Citibank Loans

[IAUPREMED]

Has anyone thats been accepted already apply for loans through citibank? Is the process easy? What type of credit score is required? Has anyone been approved through citibank? My concern is because many loan companies are turning down sutdents with high credit scores and co signers with high credit scores due to the financial crisis hitting our economy currently.

[skull]

Has anyone thats been accepted already apply for loans through citibank? Is the process easy? What type of credit score is required? Has anyone been approved through citibank? My concern is because many loan companies are turning down sutdents with high credit scores and co signers with high credit scores due to the financial crisis hitting our economy currently.

It was a faily quick process. Applied w/out a co-signer with score of 650+. About 6.5% rate.

Only way to find out is to apply!

[IAUPREMED]

thanks alot

[IAUPREMED]

that is a great rate compared to alot of private loans and with out a co signer is unheard of. very impressive!! I hope to be in the same position very soon possibly for the fall semester

[wise_owl_gal]

I applied earlier this week for financial aid (w/o co-signer) and w/in 24 hours I was told the loan was partially approved (I forgot to submit some documentation). And I don't have an exceptional credit history. The actual application didn't take more than 45 mins to fill out online and if you have any questions, the financial aid advisers are really helpful. The whole process seems to be a breeze.

[IAUPREMED]

thank you so much everyone,it really makes me feel at peace with this issue!!

[skull]

I applied earlier this week for financial aid (w/o co-signer) and w/in 24 hours I was told the loan was partially approved (I forgot to submit some documentation). And I don't have an exceptional credit history. The actual application didn't take more than 45 mins to fill out online and if you have any questions, the financial aid advisers are really helpful. The whole process seems to be a breeze.

45min? WOW!

I guess I'm a fast typer for less than 10 min to complete the application in less than 10 min!:twisted::D;)

[Icraxbax]

If you don't mind could you say how much they will allow you in loans per semester or year.

[monetsky]

I am not exactly sure but what I do know is that it's definitely enough to cover tuition, housing, and other misc expenditures.

[skull]

If you don't mind could you say how much they will allow you in loans per semester or year.

Max is $33K/year (2 sems)

[lifeAgift]

Hmmm

Wonder if I can get my credit score upto 650 by next year...
:DSurely I can

Wonder how much equity I have in my home...

hmmm, just thinking out loud

[YBU]

Hello to all, Skull is right, I applied two weeks ago and I was approved in a few hours. Max is 33,000.

[IAUPREMED]

This is great news, however, isnt 33k not enough for a year? If i am not mistaken, then estimate for living for 2 semesters was 33k, a year is three semesters. Is 33k going to be enough for 3 semesters?

[patch04]

33k should definetely be enough to last you from this May to Dec term. Then next year you can pull out 33k again, and since you will only have semester 3 and 4 left (taking into acct you don't fail or take a leave for the semester) it should even be enough then.

[YBU]

That is right. 33k is for two semesters, as far as I was told I had to apply for the first two semesters, I will need to re-apply again. 33k is more than enough for two semeters.

[IAUPREMED]

Had more specific questions for students that have already applied. Is the money dispersed directly to you, or does it go through the school? Is it dispersed by year, for example all 33k at one time into one bank account? When does the student start paying back, after the 4 years of initial med school or after residency?

[patch04]

The money will be handed to you when you are registering on the island. They will hand you a check with the tuition already deducted for the full amount. As far as paying it back, I believe you can opt to pay after residency. However, as far as interest is concerned that will continue to accumulate.

[IAUPREMED]

Well at least Citibank isnt going to go bankrupt anytime soon like most of the other carribean school funding options (TERI and Dr. Choice)

[YBU]

Is TERI Going bankrupt?

[patch04]

Yeah, it just filled.

[IAUPREMED]

My last post was little misinformed, Drs. Choice is not really bankrupt, they are just putting their applications on hold till the market picks up and some other investor issues. And Teri does not hand out the loans, Bank of America and Wachovia does,Teri just filled for Chapter 11 but is still normally operating and still taking applications.

