now Sallie Mae is gone for the others

[oldpro]

It seems Sallie Mae has followed Key and is pulling out of the Caribbean, I can borrow enough to finish thank God but for others, Sorry.

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[lobelsteve]

It seems Sallie Mae has followed Key and is pulling out of the Caribbean, I can borrow enough to finish thank God but for others, Sorry.

What?
Any links?

 

[billydoc]

It seems Sallie Mae has followed Key and is pulling out of the Caribbean, I can borrow enough to finish thank God but for others, Sorry.

It sucks, but I guess those are high risk loans for the banks. We don't really know what the delenquency, and default rate on those loans are. May be they'll try Health Xpress loans like SMU. As if it wasn't bad enough to be a Carib graduate now Sallie Mae pulls rug from the smaller schools We'll see what happens. But you can bet it's a troubling trend.

 

[McGillGrad]

Boohoo...poor spoiled Americans...lol

No sympathy from Canadians who take out all private loans.

At least the Canadian dollar is even with the US dollar. That helps.

 

[billydoc]

Boohoo...poor spoiled Americans...lol

No sympathy from Canadians who take out all private loans.

At least the Canadian dollar is even with the US dollar. That helps.

Wow, I didn't know that. When I was at ROSS we had a lot of Canadian kids there. I thought they all qualify for Stafford loans as "North America" kind of a thing. Of course, there is signature loan from SallieMae for the living expenses. That's private. But to be fair, all the "spoiled" Americans in the Carib schools who are not at SGU, ROSS or AUC are equally, and Royally screwed, and cursed with private loans as well. And in the past two years these banks couldn't pull fast enough from that market it seems. WTF? They are already charging higher than average % rates. May be ppl who don't make it through the school or the residency default way too much on it?

Anyway, good luck to all who are stuck with it now.

 

[oldpro]

What?
Any links?

No Links but over a year ago Sallie Mae started lending to the schools other then the Big 4 as Private loans and the schools were on probation for a year, the year came and went and Sallie Mae was bought out and changed upper management SO...... things change and so do the way risk is viewed guess the other schools are too big a risk for Sallie Mae, (Now a private Corp thanks to Bush! )

Dead line for Borrowing is 7/20/2007

 

[oldpro]

OK Just read a post that NY state is sueing Sallie Mae for "Monopolizing loans" so
It seems it's the fault of the @#$%^&*())__**** politicians again By the way Sallie Mae will not be lending to ANY CARIBBEAN SCHOOLS ANY MORE!!!!!!

 

[lobelsteve]

This is the kind of rumor that comes out around finals and boards.

At the Sallie Mae website, it still lists loans available for USFMG's and SGU is listed as FAFSA validated.

So is there any proof they will not provide loans? A letter, email, website, etc would be nice to verify your statements.

 

[oldpro]

This is the kind of rumor that comes out around finals and boards.

At the Sallie Mae website, it still lists loans available for USFMG's and SGU is listed as FAFSA validated.

So is there any proof they will not provide loans? A letter, email, website, etc would be nice to verify your statements.

This is the private Loans not the Federal loans, I'm sorry to not be specific,

Sallie Mae has provided private loans to a lot of Caribbean schools, one Poster from Ross said Sallie Mae told him they were going to stop the private lending to the Caribbean across the board. If I'm wrong fine but if not then people should know, in any case do not take my word you do not know me check it out for yourself,

Back a few years ago I did not Believe Key would pull out either but they did.

 

[Faebinder]

Heh, I can see what the carribean schools would do to fix the problems.

Reduce tuition and increase incoming students to compensate.

 

[lobelsteve]

Cross-posted.

Sallie Mae has ended loans with 6 Caribbean schools.

1. International University of Nursing
2. Medical University of the Americas
3. SABA
4. St. James
5. St. Martinez University
6. Xavier

AUC, Ross, SGU still fine.

per phone conversation with International Student Loan Department at Sallie Mae as of 3PM EST 7/12/07

 

[oldpro]

Thats fine just I think we need to keep a watch since these things do happen as with Key bank

I think what we have learned its way better to get accepted to one of the Big three, We talk about the Big 4 but SABA was cut also from the Sallie Mae loans and that sucks...........

 

[billydoc]

Thats fine just I think we need to keep a watch since these things do happen as with Key bank

I think what we have learned its way better to get accepted to one of the Big three, We talk about the Big 4 but SABA was cut also from the Sallie Mae loans and that sucks...........

