private loans to offset cost living expenses during fellowsh

[jf42739]

I am wondering if anyone knows whether money can be borrowed to offset cost of living expenses for a 1 year fellowship if you are moving to a high cost of living area from a low cost of living area? If you know of someone who did this, or a company that does this, please inform me.

My husband and I took out some private loans during med school to do this same thing...would these be the same types of loans?

Thanks!

[DCJenn]

Re: private loans to offset cost living expenses during fellowsh

Other than the US Army which compensated us because they automatically increase the Housing Allowance? Nope. But let everyone know what you find out because there are lots of people getting ready to be faced with the same situation.

Jenn

[Gwendolyn]

Re: private loans to offset cost living expenses during fellowsh

If you are associated with a university, yes. We got a teri loan during residency and I am sure the process would be the same for fellowship. It counts as continuing education and we needed a letter from the department stating the start and end dates on letterhead...and I thik a cosigner.

Re: private loans to offset cost living expenses during fellowsh

I've got to say that you should only do SunTrust if it's your last resort. We did it - and are currently paying it back. I'm on the phone with someone there nearly every month b/c they CANNOT apply my payments correctly. I'm forever getting past-due notices b/c I once paid twice in the same billing cycle & they applied the 2nd payment to the principal. I can't tell you how many times I've been told it will be backed out and correctly applied .... but it hasn't. Add to that that they've misapplied at least 3 -- yes 3 of my payments. I just got a collection letter from them saying I'm behind a month b/c they didn't receive a payment in December --- which they most certianly did. I've got my bank researching it now. GRRRRRRRRRRRRRRRRRRRRRRRRRr.

[houseelf]

Re: private loans to offset cost living expenses during fellowsh

I don't thinnk Suntrust offers fabulous interest either (9% when I looked into a few years ago). There are other CC that you can get 5, 7, or 9 percent if you have decent credit scores and intend on carrying a balance.

Kelly

[PrincessFiona]

Re: private loans to offset cost living expenses during fellowsh

don'tdoitdon'tdoitdon'tdoitdon'tdoit!!!!! Cut back...save where you can...resist!!!

[jf42739]

Re: private loans to offset cost living expenses during fellowsh

thanks for all of your replies. I am definitely getting more info. I realize it may not be a good idea to get a loan, but I am also quite certain that our loans will be much less of a headache once he is done with this one year because of his choice to do Anesthesia and Pain Management. My husband is usually a worry wart when it comes to money (especially loans), but even he was open to the idea.

Thanks again!

[moonlight]

Re: private loans to offset cost living expenses during fellowsh

thanks for all of your replies. I am definitely getting more info. I realize it may not be a good idea to get a loan, but I am also quite certain that our loans will be much less of a headache once he is done with this one year because of his choice to do Anesthesia and Pain Management. My husband is usually a worry wart when it comes to money (especially loans), but even he was open to the idea.

Thanks again!

Let us know what you end up doing. We might be looking at extra money during fellowship year as well.