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  1. #1
    dsurias is offline Newbie 510 points
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    Running out of options for private loans

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    Does anyone know who is offering private loans these days on top of stafford and grad plus.

    Bank of America does not offer private loans
    Chase only offers a private loan for students that dont get fed grad plus and needs school cert. which school only certifies what was awarded for stafford and grad plus no more.
    Sallie mae also only offers a loan that the school has to certify

    The school has already told me that they will not certify me for more. They actually told me that my only option is a personal loan.

  2. #2
    TennisMan's Avatar
    TennisMan is offline Member 526 points
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    Try this company. I got a private loan from them at the end of 5th semester and it did not need school certification. Just borrow wisely with this company because their interest is sort of high.

    Medical School Loans - Stafford, Private and Medical Student Loan Consolidation
    Ross Univ Class of 2010 (X)
    All USMLEs (X)
    California License (X)
    ABFM Board Exam (X)
    Matched and Finished Residency in California (X) Hidden Content Hidden Content Hidden Content
    CURRENT STATUS: Board Certified Family Medicine in California - Working as Hospitalist

  3. #3
    dsurias is offline Newbie 510 points
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    Thanks TennisMan. It turns out that they will loan up to the cost of tuition minus fed aid.

    Which is my problem because I have been awarded enough to cover the cost of tuition and living expenses at Ross but that does not cover my expenses back home.

    I hope that there is a lender out there than can loan me additional funds.

  4. #4
    DrMS is offline Member 510 points
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    Quote Originally Posted by dsurias View Post
    Does anyone know who is offering private loans these days on top of stafford and grad plus.

    Bank of America does not offer private loans
    Chase only offers a private loan for students that dont get fed grad plus and needs school cert. which school only certifies what was awarded for stafford and grad plus no more.
    Sallie mae also only offers a loan that the school has to certify

    The school has already told me that they will not certify me for more. They actually told me that my only option is a personal loan.
    We were told to apply for the Wells fargo medcap Alt.

    Wells Fargo Student Loans - MedCAP Alternative Loan for Health Professionals

    Good luck.

  5. #5
    TennisMan's Avatar
    TennisMan is offline Member 526 points
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    The only issue with the MedCap Loan from Wells Fargo is that Ross will have to certify it. I remember trying to apply for this loan towards the end of 5th to cover Step 1 expenses (review materials, Kaplan course, exam fee), but Ross would not certify any further amount than what they had already done for the Staffords and Grad Plus loans.
    Ross Univ Class of 2010 (X)
    All USMLEs (X)
    California License (X)
    ABFM Board Exam (X)
    Matched and Finished Residency in California (X) Hidden Content Hidden Content Hidden Content
    CURRENT STATUS: Board Certified Family Medicine in California - Working as Hospitalist

  6. #6
    DrMS is offline Member 510 points
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    Call the NJ office and they should tell you what options are available. We were told about the med cap alt from the office and they did certify it. We just didn't get approved by Wells Fargo.

    The financial aid office is suppose to help you with this. Good luck. I know how fustrating it can be.

  7. #7
    kennethquinn is offline Newbie 510 points
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    Hey!!

    Hey!!
    well i have heard aout these three companies that provide Private School Loan:
    1. Wells Fargo
    2. MELA (Main Educational Loan Authority)
    3. Education Finance Partners

    Hope this will help you out
    and for furthr information
    visit this website
    -----------------------------------
    4studentloan.net

  8. #8
    TPKhia is offline Newbie 510 points
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    Student Loans

    I had similar problems during 5th semester, since I had a 6 month period before beginning my rotations. Hope this helps!

    I got this from Ross's financial aid office:
    Wells Fargo Med Cap Xrtra Loan
    Citibank residency and Relocation Loan (Board Review Option)
    Chase Private Education Loan (Similar to Tuition Answer Loan)
    Bank of America (Similar to Tuition Answer Loan)

    Education Finance Partners is no longer giving private student loans due to insufficient funds.
    MELA is only for Maine residents
    Wachovia used to do a private student loan (that's what I used in March 2008), but they don't offer it anymore.

    About Ross not certifying the loans, they will! I always accept the most money possible from Stafford and Grad Plus loans and they certified my Wachovia one. They will not certify any more loans from Sallie Mae.
    Last edited by TPKhia; 10-23-2008 at 03:09 PM.

  9. #9
    thecure4u is offline Member 510 points
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    Don't do it

    I hate to be the dark cloud on this thread, but you should really think twice about getting additional money over what the school will certify. It just doesn't make alot of sense. If you get one of these private loans, you are almost certainly going to be charged an interest rate higher than the rates for Stafford and GradPlus loans...and that's if you're lucky enough to even be approved in the current credit market. These loans have to be paid back. People seem to be forgeting that lately. After 10 semesters, you are going to be over $200k in debt and maybe even closer to $300k if you take the maximum amount that the school will certify. Don't forget, interest on most of your loans (the ones that aren't subsidised) accrues while you're in school. Do you really want to add more on top of that?

    The money that the school will certify is MORE than enough to live on and have some left over to send back home. On average, I had between $3000-4000 extra every semester...and I didn't exactly scrimp...although I didn't live high on the hog either. If you're expenses back home are more than that, you should try to figure out what you can sacrifice. Sell your car, sell you house, sell everything. You can get new stuff when you come back. If you're trying to support a family, I don't know what to tell you. If it were me, I'd rethink med school. That would have to be the sacrifice that I would make.

    I wish you all the best of luck. I'm telling you, look at the math before you get more money if it's even available to you. Cut back where you can. If you can't cut back, think twice about wether you should go.

  10. #10
    jabee_usm is offline Elite Member 513 points
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    Out of curiosity, is Stafford and Grad Plus enough to cover all of your expenses each semester? Apartment, food, etc....? Also, is it hard to get a Grad Plus loan?
    "I know for sure that what we dwell on is who we become" - Oprah

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