go I just can't think of any other way. There's no way I can pay completely out of pocket, nor can I build a credit score of 700 anytime soon. I'm unbelievably stressed right now that my one chance is going out the door.
    "He's dead Jim" - Dr. Leonard McCoy

  2. #2
    don1 is offline Moderator 548 points
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    a few comments.
    there are a lot of people who find a way to pay. although no one wants to use a cosigner, if that is your only option you need to do it. Ed invest's interest rate can be high for most applicants, again if it's your only option, then you need to do it.

    in regards to education costing $100K. I am not sure where you came up with this figure. Expect tuition to go up $500 or $1000 once or twice during the course of your 4 four years at MUA. I'm figuring that $150K is conservative. step 1 and 2 costs nearly 3K alone. The living costs during basic sciences are inexpensive but during clinicals in the US they are much more expensive.

    if you really want to be a doctor and you know you will stick it out no matter what...it is worth it and get the cosigner. If you are not ready...it is an expensive waste of time.

  3. #3
    MD2.0 is offline Member 518 points
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    it's not easy to find a cosigner with a good enough debt to income ratio for those damn ed invest loans.

  4. #4
    ProspMed is offline Member 513 points
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    How bout you get a credit card right now and use it for nearly every purchase, keep its balance low or zero. Thats so you don't run into this problem again. In the mean time, ed invest is really that only way to go unless ur coming from canada

  5. #5
    RedRaider_01's Avatar
    RedRaider_01 is offline Member 510 points
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    Quote Originally Posted by ProspMed View Post
    How bout you get a credit card right now and use it for nearly every purchase, keep its balance low or zero. Thats so you don't run into this problem again. In the mean time, ed invest is really that only way to go unless ur coming from canada
    So I manged to get my first credit card. It has a crappy interest rate of 14.99% with 0 APR until September. Is it conceivable to think I could get my credit high enough by the fall for edinvest loans?
    "He's dead Jim" - Dr. Leonard McCoy

  6. #6
    ProspMed is offline Member 513 points
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    One factor when they determine credit score is how long you have it. Just use ut credit card for literally every purchase you make. Pay it off right away. Keep the balance of the credit card 0 or as close to as possible, never keep it near the high range. You should be able to get it pretty high by September just use it a LOT

  7. #7
    jsr
    jsr is offline Junior Member
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    Credit Score

    Try to keep the balances low (less than 10-20% of your credit limit).

    Here are some important points to understanding a credit score:

    Payment History: 35% - about 298 available points.
    • Outstanding Debt: 30% - about 255 available points.
    • Length of Credit History: 15% - about 127 available points.
    • Diversity of Credit Accounts: 10% - about 85 available points.
    • Number of New Credit Applications: 10% - about 85 available points.

    Tips:
    • Pay all your bills on time. Sometimes the simplest advice is the best advice.
    • Keep your debt-to-limit ratio around 10 percent. What's the maximum you can draw off of credit cards and other lenders? Keep you balance at or below 10 percent.
    • Do not close old accounts. If you have a back up credit card or two, use them for small purchases every few months, and be sure to pay off the balance.
    • Aim for 10-plus years of positive credit history. You've come this far. Just keep going.
    • Don’t make dramatic credit changes. Sudden new credit lines and higher levels of debt send up red flags to lenders and can reduce your credit score.

  8. #8
    Roland is offline Newbie 510 points
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    Same boat as Redraider

    I'm exactly in the same boat as Redraider. Someone suggested private loans. Are there any in Ontario, Canada? Is there a Canadian equivalent of an EdInvest? Thanks.

  9. #9
    PudendalNeuropathy is offline Newbie 510 points
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    Loan Advice

    Please be diligent in finding a medical school with legitimate loans in place before you obligate yourself to a Caribbean medical school. Once you are in classes you should spend all your time studying, not worrying about how you are going to pay for your education. If you do not meet the qualifications for any of the schools with legitimate loan programs, then do yourself a favor and take some extra time to gain the proper qualifications for entry into one of these better schools (increase your GPA, do better on MCAT, etc). It will be worth it in the long run.

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