<p>Knowing something and really knowing something is different, isn’t it? I had always heard that medical schools (where most FA is loans, both Federal and Private) concern themselves with credit-worthiness. I just didn’t KNOW it.
It appears that many schools do something similar. </p>
<p>Now that I am fully aware :eek: , how does D get her credit rating at reasonable intervals (maybe twice a year?) so that she can monitor her progress so that this doesn’t jump up and bite her in the rear? The monthly charge places look like such a rip-off, don’t they? And I don’t think once a year is up-to-date enough. Can I just get a business or banking friend to run it for her from time to time? What’s the downside? (I know a credit inquiry itself can be a ding.)</p>
<p>As a bit of an aside, what other professional schools, graduate programs, etc. do this that y’all are aware of? Does this happen at the “transfer” level at UG?</p>
<p>Edit: I’m not interested in debating right or wrong. I just want to know the best way to deal with what is.</p>
<p>Wow—I never thought of that, either…although I guess it makes sense for something as financially committing as med school. </p>
<p>I’m wondering about the banking “friend” angle, too…hopefully you’ll get some good insight on that. She can get the free annual ones, and then continue to be diligent about staying on top of everything. She SHOULD moderately use 1-2 cards, paying them IN FULL every month, to establish good credit. Just having the cards in her name isn’t enough to up the score…she has to prove she knows how to use them.</p>
<p>Curm, she can get a free credit report annually from each of the 3 credit reporting agencies - Transunion, Experian and Equifax. If she requests a report from Equifax now, then Experian in 4 months, then Transunion 4 months after that, she can pretty much keep an eye on her credit 3 times a year. </p>
<p>Students and their parents need to remember that many transactions, not considered as credit transactions by you, can and will sink your ship. Cell phones, utility bills, leases of personal property, leases of real estate …the list is very long.</p>
<p>maybe they are redoing their servers.
Ive used it before with no problems
But you can also request your report indivually from the reporting agencies ( 1 a year- each- for free)</p>
<p>Examining your credit doesn’t necessarily end with the application for admission or for student loans. It also comes into play with state licensing of professionals. I know that credit reports are routinely examined for law school graduates seeking admission to the bar and that credit issues evidencing financially irresponsible behavior can preclude admission to the state and federal bars. I would imagine that it’s the same for doctors and most other professionals.</p>
<p>Wow! This is one thing I never knew about. As if good grades and MCAT scores were not enough to worry about. I will show this to my S when he is home for the Thanksgiving holiday.</p>
<p>obviously not for everyone but hoping students and parents are aware of the md/phd option, which gives free tuition and also a living stipend (at least at some schools) Hope this isn’t too off topic.</p>
<p>curm
you’re so smart and on top of things I’m sure you know already the med schools won’t care a whit about you or your credit ratings…its will all be on curmette.Just reminding in case there’s someone else reading the thread who might not be aware. No parental involvement at all.
As repeated above, D will need to be careful over the years on her credit cards (have some, use them some,pay them timely) leases,utilities,cell phones,etc.But she shoukld be showing some credit activities.Might want to hold off having her buy a car in her name or finance anything large.
Nephew in Minn had no trouble getting school basaed financing for a very expensive med school (Creighton-50 grand a year) w/o any spectacular credit history but then again,no flubs either.</p>
<p>Interesting info Curm - I did not know it or KNOW it (though it seems logical if I had ever thought of it) so thank you. My D is thinking med school (she is just a freshman so that may change) so I will send the info to her.</p>
<p>Also, don’t forget, it does not matter where you go to med school - repeat after me “it does not matter where you go to med school”. It DOES matter where you do your residency, but that’s a long way away. Some med schools are somewhat better than others. Some med schools definitely have a better experience for those interested in family practice, just because of the way they are set up. Also, the bottom third of the students at Harvard will be higher MCATs, etc than the bottom third at some schools, but the kids at the top of the class will get competitive residencies no matter where their MD degree is from. This is true.</p>
<p>Therefore, often the most economical med school choice is also the student’s best med school choice. not that GT isn’t a good school, but so is UT Memphis and UAB and etc.</p>
<p>curm
so interesting reading that guide,thanks for the link.I’m a former fin aid officer but only dealt with undergrad, and my only post grad experience has been with D who is in a traditional PhD program where parental financial responsibility has ended.Med school is so different. Seems like the student /parent is between a rock and a hard place.To be eligible for the schools own funding,parent resources must be provided vs depending solely on federal resources and providing student only info. I guess one helpful piece of info would be knowing the generosity/history/terms of the schools self funding program vs the assuredly lower income/tax rate/resources/assets of the student alone yet hitting the ceiling of the fed loan limits.Seemis most people use the Harvard program since they state a figure of 70plus percent (I think) participation.
What Im not familiar with is how this Harvard model compares to most med school funding. My BIL and SIL stated my nephews loans at Creighton were “all in his name”. Maybe thats b/c he didnt use a Creighton funded loan program only the federal stuff.</p>
<p>Cangel…Nephew and his family would have loved for him to take advantage of the instate lower tuition option for medical school but it just didnt work out.Something about a research based education vs practicioner based??He has returned to his home state for residency though.</p>