Are we losing Health Xpress too?

[ReckonerMD]

HealthXpress just dropped SMU and SABA as of April 08 http://www.valuemd.com/st-matthews-university-school-medicine/144642-healthxpress-drops-smu.html

..and students are stating they dropped 3 other Carrib schools. Having received a letter last week from SABA financial aid stating that one of their lenders is going to be making "changes" soon and that to avoid disruption, to apply by Nov. 1 and secure a year of tuition, I'm curious to know if SABA was one of the other schools, too. :confused:

[drjohnwebb]

I believe so.. in fact.. I just went on the site and it looks like you can't choose by school anymore, just by state.

I think they pulled out of all Carib schools..

[ReckonerMD]

I believe so.. in fact.. I just went on the site and it looks like you can't choose by school anymore, just by state.

I think they pulled out of all Carib schools..


I just called HealthXpress and Saba has been dropped as of 4/18/08. Anyone starting in May, 08 (like myself) will have to default to TERI. This is teh suck.:frustrate

[maserati]

I just called HealthXpress and Saba has been dropped as of 4/18/08. Anyone starting in May, 08 (like myself) will have to default to TERI. This is teh suck.:frustrate




Did they drop all Carib schools? Or just a select few, SABA included?

[ReckonerMD]

Did they drop all Carib schools? Or just a select few, SABA included?

I didn't ask, certainly SABA and SMU.

[summerwind]

I believe so.. in fact.. I just went on the site and it looks like you can't choose by school anymore, just by state.

I think they pulled out of all Carib schools..

I just went to the site and you have to choose "Foreign Country" from the drop down box. I took a quick look and did see Caribbean schools listed.

[golfman]

I just got off the phone with both health xpress and the financial aid people at Gardner. We are losing health express as of April 18, 2008. Any current students that have applied for health express loans will receive their disbursments for the Jan. semester. We will not receive any other disbursements after that. The people at Gardner are trying to change the disbursement date for the Summer term to April 17, 2008. If they can do this, we will also recieve the money for that term. In short, it looks like Teri is the only option for now. I am sure the school will work on other loan options but that is it for now.

This is just a side note and please take it as only my opinion. If I were trying to consider where to go to medical school I would look at the schools that get federal loans. Although they cost alot more, your loans are secure. I am very happy with the level of education here but I am very unsure about the loan status for the university. You also will get alot lower interest rate at those schools. I will stay here at SUSOM because I love the island and I like the school. If they get the loan stuff taken care of then I would recommend this place to anyone.

[LqdPls]

If I were trying to consider where to go to medical school I would look at the schools that get federal loans. Although they cost alot more, your loans are secure. I am very happy with the level of education here but I am very unsure about the loan status for the university. You also will get alot lower interest rate at those schools..

Are you kidding, you guys have one of the best programs in the Caribbean. Great student/ teacher ratio and a clinical program that is not plagued by an incongruity between supply and demand. Furthermore, one day those federal loans will be just a thing of the past.

[BTH]

Salutations:

Yep, just talked to the financial aid office and it seems that Health Xpress is pulling out of all caribbean medical schools. Something to do with the mortgage crisis so they are hesitant to lend out money to caribbean students. In either case, the school is working hard to get another loan provider besides Teri. Give them some time and they will come up with something.

For any incoming students, make sure you get your loan application filled out by October 31, 2007! After this date, you can no longer apply for healthxpress loans. I just hope that this situation is solved as soon as possible because I would hate to see a fellow student have to worry about financing their education on top of learning all that material. Let's all hope for the best.

[bhs2a]

Are they pulling out of all Carib schools or just the ones owned by Equinox Capital?

[summerwind]

Are they pulling out of all Carib schools or just the ones owned by Equinox Capital?

I would assume that Caribbean schools on the preferred list as a federally approved school will not be dropped by HealthXpress.

[JTP73]

I would assume that Caribbean schools on the preferred list as a federally approved school will not dropped by HealthXpress.It's no wonder these ******* lenders are having financial problems--they lend med students $150K then pull the plug. Who in their right mind would pay back these loans on a McDonald's drive thru salary? Not me.

[MDXRS22]

I heard that, and I am sending the repo men to get your diplomas :)

[JTP73]

I heard that, and I am sending the repo men to get your diplomas :)There ain't gonna be no diploma if I don't have loans. I'll take 7 yrs of lack of credit over 40 years of repayment on a pizza delivery man's salary. It's just illogical to pull the plug on people who work hard to have good credit and pass their classes/Step 1, etc. making babies the AMA and their good ol' white boys' club.

[summerwind]

Salutations:

Yep, just talked to the financial aid office and it seems that Health Xpress is pulling out of all caribbean medical schools. Something to do with the mortgage crisis so they are hesitant to lend out money to caribbean students.

I checked with SGU and Health Xpress is not pulling out of that school. I don't know about the other schools.

[jackets5]

AUA still has health xpress loans availiable to the students as well. this is weird

[Bruce]

I assume most of the current Saba and MUA students (with loans) received this email from the Gardner office...:rolleyes:


Important Financial Aid Notice to all Saba and MUA students…



All students who received their last financial aid disbursement for the September 2007 term, or will be receiving their last disbursement for the January 2008 term need to reapply for the 2008 academic year NOW!


There is a great deal of turmoil in worldwide loan markets, which is beginning to adversely affect both student loan rates and availability. Apply NOW to get out in front of these problems and secure your financial aid for 2008!


The best information we have from Student Loan Xpress is that if you apply before October 31, 2007 you may be able to obtain loan funds through April 2008, for the Winter and Summer 2008 semesters. Applications for disbursements after April 30, 2008 will not be funded with the current Student Loan Xpress product.

The School’s Administration and Student Loan Xpress are actively looking for alternative loan products to offer our students for subsequent semesters.

We also strongly urge you to re-apply for TERI loans.

If you wait to reapply, please do not expect to have access to as much financial aid or as favorable interest rates as you currently can receive.

Please get your re-application process started NOW.

Please contact the Financial Aid staff with any questions or concerns.



SabaUniversitySchool of Medicine MedicalUniversity of the Americas
October 19, 2007

[Tyson]

So let me get this strait... Saba has increased its tuition by $1000 and lost its best loan program all at the same time. Right?

So, how do they expect us to pay the bill?

[Laconic]

Hey folks I just got accepted at SABA for fall 2008. Wana know if teri is the only option we are left with? Meaning, if I cant get through hassels of teri, I cant attend??

[ReckonerMD]

Hey folks I just got accepted at SABA for fall 2008. Wana know if teri is the only option we are left with? Meaning, if I cant get through hassels of teri, I cant attend??

As of right now, yes, TERI is our only loan source for students starting May 08 and on..

[Rebbster18]

Which is horrible seeing as how we will ALL need co-signers with Teri since you can only take out 25,000 a year without one and that is only enough to barely cover tuition.....

I just hope the school comes though with a better choice for us!

[tpw2k]

teri loans are 25000 per 2 semesters, so 12,500 per semester. You reapply after every 2 semsters.

[mafia29]

are there any loan origination fees, etc. with these teri loans?

[Laconic]

hi twk,
Per TERI, they allow 25000 per year w/o co-signer. Meaning 12500 per sem, which I think would be sufficient. But- when we reapply, we go though the whole process over again? Meaning, would they do credit checks and all that stuff over again?? what if we are approved for the loan right now and denied for it at a later year,-- that would be worse than getting disapproved to begin with!

