Is SABA giving Loans now?

[thomasfx10]

I have heard there was an recently email sent out that SABA was going to start financing through their parent company ... Anyone have a copy of that email?

[smtx]

April 10, 2008

Dear Students,

We are pleased to announce the introduction of a Tuition Assistance Program, funded by our parent company, which will provide qualifying students financial assistance with tuition and fees. This loan program will be available to support those students for whom our current third party programs, TERI and Davenport, will not suffice. Those students who have already requested additional assistance with financial aid (using the method described in the next paragraph) will receive an application for the Tuition Assistance Program via email within a few days.


As mentioned in prior communications, we would like those students who are unable to fund their education via TERI and Davenport to contact us. If you are in this situation and have not already done so, please email the following information to our financial aid team:
Your name;
Your contact information (email and phone);
Your current semester status;
Brief summary of the difficulties you have experienced in utilizing the current financial aid options.Once we receive this information and confirm your financial aid status, we will email you an application for the Tuition Assistance Program.

We are also working with several lenders to develop additional financial aid programs for our students. One of these programs may be available as soon as May. Given the impending start of the summer semester, however, students should not wait for these new programs to be introduced. Please make full use of TERI, Davenport, and the new Tuition Assistance Program. Whether or not your financial situation is uncertain, we encourage you to enroll for the summer semester and continue to seek assistance from the programs we have available.

As many of you know, TERI recently filed for bankruptcy protection. While disappointing, TERI has neither discontinued operations nor have they indicated any plans to do so. In fact, TERI continues to process applications while pursuing a plan of reorganization to resolve their issues.

As mentioned in prior emails, we believe that the current conditions in the student loan market, while frustrating and stress-inducing, are temporary. We will get through this difficult period by working together. Thank you for your continued support and cooperation.

Sincerely,

no names please!
President

[thomasfx10]

Awesome! This is good news.

I do not see why anyone (Unless, there was not any other option available) would use Davenport Loan ... To enter into a Master program to get money from the government just seems wrong to me. Also, they charge you an arm and a leg too.

Thanks for the info.

[KingMo]

What exactly is this new Saba TAP? There are no details anywhere in that memo. Is this just another installment program for Saba or a full loan program? Does anyone have any details...?


Considering TERI just crashed curbside for us...now we have zero loan options. Unless you want the Davenport, or are eligible for VA.

[avenable]

TAP is really just a way to provide students with the means to pay their tuition for the upcoming semester. It is a tuition only loan (no extras for living, books, etc) and payment of the note is due in full 90 days after graduation.

I commend them for supplying us with some means of being able to finance our education however for me it looks grim right now.... I still have no loan and am trying to figure out how to cover the living costs.

[KingMo]

TAP is really just a way to provide students with the means to pay their tuition for the upcoming semester. It is a tuition only loan (no extras for living, books, etc) and payment of the note is due in full 90 days after graduation.

I commend them for supplying us with some means of being able to finance our education however for me it looks grim right now.... I still have no loan and am trying to figure out how to cover the living costs.

We got an email about "Direct Assistance Program" today....supposed to cover living costs and tuition. Don't know if it's the same as TAP. Hope the school puts out more info soon.

[Gigi25]

We got an email about "Direct Assistance Program" today....supposed to cover living costs and tuition. Don't know if it's the same as TAP. Hope the school puts out more info soon.

Wow, this is really a scary situation. So TERI is not an option at all at this point???

[Articulate]

hmm. I just got approved for my loan on Monday and am going for ay semester. Do anyone know if Bank of America would still honor the loan?

[Articulate]

May semester

[KingMo]

hmm. I just got approved for my loan on Monday and am going for ay semester. Do anyone know if Bank of America would still honor the loan?

Through TERI or directly from the Bank?

If TERI...yes, they will most likely honor it. The fiasco with TERI started around the weekend. So if you were approved before they bailed, you're okay. But I would call them to make sure.

[Margie]

Whoa...Im starting saba Jan 2009 and I dont want it to shut down when Im halfway done...SH*T