Hello all. I posted this in the financial aid section but think I meant to put it here. I was curious if anyone has had experience with suntrust physician loans at all. Not the mortgage loans, but the "you need a little extra money" loans that they offer. Going into fellowship for one year and with a load of debt and a house to sell I am looking at options at this point. I tried a search on here and I didn't see much with regards to this type of loan. The interest is a bit high but I can pay interest during fellowship and it gives me cash that I need for the duration of fellowship. If anyone has any other tips as well I would be open to suggestions. Thanks for the information in advance.
Suntrust loan
- Thread starter craigkes
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I would strongly advise against suntrust or any gap loan. If you can strap your boots and spend less you will be much better. off..
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I hope you figure out how to live within your means before you grow all the way into your attending salary. The loan from Suntrust is pretty easy to analyze- the interest rate and terms were always pretty clear in the literature that showed up in my mailbox. If that's your best option and you must have the loan, I say go for it. But I see 0% for 15 months credit card offers in my mailbox each week.
Get that house sold and you'll save yourself a lot of grief. Luckily for you, it's a seller's market.
Get that house sold and you'll save yourself a lot of grief. Luckily for you, it's a seller's market.
Not a sellers market where I am at, I can assure you that. My favorite comments on here are "living within your means". I won't spend several paragraphs regarding my finances but can guarantee that my biggest luxury is my cell phone bill. When you move somewhere as a fellow and you spend close to 1500/month just on rent for a crappy place 15 minutes from the hospital (as anything closer will surely be over 2000/month) it's tough to really cut out the fat that isn't there. Food costs money, gas costs money, keeping a 13 year old car running on all four wheels costs money. I will be an attending soon but it will be making it to that point that will be the tough part.
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How do the firemen and teachers get to work? What do they eat?
I'm just giving you a hard time because we get so used to the "wo-is-me I'm so poor" mentality as a resident (which is completely true when compared to an attending) that we forget that residents make an average American salary.
Trust me when I say that it's all the same game later, just different numbers.
Surprised you're not in a seller's market yet. My in-laws are buying a home now and are standing in line just TO LOOK at every house they go to. If you're not there yet it won't be long.
No problem. I understand what your saying. I knew it would be tough financially from the beginning so I haven't complained to much as of yet. Of course I didn't really count on moving for fellowship either. Will be looking at the loan vs CC to bridge the gap with plans to use whatever is left over to pay the principle. Fortunately my wife are on the same page of paying it off the first year out. If it wasn't for the loan payments when done I could easily be comfortable on a residents salary for a while. One more joy of med school I guess. Thanks for the tips.
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Are you sure about this? I thought I read that it was about the same as the average HOUSEHOLD salary (and significantly above the average individual salary).
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My wife is a PGY-3 and we obtained a Suntrust Physician loan for $35k recently. The application is fairly simple (did it all online via their secure chat) and I got a call back with response in about a week with a representative who was very easy to speak to and explained the entire process. After we agreed to terms over the phone we got the application overnighted to us to sign then we got our check in mail about 3-4 business days later. We are using it to consolidate all of our credit card debt we have accumulated during her Med School years. The interest rate we got locked into was 10% which was much better then some of the credit cards. I also like the option of paying interest only until she completes residency. Saving us quite a bit of money per month.
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Interesting first post. I'm not sure a Suntrust rep himself could have written a better advertisement.
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Got to make a first post sometime, and no I'm not affiliated with Suntrust. But thanks for your educated post.
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We see lots of sock puppets, don't take it personally if you're not.
Btw, I know someone who applied for a loan at Suntrust and had a bad experience with this financial institution.
Bad experience in the sense that Suntrust was not returning her calls. She had to call them many times just to get the result of her application. Suntrust seemed uninterested. She advised me to go to my local bank for a loan.
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I used suntrust for a personal loan and my doctors mortgage. Very easy to work with people. Not sure about competition in terms of interest rates and stuff but where I am there weren't many options for doctors mortgages. People are friendly, respond quickly via email and get documents to and from you quickly. So far, as I'm not 100% through my loan process, I would recommend them to others.
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