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Visit the Office of Admission for info on application process, financial aid, and student life.

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Credit Cards

Credit is an increasingly important part of medical student financial life. There are stories of students seeking loans and finding that their adverse credit ratings preclude their eligibility. This is particularly true of students who have been working for some years, but even in college it is possible to have developed a bad credit rating.

Limiting the amount of credit used is the most important strategy. One credit card is enough and bills should be paid on time. Charging more than can be paid in one month is a bad habit and can lead to problems as the interest accrues. Additional financial aid will not be awarded to pay off debts. Students are responsible for any debts incurred prior to matriculation at the School of Medicine .

If a student cannot obtain a loan because of a negative credit rating, School of Medicine funds will not be awarded to replace that loan. Therefore it is recommended that you obtain a copy of your credit report before matriculation to ensure that all information being reported is correct. In order to obtain a copy, you can go to one of the web pages or write a letter. Reports cost $9 which is payable by credit card (internet) or a personal check or money order (letter). If you've been denied credit within the past 30 to 60 days, you may obtain a credit report free of charge.

There are three major automated credit-reporting services nationwide from which banks get reports. Each has a local branch or uses a local firm to provide credit data. The three major companies are:

Any credit troubles are highlighted on your report by either an asterisk or a box. They're considered "derogatory remarks" for which most lenders will demand explanations before granting credit. Repairing a credit report usually requires a written explanation about why a particular account wasn't paid or was paid late. If you don't have any reasonable explanations, you will have to establish a track record of 12 to 24 months of timely payments. Credit will also be an issue when loan repayment begins. Lenders charge a stiff collection fee on top of principal and interest if loan payments are not made on time. Defaulted loans will be reported to credit bureaus and adversely affect eligibility for credit cards, car and home loans, and loans associated with setting up a private practice.

For more information on Credit please see our Financial Aid Handbook pdf

The following can also be found in our Handbook pages 19-22: