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financial crisis - international schools - a heads up

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Nexx

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Hey everyone...

I haven't seen a post regarding this on the vet message boards, but there are some similar ones lurking around SDN. Anyhow I just wanted to give those people (Canadians in Particular) a heads up about pursuing international schools at the moment.

Last semester when I was applying for Federal Loans, we were informed that the amount of banks (preferred) available to choose from to obtain our loans dropped from 4 to 2. Fast forward 4 months and we see the financial crisis that has hit the US lending market. As it stands right now, as a US citizen I can still get federal funding (probably anyhow.. we'll see what February brings!).

However, my Canadian friends received word that loans are mostly (if not entirely) unavailable to them. I know Canada offers small loans (bursaries?) but none of my friends are receiving the full cost of tuition + living and have been taking private loans from US companies--which have now stopped lending to pretty much everyone, especially without a co-signer.

Just a bit of a warning, I don't want to worry people about this more than they already are. I did want to make sure that people would be aware of an additional challenge in the vet school process as they are applying and be able to do appropriate research for alternatives before having to turn down a position in school because they were caught unaware.

This is part of the email we received from our Dean regarding the matter

...My understanding of the current situation is that changes to guarantors and lenders in the USA has given us greater confidence that students from the USA will continue to have access to both government and private loans.

The situation for students from Canada and other north american countries less clear and we are exploring all options to address this.

Please note that this week [we are] approaching the Canadian Embassy and I am seeking advice from Deans of other Australasian Veterinary Schools. We will be providing further advice as it comes available...
 

flyhi

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Great post to bring awareness to the ripple effect we are all feeling as a result of the credit crisis. This is the last thing a vet student wants to worry about while in school! Some international schools do not even offer Federal loans, only private. The underwriting for these has become insanely difficult.

Good Luck everyone in these rather difficult times.
 

Mangause

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Oh great, now where do we get the money.

In the beginning we know we'll go through the years and end up with debt. Now, we can't even go thru the years b/c we don't even get money.

Thanks for bringing this up though =)
 

Chippymunk

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I was hoping to get loans to pay for vet school but now that goal is getting out of reach. Without loans, there's no way I can pay for schooling + living expenses. What do I do now? :(
 

Nexx

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I'll try to keep this post updated as info comes in from my friends and the school (probably not until Jan/Feb).

Someone on the financial aid forums mentioned checking out the National Bank of Canada.

There may also be some other loan companies still out there, so it may be worth googling around.
 

lcarter103

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I was hoping to get loans to pay for vet school but now that goal is getting out of reach. Without loans, there's no way I can pay for schooling + living expenses. What do I do now? :(

You're from B.C. right? I would move to Saskatchewan for a year before applying to WCVM, work full-time, and get Saskatchewan residency. Many of my B.C./Alberta classmates did this "province jumping", and were successful. Way fewer people apply from Saskatchewan (or Manitoba if you want to move there instead), so the competition is less severe. You can also then use that year to gain experience; many people do this while working at one of the farms associated with the vet school.

Just an idea!
 
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