[Boulderunner]

hi twk,
Per TERI, they allow 25000 per year w/o co-signer. Meaning 12500 per sem, which I think would be sufficient. But- when we reapply, we go though the whole process over again? Meaning, would they do credit checks and all that stuff over again?? what if we are approved for the loan right now and denied for it at a later year,-- that would be worse than getting disapproved to begin with!

No 3 semesters =one year. and I really dont think 12500 would be any where near sufficient for a semester so you would need a cosigner. also, yes you could get approved for the first 3 semesters and then get denied later on. I got denied through teri(they are really anal) but was approved through sali mae. we just lost salli mae and now Im i finishing up 3rd semester and have no way to pay for the next semester.....

[Laconic]

Sorry to hear that dude, but what is finance office doing about this change which probably would affect not only student's lives but the schools reputation and ultimately school and staff's paychecks?

I am really eager to know what went wrong- and what is the schools standpoint on it! Am more inclined to attend AUA now since they atleast have healthxpress.. but dont know if it will be pulled off the list by the time I start anyway!

btw- what is really sufficient? $15,000?

[summerwind]

we just lost salli mae and now Im i finishing up 3rd semester and have no way to pay for the next semester.....

I really can't believe that students could be left half way through their schooling with no financing!!!??? The school should finance students in your situation until other arrangements can be made. After all, they shouldn't have a problem investing in their own "product".

[Greenman]

I am just wondering what is going to happen down the road, i mean if more and more lenders are withdrawing what is to say that the ones we got left right now aren't going to as well. This is getting me worried because now things seem more and more uncertain about the future of the school. Today Teri is here and a semester or two down the road it might not, and then where do people turn to???

I mean we need some sort of a guarantee that people's loans aren't going to discontinue midway through their education. And this should concern everyone including those with private bank loans. I mean if the school losses students or can't enroll new students then it won't be able to afford the salaries of faculty or any new projects for expanding the campus or clinical spots and this is bound to have an impact on the reputation of the school to say the least.

I think that the administration staff should address this issue and let the students know what options they have.

[Laconic]

Up untill now I was very excited to start my education at saba for fall 08.. but not I am more anxious and worried than excited because of loan issues. I have acceptance from aua and am still waiting on ross and other DO schools in US. Up untill now, my first preference was saba.

Is there anyone out there who would rather choose aua or a DO school over saba over loan problems? or is it just me?

[ReckonerMD]

Up untill now I was very excited to start my education at saba for fall 08.. but not I am more anxious and worried than excited because of loan issues. I have acceptance from aua and am still waiting on ross and other DO schools in US. Up untill now, my first preference was saba.

Is there anyone out there who would rather choose aua or a DO school over saba over loan problems? or is it just me?

It's easy to get worked up over this, I know. However it's new information for the school and nothing they can resolve in a day or two. I'm assured they are looking into other options for students who are denied TERI.

[huxald]

In less than two decades, Saba has risen to the occasion and demonstrated that it can run with the best of them. This is definitely not an easy task. They've had to overcome many hurdles, and this is just another one -- which they will overcome. Don't worry guys, this is just another bump in the road...with all the construction that's going on, all of these bumps will smooth themselves out. :D

[bhs2a]

Does anyone know what kind of credit you need to be approved for TERi without a cosigner and do they have origination fees?

[ReckonerMD]

Does anyone know what kind of credit you need to be approved for TERi without a cosigner and do they have origination fees?


Not sure, you should call directly to get specifics. You definitly need a co-signer if you wish to cover the schools estimated cost of education (COA) for the entire school year (3 semesters.) Otherwise, you can only take out a maximum of 25k for a maximum of 2 semesters. I was pre-approved for a years tuition with a co-signer (the schools total estimated cost of education for the year is $55,280 according to January 2008 financial aid worksheet btw), however BOA and Citizens are the only two lenders that will let you take out the total COA for 3 semesters, Wachovia will only cover $45k for 3 semesters...So, moral of story is that if you are going to be applying with a co-signer for the 3 semester max, go with Citizens or BOA, not Wachovia.

If you are applying alone, well...I'm not sure how you can live off the maximum allowed (25k for 2 semesters) unless you can re-apply every 2 semesters. Even then, 12.5k/ semester is way under the current estimated COA/ semester, which is $18,427.

[maserati]

Not sure, you should call directly to get specifics. You definitly need a co-signer if you wish to cover the schools estimated cost of education (COA) for the entire school year (3 semesters.) Otherwise, you can only take out a maximum of 25k for a maximum of 2 semesters. I was pre-approved for a years tuition with a co-signer (the schools total estimated cost of education for the year is $55,280 according to January 2008 financial aid worksheet btw), however BOA and Citizens are the only two lenders that will let you take out the total COA for 3 semesters, Wachovia will only cover $45k for 3 semesters...So, moral of story is that if you are going to be applying with a co-signer for the 3 semester max, go with Citizens or BOA, not Wachovia.

If you are applying alone, well...I'm not sure how you can live off the maximum allowed (25k for 2 semesters) unless you can re-apply every 2 semesters. Even then, 12.5k/ semester is way under the current estimated COA/ semester, which is $18,427.




$25,000 for semesters 1 and 2

And at the end of the 2nd semester, you would apply again for another $25,000 for semesters 3 and 4.

So technically, you have $25,000 + $12500 per year.

Also, they have updated their amount to match the newly increased cost of education. It is now $30,000.

[ReckonerMD]

][/b]
Also, they have updated their amount to match the newly increased cost of education. It is now $30,000.

That is great news, although it still leaves students $3k+ per semester under the estimated COA (that would be 9k under the current COA estimate for the first year.) I guess if you don't buy all the required texts, etc. you can still make it through.

[AizenBaby]

So, does this mean that you absolutely need a co-signer to get enough loans? What if you can't find a co-signer? How did an established school such as SABA get dropped from Health Xpress? AUA is still on the list right (no offense to AUA students)? Is the school doing something to help the students who are not approved for Teri? I have an interview in two weeks and I will definitely ask them about this.

[golfman]

October 22, 2007
Important Announcement for All Saba University students
concerning Financial Aid through HealthXpress Loan
Although Saba has yet to receive any formal communication from HealthXpress concerning the matter, it appears that the HealthXpress Loan program will be discontinued effective October 30, 2007. To the best of our knowledge, this means that HealthXpress will not approve any “new” loan applications after October 30, 2007, but will continue to fund all outstanding loans through April 18, 2008. This means that if a student has an approved loan application, HealthXpress will fund that loan through April 2008. For most of the students who are HealthXpress loan recipients, this should mean you can continue to have HealthXpress provide your loans through the Summer 2008
semester.

