Residency Loans

[SuperPoorMed09]

Hi,
Just joined the board hoping someone can help me out. I've posted this thread in another area...but got no advice as yet. I'm a 4th year who applied for a residency loan in August to help cover some of my Step expenses, take a review course and then the whole interview process. To help elaborate on the situation I've made it through med school relying somewhat on my credit cards and also a simple rice and tuna diet....I'm not financially blessed. Anyway I got approved for the loan in Aug for the whole 15,000...what a relief! Used it to take my exams, did a review course for Step 2, cause step 1 almost killed me, and paid a little on my card. Now I'm in a bind where 2 days ago my 10 year old car basically crapped out on me. I came up with the brilliant idea of applying for another residency relocation loan to help get me back up an running. Is this legit or will I end up in the slammer? I'm tenitively approved by the second loan company but I'm not sure if its ok to take a 2nd one on. I know I've got to pay them both off eventually but if the first one find out about the second one, how much trouble will I be in. On the first promissary note the fine print said that by signing it I agree not to apply for or get another loan greater than the 15K. Basically I'd like to know if anyone has applied for and received more than 1 residency relocation loans. Also any thoughts or opinion on if I'll end up in the slammer if I go through and accept would also be appreciate. Hate to think I've come this far and blow it all away on not having a functional car. Thanks for any advice. I'm stressing big time over this. Thanks again.

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[t33sg1rl]

Your car needs a $15,000 repair?

What make and model is this, so I know not to buy one?

Seriously, you WILL get caught, and when the loan companies find out (as they easily will, as both will access your credit report regularly to keep tabs on you) both companies will demand that you pay back the entire loan, NOW.

 

[Medstudentquest]

Hi,
Just joined the board hoping someone can help me out. I've posted this thread in another area...but got no advice as yet. I'm a 4th year who applied for a residency loan in August to help cover some of my Step expenses, take a review course and then the whole interview process. To help elaborate on the situation I've made it through med school relying somewhat on my credit cards and also a simple rice and tuna diet....I'm not financially blessed. Anyway I got approved for the loan in Aug for the whole 15,000...what a relief! Used it to take my exams, did a review course for Step 2, cause step 1 almost killed me, and paid a little on my card. Now I'm in a bind where 2 days ago my 10 year old car basically crapped out on me. I came up with the brilliant idea of applying for another residency relocation loan to help get me back up an running. Is this legit or will I end up in the slammer? I'm tenitively approved by the second loan company but I'm not sure if its ok to take a 2nd one on. I know I've got to pay them both off eventually but if the first one find out about the second one, how much trouble will I be in. On the first promissary note the fine print said that by signing it I agree not to apply for or get another loan greater than the 15K. Basically I'd like to know if anyone has applied for and received more than 1 residency relocation loans. Also any thoughts or opinion on if I'll end up in the slammer if I go through and accept would also be appreciate. Hate to think I've come this far and blow it all away on not having a functional car. Thanks for any advice. I'm stressing big time over this. Thanks again.

Can't you ask your financial aid office about this? Do you have any money left over from the original 15K? Can someone in your family/friends help you out? I have no idea whether it's doable or not, but if you've signed a document saying you would not get another loan, I probably would opt not to do it because as the other poster said, they will find out and you'll be in major trouble. Could your parents apply for one of those parent loans and you pay them back when the loan is due? You should not compromise yourself since you've come this far and hopefully you'll match and will at least get paid something during residency. In the worst event, take public transportation!

 

[MadameLULU]

Closing since this is a duplicate thread. For continuation of the discussion please see the threads in the Interdisciplinary forum