Student loan 4 a school in Phils not recognised by Stafford?

[Locutusofborg]

As of last week I've got a major problem. I am slated to begin medical school in Southwestern University (MHAM) in Cebu, Philippines this June. This school is WHO and ECFMG approved, and eligible for licensing in all 50 US states. However, this school is not listed with Stafford, and therefore, is ineligible for federal student loans.
I applied and was initially approved for a private student loan with the International Education Finance Corporation (Welcome to IEFC (http://www.iefc.com/)). However, last week they DISCONTINUED their international program funding. As a result I'm left without a viable financing option.
I need help, ideas. I don't need to borrow much money - Just 10K per year would suffice - less if pressed to it. Using relatives is not an option in my case. Personal loans from banks all have repayment periods of 4 to 6 years with no deferment option - and therefore, useless. I will encourage the dean of my school to get recognised by Stafford - but the process is lengthy and uncertain.
Can anyone recommend a loan company that would consider a medical student @ SWU-MHAM? Does anyone know an alumni association or an organisation with a vested interest in supporting American students obtaining their degrees abroad or in the Philippines that would either give helpful advice, or even provide me with a loan?
Lets get creative... I don't want to sell Balut to pay tuition...

[hunteradam07]

As of last week I've got a major problem. I am slated to begin medical school in Southwestern University (MHAM) in Cebu, Philippines this June. This school is WHO and ECFMG approved, and eligible for licensing in all 50 US states. However, this school is not listed with Stafford, and therefore, is ineligible for federal student loans.
I applied and was initially approved for a private student loan with the International Education Finance Corporation (Welcome to IEFC (http://www.iefc.com/)). However, last week they DISCONTINUED their international program funding. As a result I'm left without a viable financing option.
I need help, ideas. I don't need to borrow much money - Just 10K per year would suffice - less if pressed to it. Using relatives is not an option in my case. Personal loans from banks all have repayment periods of 4 to 6 years with no deferment option - and therefore, useless. I will encourage the dean of my school to get recognised by Stafford - but the process is lengthy and uncertain.
Can anyone recommend a loan company that would consider a medical student @ SWU-MHAM? Does anyone know an alumni association or an organisation with a vested interest in supporting American students obtaining their degrees abroad or in the Philippines that would either give helpful advice, or even provide me with a loan?
Lets get creative... I don't want to sell Balut to pay tuition...
I know a couple guys from NJ that can help u. They wear dark Armani suit and like to sit in a bar. The main guy name is Tony Soparano. I think their loan terms are very reasonable. Give this number a call 1800-LoanShark or go on line loanshark.com. Good luck

[trauma]

You picked the worst time to get this problem. As you can see in the Caribbean forum, they stopped ALL loans for international students. Just think of those with more than $100K in debt and are stuck now but cannot continue. I don't know how to help as it REALLY BAD right now with the credit crisis in the US. Stafford only recognize few schools in the Philippines like AUF (Angeles), Fatima but even those schools are problematic if you are relying on loans.

[Locutusofborg]

Wow. I wonder if there is a Philippine med school alumni organization, or some kind of private scholarship fund that grants loans to students in my situation. There HAS to be a way.

[hunteradam07]

Wow. I wonder if there is a Philippine med school alumni organization, or some kind of private scholarship fund that grants loans to students in my situation. There HAS to be a way.
This is one of the reason why i told u to go to the big three Carribean medical schools instead of PI remembered? Well good luck and take care.

[Locutusofborg]

Seems like carribean students are having the same issues, except with a bigger price tag.

[hunteradam07]

Seems like carribean students are having the same issues, except with a bigger price tag.
REALLY I HAVE NOT HEARD ANYTHING ABOUT ROSS, AUC, OR ST. GEORGE having problem with their student loan programs. For a guy looking for help u seem pretty stubborn. Well i really hope your loan situations work out. Otherwise, i would have no idea how you are going to make it. Good luck i hope you dont have to apply to Ross, AUC, or St. George! :)

[trauma]

SGU, Ross and AUC have Federal loans so their students won't have problems. But the rest of the schools there are screwed. If the lenders don't come back in 1-2 years, a lot of these schools will close.

[trauma]

Wow. I wonder if there is a Philippine med school alumni organization, or some kind of private scholarship fund that grants loans to students in my situation. There HAS to be a way.
The Philippines is a poor country. The alumni can't even provide the local students with enough scholarships. Don't even talk about the govt' that allocates 1-2% of it's budget on healthcare.

[hunteradam07]

Heh locust! Maybe u should transfer to FU! Good luck.

[Locutusofborg]

First of all the situation changed too fast. Just a month ago, there was a company lending to SWU students. It stopped doing so, that's when the problem happened. For Angeles foundation, UST, Fatima, and a couple of other med schools in Philippines there are still lenders available. Just not for SWU.

Whatever, its too late to change my plan. Im starting in june, no matter what. Hopefully, a willing lender does appear. If not - I can always rob a bank, right? Reminds me of that old ethics question, "if your mother needs medicine and you don't have money..."

[hunteradam07]

First of all the situation changed too fast. Just a month ago, there was a company lending to SWU students. It stopped doing so, that's when the problem happened. For Angeles foundation, UST, Fatima, and a couple of other med schools in Philippines there are still lenders available. Just not for SWU.

Whatever, its too late to change my plan. Im starting in june, no matter what. Hopefully, a willing lender does appear. If not - I can always rob a bank, right? Reminds me of that old ethics question, "if your mother needs medicine and you don't have money..."
Good luck! I recommend u robbing MetroBank, PPI Bank, Citi Bank, and HSBC bank. Those are all good banks to rob in PI.