As I've said before "Big 4" refers to the schools with Cali SMB approval, and thus, a potential to be licensed in all 50 States in U.S. But SallieMae couldn't care less about what we do with our education, and if we ever get licensed. They still deal with the origional "Big 3" SGU, AUC, and ROSS, b/c those qualify for the Stafford loans. Only offshore med school which had their clinical portion of the progran set up prior to 1992 are eligible for Stafford. It doesn't matter what newer schools do in terms of their State approvals, clinicals etc. They cannot be financed trough the U.S government guaranteed loans. Period. End of story. That's why SABA is also a part of this SallieMae fiasco. It has nothing to do with their "one of" Big 4, BTW, totally unofficial ranking.
Hope it helps. And yes it sucks big time.

 

[oldpro]

Yea but its part of a bigger picture of how ridiculous the situation is, Americans brag we live free but we are not free to choose where to spend and borrow our money for Medical school, it is the most regulated part of the student loan business.

I should be able to borrow the money I need for school, just like they allow just about everyone to have a 25k credit card and buy a house.......................then they default, I think way less default as Doctors.

 

[billydoc]

Yea but its part of a bigger picture of how ridiculous the situation is, Americans brag we live free but we are not free to choose where to spend and borrow our money for Medical school, it is the most regulated part of the student loan business.

I should be able to borrow the money I need for school, just like they allow just about everyone to have a 25k credit card and buy a house.......................then they default, I think way less default as Doctors.

I hear what you are saying, but with all due respect....it's not a political decision for the them. I suppose they've done their home work on risk assessment and management before pulling out from the Caribbean market. Sure, overall doctors default a lot less on their education loan. But it's making it through those schools to be a doc seems to be the problem. I guess situation was so grave that they decided it's not worth gambling. And you know well that if there is any way to make a buck those banks are salivating all over it. Schools that are less than 10 years old (I'm guessing) probably top their risk assessment list. So stay in U.S or go Big 3 is right. I hope it'll get better, but....at what cost???

 

[oldpro]

I hear what you are saying, but with all due respect....it's not a political decision for the them. I suppose they've done their home work on risk assessment and management before pulling out from the Caribbean market. Sure, overall doctors default a lot less on their education loan. But it's making it through those schools to be a doc seems to be the problem. I guess situation was so grave that they decided it's not worth gambling. And you know well that if there is any way to make a buck those banks are salivating all over it. Schools that are less than 10 years old (I'm guessing) probably top their risk assessment list. So stay in U.S or go Big 3 is right. I hope it'll get better, but....at what cost???

Then How do you explain SABA? They are Successful with their Grads!!!

 

[SabaMed]

Then How do you explain SABA? They are Successful with their Grads!!!

No they aren't, its all a lie.

 

[billydoc]

Then How do you explain SABA? They are Successful with their Grads!!!

I think you keep missing my point. Whoever said that SABA is not successful? We are not talking about quality of education at "Big 4" or singling out SABA. BTW SABA's charter, I believe was first obtained in 1989, and first provisions are dating back to as early as 1986. That's waaaaay older than 10 years, on which (I told you) I'm guessing. But out of so-called Big 4 SABA quite unfortunately lucked out of Stafford loan eligibility, and is now also a subject to the changes for financial aid on the Carib market.

So yeah, SabaMed, I understand your sarcasm, but I'm no stranger to SABA either. I was accepted for the September of 2004 semester there. The only reason I didn't go is that ROSS accepted me May for May of 2004, and that was the last semester at ROSS that didn't require an MCAT for the admission.Just so you know, and we are clear on it... In retrospect I regret not waiting till September to go to SABA, and rushing to ROSS being accepted for May in less than one month prior to start of the semester . I was out of school back then for nearly 15 yrs, and i can only blame my f-n self for making a compulsive rather than a rational decision to attend med school ASAP. But that's Hx now.
And despite of SABA's undeniable success, it doesn't change the fact of being subjected to the same financial uncertainties, as the rest of non-Big 3 schools. I hope it clarifies things.

 

[Faebinder]

I wonder if this will reduce the number of carribbean graduates this year.

 

[oldpro]

I wonder if this will reduce the number of carribbean graduates this year.

Nah, We are able to borrow enough to get through, I have enough approved for the next 1.5 years, plus the rest of this year, enough for the rest for me.
So I do not have to look for money.

 

[oldpro]

You know I keep reading new posts from others on VMD and a friend has also told me that Sallie Mae will stop lending 7/27/07 to all Caribbean schools for Private Loans also a rumor that another Loan Company will also stop lending soon? Do not know who and it is only a Rumor.

I post this stuff cause it's better to be on the watch then to get burned.

 

[Faebinder]

Wow, all carribean schools will have to drop their tuition at this point and the quality will go down for sure.

 

[lobelsteve]

Cross-posted.

Sallie Mae has ended loans with 6 Caribbean schools.

1. International University of Nursing
2. Medical University of the Americas
3. SABA
4. St. James
5. St. Martinez University
6. Xavier

AUC, Ross, SGU still fine.

per phone conversation with International Student Loan Department at Sallie Mae as of 3PM EST 7/12/07

I think this was covered earlier in this thread.