[IAUPREMED]

Had more specific questions with the CitiBank loan. So for example I apply for two semesters which is 33k. The school would take out 7800 per semester and give me a cheque for 17400? This is given to me on the island during registration? Then would it advisable to take this cheque and open a bank account on St. Kitts OR take this cheque back to the US and open an account there with it? If I open a st. Kitts bank account, am I given a debit card and a cheque book like a bank in the US? Sorry these are nitty gritty questions but they do matter. Just want to make sure I know how I am going to get funding if I attend UMHS.
Thanks

[surfermd]

According to what I have heard there are plenty of banks in St.Kitts. One of the most popular banks is RBC (royal bank of canada). This bank is actually found in the states. Also, based on what my friend told me, there is actually an RBC atm at the UMHS campus, so getting with that bank would probably be the best choice since you can go to the atm without having to leave the campus.

[cvannilam]

Well the banks will give you a debit card, im not too sure abotu the checks! Its actually better to open up an account here, scotiabank, because when you use your debit card from the states, it usually charges you some sort of fee everytime.

And with the check you get during registration, the bank on the island will cash it RIGHT AWAY rather than waiting a week or so, as you would in the states!

[IAUPREMED]

What if you deposit your cheque as US dollars? Or should one deposit it as the local currency? lol so many things to take into consideration. I would think if I deposited the cheque in dollars and went to a local ATM to withdraw money it would automatically convert to local currency using the banks rate for that day and dispense local currency. I just hope theres no "hidden" fees with these transactions. Well I guess I can ask the class starting in May all these details. I just basically want to be able to use that local debit card from the RBC or Nova Scotia Banks to fund ALL expenses like online airline tickets, groceries, car rental and also any expenses I incur while back in the US during the breaks. I would feel safer having all my funds on the island rather than back home in the US incase of any financial emergencies.

[UMHS]

If you open a bank account on St. Kitts (and we recommend that you do) you will get a Visa debit card and checks. There are two banks that we recommend. One is The Bank of Nova Scotia (Scotia Bank) and the Royal Bank of Canada. Both are Canadian and both are substantial corporations.

Depositing money in US or EC dollars does make a difference. If you deposit as EC dollars, you can only withdraw money at ATMs that give EC dollars. The ATM outside of campus is one of those machines. On the other hand, if you deposit in US dollars, you can only withdraw from the ATM at the Marriott since it issues US dollars. (Of course, you could make a withdrawal at the counter of Scotia Bank.)

I cannot answer questions about withdrawing EC or US dollars from RBC since I have little experience there.

Money that is deposited in US Banks can be withdrawn at any ATM with a debit card. Your home bank may charge you for using an ATM that is not a part of their system. You also will have to deposit your financial aid check in your home bank. Since you will receive that check in St. Kitts, there is an additional problem in getting it back to the US. An on-island account makes more sense.

[IAUPREMED]

Thanks for clarifying this. I will contact RBC and ask for details.

[hnbaby]

If you don't mind could you say how much they will allow you in loans per semester or year.

[weimar]

Can someone please give me the full information, that is phone number or website of Citibank loan, as to how to get in touch with the CitiBank loam program. Thank you.

[IAUPREMED]

The information can be found here:
Financial Aid - UMHS (http://www.umhs-sk.org/index.php/admissions/financial-aid.html)

[skull]

What if you deposit your cheque as US dollars? Or should one deposit it as the local currency? lol so many things to take into consideration. I would think if I deposited the cheque in dollars and went to a local ATM to withdraw money it would automatically convert to local currency using the banks rate for that day and dispense local currency. I just hope theres no "hidden" fees with these transactions. Well I guess I can ask the class starting in May all these details. I just basically want to be able to use that local debit card from the RBC or Nova Scotia Banks to fund ALL expenses like online airline tickets, groceries, car rental and also any expenses I incur while back in the US during the breaks. I would feel safer having all my funds on the island rather than back home in the US incase of any financial emergencies.

I managed to survive w/out opening an account at the local banks. I was turned off by the fact that it could take an hour or more to open an account. Things move extrememly slow out there. Also remember that even when a bank i saffiliated with a Canadian bank, that does not meqan the same standards are maintained.

Any withdraw you make (ATM/Banks) is going to be in the local currency (EC dollar). You can use your ATM from home and depending on your bank you will be charged a fee anywhere from $1.5-$2.5. There's an ATM maching right outside the main entrance to the Campus.