Given this news, what should you do? If your last financial aid disbursement from HealthXpress was received in August or will be received in December, we strongly recommend that you reapply immediately. Please go to HealthXpress’s website and
apply online at www.healthxpressloan.com as soon as possible, since they will not accept additional applications after October 30. We suggest you apply for a loan period of January through April 2008, but for an amount to cover two semesters. This will allow
us to collect payment for Spring semester in December and Summer semester in April, so you can be covered by HealthXpress through the Summer 2008 semester. We also suggest that you submit promissory notes and cosigner addendums by the October 30 deadline. While this pending news concerning HealthXpress is both disappointing and frustrating, it is not entirely surprising. There is a great deal of turmoil in worldwide loan markets, which was initially triggered by the U.S. sub-prime mortgage crisis. Banks and loan companies are struggling mightily with the resultant “credit crunch”. For student loan
companies, this problem has been compounded by the U.S. Congress’s recent decision to substantially reduce its subsidization of student loans. As we’ve seen these problems develop in the marketplace, we have responded in two ways. First, we have sent notices
to financial aid recipients encouraging students to promptly renew their loans in order to get out in front of these problems. This request remains the same, and is made all the more important given the discontinuation of the HealthXpress program. Second, we have
redoubled our efforts to add new loan companies to our portfolio. Despite the difficulties in the loan marketplace, we are currently having productive dialogue with multiple potential new sources of student loans. Given our new collaboration with St. Matthew’s
University, coupled with the access to financial markets afforded by our board and management team, we think Saba will be better able to deal with these problems than other offshore schools.

Please know that the discontinuation of HealthXpress does not in any way imply that HealthXpress has been dissatisfied with Saba. Much to the contrary, our contacts at HealthXpress have always expressed great appreciation for our schools and our students. The parent company of HealthXpress has been financially battered by the changes in their marketplace, and they are forced to make significant cutbacks to their business. Fortunately, we already have another high quality loan provider serving our students –TERI. TERI loans are available to all our students. If necessary, we should be able to
make a transition from HealthXpress to TERI following your last HealthXpress loan. TERI is easy to work with, and if you have met the HealthXpress credit eligibility, you may be qualified for the TERI loan. Canadian students will continue to be funded through
the CanHelp TERI loans. Eligible Saba students also have access to VA loans.

The Saba staff will continue to look for additional loan programs to assist you, and we will keep you apprised as to our progress. We will work to serve you in the financial aid offices in Gardner, MA and answer your questions by email (to finance@saba.edu ).
Your calls are also welcome, although there may be some wait time, since many students may be attempting to call for clarification. Please know that as we get more information, we will email critical information to you.


Kind regards,
Dr. David L. Fredrick
President

[BTH]

Well put "golfman".

[ReckonerMD]

So, does this mean that you absolutely need a co-signer to get enough loans? What if you can't find a co-signer? How did an established school such as SABA get dropped from Health Xpress? AUA is still on the list right (no offense to AUA students)? Is the school doing something to help the students who are not approved for Teri? I have an interview in two weeks and I will definitely ask them about this.

Basically you have two options with TERI with the knowledge that the estimated cost of education at Saba for 1 year (3 semesters) is $55,280. This includes tuition, room, board, utilities, etc. You should look ask financial aide for the ECOA spreadsheet to see the breakdown.

Option 1: With a co-signer..you are eligible to take out a 3 semester loan, with the maximum being the ECOA set by the school, which is $55,280 (approx. 18k a semester), but only with Bank of America and Citizens bank. Even with a co-signer, Wachovia will only allow you to take a maximum of $45,000 for 3 semesters, approximately 8k less than the ECOA.

Option 2: Without a co-signer..you can apply for a 2 semester loan, with the maximum being now 30k (according to new info, I was told 25k last week, but the lender seems to have changed that.) However, this puts you at 15k a semester, when the ECOA is 18k. Giving up 3k a semester might not be significant if you are crafty with spending, but I don't know, I'm not on the island yet.

Now, that's not to say you can't get by, the ECOA spreadsheet is an approximation. Perhaps other students can comment on how much they truly spend a semester, but I'd rather have more than enough than not enough so I immediately applied with a co-signer.

Hopefully between now and May 08 we get more options for those who cannot get approved for the right amount w/o a co-signer. It looks as though the school is moving in the right direction.

[maserati]

Note that the cost of education sheet indicates

$800 Transportation EVERY semester. That's $2400 / yr.


I think that's a whole lot of visiting for 1 year.








Basically you have two options with TERI with the knowledge that the estimated cost of education at Saba for 1 year (3 semesters) is $52,280. This includes tuition, room, board, utilities, etc. You should look ask financial aide for the ECOA spreadsheet to see the breakdown.

Option 1: With a co-signer..you are eligible to take out a 3 semester loan, with the maximum being the ECOA set by the school, which is $52,280 (approx. 18k a semester), but only with Bank of America and Citizens bank. Even with a co-signer, Wachovia will only allow you to take a maximum of $45,000 for 3 semesters, approximately 8k less than the ECOA.

Option 2: Without a co-signer..you can apply for a 2 semester loan, with the maximum being now 30k (according to new info, I was told 25k last week, but the lender seems to have changed that.) However, this puts you at 15k a semester, when the ECOA is 18k. Giving up 3k a semester might not be significant if you are crafty with spending, but I don't know, I'm not on the island yet.

Now, that's not to say you can't get by, the ECOA spreadsheet is an approximation. Perhaps other students can comment on how much they truly spend a semester, but I'd rather have more than enough than not enough so I immediately applied with a co-signer.

Hopefully between now and May 08 we get more options for those who cannot get approved for the right amount w/o a co-signer. It looks as though the school is moving in the right direction.

[ReckonerMD]

Tell me about it! Mine says $1000 for travel/semester and I assume that's the cost of flying home for each break, which is not cheap, but I'm sure there are other corners to be cut.

[golfman]

I think you guys are under estimating the cost of living down here. I know that when I first arrived on the island it was a total shock at how expensive it is to live here. I would say that $800 is on the low end for per semester for transporation. Especially if you buy a car. If you have a family it is very tight with money. For instance, 1 gallon of Tropicana Orange juice here on Saba is around $11.00 U.S.D. or 21.60 guilders. You can expect to pay double for just about everything.

[AizenBaby]

Basically you have two options with TERI with the knowledge that the estimated cost of education at Saba for 1 year (3 semesters) is $52,280. This includes tuition, room, board, utilities, etc. You should look ask financial aide for the ECOA spreadsheet to see the breakdown.

Option 1: With a co-signer..you are eligible to take out a 3 semester loan, with the maximum being the ECOA set by the school, which is $52,280 (approx. 18k a semester), but only with Bank of America and Citizens bank. Even with a co-signer, Wachovia will only allow you to take a maximum of $45,000 for 3 semesters, approximately 8k less than the ECOA.

Option 2: Without a co-signer..you can apply for a 2 semester loan, with the maximum being now 30k (according to new info, I was told 25k last week, but the lender seems to have changed that.) However, this puts you at 15k a semester, when the ECOA is 18k. Giving up 3k a semester might not be significant if you are crafty with spending, but I don't know, I'm not on the island yet.

Now, that's not to say you can't get by, the ECOA spreadsheet is an approximation. Perhaps other students can comment on how much they truly spend a semester, but I'd rather have more than enough than not enough so I immediately applied with a co-signer.

Hopefully between now and May 08 we get more options for those who cannot get approved for the right amount w/o a co-signer. It looks as though the school is moving in the right direction.

Thanks a lot for the information, ReckonerMD. You're right, it's better to have more than enough than not enough. I guess I really have to start thinking about the financial aid stuff. Sigh, now that SABA is having this problem, Ross's starting to look like a better option.

[neomedic]

What schools have federal funding?? Just wondering as I apply so that I may avoid such crazy stuff when I'm actually attending.

Thanks.

[Tyson]

What schools have federal funding?? Just wondering as I apply so that I may avoid such crazy stuff when I'm actually attending.

