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Unsupportive parents, loans without cosigner?

quadomaticquadomatic Registered User Posts: 196 Junior Member
I'm a premed student in a BA/MD program (guaranteed seat into medical school). I'm in my 2nd year now. I have good grades (4.0) and am doing pretty well for the most part.

I was intending to graduate in the Spring of 2012 (during my third year, so one year early). Now I'm also considering staying in undergrad for the 4th year and/or applying to graduate school in the UK. However, my parents are less than supportive...I was told today that they won't cosign any loans. I never intended for them to be responsible for paying anything after my 3rd year of undergrad, but I thought they would at least cosign.

So, now I need to find out what I can do to pay for a 4th year of undergrad and/or grad school in the UK without support. I don't have a background that would help for need-based scholarships (Asian Indian, parents make a decent income). It seems that I can only rely on merit-based scholarships and private loans. A year of undergrad is about $13.5k(tuition, differential, fees)+room/board+books,etc. I can take $7500 from federal direct loans.

Is it possible for me to get a private loan without a cosigner? I'm 20 years old. I've had a credit card for about 5 months now (in my name only). I basically have the next year to build credit and save. I have a research job that pays $10.08/hr and I work 17 hours a week (plan to work 20 hrs/week in the summer).

Is it realistic that I would be able to get a private loan without a cosigner? Is there anything I can do to build my credit to make this possible? Are there any federal loans that I could get without a cosigner (federal loans seem to be applicable to UK schools, and grad programs automatically consider you independent)?
Post edited by quadomatic on

Replies to: Unsupportive parents, loans without cosigner?

  • happymomof1happymomof1 Registered User Posts: 25,507 Senior Member
    No. It is not realistic to think that you can get a private loan without a cosigner.

    Do you absolutely need that fourth year?

    As for paying for a grad program in the UK entirely with loans, I've got to ask just exactly why you are even considering a grad program that YOU have to pay for. If you are still interested in pursuing the Med School option, why are you contemplating adding on a bunch of debt for a grad program to the debt you will accumulate in Med School? You may be better advised to graduate in three years and join your current research group as a paid member, or as a grad student who has support from that group.
  • quadomaticquadomatic Registered User Posts: 196 Junior Member
    I'm considering the grad school program because I want to be involved in health policy work as a physician. The fourth year would allow me to do coursework in Econ, which would allow me to better understand health policy.

    Instead of doing grad school in the UK, it may be more practical to apply to a joint MD/MPH program with a health policy track. Doing the fourth year would make me more competitive for those programs. On the other hand, I wonder if doing an NIH IRTA would still make me competitive...it would pay ~$30k, as opposed to me taking on debt.
  • mom2collegekidsmom2collegekids Registered User Posts: 82,599 Senior Member
    What is your situation?

    Are you a US Citizen?

    Why aren't you just doing your BS/MD program since you have that going for you?

    Are your parents willing to pay for your BS/MD program?

    Are your parents just objecting to this UK idea?
  • juilletjuillet Super Moderator Posts: 11,661 Super Moderator
    Don't do the 4th year/UK program. I'm in public health; there are tons of master's program and post-doctoral programs for doctors with MDs who want to do health policy or health policy research. Wait until you are finished, then do one of those. If you're in a guaranteed MD program and you want the MPH, stay where you are and do a one-year MPH program for clinical doctorate holdess after you finish - like I said, there are tons of these, and most top SPHs have one.
  • chaospaladinchaospaladin Registered User Posts: 747 Member
    I don't get why the UK 4th year thing is related to the BS / MD. Go to the BS / MD.
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