[weimar]

Can someone who has already passed the rope citibank student loan application please kindly list the precedure to applying for the loans. I am confused. As I was filling out the online application, they asked where is the school located? What do I do? Am I using the right application form? Please help!!!!

[IAUPREMED]

here is the PDF file explaining step by step

http://new.umhs-sk.org/images/stories/3-admissions/cb_ap_instructions.pdf

[weimar]

Unfortunately, I can't seem to open the file. Thank you though. Can you please just copy and paste or send to skype: miolise2. Thank you . Weimar

[IAUPREMED]

A few links on that page are not working, I have these files, so please PM me if you need them

[UMHS]

...and I will see that the links get up and running again as soon as possible!

[UMHS]

Our webmaster tells me that he has taken care of the problem and that all links should be working. If anyone continues to experience problems, please PM me with the specifics.

[weimar]

Thank you. I got it

[IAUPREMED]

can any of the students that just started elaborate on their experience with the financial aid situation of receiving a check during orientation and opening their bank account and currencies and things related to that?
Thanks

[iwanabmd]

If possible I would really appreciate it if more students could post amounts they applied for, their credit score, and what type of rate they recieved. At AUA we're getting interest at around 8-12 % with cosigners! with 700-800 credit scores! These banks r taking our money big time and I would love to use some sample info from citibank to try and present them as a lender to the school. UMHS really has a nice hold on its financial situation it seems

[Dr. Prince]

The process is very easy and fast. It should take you about 15-30 minutes to complete the application. I got approve in 2 days. I don't think you need a co-signer if you have a good credit. I applied without a co-signer and received about 33k for two semesters with a 7% interest rate.

[taare]

Are these for canadians as well?

[Dr. Prince]

I don't know. Go to UMHS webpage they have loan info for canadians.

[gawtti]

did you apply online?

I don't know. Go to UMHS webpage they have loan info for canadians.

[Dr. Prince]

yes I did.

[gawtti]

i tried to apply for a priavte loan and couldn't find foreign country in the drop down list for location of your school.

yes I did.

[IAUPREMED]

follow the instructions on the UMHS webpage, it classified under NY.

[UMHS]

While I haven't seen any erroneous advice or information posted here, might I remind everyone that there is a Financial Aid office in NY which can assist prospective students with any questions regarding our financial aid program and applications.

[Southerndoc]

Are these citibank loans only for UMHS students? If you guys applied on the citibank website, did you apply under personal loans? Because the school loans only has options of picking schools you are attending in the U.s. Can someone please address this issue? Thanks.

[Dr. Prince]

once you are accepted, the school will send you a package including the process on how to apply for loan with citibank.

[gawtti]

UMHS is listed under new york.

Are these citibank loans only for UMHS students? If you guys applied on the citibank website, did you apply under personal loans? Because the school loans only has options of picking schools you are attending in the U.s. Can someone please address this issue? Thanks.

[IAUPREMED]

Can anyone tell me that when you received the loan check during orientation and deposited it into a new bank account, how long did the check take to clear? I need to figure out how much money I am going to need to bring till the loan check cleared, and do we get the whole 33k minus the tuition in one lump sum?

[UMHS]

I would like some of the students to chime in about receiving the loan check and how long it took to get access to the money, but I wanted to make a few comments about bringing money and the lump sum question.

First of all, you will receive the amount of money allocated for one semester, not the lump sum allocated for one year. This will be repeated each semester. This helps you budget.

Now the question that I am most interested in. The University would recommend that you bring enough money to keep you going for one month. This should include one month's rent as well. (I'm assuming that you sent the security deposit ahead of time.) Occasionally, financial aid checks do not arrive when they are supposed to or there are other problems. It is best to have enough money so that you can comfortably survive for one month without worrying over the money issue. (Medical education is stressful enough without fretting about finances.) As a point of clarification: When I say "bring enough money", I do not think that you should have it all in cash. Having access to a U.S. checking account via a MC or Visa debit card will work. Traveller's checks can also be cashed at the banks.

I hope this heelps. Our current students can tell you the rest.