Thanks.

Ross, AUC and SGU have federal loans, but I don't think the feds give you enough to cover their tuition. Those three schools are much more expensive than Saba.

[Laconic]

So if I applied without a co-signer, I will be able to get 15k per sem? and then re-apply every 2 sem? Is the ECOA really 18k? In the handbook I just received (with acceptance letter) last week, it says that the ECOA is approx 12k per sem with room/board.

A question to currently attending students: Please if anyone can really give a realistic estimate as to how much they are spending each semester if you dont cut corners on books and other essential stuff. Would really appreciate any help!

[ReckonerMD]

So if I applied without a co-signer, I will be able to get 15k per sem? and then re-apply every 2 sem? Is the ECOA really 18k? In the handbook I just received (with acceptance letter) last week, it says that the ECOA is approx 12k per sem with room/board.

A question to currently attending students: Please if anyone can really give a realistic estimate as to how much they are spending each semester if you dont cut corners on books and other essential stuff. Would really appreciate any help!

Call the fin aide office to get the ECOA spreadsheet for next year. Yes, the current ECOA is $55,280 for the year starting January 2008. The packet gives costs of education in several locations, but you need to look at the sheet that breaks everything down (books, travel, tuition, board, propane, water, misc., etc.) for January 2008. It looks like a printed excel spreadsheet. However, don't take my word for it; call or email the finance office yourself and ask the questions you need to ask.

[rokshana]

Ross, AUC and SGU have federal loans, but I don't think the feds give you enough to cover their tuition. Those three schools are much more expensive than Saba.

correct, but these schools that have Title IV loans are also less likely to have lenders drop them though.

[ReckonerMD]

Here is the ECOA spreadsheet.

[Laconic]

Thanks ReckonerMD!

[tpw2k]

this is absolutely no way you will even reach the COA that the school provides. They are being very generous with their estimates. They say books cost like 700 or something per semester. For first semester, you don't really need any books under than maybe Netters and BRS anatomy. so thats like only 120. If you buy them used, even cheaper. Transportation, it all depends on what you do. Miscellanous expenses, i don't see it being that high because alcohol is cheap :P. they increased room and board by 2000...i don't know how they did that. Food is expensive so try to bring what you can from home which might last for a while. If you don't get internet you save tons of money plus you split it with ppl so its not as much as they write. Basically, I think first semester should cost 13,000 max. At least, thats how much i think it will cost me...

[theguru]

Call the fin aide office to get the ECOA spreadsheet for next year. Yes, the current ECOA is $55,280 for the year starting January 2008. The packet gives costs of education in several locations, but you need to look at the sheet that breaks everything down (books, travel, tuition, board, propane, water, misc., etc.) for January 2008. It looks like a printed excel spreadsheet.

Well, I think this estimation is way too much. Room/Board is $5200. It is $2000 more than current year. Is it true that Saba is going to increase rooms/boards fee that much. I have been accepted for Sep'08. I have no co-signer, no loans. If that COA is true, I have to think twice. Living expenses are way too much. Can anybody from Saba tell us how much would be minimum COA including all necessities? Thanks

[Laconic]

Hey guru,
I am in the same boat. Got accepted for Sept 08 but no co-signer and no healthxpress now. So have to try my luck with TERI. I am very much interested to go to SABA but if I cant get a loan or get a loan that will stress me out in the middle of my exams.. I guess ROSS looks like a lot better option for now............

[Laconic]

BTW: Why is Saba increasing its room and board estimates by 2 grand and its tuition by one grand KNOWING that many students are going to be victims for the international "turmoil"...

[JeebusLives]

who said sabas increasing the room and board by 2000? either way the dorms are privately owned, not by the school.

[golfman]

I think you guys are confusing room and board for the 1st semester with room and board for the remaining 4. Sure it may be cheaper to live in the dorm the 1st semester but once you move into and apartment and have to pay for all of your utilities you will see how much it costs. Plus, if you are married it is much tougher. You have to realize that they make to cost of living sheets to cover both single and married students with families. If you can live under the estimated cost of living, that is good. But, i know of many people who are down to their last $ before the loans come in for the next semester. Also, if you are getting financial help in any way from you parents that could also cut down on your cost. Many students still have bills to pay back in the states that comes out of this loan money. i.e. storage facilities, earlier student loans, health insurance, life insurance, car insurance.

[ReckonerMD]

The current room/board comes to approx. $700/month for a single dorm and $21/day for food for the first year (3 semesters). A single apartment after the first semester might be less, but I don't think their estimate is too far off. Books, I agree, students don't buy all of them. Travel varies to when you are leaving and where you are going...sometimes trying to get a round trip ticket to the states for xmas is way over $1000k. When you think about things that arent even on this list it could come to more than what you are seeing on paper, which is probably why they suggest that amount.

All in all I say take out as much as you can and put the remainder in some sort of high interest account that you can have easy access to, like an ING savings.

[newbie35]

While you people are fretting over where your next school loans are coming from, you should also be asking yourself why Health Xpress dropped SabaU (and MUA & SMU).

Health Xpress is continuing to service its other Caribbean schools. I called Health Xpress to confirm this.

The common thread, that I see, is that Equinox Capital purchased majority ownership in SabaU, MUA, and SUM. Within a semester of each purchase, a tuuition increase was announced at each school. At SabaU, it goes up $1000 with the January semester 2008.
Health Xpress is being prudent. It is anticipating a consolidation of the capital assets (the schools) owned by Equinox. I imagine one or more schools will be combined with another to further lower overhead costs. Also don't take comfort in the fact the new building is almost finished. It is just as easy to leave the new facility closed if they choose to close a campus. It is all finances and really nothing else for these folks.
When this happens I hope that we all will find a seat to finish med school.
...such is capitalism

[Laconic]

In that case if you were me would you choose ross or go to aua (schools with healthxpress)? considering not-so-good living conditions at ross + good track record of ross and not-so-bad living conditions at aua + short track record of aua
(regardless of the states that approve or disapprove)..

or just wait for saba (been accepted for Sep 2008) to come up with alternate loan providers - it being good education provider + good island/living conditions compared to other schools.

PLEASE.. dont mean to create a "so..vs..so" chaos but any opinions greatly appreciated!

[ReckonerMD]

There is really no need to speculate on the "fate" of Saba and it's students based on unsupported rumors. Indeed, no one here can accurately give answers to all of our concerns. Take solice in the fact that the school is reputable and has a vested iterest in maintaining that image. If you have any specific concerns I'd either ask at your interview, attend one of the online admissions sessions, or call financial aide directly. Let's not raise everyones anxiety by claiming the sky is going to fall.

[huxald]

There is really no need to speculate on the "fate" of Saba and it's students based on unsupported rumors. Indeed, no one here can accurately give answers to all of our concerns. Take solice in the fact that the school is reputable and has a vested iterest in maintaining that image. If you have any specific concerns I'd either ask at your interview, attend one of the online admissions sessions, or call financial aide directly. Let's not raise everyones anxiety by claiming the sky is going to fall.

Exactly!!!!!!

[Laconic]

Sorry dint mean to speculate a fate on the school. Infact, I am very much interested in attending saba, however, I have had enough financial problems while in undergrad (being an international student in US at that time)to have to worry about them even more in medical school. Would want to put finances as my first priority while in school, without compromising too much on the quality of education. Thats the reason I am getting paranoid about the situation. Dint mean to get other students charged up unnecessarily due to the turmoil in the loan market.

