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Unexpected Private Loan from Medical School

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  • Unexpected Private Loan from Medical School

    I was contacted from my medical university stating that I was overdue for $60 monthly payments on a $5,000 private loan that I took out during medical school (this was news to me). They are claiming I signed paperwork to take out this private loan during my third year of medical school. They said this was too "offset the cost of the higher amount of tuition during the third year of medical school". I've asked my friends who I graduated with and none of them have this private loan from our medical school. It's apparently legitimate, but I'm very frustrated because now I'll have to be making payments on this throughout residency in addition to my IDR payments from my federal loans ($270k).

    I just wanted to ask if anyone has been in a similar situation or if this is common (private loan + federal loans from medical school). Also, why would a medical school even do this in the first place? Thanks for your help.

  • #2
    Originally posted by BrownsFan2021 View Post
    I was contacted from my medical university stating that I was overdue for $60 monthly payments on a $5,000 private loan that I took out during medical school (this was news to me). They are claiming I signed paperwork to take out this private loan during my third year of medical school. They said this was too "offset the cost of the higher amount of tuition during the third year of medical school". I've asked my friends who I graduated with and none of them have this private loan from our medical school. It's apparently legitimate, but I'm very frustrated because now I'll have to be making payments on this throughout residency in addition to my IDR payments from my federal loans ($270k).

    I just wanted to ask if anyone has been in a similar situation or if this is common (private loan + federal loans from medical school). Also, why would a medical school even do this in the first place? Thanks for your help.
    Did you sign for the loan or not?

    Either way, I would probably be vocal about what a lousy job they did of handling your financial education. Seriously, I would probably blow a free weekend and send a postal letter to the home addresses of the dean, the vice dean of student affairs, the sub vice dean of student finances, the sub sub vice dean of student loan management education, the university president, the CEO of hospital university relations, each member of the board of trustees. Because they probably got a good portion of that 275k.

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    • #3
      Originally posted by BrownsFan2021 View Post
      I was contacted from my medical university stating that I was overdue for $60 monthly payments on a $5,000 private loan that I took out during medical school (this was news to me). They are claiming I signed paperwork to take out this private loan …. It's apparently legitimate
      “I don’t recall taking out that loan. Please show me a copy of the signed loan document.” Make sure it’s your signature.

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      • #4
        I took out a loan from my medical school's endowment. I believe the interest rate was lower than federal loans at the time. Could've been a Perkins loan too.

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        • #5
          Originally posted by G View Post

          Did you sign for the loan or not?

          Either way, I would probably be vocal about what a lousy job they did of handling your financial education. Seriously, I would probably blow a free weekend and send a postal letter to the home addresses of the dean, the vice dean of student affairs, the sub vice dean of student finances, the sub sub vice dean of student loan management education, the university president, the CEO of hospital university relations, each member of the board of trustees. Because they probably got a good portion of that 275k.
          Because 275k is high? I thought majority of medical students end up with a similar loan burden upon graduating. I was receiving in-state tuition throughout all 4 years, too.

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          • #6
            Originally posted by jhwkr542 View Post
            I took out a loan from my medical school's endowment. I believe the interest rate was lower than federal loans at the time. Could've been a Perkins loan too.
            The interest rate was 5% (which I guess is a little lower than the federal loans I took out). It's just frustrating that I have to pay this on top of my monthly income driven repayment charges.

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            • #7
              Did you borrow the money or not?

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              • #8
                If you borrowed the money then it’s on you. I’m sure you did many students do and that’s to sign whatever is put in front of you. But, I would definitely make them prove it.

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                • #9
                  Originally posted by BrownsFan2021 View Post

                  Because 275k is high? I thought majority of medical students end up with a similar loan burden upon graduating. I was receiving in-state tuition throughout all 4 years, too.
                  You missed that I was chastising the bureaucracy.

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                  • #10
                    Does it show up on your credit report? This is very unfortunate.
                    Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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                    • #11
                      Yeah, we ended up with a 5k loan too. Had no idea it existed. Sigh. Asked for the paperwork, and it was one of our signatures. So we had to deal with it.

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