question on loans, what is the best one for U.S. students

[tabor]

How hard is it to get a loan for SABA? I would have to use 100% loans to cover the med school, hosusing, food, and a few of my bills since I will not be able to work. So, how do the loans work? Thanks

[KingMo]

The big three (only three?) are:

Sallie Mae Signature Student Loan
HealthXPress
TERI

They cap at $15000 per semester. In theory, Sallie Mae can go higher but the school by default capped it at $15g unless you consult with them for more. Also, that maximum is with a (good) cosigner.

Interest rates are about 8%, give or take.

$15g per semester is about enough. Tuition is half of that, the other half is expenses.

[Stingray]

The big three (only three?) are:

Sallie Mae Signature Student Loan
HealthXPress
TERI
They cap at $15000 per semester. In theory, Sallie Mae can go higher but the school by default capped it at $15g unless you consult with them for more. Also, that maximum is with a (good) cosigner.


Is this in addition to the stafford loans? How much does both together become?
Thanks
S

[Boulderunner]

There is no stafford loan available for saba. All available loans are credit based. It is something to seriously consider if you dont have good credit.

[logik15]

I've heard that even though SABA is one of the cheaper carribean schools, the financial aid / loan options are harder to obtain. I'm curious as to what the difference is between like SABA and SGU/ROSS/AUC financially. What options does SABA not allow / take compared to those other schools. I want to apply to SABA, but I want to know how I can pay the bills compared to those other schools as well. Thanks for any input!

[germany]

The big three (only three?) are:

Sallie Mae Signature Student Loan
HealthXPress
TERI

They cap at $15000 per semester. In theory, Sallie Mae can go higher but the school by default capped it at $15g unless you consult with them for more. Also, that maximum is with a (good) cosigner.

Interest rates are about 8%, give or take.

$15g per semester is about enough. Tuition is half of that, the other half is expenses.
A good post. I'll add that I was approved for HealthXPress for $15K/semester @ 8.25%. No cosigner is needed for them.

[KingMo]

Germany, that's probably because you had a good credit history. Which is always a good thing.

Logik: Talk with the school and talk with the bank. I know that in theory, I think it was TERI that said that other bills you have to pay are a legitimate expense in med school and for you to increase your loan amount. However, you need to make sure the school knows that, or else they'll cut you down to $15g anyway. You should be able to work it out, I think.

[germany]

That's a good point, King. I have pretty good credit, but it's not the best. I was in "Tier 2" according to HealthXpress. A Tier 1 score would have given me a 7.95% loan. Or applying with a cosigner would have put me in Tier 1.

But I guess my point was that HealthXpress doesn't require a cosigner, whereas Sallie Mae does. That is to say, no matter how good your credit is you can't get the Sallie Mae loan unless you have a cosigner. Which sucks for people like me who have good credit, but no cosigner. (I assume I'm reading that Sallie Mae application right, but if someone knows something different feel free to correct me.)

I didn't really check into TERI, but I will soon.

[germany]

Here's a question for those in the know:

I have some stafford loan debt from undergrad, and I know I can't defer while I'm at Saba because Saba isn't a Title IV school. However, I read somewhere on here that it might be possible to get up to 3 years of "hardship" deferment, instead of "in-school" deferment. My question is, has anyone successfully done this? Or planning to do it? Or unsuccessfully attempted it?

[KingMo]

Here's a question for those in the know:

I have some stafford loan debt from undergrad, and I know I can't defer while I'm at Saba because Saba isn't a Title IV school. However, I read somewhere on here that it might be possible to get up to 3 years of "hardship" deferment, instead of "in-school" deferment. My question is, has anyone successfully done this? Or planning to do it? Or unsuccessfully attempted it?

I intend to do the 3 year hardship thing. In fact, I think I posted the original post? Anyway, I don't think there is an alternative.

I should note that I haven't actually done this yet, since I have to be out of my undergrad school for at least six months (so December). I will soon.

[germany]

Great, King. I'm going to give it a shot too. I'll update this thread when (or if) I hear a result.

[MinnesotaMed]

I just got my application to apply for a hardship deferment.