[theguru]

Sorry dint mean to speculate a fate on the school. Infact, I am very much interested in attending saba, however, I have had enough financial problems while in undergrad (being an international student in US at that time)to have to worry about them even more in medical school. Would want to put finances as my first priority while in school, without compromising too much on the quality of education. Thats the reason I am getting paranoid about the situation. Dint mean to get other students charged up unnecessarily due to the turmoil in the loan market.

Exactly, Laconic. I am also as an international student in US. Even I have no idea how to apply for Teri Loan being as an International without cosigner. I don’t think we can apply for loan without cosigner. I tried to apply online but it did not let me to go further before completion of cosigner page. I am freaking out of $5200 room/board estimate. Only way I can manage my med school is with cheaper living and tuition cost. But I also want to go Saba.
Do you/anybody have/has idea how to apply for loan as an international student without cosigner? Any suggestion highly appreciated. Thanks

[Laconic]

Hi Guru,
I think every loan provider in US will require you to have a citizenship or permanent residency or have a creditworthy american citizen or pm cosigner. atleast that was the case when I was attending undergrad college here. Am not sure if any new loan agencies have come up with a different criteria. I graduated from undergrad in 2004 as an international student, been working since and am permanent resident now. The reason why they do that apart from credit rating is that they wana make sure that you are gona be back here in USA after you finish the studies to pay off the loans and not be very generous to serve a third worl....................... **

[AizenBaby]

Yeah, I think you have to be either a US permanent resident or citizen in order to qualify for any types of US-based loans. Another way is probably to have a US cosigner.

[AizenBaby]

Also, I'm anxious to see what SABA will come up with. Though, I will definitely ask them about this situation during my interview.

[Laconic]

When is your interview scheduled Azien? When I was interviewed, they still had healthxpress... so dint get to ask them about that. Please let me know what is their view regarding the matter, thanks!

[ReckonerMD]

When is your interview scheduled Azien? When I was interviewed, they still had healthxpress... so dint get to ask them about that. Please let me know what is their view regarding the matter, thanks!

The official statement was posted on the last page. Just know that it takes time to get new lenders on board, so don't get discouraged if it does not happen this week, or month or even several months. They are working on the issue and that is what is important. I'm sure if you actually call instead of agonizing over 2nd or 3rd party information you'll feel more at ease.

Until I hear direct from the school I must bid farewell..

:goodnight:

[newbie35]

So at what point do you start to wonder about "the sky falling in"? When pieces are raining down and you are hoping not to get hit by one? Or, is it a prudent question to ask, and maybe even have the administration address at large, why did Health Xpress drop the three schools owned by Equinox Capital? You have to wonder what actually they told Dr *********s. Better yet, what did they told the Equinox Capital representatives, who are the majority owners of all three schools.

[Greenman]

I am just wondering why lenders are cutting off people who they approved for 3,4 or 5 semesters. I mean if they wanted to pull off from certain schools then they shouldn't approve new applicants but they shouldn't cut off those who have been approved before. By cutting everyone off they can't realistically expect people to pay their loans back do they? And for those people who get rejected by Teri, what other alternatives are there?

[AizenBaby]

When is your interview scheduled Azien? When I was interviewed, they still had healthxpress... so dint get to ask them about that. Please let me know what is their view regarding the matter, thanks!

Hi Laconic,

My interview is 2 weeks from now and I'll be sure to ask them about this. Though, I agree with ReckonerMD that if you want to get the info straight from the source, it's probably a good idea to call the office and ask them about this. I just had my Ross interview 2 days ago and I have to say that Ross didn't seem too bad (especially now that SABA's having this problem). Anyway, after I interview, I'll definitely let you know.

[newbie35]

Now you are starting to see, Greenman. The people have not changed. It is the ownership of the three schools that has changed. If we could just figure out what issue Health Xpress has with Equinox Capital's majority ownership of SabaU, MUA, and SMU, we might better be able to understand the future risks of attending SabaU and the two other schools. I still think that SabaU administration owes us an explanation; more so, than Health Xpress will no longer offer loans to our students...something is not quite right here.

[golfman]

There are many loan companies that are restructuring their departments because of the fallout of the U.S. housing industry and the loss of money that many loan companies have endured. Unfortunately, this is why Sallie Mae decided to suspend their program for foreign medical school loans. I believe that Health Express has something to do with the legistics or the new ownership. I know it can be very easy to be scared about these things. But trust me, down here on Saba things are going on as usual. This school isn't going anywhere. They have a very good program going here. Even though things can be a pain at times, I honestly believe that SUSOM will still be here in 30 years.

[newbie35]

Why in the world should anyone "trust" you?
Do you have special, privileged communications with the Saba Administration? Have they shared with you information on why Health Xpress is dropping the SabaU and the other schools owned by Equinox Capital? If you do have useful information, then by all means post it here. It would go far in reducing all our anxiety. If not then why should we put our "trust" in you?
Until I am convinced otherwise, I am making sure that I do have the opportunity to continue and finish medical school. I suggest that others do the same, and not put their faith in some anonymous ValueMD poster that says "trust" me.

[summerwind]

Now you are starting to see, Greenman. The people have not changed. It is the ownership of the three schools that has changed. If we could just figure out what issue Health Xpress has with Equinox Capital's majority ownership of SabaU, MUA, and SMU, we might better be able to understand the future risks of attending SabaU and the two other schools. I still think that SabaU administration owes us an explanation; more so, than Health Xpress will no longer offer loans to our students...something is not quite right here.

I agree with you, "something is not right". Why did Health Xpress drop the schools owned by Equinox Capital and not the other Caribbean schools. I don't believe SABA's future is in jeopardy but students are going to have a more difficult time getting financing and will probably have to pay higher interest rates.

[Microscp]

There are many loan companies that are restructuring their departments because of the fallout of the U.S. housing industry and the loss of money that many loan companies have endured. Unfortunately, this is why Sallie Mae decided to suspend their program for foreign medical school loans. I believe that Health Express has something to do with the legistics or the new ownership. I know it can be very easy to be scared about these things. But trust me, down here on Saba things are going on as usual. This school isn't going anywhere. They have a very good program going here. Even though things can be a pain at times, I honestly believe that SUSOM will still be here in 30 years.
Sallie Mae has not suspended their program at foreign medical school, not at Ross at least, Sallie Mae is offered to the students here. That may tell you something about your school,you guys should transfer.

[JeebusLives]

i spoke to a classmate today and apparently she was able to get teri loans without a cosigner. i dont know about her credit or anything so i guess that could be a factor.

[ReckonerMD]

:beat:

oh...nevermind

:)

[AizenBaby]

:beat:

oh...nevermind

:)

Are you umm....hitting "that" part on the horse? :lol:

[immunologic]

i spoke to a classmate today and apparently she was able to get teri loans without a cosigner. i dont know about her credit or anything so i guess that could be a factor.

Teri loans, gives you 25000 USD without a co signor, if you have a fico score of 625, which nearly everybody has.

If you can prove that you were working for 2 years, and have a FICO score of 725, you can borrow up to 45000 or even more with ease.

Good LucK!!

[immunologic]

:beat:

oh...nevermind

:)

Maybe I am sensitive, but I think its cruel!!
OK I am sensitive!

