Can someone clarify the meaning of an escrow account?

[bozz]

I got my first acceptance today. I've got mixed feelings about it. It feels nice to get into medical school but I don't know if I could even attend. Since I'm not a Permanent Resident, I would need to set up an escrow account of 250k upfront. Does this basically mean that I've gotta have a rich dad who simply has 250k in the bank lying around?

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[armybound]

geeeez

they might be able to accept loan promises

 

[Sylar]

An escrow account is a non-interest bearing account that's meant to safe keep funds for whatever purposes the institution would like. In this case, obviously being tuition. For the bank I work for, promises are a no go. Maybe a school might, no idea buddy.

 

[bozz]

geeeez

they might be able to accept loan promises

I can only qualify for private loans... and I doubt that would work with them =(

It isn't a promise or a "I will be able too pay 4 years of tuition thing."
It's a, "I have to pay 4 years of tuition upfront" kinda thing.

 

[Live4Life]

Yes, you will need to find someone to front you the $250k in order to attend. This is the way it will be with just about every single school in the US if you are not a permanent resident or citizen. Were you not aware of this before you applied? A lot of other countries (especially ones with limited educational programs) have government programs where they will provide tuition assistance for their own citizens if they agree to return to their home country after completing the degree. You should review your home country's "department of education equivalent" to see what they offer.

 

[bozz]

Yes, you will need to find someone to front you the $250k in order to attend. This is the way it will be with just about every single school in the US if you are not a permanent resident or citizen. Were you not aware of this before you applied? A lot of other countries (especially ones with limited educational programs) have government programs where they will provide tuition assistance for their own citizens if they agree to return to their home country after completing the degree. You should review your home country's "department of education equivalent" to see what they offer.

Most schools I applied to don't have such a rule. I applied to around 30 schools. Around 6-7 have this rule. For the others, I pay just like an OOSer. I'm not a true international either. I've been living in the U.S for a long time with my parents. It's just been crazy trying to get that green card.

 

[mterp45]

Most schools I applied to don't have such a rule. I applied to around 30 schools. Around 6-7 have this rule. For the others, I pay just like an OOSer. I'm not a true international either. I've been living in the U.S for a long time with my parents. It's just been crazy trying to get that green card.

Bozz what type of Visa do you have? are you an asylee? and do you have an I-94? or is it a student visa?

 

[bozz]

Bozz what type of Visa do you have? are you an asylee? and do you have an I-94? or is it a student visa?

It's an H4 dependent... under my father. We are expecting to get the greencard soon... hopefully before matriculating next year.

 

[Law2Doc]

It isn't a promise or a "I will be able too pay 4 years of tuition thing."
It's a, "I have to pay 4 years of tuition upfront" kinda thing.

Sounds like you understand the concept perfectly -- not sure the meaning can be clarified any more than this.

 

[mterp45]

It's an H4 dependent... under my father. We are expecting to get the greencard soon... hopefully before matriculating next year.

Ok. I asked because my ex-girlfriend who had I-94 status (asylum status) ran into the same problem when she was applying to pharmacy school. I don't know exactly what the H4 entitles you to do but when they tried to make her open an escrow account, she presented proof that her permanent residency application was under review and got a letter from the INS explaining that she wasn't an international applicant. The problem is that these school don't really understand immigration laws, so most wrongly consider you international if you don't have a green card. She had a social security number, permission to work in the US and received financial aid all through undergrad. Do you have a social security number? permission to work? and do you get or would you be eligible to get financial aid for undergrad if you parents didn't make enough money? If so, then that should almost automatically make you eligible for financial aid in med school. Is anyone in your family a permanent resident or citizen? I don't think it will be possible for you to get private school loans with defferement unless you have a permanent resident or citizen who can co-sign for you. She tried the private loan route and wasn't successful. I hope this helps. I'm really sorry to hear that a plastic card is getting in between you and medical school. I hope everything works out brother.

 

[bozz]

Ok. I asked because my ex-girlfriend who had I-94 status (asylum status) ran into the same problem when she was applying to pharmacy school. I don't know exactly what the H4 entitles you to do but when they tried to make her open an escrow account, she presented proof that her permanent residency application was under review and got a letter from the INS explaining that she wasn't an international applicant. The problem is that these school don't really understand immigration laws, so most wrongly consider you international if you don't have a green card. She had a social security number, permission to work in the US and received financial aid all through undergrad. Do you have a social security number? permission to work? and do you get or would you be eligible to get financial aid for undergrad if you parents didn't make enough money? If so, then that should almost automatically make you eligible for financial aid in med school. Is anyone in your family a permanent resident or citizen? I don't think it will be possible for you to get private school loans with defferement unless you have a permanent resident or citizen who can co-sign for you. She tried the private loan route and wasn't successful. I hope this helps. I'm really sorry to hear that a plastic card is getting in between you and medical school. I hope everything works out brother.

Ooh man, thanks a lot for that story. Maybe med. schools will look at the situation differently if I update them on my situation? I've received scholarships for undergrad (they had to bend the rules a little). I wasn't able to receive financial aid though b/c of my PR status. But I have a Social Security # now, and I am eligible to work. Our immigration lawyers say the same thing.. that med. schools don't really understand how this works.

This is just 1 school.

Worst case scenario (assuming I get more than 1 acceptance.. and at a school that doesn't have this escrow account rule): I'll have to pay 1 year of tuition without financial aid. The year after, I should have my greencard for sure.

Best case scenario: I get the card before matriculation

Thanks for the help guys. I made this thread b/c it doesn't yet seem like a legit. acceptance yet... mentally.

 

[Mobius1985]

Good luck on getting an acceptance #2.