(Serious) School w/o Fed Loans vs. Carrib vs. Reapply

[dpl763]

Serious question, hope I don't sound ignorant.

Would one choose attending a school like ICOM/BCOM (neither offer federal loans yet) over going to Carrib?

Would one choose reapplying before attending either of those? (withdrawal before acceptance is offered)

If anyone has experience with private loans or can help shed light on this, please chime in.

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[Medic741]

Serious question, hope I don't sound ignorant.

Would one choose attending a school like ICOM/BCOM (neither offer federal loans yet) over going to Carrib?

Would one choose reapplying before attending either of those? (withdrawal before acceptance is offered)

If anyone has experience with private loans or can help shed light on this, please chime in.

Both of those put your future economic & professional life at *extreme* risk because young-you wanted a quick reward.

Reapplying is very strongly in your best interest to avoid being hundreds of thousands of dollars in debt with no job. Private loans means you'll need a co-signer for such a large amount, so your parents (or whoever) can risk losing everything too. Don't do this...

 

[ChiDr]

Reapply. Strengthen the app. Give yourself a greater return. 1 year vs 20+.

 

[ciestar]

I’d reapply or wait it out and see if you get additional acceptances. I wouldn’t go private loans because of loan forgiveness, PAYE, and REPAYE.

EDIT: DONT go carib

 

[Goro]

Serious question, hope I don't sound ignorant.

Would one choose attending a school like ICOM/BCOM (neither offer federal loans yet) over going to Carrib?

Would one choose reapplying before attending either of those? (withdrawal before acceptance is offered)

If anyone has experience with private loans or can help shed light on this, please chime in.

Yes. Your odds of simply surviving the Carib are 50-50% and then getting a residency are another 50-60%.

 

[dpl763]

Yes. Your odds of simply surviving the Carib are 50-50% and then getting a residency are another 50-60%.

Thank you, Goro! Do you have an opinion on BCOM/icom? Are private loans really that bad? I don’t see how schools could get away with it if they are terrible.

 

[Goro]

Thank you, Goro! Do you have an opinion on BCOM/icom? Are private loans really that bad? I don’t see how schools could get away with it if they are terrible.

Can't comment on financial matters. BCOM at least has been in operation and seems to know what they're doing. ICOM is a black box. But still better than any Carib school.

 

[Ho0v-man]

Bcom was only supposed to be private loans the first two years. Unless something changed, those applying this cycle shouldn’t have to worry about private loans.

 

[dpl763]

Bcom was only supposed to be private loans the first two years. Unless something changed, those applying this cycle shouldn’t have to worry about private loans.

I just called and they said federal loans “should” be available during the second semester for upcoming class. I wonder how much truth there is to that.

 

[Ho0v-man]

I just called and they said federal loans “should” be available during the second semester for upcoming class. I wonder how much truth there is to that.

Oh wow weird. I was told “third year” when I applied to the inaugural class but that would be fourth semester. I guess that’s still third year for the inaugural class. I’d still attend vs reapply tbh. The annoying thing is that the repayment plans for private and federal won’t communicate so unless you refinance (which you should) at the end of graduation you’ll be paying on your private loan and your federal loan. From what I understood, the deal they made with Wells Fargo was that you’d still be able to utilize the same repayment plans as a federal loan like IBR. You should ask in the school specific thread how it’s setup there bc it’s been a couple years since I looked into it. Don’t attend bcom but strongly considered it.

 

[dpl763]

Oh wow weird. I was told “third year” when I applied to the inaugural class but that would be fourth semester. I guess that’s still third year for the inaugural class. I’d still attend vs reapply tbh. The annoying thing is that the repayment plans for private and federal won’t communicate so unless you refinance (which you should) at the end of graduation you’ll be paying on your private loan and your federal loan. From what I understood, the deal they made with Wells Fargo was that you’d still be able to utilize the same repayment plans as a federal loan like IBR. You should ask in the school specific thread how it’s setup there bc it’s been a couple years since I looked into it. Don’t attend bcom but strongly considered it.

This was the type of information I was looking for! Thank you sir

 

[Medic741]

This was the type of information I was looking for! Thank you sir

If you decide to do this, be sure to read the contract you would be signing to make sure access to these payback programs is real!