[ReckonerMD]

Are you umm....hitting "that" part on the horse? :lol:

Do you find me sadistic?...Well, maybe towards those other... equines, but not you. No Horsie, at this moment, this is me at my most...
[cocks bat] masochistic.

:twisted:

[huxald]

Just out of curiosity, what happens to those who have already taken out health xpress loans and are only partly through their edumification? Will they have to start paying it back immediately?

[wilcomp6]

I don't think health xpress loan has any thing against SABA SMU MUA because i just checked the AUA forum, there is a rumor that health xpress may drop AUA also. Just wait and let see if they will drop AUA...

[newbie35]

This is issue is sensitive enough without spreading "rumors".
If you would take the time to go to another AUA thread,
AUA/KMCIC and Student Loan Express posted 11/01/2007
you will see the following AUA administration response,

"Per consultation with Mr. G, Director of Financial Aid and Mr. P, Chief Financial Officer:
AUA/KMCIC's relationship with Student Loan Xpress (SLX) has not changed: our students are able and will continue to be able to gain access to loans through Student Loan Xpress.
If you would like more details, please contact Mr. G, Director of Financial Aid at 212-661-8899, 877-666-9485 or mgarvin@auamed.org .
Or of course call me at 866-562-7708.
Mr. Tipton B. Carlson
Associate Director of Admissions"

It might be nice to have this type of rapid and detailed response from our SabaU Administration. The original rumor about AUA losing Health Xpress was first posted on AUA ValueMD less than 24 hours before the school administrator's official response there.

I have never seen any SabaU official post anything on ValueMD! I usually consider myself fortunate, if I manage to see a memo posted on the class bulletin board.

[grobble]

This is issue is sensitive enough without spreading "rumors".
If you would take the time to go to another AUA thread,
AUA/KMCIC and Student Loan Express posted 11/01/2007
you will see the following AUA administration response,

"Per consultation with Mr. G, Director of Financial Aid and Mr. P, Chief Financial Officer:
AUA/KMCIC's relationship with Student Loan Xpress (SLX) has not changed: our students are able and will continue to be able to gain access to loans through Student Loan Xpress.
If you would like more details, please contact Mr. G, Director of Financial Aid at 212-661-8899, 877-666-9485 or mgarvin@auamed.org .
Or of course call me at 866-562-7708.
Mr. Tipton B. Carlson
Associate Director of Admissions"It might be nice to have this type of rapid and detailed response from our SabaU Administration. The original rumor about AUA losing Health Xpress was first posted on AUA ValueMD less than 24 hours before the school administrator's official response there.

I have never seen any SabaU official post anything on ValueMD! I usually consider myself fortunate, if I manage to see a memo posted on the class bulletin board.

The AUA office was probably recieving calls about the loan rumors so to save the staff time it's better to head this off with a quick post on ValueMD. Maybe Saba hasn't respnded b/c they haven't been receiving many calls to the admin office on HealthXpress...just a theory?

[newbie35]

Maybe this is the case.
I just am trying to point out that the SabaU Administration could improve upon its overall communications with the student body. Rapid responses in general from the Administration to the students as a whole, rather than funneling all communications through our student representatives would go far in improving student-administration relations and reducing overall student anxiety from the rich rumor mill we have on the island.

[immunologic]

This is issue is sensitive enough without spreading "rumors".
If you would take the time to go to another AUA thread,
AUA/KMCIC and Student Loan Express posted 11/01/2007
you will see the following AUA administration response,

"Per consultation with Mr. G, Director of Financial Aid and Mr. P, Chief Financial Officer:
AUA/KMCIC's relationship with Student Loan Xpress (SLX) has not changed: our students are able and will continue to be able to gain access to loans through Student Loan Xpress.
If you would like more details, please contact Mr. G, Director of Financial Aid at 212-661-8899, 877-666-9485 or mgarvin@auamed.org .
Or of course call me at 866-562-7708.
Mr. Tipton B. Carlson
Associate Director of Admissions"It might be nice to have this type of rapid and detailed response from our SabaU Administration. The original rumor about AUA losing Health Xpress was first posted on AUA ValueMD less than 24 hours before the school administrator's official response there.

I have never seen any SabaU official post anything on ValueMD! I usually consider myself fortunate, if I manage to see a memo posted on the class bulletin board.

What?
Saba President's message was posted on THIS VERY THREAD about the HExpress on 23rd october, after READING it, I posted it on the AUA thread.But he communicated to his students on the 22nd of Oct.

here is the link
http://www.valuemd.com/saba-university-school-medicine/144666-we-losing-health-xpress-too-4.html
Come on man, Saba did good, go back and read the thread!

[newbie35]

So you do not see a difference between a student reposting on ValueMD a communication from a school official versus the school official posting directly to ValueMD. It is the latter case, where the AUA administrator posted directly on AUA ValueMD within 24 hours after the opening of the thread, that I am applauding, and I am saying in general it would help communications if SabaU administration would try this.

Do you recall back in late March the rumors started about SabaU being sold. It was mid-April before I saw heard anything official regarding this. There were quite a few rumors flying around at the time and not just on ValueMD. Several faculty members were confirming the sale. We did not hear anything from the school officially until Dr D went to the classes and confirmed the purchase. That was a good three to four weeks after the ValueMD thread was opened. And if I remember correctly it was well after enterprising students tracked down the details of the the purchase at the Equinox Capital web site.

All that I am trying to say is that it might have reduced anxiety and been respectful to the students for a SabaU official to simply post an email here early on regarding the school's purchase by Equinox Capital. After all, I expect they knew what was happening and that the sale did not catch them off guard. And it had already been confirmed at the Equinox Capital web site.

[immunologic]

So you do not see a difference between a student reposting on ValueMD a communication from a school official versus the school official posting directly to ValueMD. It is the latter case, where the AUA administrator posted directly on AUA ValueMD, that I am applauding, and saying in general it would help communications if SabaU administration would try this.

BTW Saba folks had the message out on the 22nd and VMD had it via a student on the 23rd.
AUA had a official post yesterday[13 days after Saba had the info out via email],that too only in reponse to a student post, after some website difficulty at HExpress.
Here is the student post below....
http://www.valuemd.com/american-university-antigua-aua/145263-student-loan-express-please-read-all.html

[ReckonerMD]

Circles people, that's where you're going. Log onto the admin chat today and get your answers from the horses mouth.

[drjohnwebb]

No 3 semesters =one year. and I really dont think 12500 would be any where near sufficient for a semester so you would need a cosigner. also, yes you could get approved for the first 3 semesters and then get denied later on. I got denied through teri(they are really anal) but was approved through sali mae. we just lost salli mae and now Im i finishing up 3rd semester and have no way to pay for the next semester.....

Terri does two semesters as one year, like most US school are.

[Tyson]

I applied for healthxpress and was approved for 2 semesters at $36,000. Hope I get to use it for both semesters. I got my application in just in time.

[Dr.Mohamed]

I applied for healthxpress and was approved for 2 semesters at $36,000. Hope I get to use it for both semesters. I got my application in just in time.

Hi, Tyson. i applied also to healthxpress, but for only one semester May 08. I got approved and then sent in my promissory form, but i haven't heard back from them though. can you tell me please about the process?. also how long did it take from you untill you got your approval value?

