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ideas on funding for MD/MBA students

Thread: ideas on funding for MD/MBA students

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  1. AmericanIMG's Avatar

    AmericanIMG said:

    ideas on funding for MD/MBA students

    there are a good amount of option out there to cover MD/MBA students. here are a few i've come across

    Bank of America education maximizer loan - gives you 18k
    NextStudent.com - private loan company that will give you 18k ON TOP OF what you get from stafford

    these are just 2. you have to go through davenport for the aid to be eligible, but should help to cover the gap if TERI/DC/HE are unavailable to you. if anyone else knows of options please post in this thread.
    but remember that, even when those who move you be kings or men of power, your soul is in your keeping alone. When you stand before God you cannot say "but I was told by others to do thus" or that "virtue was not convenient at the time." This will not suffice. Remember that.
     
  2. azulpanther's Avatar

    azulpanther said:
    thanks alot for helping students in dire situations
    St. Matthew's Forum Moderator
    One Love
     
  3. drsunnyside said:

    Thumbs up Thanks!

    Quote Originally Posted by AmericanIMG View Post
    there are a good amount of option out there to cover MD/MBA students. here are a few i've come across

    Bank of America education maximizer loan - gives you 18k
    NextStudent.com - private loan company that will give you 18k ON TOP OF what you get from stafford

    these are just 2. you have to go through davenport for the aid to be eligible, but should help to cover the gap if TERI/DC/HE are unavailable to you. if anyone else knows of options please post in this thread.

    Wow, I didn't about that, thanks! That's good to know.
     
  4. phoang507 said:
    Quote Originally Posted by AmericanIMG View Post
    there are a good amount of option out there to cover MD/MBA students. here are a few i've come across

    Bank of America education maximizer loan - gives you 18k
    NextStudent.com - private loan company that will give you 18k ON TOP OF what you get from stafford

    these are just 2. you have to go through davenport for the aid to be eligible, but should help to cover the gap if TERI/DC/HE are unavailable to you. if anyone else knows of options please post in this thread.
    I believe you can also get 40K max per year of private loan from
    Sallie Mae. Interest rate is between 5.25% and 11.5%.
     
  5. medjen said:
    Actually, if you are half time or more, you should be able to get $30K from Education Maximizer.

    One thing of note is that Education Maximizer is guaranteed by TERI. NextStudent may be as well.

    One time last semester I called all kinds of loan places and the majority out there are guaranteed by TERI. (I probably called over 30 places....so I would call each, get someone on the line and ask "are your loans guaranteed through TERI?" and no matter the 'name' of the loan, the majority of them are through TERI).

    With TERI up in the air, who knows that that means for those private loans. In the past, all it meant was that once you took out the maximum ($30K) from one TERI guaranteed place, you had to wait until the following July 1st, to apply to another one. (i.e. You take out $30K through Education Maximizer, then you cannot take out the Astrive/Think/etc. because they are all under the TERI guarantor name.) However, you can take out up to $130K with each program, so if you get to one loan maximum, then you can take out an additional $130K through a different one.

    Ones that I have found that are not guaranteed by TERI are the Sallie Mae Tuition Answer, the College Loan Corporation, Student Loan Solutions private loan, and the Chase iStudent private loan.

    It is all difficult to type out but I have dealt with pretty much every loan place out there, as well as the various guarantors of the loans. I know all the grace periods, forbearances, which ones allow partial payments, which ones allow deferment once in Residency, etc etc etc......
     
  6. JTP73 said:
    Quote Originally Posted by medjen View Post
    Actually, if you are half time or more, you should be able to get $30K from Education Maximizer.

    One thing of note is that Education Maximizer is guaranteed by TERI. NextStudent may be as well.

    One time last semester I called all kinds of loan places and the majority out there are guaranteed by TERI. (I probably called over 30 places....so I would call each, get someone on the line and ask "are your loans guaranteed through TERI?" and no matter the 'name' of the loan, the majority of them are through TERI).

    With TERI up in the air, who knows that that means for those private loans. In the past, all it meant was that once you took out the maximum ($30K) from one TERI guaranteed place, you had to wait until the following July 1st, to apply to another one. (i.e. You take out $30K through Education Maximizer, then you cannot take out the Astrive/Think/etc. because they are all under the TERI guarantor name.) However, you can take out up to $130K with each program, so if you get to one loan maximum, then you can take out an additional $130K through a different one.

    Ones that I have found that are not guaranteed by TERI are the Sallie Mae Tuition Answer, the College Loan Corporation, Student Loan Solutions private loan, and the Chase iStudent private loan.

    It is all difficult to type out but I have dealt with pretty much every loan place out there, as well as the various guarantors of the loans. I know all the grace periods, forbearances, which ones allow partial payments, which ones allow deferment once in Residency, etc etc etc......
    The problem I keep running into is that Davenport University sets a limit @ $18600 or so. How can we get around that? Or will the lenders you have named go beyond the school's additional loan limit?



     
  7. smu79 said:
    the 18k are only for sub and unsub Stanford's loans. the loans mentioned above are private-credit base.

    one other loan out there is wells fargo loan. pretty easy to get with a cosigner.
     
  8. JTP73 said:
    Quote Originally Posted by smu79 View Post
    the 18k are only for sub and unsub Stanford's loans. the loans mentioned above are private-credit base.

    one other loan out there is wells fargo loan. pretty easy to get with a cosigner.
    Really? I went through a huge list of private lenders and found that they, too, were being limited by Davenport to $18K. I'm hopeful that what y'all are telling me is the reality, and my understanding is, therefore, just a big misunderstanding. But I am fairly certain I was speaking to them about private loans--and not Staffords. Hmmm... now you got me wondering. Back to the drawing board starting Monday. SMU79, would you mind sending me a link to the Wells Fargo option? Thanks!



     
  9. camryllionareMD said:
    I'm also wondering about the maximum amount, too, because davenport loans only cover the cost of their own program, and I think for something to be a student loan it can only be the amount of the program plus cost of living, where davenport gives us $7700 back. I think it's the law that puts a max on this so that a person going to school in Lousiana with a lower cost of living won't take out more loan money than the NYU student living in Manhattan. I think we should be okay, though, with the school lending the tutition part supplemented with davenport. Cross our fingers on the new lender. My credit's taking a hit with each new application.
     
  10. smu79 said:
    Quote Originally Posted by JTP73 View Post
    Really? I went through a huge list of private lenders and found that they, too, were being limited by Davenport to $18K. I'm hopeful that what y'all are telling me is the reality, and my understanding is, therefore, just a big misunderstanding. But I am fairly certain I was speaking to them about private loans--and not Staffords. Hmmm... now you got me wondering. Back to the drawing board starting Monday. SMU79, would you mind sending me a link to the Wells Fargo option? Thanks!
    about a month ago i applied for this loan Wells Fargo Education Connection® Loan for moving etc. i got approved for $20,000 but decided not to take it. the link is https://www.wellsfargo.com/student/graduate/
     
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