 

[oldpro]

I think this was covered earlier in this thread.

The 7/27/07 date was from Sallie Mae and my school SJSM both.

They both at 2 different times told me these dates when I was talking to them not giving them the date then I read it on several posts so there is some truth to this. How far? I do not know but be aware this may be coming down and things may change for those who need these loans.

It would be wrong to not post this, this way people will ask questions and look into it for themselves it matters.

 

[lobelsteve]

The 7/27/07 date was from Sallie Mae and my school SJSM both.

They both at 2 different times told me these dates when I was talking to them not giving them the date then I read it on several posts so there is some truth to this. How far? I do not know but be aware this may be coming down and things may change for those who need these loans.

It would be wrong to not post this, this way people will ask questions and look into it for themselves it matters.

I gotcha. SJSM is St. James School of Medicine in Bonaire. They are on my list above, I just did not make the St. James is SJSM connection.

 

[oldpro]

I gotcha. SJSM is St. James School of Medicine in Bonaire. They are on my list above, I just did not make the St. James is SJSM connection.

OK, Yeah, I'm definitely not trying to Dis Caribbean since I'm a Caribbean student myself, but want to warn others about things like this, I dunno I guess I care about others, seems cool since I'm starting 3rd year now MS III

I hope the Big three keep the SM loan but I keep being told they will not we will see next month. It's out of our control anyway.

 

[Faebinder]

I thought you said 7/27/2007. That's this month.

 

[oldpro]

I thought you said 7/27/2007. That's this month.

Yes I just ment that by next month we can check on the Big three and see if they are still listed to start a loan with SM, it would be that simple and I would wait 3 or 4 days till 8/1 myself to double check. Thats all, but by what I'm reading 7/28 SM will not be lending to Caribbean for Private loans anymore.

In 2 weeks we will have the answer no matter what. ( BTW I hope I'm wrong about this)

 

[lobelsteve]

In discussion with SGU and Sallie Mae:

There is nothing on the horizon that would end the relationship with SGU and Sallie Mae. Anything said to the contrary is a rumor without basis.

 

[billydoc]

SallieMae ends their "signature" and other private type loan products. It has nothing to do with federal un/subsidized Stafford loans. Big 3 won't be affected. Other schools have other options like TERI, and HealthXpress. The only school that seems to be affected by it is, unfortunetely, St. James. This was the only solid loan they had, and it's a dire situation for the incoming folks who have not applied yet.

 

[oldpro]

SallieMae ends their "signature" and other private type loan products. It has nothing to do with federal un/subsidized Stafford loans. Big 3 won't be affected. Other schools have other options like TERI, and HealthXpress. The only school that seems to be affected by it is, unfortunetely, St. James. This was the only solid loan they had, and it's a dire situation for the incoming folks who have not applied yet.

Yes this is what I understand and if you know about TERI you need perfect credit to get approved and they are very strict on who they lend to, Health loans express seems much better so these are the only two and that is disturbing.

 

[lobelsteve]

SallieMae ends their "signature" and other private type loan products. It has nothing to do with federal un/subsidized Stafford loans. Big 3 won't be affected. Other schools have other options like TERI, and HealthXpress. The only school that seems to be affected by it is, unfortunetely, St. James. This was the only solid loan they had, and it's a dire situation for the incoming folks who have not applied yet.

Sallie Mae has ended loans with 6 Caribbean schools.

1. International University of Nursing
2. Medical University of the Americas
3. SABA
4. St. James
5. St. Martinez University
6. Xavier

Just in case you felt like sharing more wrong info, I wanted to post the list Sallie Mae gave to me. (I need oldpro's avatar for this)

 

[Faebinder]

Sallie Mae has ended loans with 6 Caribbean schools.

1. International University of Nursing
2. Medical University of the Americas
3. SABA
4. St. James
5. St. Martinez University
6. Xavier

Just in case you felt like sharing more wrong info, I wanted to post the list Sallie Mae gave to me. (I need oldpro's avatar for this)

So the big question is.... Do you think this will affect their current graduating class? Will there be less people graduating cause they couldnt get the money for their final year? I figure maybe 20% of the current year's class will struggle.

 

[oldpro]

So the big question is.... Do you think this will affect their current graduating class? Will there be less people graduating cause they couldnt get the money for their final year? I figure maybe 20% of the current year's class will struggle.

So far I'm one of those and I borrowed enough to get through the last 1.5 years, Sallie Mae approved the loans and they are in Waiting for dispersment status. It's not as much as I would have borrowed but it will work.

A few have done the same.

I know of one or two who were not able to borrow enough.

 

[BubbaGump187]

So is Sallie Mai here to stay for the big three or not?

 

[oldpro]

So is Sallie Mai here to stay for the big three or not?

Check on the 28th