More Companies pull out of loans

[smustudent2010]

Bank of America Corp. said Thursday it would stop private student loans, but continue offering government-backed loans. On Wednesday, Citigroup Inc. said its Student Loan Corp. subsidiary will temporarily stop issuing loans to students at schools where profits have not been satisfactory.

This sucks since most of Teri's loans are through BOA.

This is all after Sallie Mae said it can't continue backing loans for much longer..

NOT GOOD..

[senz_asian]

Bank of America Corp. said Thursday it would stop private student loans, but continue offering government-backed loans. On Wednesday, Citigroup Inc. said its Student Loan Corp. subsidiary will temporarily stop issuing loans to students at schools where profits have not been satisfactory.

This sucks since most of Teri's loans are through BOA.

This is all after Sallie Mae said it can't continue backing loans for much longer..

NOT GOOD..

The chain reaction... we haven't gotten one good solid good news for a really long time. I dont know how long the waiting game will be ..

[MDXRS22]

BOA too???? Shoot, that's gonna kill many of us for sure.

[camryllionareMD]

It's the damm economy. I didn't realize how bad it is 'til I got back here; housing bubbles, pple using credit cards to pay bills, and gas costs too much. It's a bad time for the USA, hopefully it gets better soon.

[Lovely786]

I talked with Teri yesterday regarding Bank of America, and they said applications will be accepted until May 5. After that BOA is pulling out...

What other loan companies does Teri work with for SMU?
Do we still have Wachovia?

[senz_asian]

I talked with Teri yesterday regarding Bank of America, and they said applications will be accepted until May 5. After that BOA is pulling out...

What other loan companies does Teri work with for SMU?
Do we still have Wachovia?


I wonder what is the credit scores along with the calibre of the co-signer in order to get money from them.

[Lovely786]

They told me the co-signer's credit score must be in the high 600's...
I'm not sure if the student's scores matters or not since a co-signer is required...

[Future MD | DM erutuF]

Co-signers are not required for TERI. I've gone through Wachovia since the beginning of basic sciences and applied as credit-ready with no co-signer.

[Lovely786]

Co-signers are not required for TERI. I've gone through Wachovia since the beginning of basic sciences and applied as credit-ready with no co-signer.

Really, I thought a co-signer was required. Thanks for the clarification!
Future MD, did you get approved for a 45000 loan with Wachovia with-out a co-signer? and 45,000 is the yearly maximum (3 semesters) with them right?

I'm looking at this website Welcome to IEFC (http://www.iefc.com/us/us_med_tc_A.cfm) and Wachovia doesn't seem to be listed... Do you apply elsewhere?

[camryllionareMD]

W/o cosigner, $45000, with cosigner- up to $60,000.

[Lovely786]

Thanks camryllionareMD, but for 45000 wachovia approval w/out co-signer, does a student need to have 2 yrs of income information or must be currently employed?

thanks!

[medjen]

Actually it is $65K with a cosigner.

[Future MD | DM erutuF]

Really, I thought a co-signer was required. Thanks for the clarification!
Future MD, did you get approved for a 45000 loan with Wachovia with-out a co-signer? and 45,000 is the yearly maximum (3 semesters) with them right?

I'm looking at this website Welcome to IEFC (http://www.iefc.com/us/us_med_tc_A.cfm) and Wachovia doesn't seem to be listed... Do you apply elsewhere?

Oh man, you're right. Within a matter of one semester two lenders have been dropped from TERI. I used to go with Wachovia, and the maximum was $25,000 for two semesters. I'm not quite sure what the other lender was.

But you should still be able to apply with out a co-signer as credit-ready provided you do no have any credit.

[DrCannoli]

Man things are getting bad with these loan companies...I hope SMU pulls through

[Lovely786]

First Sallie Mae drops out, then bank of america... after that, doctor's choice jumps in and then jumps backed out, now Wachovia somehow disappears...
What's left? Tuition assistance program, probably the next drop out...

[DrCannoli]

I'm going to close my eyes and remember the days when they gave student loans out like free candy

[senz_asian]

Perhaps the Stafford loan is our answer now .. SMU needs to empty their pocket and bribe the Congress once and for all.

[got milk?]

Damn george bush!

take our money back from iraq and use it on edumacation.

[Diva]

How does this affect ppl that have the 65k already approved with BOA?
will they cut it off just like HealthXpress? or pay out the contracted amt?

[senz_asian]

Damn george bush!

take our money back from iraq and use it on edumacation.


All he has to do is to give us 1 week worth of the spending in Iraq .. We are set for years to come.

[Genossa maximillian]

A co-signer? Better be someone who really loves the borrower. Under the current economic situation, it's a tough one to pitch.




Oh man, you're right. Within a matter of one semester two lenders have been dropped from TERI. I used to go with Wachovia, and the maximum was $25,000 for two semesters. I'm not quite sure what the other lender was.

But you should still be able to apply with out a co-signer as credit-ready provided you do no have any credit.

[camryllionareMD]

Apply to be a contestant on Deal or No Deal, or be in a Reality Show like The Bachelor while you take the semester off, is my advice :) :(

[UFTim]

I'm still hoping to win the lottery. Guess I better play then...

[UFTim]

All he has to do is to give us 1 week worth of the spending in Iraq .. We are set for years to come.
:lolup: Aren't you Canadian??