[newbie35]

This is almost not worth the effort, however... the thread about the rumor of AUA losing HeathXpress (not about SabaU and the other Equinox-Capital-owned schools losing HealthXpress) was opened on 10/31/2007 on the ValueMD AUA site. The AUA school official posted his reply relative to the AUA student's post on 11/01/2007, the next day.

You are right, Immunologic, it was 13 days days after the original SabaU email regarding SabaU losing HealthXpress, which you reposted on the ValueMD SabaU site.

The AUA official responded to the AUA student's post within ONE day. And the AUA school official even generously posted the response directly on ValueMD himself. It is that rapidity and effort that I am applauding.

All I am saying is that an AUA school official posted a clear and well-written response to a a AUA student post at the AUA ValueMD site within one-day of the AUA student's post. I applaud that rapidity and effort. Again, and it is only my opinion, it would be refreshing to have such clear and timely responses from SabaU Administration in general.

And yes, ReckonerMD, with comparisons such as in the post above, we indeed are going around in circles!!!

The bottom line is that SabaU is losing HeathXpress; whereas, AUA is not. And that still bothers me.

[ReckonerMD]

All I am saying is that an AUA school official posted a clear and well-written response to a a AUA student post at the AUA ValueMD site within one-day of the AUA student's post. I applaud that rapidity and effort. Again, and it is only my opinion, it would be refreshing to have such clear and timely responses from SabaU Administration in general.

If you notice on the forum list of school "officials," Saba is the only school without one on VMD. However, it was clear from my interview that some admissions people roam VMD. It was evident they DO NOT like the website for precisely this reason; if they responded to every rumor they would be going crazy trying to keep up. As we see, most of them are false. In this case, while it was not false that HX dropped Saba, if anyone cared to read the official response from the admin. or called the fin. aide office directly (as I did,) it was clear that they had not been officially notified by HX that this was true. While I agree it would have been easy for any official to simply call HX as many students did, they probably did at some point and then sent out the notice to students to get their loans renewed before Nov. 1, a note that came out weeks before I started this thread.

The bottom line is that SabaU is losing HeathXpress; whereas, AUA is not. And that still bothers me.

Now, if anyone cared to join the admissions chat last week, the "official" response was the administration does not respond to rumors on VMD and will not in the future. We were also assured that losing HX had nothing to do with Equinox, etc., and that we are in no danger of losing TERI. Now, if you want to speculate the accuracy of what the administration is saying, that is one thing, but it's all we have at this point and to constantly criticize the responses they give is futile and does nothing but raise everyones anxiety. Simply leave the matter for now and lets see what other loan options are available in the upcoming months.

Remember that there are two more online admissions sessions planned and if you have any burning questions in the meantime I advise you to attend one and press for answers yourself rather than post your concerns here hoping someone from the school will reply.

Good luck everyone.

[ReckonerMD]

Hi, Tyson. i applied also to healthxpress, but for only one semester May 08. I got approved and then sent in my promissory form, but i haven't heard back from them though. can you tell me please about the process?. also how long did it take from you untill you got your approval value?

They have been in constant email contact with me, often updating me every other day as to my loan status. The emails are of the "do not reply" variety, but they advise you to call their customer service line if you have any questions regarding the status of your loan. Once I sent back my loan application I got an email within 2 days saying that I should call to fill in missing information. So, if you haven't heard back by email or phone, call.

[newbie35]

I am anxious and continue to be so, not so much about will we get another source for school loans; but more so, why did Health Xpress only drop "our" three schools in the first place. What is it Health Express saw or even believed that it saw in the three "Equinox-Capital" schools that convinced them to take the radical move of eliminating hundreds of existing and potential customers?

I have posted a personal email to SabaU administration/financial aid. And I have kept aware of the admissions chat.
Unfortunately, I just do not believe the SabaU administration is being honest and forthright to us students about the details of losing Health Xpress. For now, the best that I can say is the SabaU confirmed that Health Xpress will terminate our student loans and that the school is seeking additional sources for student funding. The reason for the termination, at least a plausible explanation, presented in a private email, a classroom chat with Dr D, a short note on a classroom bulletin board, or even a ValueMD post would go far in reducing my anxiety. I think that I can handle it.

I post on ValueMD only as the last resort open to me.
This is my last post regarding this thread.

[jesdoc]

Thisjust in -HEALTH EXPRESS DISCONTINUES ALL..Is this new?

[huxald]

Thisjust in -HEALTH EXPRESS DISCONTINUES ALL..Is this new?

Evidence based medicine....where's your source? :confused:

[Laconic]

hi guys,
i was just wondering if anybody has had any recent updates on the loan situation? have they atleast tentatively announced the name of prospective lender?

[Staci Morgan]

OK. I have a credit score (equifax) of over 620. Does that mean I'm eligible for Teri loans?

What should I expect to be able to borrow. At what interest rate?

Thank you for your help.

[golfman]

Call Teri and they will tell you all this information. There is no way for us to know what interest rate you will get. I'm in medicine, not finance.:p

[krog4]

I would be ok with a DO school.

Up untill now I was very excited to start my education at saba for fall 08.. but not I am more anxious and worried than excited because of loan issues. I have acceptance from aua and am still waiting on ross and other DO schools in US. Up untill now, my first preference was saba.

Is there anyone out there who would rather choose aua or a DO school over saba over loan problems? or is it just me?

[the_punisher]

so do you guys know if you will be getting a new loan provider. i am from SMU and our admin. is not providing us with any information on this topic. so i figured i should go ask the people at sister school... maybe their admin. has kept them more informed...

any good news...

also, what is everyone's thoughs on transferring from SMU to Saba or MUA....

[ReckonerMD]

so do you guys know if you will be getting a new loan provider. i am from SMU and our admin. is not providing us with any information on this topic. so i figured i should go ask the people at sister school... maybe their admin. has kept them more informed...

any good news...

also, what is everyone's thoughs on transferring from SMU to Saba or MUA....

Saba admission will be holding online chat sessions 1/11, 1/25, 2/8 and 2/22. That would be a great opportunity to ask re: transferring if you do not want to call the office directly (which is always the better and more efficient option in my opinion.) Likewise they are holding a financial aid chat 2/7 in which I assume they will be updating us as to the status of the loan provider situation. Simply go to the Saba website for more information.

[the_punisher]

Saba admission will be holding online chat sessions 1/11, 1/25, 2/8 and 2/22. That would be a great opportunity to ask re: transferring if you do not want to call the office directly (which is always the better and more efficient option in my opinion.) Likewise they are holding a financial aid chat 2/7 in which I assume they will be updating us as to the status of the loan provider situation. Simply go to the Saba website for more information.

thank you for this information...

[wizard629]

January 09, 2008
ANNOUNCEMENT

SABA University School of Medicine is pleased to announce that Doctor’s Choice Financial Services, a provider of private student loans for graduate medical education, has agreed in principle to offer a student financial aid program for Saba students.

In addition to offering student loans to new, incoming students, Doctor’s Choice plans to offer additional student loans to Saba students already enrolled at the
student loans to Saba students already enrolled at the University, as well as loan aggregation products.

We will provide you with additional information upon finalization of the program. If you have any questions regarding Doctor’s Choice and its loan programs, please contact the University’s Financial Aid Office.

[mower1000]

That's great news! Looking forward to hearing the details.

[ReckonerMD]

It looks like a positive move although it really does not help those who have no co-signer and cannot secure TERI loans for that reason. If you read the fine print one of the 3 qualifications to apply for this loan by yourself is that you have to show proof that you've worked the last two years, and will still have that same source of income in medical school. Why not just say you cannot apply without a co-signer? lol.

