TERI and chapter 11 bankruptcy

[IMG Reality]

I previously posted that the chapter 11 restructuring should not affect the outcome of student loans but were hearing rumors of the opposite. I called TERI today and was told they are not accepting anymore applications for loans. They said that they were just informed today not to accept anymore loan applications. They also said they weren't sure what was going to happen in the future with their student loans. The Wachovia lender is already off the website and I assume Bank of America will follow.
My question is to any current students.. has the school mentioned anything about the loss of TERI loans and finding new lenders???

[Southerndoc]

That is definitely NOT good news. At the seminar I went to Aaron spoke about how TERI loans are what all the students use for their expenses. What is Xavier going to do now? They must have some sort of back up plan, but until we know for sure this is kind of scary.

[blackindian02]

Apparently,

The Administration of Xavier has not sent out any form of communication to the students about the status of Teri Loans, nor has there been any word, at least to the students that know of Teri's bankruptcy, about getting new lenders. All of this comes at a transitional time in the schools short life, as there have been rumors that it was sold to a group of investors.

So I guess we can look at this as the beginning of the end? My advice would be to secure your documents, and be prepared to get off the boat if and when it starts going down.

[IMG Reality]

Apparently,

The Administration of Xavier has not sent out any form of communication to the students about the status of Teri Loans, nor has there been any word, at least to the students that know of Teri's bankruptcy, about getting new lenders. All of this comes at a transitional time in the schools short life, as there have been rumors that it was sold to a group of investors.

So I guess we can look at this as the beginning of the end? My advice would be to secure your documents, and be prepared to get off the boat if and when it starts going down.

I heard an update about the TERI loan situation, and Bank of America hasn't totally withdrawn from TERI yet. They are just not accepting anymore loan applications to "assess the situation". So, hopefully they decide to keep lending and remain an option for financial aid.

Xavier is made up of two campuses with two different administrations, so the rumor of the school being bought by a group of investors pertains to which? Xavier Aruba or Bonaire?

[blackindian02]

Aruba is the campus that is particularly involved in the acquisition, so I'm not certain if this will affect Bonnaire campus.

[Jump! You'll Fly]

Apparently,

The Administration of Xavier has not sent out any form of communication to the students about the status of Teri Loans, nor has there been any word, at least to the students that know of Teri's bankruptcy, about getting new lenders. All of this comes at a transitional time in the schools short life, as there have been rumors that it was sold to a group of investors.

So I guess we can look at this as the beginning of the end? My advice would be to secure your documents, and be prepared to get off the boat if and when it starts going down.

Give it time to work itself out. I'm sure Xavier Admin is fully aware of the situation and making decisions accordingly. Let's not all fall into the "sky is falling" mentality just yet. Just my 2 cents.

J!YF

[ams]

but it does sound familiar.....

about less than a year ago...sallie mae decided to pull out of caribean med schools. At that time Aruba and Bonaire had Terri and Sallei Mae. Bonaire was recieving its loans threw Aruba. So then when Sallie pulled out, naturally bonaire would lose Sallie mae as well.

However, Aruba pulled a jag bag move on Bonaire, and denied them from getting Terri loans as well. And the greed sibling kept it to its self.

Bonaire managed to stay up, and accomodated its students and helped them which ever way they could to ease the financial burden. By having flexiable payment plans and even to the extent of allowing students to continue thier education with out paying tution.

Bonaire has been working hard to attain new loans from various lenders, and they have just gotten one now, and still are working with other lenders to get more and better loans for thier students. And now they are back up and running smooth.

Now terri is "hinting" it wants to pull out, and if it does......WHAT GOES AROUND COMES AROUND.

i have not heard anything about a buy out...Dr. B makes way to much money.

[Southerndoc]

All in all, there has to be SOME lender who will be taking care of the students financial aid. I'm sure they don't expect everyone to pay their tuition/fees/rent/etc. in CASH. If not TERI, then another company.

However, hearing about this kind of stuff is a little disheartening and makes you think twice about pursuing an education there. I wish more CURRENT students actually corresponded with us more and gave us some insight. It gives the rest of us hope.

[Southerndoc]

Chris, check you PM

[DRIVEN]

just so you guys know they told me today that as of right now if I wanted to come in May, I would have to pay out of pocket....however they are working with some new lenders, but it may not be available to students until the August semester..... b/c teri is currently out of the question.

for those of you who were going to use teri, what are your plans now to pay for the tuition and housing?

[IMG Reality]

I was one of the lucky few that was approved for a Bank of America ISLP Medical Loan before BOA withdrew as a lender from TERI. So, this amount I am going to use for my tuition for now. As for room and board I have been saving up some money from my job so hopefully that will take me through.

As for the loan situation, i'm sure the school is going to do everything in their power to secure new student loans. I mean, if students can't get loans then they will have a hard time keeping the school afloat. The majority of other carib schools are going through the same thing, as TERI was a big lender for many years. If I didn't get loans, I would've continued working and deferred till the next semester. We can only hope for a positive outcome to all of this.

[ams]

wow...so they did lose the teri loan.

Man that sucks for the students, I honestly feel bad for them. Man I really hope the school figures something out fast...a situation like this can make them go under big time.

