Wells Fargo MedCAP Loan Approval?????

Published

Hi Everyone,

I have been accepted to a 16-month accelerated BSN program starting in January 2015 and I am going to have to take out a large amount of private loans. My school has given me $7,500 in federal loans split for the first two semesters and I believe I will get $7,500 in federal loans for the last two semesters, which is the max federal loan amount offered.

The cost of the program all together is $58,600 which leaves me with $43,6000 left to pay. I have been looking into private loans and I see that Wells Fargo offers a MedCap loan for students entering the medical field. I would like to apply for this loan to cover the difference however, I am afraid I will be denied. I am 23 years old and graduated in May with my first bachelor's degree and I am in about $30,000 worth of federal loan debt right now. My credit score is 699 and I have never missed a payment on anything however, my credit history is only about 2 years. Also, I would be applying without a cosigner. Would anyone know if my chances of approval are good? Or would anyone have any suggestions of other lenders/ways to pay the difference? It is likely that if I am not approved for a loan by myself that I will not be going to school in January which would be extremely heartbreaking to me :( Any info or suggestions on this would be greatly appreciated. Thanks!

Up Vote Up Vote ×
Specializes in PACU.

The Wells Fargo MedCap is for graduate degrees if I remember correctly?

From their eligibility criteria:

"You must be enrolled as a graduate student in an approved medical school in one of the following programs: Allopathic, Cardiac perfusion, Dentistry, Medical technology, Nursing, Occupational therapy, Optometry, Osteopathic, Pharmacy, Physical therapy, Physician's assistant, Podiatry, Veterinary medicine program."

You would probably want to look into the Wells Fargo Collegiate loan as that is tailored to undergraduate programs.

Up Vote Up Vote ×
Specializes in Prior military RN/current ICU RN..

You are going to owe close to 100K when you graduate. Think about that and think hard. Are you going to have any help repaying these loans? Family etc? Maybe get an ADN and start working and then do your BSN when you have time. You would save tens of thousands of dollars. I did an ABSN and it was super expensive, but even then I owed about 30K after graduation and with a new job even that was a stretch. I mean do what is best for you, but really crunch the numbers and figure out how much you will owe and your monthly payments Good luck

Up Vote Up Vote ×

I would stop by a WF branch and have a talk with one of their loan advisors.

Up Vote Up Vote ×
+ Join the Discussion