[Laconic]

Dayum, is this really true that you absolutely need a co-signer for this other lender as well!? how is everyone who dosent have one going to manage? I hope the admin works out a lender who can work with students who dont have a co-signer.

[sr12]

October 22, 2007
Important Announcement for All Saba University students
concerning Financial Aid through HealthXpress Loan
Although Saba has yet to receive any formal communication from HealthXpress concerning the matter, it appears that the HealthXpress Loan program will be discontinued effective October 30, 2007. To the best of our knowledge, this means that HealthXpress will not approve any “new” loan applications after October 30, 2007, but will continue to fund all outstanding loans through April 18, 2008. This means that if a student has an approved loan application, HealthXpress will fund that loan through April 2008. For most of the students who are HealthXpress loan recipients, this should mean you can continue to have HealthXpress provide your loans through the Summer 2008
semester.

Given this news, what should you do? If your last financial aid disbursement from HealthXpress was received in August or will be received in December, we strongly recommend that you reapply immediately. Please go to HealthXpress’s website and
apply online at
as soon as possible, since they will not accept additional applications after October 30. We suggest you apply for a loan period of January through April 2008, but for an amount to cover two semesters. This will allow
us to collect payment for Spring semester in December and Summer semester in April, so you can be covered by HealthXpress through the Summer 2008 semester. We also suggest that you submit promissory notes and cosigner addendums by the October 30 deadline. While this pending news concerning HealthXpress is both disappointing and frustrating, it is not entirely surprising. There is a great deal of turmoil in worldwide loan markets, which was initially triggered by the U.S. sub-prime mortgage crisis. Banks and loan companies are struggling mightily with the resultant “credit crunch”. For student loan
companies, this problem has been compounded by the U.S. Congress’s recent decision to substantially reduce its subsidization of student loans. As we’ve seen these problems develop in the marketplace, we have responded in two ways. First, we have sent notices
to financial aid recipients encouraging students to promptly renew their loans in order to get out in front of these problems. This request remains the same, and is made all the more important given the discontinuation of the HealthXpress program. Second, we have
redoubled our efforts to add new loan companies to our portfolio. Despite the difficulties in the loan marketplace, we are currently having productive dialogue with multiple potential new sources of student loans. Given our new collaboration with St. Matthew’s
University, coupled with the access to financial markets afforded by our board and management team, we think Saba will be better able to deal with these problems than other offshore schools.

Please know that the discontinuation of HealthXpress does not in any way imply that HealthXpress has been dissatisfied with Saba. Much to the contrary, our contacts at HealthXpress have always expressed great appreciation for our schools and our students. The parent company of HealthXpress has been financially battered by the changes in their marketplace, and they are forced to make significant cutbacks to their business. Fortunately, we already have another high quality loan provider serving our students –TERI. TERI loans are available to all our students. If necessary, we should be able to
make a transition from HealthXpress to TERI following your last HealthXpress loan. TERI is easy to work with, and if you have met the HealthXpress credit eligibility, you may be qualified for the TERI loan. Canadian students will continue to be funded through
the CanHelp TERI loans. Eligible Saba students also have access to VA loans.

The Saba staff will continue to look for additional loan programs to assist you, and we will keep you apprised as to our progress. We will work to serve you in the financial aid offices in Gardner, MA and answer your questions by email (to ).
Your calls are also welcome, although there may be some wait time, since many students may be attempting to call for clarification. Please know that as we get more information, we will email critical information to you.


Kind regards,
Dr. David L. Fredrick
President


Hi,

Can someone let me know what VA loans are (ie, in the second-to-last paragraph above in the sentence "Eligible Saba students also have access to VA loans."?

[sr12]

October 22, 2007
Important Announcement for All Saba University students
concerning Financial Aid through HealthXpress Loan
Although Saba has yet to receive any formal communication from HealthXpress concerning the matter, it appears that the HealthXpress Loan program will be discontinued effective October 30, 2007. To the best of our knowledge, this means that HealthXpress will not approve any “new” loan applications after October 30, 2007, but will continue to fund all outstanding loans through April 18, 2008. This means that if a student has an approved loan application, HealthXpress will fund that loan through April 2008. For most of the students who are HealthXpress loan recipients, this should mean you can continue to have HealthXpress provide your loans through the Summer 2008
semester.

Given this news, what should you do? If your last financial aid disbursement from HealthXpress was received in August or will be received in December, we strongly recommend that you reapply immediately. Please go to HealthXpress’s website and
apply online at
as soon as possible, since they will not accept additional applications after October 30. We suggest you apply for a loan period of January through April 2008, but for an amount to cover two semesters. This will allow
us to collect payment for Spring semester in December and Summer semester in April, so you can be covered by HealthXpress through the Summer 2008 semester. We also suggest that you submit promissory notes and cosigner addendums by the October 30 deadline. While this pending news concerning HealthXpress is both disappointing and frustrating, it is not entirely surprising. There is a great deal of turmoil in worldwide loan markets, which was initially triggered by the U.S. sub-prime mortgage crisis. Banks and loan companies are struggling mightily with the resultant “credit crunch”. For student loan
companies, this problem has been compounded by the U.S. Congress’s recent decision to substantially reduce its subsidization of student loans. As we’ve seen these problems develop in the marketplace, we have responded in two ways. First, we have sent notices
to financial aid recipients encouraging students to promptly renew their loans in order to get out in front of these problems. This request remains the same, and is made all the more important given the discontinuation of the HealthXpress program. Second, we have
redoubled our efforts to add new loan companies to our portfolio. Despite the difficulties in the loan marketplace, we are currently having productive dialogue with multiple potential new sources of student loans. Given our new collaboration with St. Matthew’s
University, coupled with the access to financial markets afforded by our board and management team, we think Saba will be better able to deal with these problems than other offshore schools.

Please know that the discontinuation of HealthXpress does not in any way imply that HealthXpress has been dissatisfied with Saba. Much to the contrary, our contacts at HealthXpress have always expressed great appreciation for our schools and our students. The parent company of HealthXpress has been financially battered by the changes in their marketplace, and they are forced to make significant cutbacks to their business. Fortunately, we already have another high quality loan provider serving our students –TERI. TERI loans are available to all our students. If necessary, we should be able to
make a transition from HealthXpress to TERI following your last HealthXpress loan. TERI is easy to work with, and if you have met the HealthXpress credit eligibility, you may be qualified for the TERI loan. Canadian students will continue to be funded through
the CanHelp TERI loans. Eligible Saba students also have access to VA loans.

The Saba staff will continue to look for additional loan programs to assist you, and we will keep you apprised as to our progress. We will work to serve you in the financial aid offices in Gardner, MA and answer your questions by email (to ).
Your calls are also welcome, although there may be some wait time, since many students may be attempting to call for clarification. Please know that as we get more information, we will email critical information to you.


Kind regards,
Dr. David L. Fredrick
President


Hi,

Can someone let me know what VA loans are (ie, in the second-to-last paragraph above in the sentence "Eligible Saba students also have access to VA loans."?

[Boulderunner]

va loans are not loans at all. they are benefits that only people who served in the military are eligibile for. it is money and other forms of benefits that if you or your parents served in the armed services may be able to get. but they wont cover all costs. not even close.