As for right now, I suggest the students start checking with local bank branches back home to see if they can private education loans.... Like if you were with BOA..sine your already a customer,,,they might consider helping you out...just an idea

[jshu]

Hello-

I am a victim of the TERI bankruptcy. I have never in my life been treated so unfairly. I had a $1,500.00 student loan that was recalled due to their bankruptcy. Well, I received the check and cashed it (like any other normal check), I used the scholarship, and 11 days later it was withdrawn from my account without my notification. I had just paid all the monthly bills that month, so I had numerous fees. My fees from this totaled over $3,000.00. I received a check for $1,132.00. Now they are refusing to pay the remainder. I have contacted the BBB three times, getting just a certified letter each time basically saying sorry about your luck. I have tried contacting their attorney, who is incredibly rude. She claims that due to the bankruptcy they are only entitled to pay bank related NSF that they see appropriate to pay. How is this fair, when there was a recording at Astrive stating that I would be reimbursed in full for ANY fees that accrued due to this issue. I have spent months trying to resolve this issue. I have even had to stop taking classes to pick up extra time at work to pay these fees myself. Now tell me how is that fair, when I applied for assistance, and now I am unable to even take the classes that I have been planning on taking because of this situation. I feel like I have exhausted all options. I feel I should be reimbursed the full amount that I am owed. What can I do to get the remainder of the fees paid? Any help would be greatly appreciated. Thanks, JShu

[cubmd]

sue them!:-devil
and then don't repay their money.....they deserve the worse

[Daniel123]

Hello everyone. I am looking at Xavier and these threads are very useful.

Thanks

[jasano]

You know, for some time now, I have been debating back and forth in my mind - should I have stayed at Xavier and stuck it out, or did I do the right thing in leaving? This Teri-Loan announcement has answered that question beyond all doubts. I would advise students to jump ship from Xavier while they still own the shirts on their backs - the venture is simply too risky.

I left because of deportation issues, absent teachers, and confirmed reports that Xavier premed credits are NOT TRANSFERABLE. I feel sorry for Xavier students, especially those in the premed program, because if the school does enter bankruptcy, they'll be left with nothing - a wasted year, and 10's of thousands of dollars down the drain. Even if the school does manage to stay afloat with its loan monies yanked, how will the students?
We are talking bankruptcy here - what if all those Teri Loans were suddenly called due? How would you pay the outstanding loans AND acquire more funds?

I'd be extremely worried if I were you, waiting with baited breath to see whether the school will come up with a solution in time for the next semester.

Doing your premed outside the Caribbean is most definitely the preferred option. I wish you all luck. I know it's hard to let a dream die, but sometimes you have to face up to reality - that's money you're going to have to pay back (maybe sooner than you think) and you may not be getting much in exchange.

[KDORICE]

Aren't you a ball of positive energy!! Keep that negativity to yourself; we wouldn't want you spreading like an infectious disease to others. If you don't have anything nice to say, keep it to yourself. Right now Xavier is going thru a transition, either help or step off. OH , i FORGOT....you already did that. If you have a dream, then go for it. BUT YOU ARE BY FAR IN NO MEANS TO TELL PEOPLE TO THINK ABOUT GIVING UP or switching school.

[lswiltshire]

Surely, Surely Jasano has every right to post his opinion of his experiences at Xavier, and his fears for others who might lose loans or be unable to get loans in the current economic climate.

He is indeed a ball of positive energy!! There is nothing negative about what he has said, nor is he innoculating any one; neither has he said anything that is evil.

How can he help Xavier go through a transition? One wonders why the previos owners stepped out? Was it because they were steadily losing ground? Surely it cant be because they were making a mint or had discovered a gold mine there in Aruba.

Jasano has every right to opine or TO TELL PEOPLE TO THINK ABOUT GIVING UP or switching school; just as you consider that you are right to give your opinion.

[KDORICE]

First OFF; GIVING UP IS NEVER POSITIVE. You are right; lets tell everyone to worry, work up a frenzy and quit school. You don't know what the future brings; you take it in a day at a time. You study hard, pass classes and move on. Hey i don't understand "can't do language" i understand "can do and will do "language.

[jasano]

First OFF; GIVING UP IS NEVER POSITIVE. You are right; lets tell everyone to worry, work up a frenzy and quit school. You don't know what the future brings; you take it in a day at a time. You study hard, pass classes and move on. Hey i don't understand "can't do language" i understand "can do and will do "language.

Actually, that's not what I'm suggesting - that people 'give up'. What I am suggesting is that staying with Xavier is taking an awful risk. Why not finish off your premed in North America, and if all else fails, you can return to Xavier for the MD program? At least then you have something to fall back on. In other words, you can keep beating your head against the same brick wall in the hopes that it will someday break, or you can find ways around or even over the wall.

What I'm saying is that you could be taking on a mountain of unnecessary debt and getting absolutely nothing in return! Say you put a year and a half into premed only to find out that there aren't any loans, or that the school has gone bankrupt (new ownership is rarely a good sign) - now you've wasted a year and a half of your life and tens of thousands of dollars. I can confirm that no schools out there will accept Xavier premed credits.

Be positive. Be upbeat, but above all, be realistic.