Recently Accepted-Questions about current loan situation

[GBI]

Hello,

Could any current students comment on the current loan situation at SMU? I was told the school is in the process of securing a new lender within the up coming weeks. Does anyone know anymore. Reading the some students are mid way through med school and then find out they cannot finance the rest of their education is quite troubling. I'm hoping this is a temporary thing.

Thanks

[WSUCougar]

Hello,

Could any current students comment on the current loan situation at SMU? I was told the school is in the process of securing a new lender within the up coming weeks. Does anyone know anymore. Reading the some students are mid way through med school and then find out they cannot finance the rest of their education is quite troubling. I'm hoping this is a temporary thing.

Thanks

please do a search.... this questions has been dealt with a zillion times.

but... in short the school is starting a DAP (direct assistance program) where the school will be starting its new loan program for this fall. they are still finalizing everything, so we won't hear about until mid-semester or more towards the end of the semester.

[butterflymd]

Everyone is hoping that it is a temporary thing and there have been extensive conversations on this and throughout the forum and at several different schools as they too are experiencing the no loan situation. So as far as SMU goes. Supposedly they are working on something that will be announced on or about June 23rd, until then I guess just keep taking Xanax to fend off anxiety. LOL.

[BTP Julian]

hopefully by then end of the summer, a new loan provider will be on board. no one knows how long it is going to last beucase of the current financial situation in the US. understand this is not a problem with SMU it is the US, if your parent are willingto help out, i would look into getting a HELOC from your parents. the intrest rate is really low now becuase of they situation and it might help out until something more defintite comes around

[UFTim]

Hopefully we hear something. I have one semester left of paying tuition and don't know where the money is coming from yet. I'm hopefully going to be using the DAP, but not too sure what's going on with it.

[JTP73]

Hopefully we hear something. I have one semester left of paying tuition and don't know where the money is coming from yet. I'm hopefully going to be using the DAP, but not too sure what's going on with it.Yeah, it's getting late in the game to be this far in debt and not know how we're going to finish it. Seems everything with the new administration is last minute. Perhaps some urging by the students will get some info out to us.

[GBI]

I’m really excited to be starting med school but the idea that at any point in my 4 years at SMU I may not being able to pay for school, is frightening. I’m assuming that something is going to pull through for the fall semester. There are many new students coming in that will need financial assistance.

I’m more concerned with my education later on. I’m wondering, what have students done in the past when they were not able to secure loans through the limited lenders available to SMU? Are there other options besides taking time off or are most people just forced to take a semester off? I’m assuming most student relay on loans. That seems like an awful lot as student missing semesters.

[UFTim]

I’m really excited to be starting med school but the idea that at any point in my 4 years at SMU I may not being able to pay for school, is frightening. I’m assuming that something is going to pull through for the fall semester. There are many new students coming in that will need financial assistance.

I’m more concerned with my education later on. I’m wondering, what have students done in the past when they were not able to secure loans through the limited lenders available to SMU? Are there other options besides taking time off or are most people just forced to take a semester off? I’m assuming most student relay on loans. That seems like an awful lot as student missing semesters.

This has been the first time we've had no really good loan options in my going on 4 years here.

I personally don't know of anyone who took time off, but I hear rumors circulating that some have (I know this guy, who sat next to this guy).

The school says they're going to start offereing loans to students through their parent company, so we'll see how that goes.

Most other students have enrolled in the MBA program to make ends meet. (federal student loans)

[camryllionareMD]

I personally don't know of anyone who took time off, but I hear rumors circulating that some have (I know this guy, who sat next to this guy).
Yeah I wonder about those rumors coz my 3rd semester class is just as packed as it was last semester with 200+ kids on the roster. If pple sat the semester out, it's certainly not obvious.

[MadameMedecin]

I was told by an AUA adcom member that many SMU students are transferring into AUA because they are one of the few schools that aren't having a loan crisis.

It doesn't sound to me like that many SMU students are leaving to go to AUA based on the ValueMD forums...but who knows? It does make sense however, that if your school couldn't help you, you would leave and go to one who could...

[WSUCougar]

I was told by an AUA adcom member that many SMU students are transferring into AUA because they are one of the few schools that aren't having a loan crisis.

It doesn't sound to me like that many SMU students are leaving to go to AUA based on the ValueMD forums...but who knows? It does make sense however, that if your school couldn't help you, you would leave and go to one who could...

I have talked to a few SMU students who transferred into AUA..... and they are having the same problems we are. 95% of the Carib Schools are all in the same boat.

I personally have talked to AUA's financial aid department and I got the whole "we're working on it" line, just like SMU's financial aid department is telling us.

The best thing to do in every situation regarding a schools loan status, is to just call up the schools financial aid department and ask them for yourself.

[azulpanther]

what is attracting SMU students to AUA is that they are not having a back up in rotations since not enough of their students are passing step

[gschneid]

You can be assured that any Carib school that doesn't have federal loans will be in the same loan crisis. Everybody gets affected by a crappy economy.

[aureus]

whats HELOC?

[Icraxbax]

home equity line of credit

[GBI]

This has been the first time we've had no really good loan options in my going on 4 years here.

I personally don't know of anyone who took time off, but I hear rumors circulating that some have (I know this guy, who sat next to this guy).

The school says they're going to start offereing loans to students through their parent company, so we'll see how that goes.

Most other students have enrolled in the MBA program to make ends meet. (federal student loans)


Would you say most students do the MD/MBA program for this reason or just a select few. It seems like a good way to get out of a financial bind if you cannot secure private loans but I'm just wondering how academically taxing it is with the addition of the medical school curriculum. Thoughts?

[GBI]

hopefully by then end of the summer, a new loan provider will be on board. no one knows how long it is going to last beucase of the current financial situation in the US. understand this is not a problem with SMU it is the US, if your parent are willingto help out, i would look into getting a HELOC from your parents. the intrest rate is really low now becuase of they situation and it might help out until something more defintite comes around

Yeah I thought of that, but I'd rather avoid it if possible.

[Aleksander]

A little off topic but it seems the world is in a sad state of affairs when students cannot get a loan to attend medical school. It is easier to buy a car with terrible credit than it is to get a private education loan... what a shame.