I Did It!

**Jessika** · 02-20-2008, 11:12 PM

As some of you may remember I was accepted into Hickey College's Vet Tech program back in October, but I didn't get to do the fun part of financing until after the new year. Well it had to be postponed even further since my trip to Hawai'i was planned the second week of January.

To cut to the chase, I applied for a student alone and didn't get it. Got HJ to co-sign, we still couldn't get it (which is odd -- it's not like we don't have credit, we're able to get loans for brand new vehicles but I can't get a loan for school????), I couldn't have my parents co-sign since their identities were BOTH just stolen and they're still working out problems with credit companies.

So I thought all doors were being slammed shut, and $14k for half the year isn't exactly cheap.

But I got a letter yesterday saying I qualified for a "special program" that isn't credit based, and I don't u nderstand the terms, it isn't a scholarship and I will have to pay it back (I guess it's almost like the school took out a loan *for* me)

but bottom line -- I'm good to go! I'm in! I start in two weeks!! They called for scrub sizes... that's exciting!!

I'm just really excited I finally get to make something of my life doing something I love

**Karen** · 02-20-2008, 11:20 PM

How exciting! We'll all be pulling for you! In it a no-interest loan or something?

**ramanth** · 02-20-2008, 11:24 PM

Congrats!!

**Jessika** · 02-20-2008, 11:43 PM

Originally Posted by Karen

How exciting! We'll all be pulling for you! In it a no-interest loan or something?

Well I know that no matter what the government gives you up to a $7500 loan and I qualified for the maximum amount ($7500) that *will* have to be paid back starting six months after I graduate.

The remaining amount, another $7500, what was I still needed to cover for the first half of the year and what I couldn't get a loan for. I'm assuming its like the school co-signed a loan for me to cover that amount, I can't imagine I won't have to pay it back, but I don't really have any other information on it as the admissions lady at the vet tech institute has been out sick the last few days.

The letter I got implies it is a loan and mentions something about interest rates but gives no specific details except:

[...]has been approved under a program with your school in which your school shares some of the credit risk. Under such a program, your school shares in the credit risk by paying a fee to us at loan origination. Your school may further share in the credit risk by paying your remaining loan balance to us if you default on your loan. [...] Fees paid by the school do not affect your obligation to the school or your obligation to us and may be deducted from the loan proceeds for convenience.

So it's still a little confusing to me, especially the last part, but I'll get it cleared up. To be honest though I don't care as long as it means I'm going to school!

Of course, the cycle repeats in December lol