19th Dec 2007
Transition to practice loans - beware of the hidden costs!
I wondered when several students talked to me about the “new” transition loans for health care proviers. So I talked with someone at Wells Fargo. Here is the deal:
These are nothing more than “unsecured” (no collateral) personal loans or lines of credit. The “hidden” cost is the interest rates - depending on a lot of factors, including your credit rating, the rate is over 11 percent. Yikes!
Think carefully about adding another loan to your credit rating just before you go to the bank. Instead of taking on more high-interest debt, cut back on your expectations, borrow less money, live frugally for a couple of years.
If it seems too good to be true, it probably is!
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Students in public higher institutions of learning have expressed discontent over the new student’ s loan scheme yet to commence.