Financial Aid chat on June 20th...

[covarubious]

Just a reminder there is a financial aid chat for Saba on their site on friday the 20th 9:30 am to 10:30 am EST. for those who have questions join in or if you can't make it but have questions post them here. I will be there and ask what ever u need. I'll post the transcript as usual after its all done...

[Mike77]

Just a reminder there is a financial aid chat for Saba on their site on friday the 20th 9:30 am to 10:30 am EST. for those who have questions join in or if you can't make it but have questions post them here. I will be there and ask what ever u need. I'll post the transcript as usual after its all done...

hmm i may have to work, but i'll do everything I can to book it off...

"as much info on the DAP as possible"
"who will be eliglbe for DAP"

heh, i'm assuming everyone will be asking the same question though.... I will do everything I can to make it.

[covarubious]

yeah, that wil be one of my first questions! As much info as possible!


hmm i may have to work, but i'll do everything I can to book it off...

"as much info on the DAP as possible"
"who will be eliglbe for DAP"

heh, i'm assuming everyone will be asking the same question though.... I will do everything I can to make it.

[DoctorORG]

yeah, that wil be one of my first questions! As much info as possible!


nice! thanks buddy... I very much appreciate it.

I don't even know what DAP stands for! lol... oh well...
Do you think I should stick with my RBC account or switch to TD? both give $150K and on their website it says domestic medical schools..
would you please ask if RBC or TD is a possibility? they might know something, or even if you guys know something about it, please let me know. Thanks guys.

[Mike77]

nice! thanks buddy... I very much appreciate it.

I don't even know what DAP stands for! lol... oh well...
Do you think I should stick with my RBC account or switch to TD? both give $150K and on their website it says domestic medical schools..
would you please ask if RBC or TD is a possibility? they might know something, or even if you guys know something about it, please let me know. Thanks guys.

um.. have you actually been approved for these?!

DAP= Direct assistance program (aka saba's loans) I think the info will be released within a couple weeks, and I am praying every night (i am an atheist, so that's how important it is to me)

Regarding the two loans, I believe RBC offers the best program overall.. There's a thread in the financial aid "best loan options for canadians"

Unless you have really good credit & a history with the bank, or a good cosigner, you probably won't get approved. I heard of one person saying they did recently, but they seemed to have a bit of credit behind them. It also seems a bit of a crapshoot. PLEASE TRY, but don't cross your fingers... I could only imagine the DAP will, at the very least, offer really bad rates (beggers can't be choosers).

GL, and i hope this helps

[wizzle]

Most of the big banks have a Professional student line of credit program. BMO has interest rate of prime while RBC and TD have prime +1. From my dealings with all of them, they all require a cosigner but RBC seems most lenient. Since the school is not in Canada, my RBC branch required a cosigner, but I hope people have better luck with their branches! CIBC has a professional program but not for those of us attending international schools. Happy financing :)

[covarubious]

yeah, thats what i hear as well. as far as i have heard, only bmo and rbc give loans to students going to the caribbean, not sure about, but hey, give it a shot! there has been soo many stories about rbc being very uneven. what one branch does might be completely different then the next so ifone says no it couldn't hurt to try the next one. not sure what the school will know about all this but i will definitely ask!


Most of the big banks have a Professional student line of credit program. BMO has interest rate of prime while RBC and TD have prime +1. From my dealings with all of them, they all require a cosigner but RBC seems most lenient. Since the school is not in Canada, my RBC branch required a cosigner, but I hope people have better luck with their branches! CIBC has a professional program but not for those of us attending international schools. Happy financing :)

[DoctorORG]

ask them if their tuition goes on sale or not... and if it does, by how much? (i.e. 50%).. we could wait til the buxin day afterall :D

[covarubious]

lol sure! of if wecan get a group rate or coupons! ;) every little bit helps ;) i wonder if they would know anything about Canhelp... doubtful but worth a shot

ask them if their tuition goes on sale or not... and if it does, by how much? (i.e. 50%).. we could wait til the buxin day afterall :D

[khann4]

where can we log on for this chat? do we have to register with the saba website?

[covarubious]

nope, you just go to their home page and on the left side there is a chat link. it'll ask yoyur name and stuff and you enter in a chat name... pretty easy, no sign up. heres the link:
Online Open House Web Site (http://www.chatuniversity.com/openhouse/Default.asp?SchoolId=1001327391)

where can we log on for this chat? do we have to register with the saba website?

[MatCFAMD]

Thanks dude for the initiative, that's a big help.

Financial Aid Q's:
- With the DAP, do you need to pay the interest while in school ? or the interest can be deferred ?
- Can you get the DAP to cover the whole cost of education (COE) or it's meant only to be a supplement ?
- Eligibility ? Co-signer required ?
- When the credit crunch ends in two years time for eg., can you revert to other loan options ? and when you do, do you pay the DAP or its interest while in school or can they be deferred ?
- Can you pay the semester tuition on installment (say per month) ?

Hope I can make it to the chat, if not, those will be my Q's. :)

Just a reminder there is a financial aid chat for Saba on their site on friday the 20th 9:30 am to 10:30 am EST. for those who have questions join in or if you can't make it but have questions post them here. I will be there and ask what ever u need. I'll post the transcript as usual after its all done...

[MatCFAMD]

I'm thinking this will cost around $130,000 as conservative estimate, roughly an average $13,000 per sem. I don't mind after 1st sem going to a quad or 3-4BR house, $500/mo utilities incl.

I'm using the Canada Student Loan portion of OSAP, Bank LOC, and personal savings. Don't know if I can fork out at least $80,000 LOC ($20,000 per year) with no co-signer, I know they give $150,000 if you go to Canadian medical school w/out co-signer.

Others that I can't live without and will need the $$:
- Possible living cost adjustment (upwards!) during clinical rotations
- Possible transportation costs during clinicals (but hopefully in one city)
- Elective fees since will be doing 12-week elective in Canada :roll:
Then
- Residency apps cost and documents cost -- to tons of programs
- Air fare/bus/transporation to attend residency interviews
- Living cost while waiting for match results (3months) lol I need to live before starting the res and get paid lol
- USMLE Step 1 exam fee, Step 2 CK, 2CS, and Step 3 (since I'm going on H1-B to Uncle Sam), MCCEE exam fee (if I can't present USMLE Step 1 to CaRMS) and associated transportation costs to get these exams done.

i surmise around $12-15,000 for the above extras

overall, probably will need $150,000 to have the peace of mind and $160,000 to feel comfy. not planning to work til res.

i hope someone out there can say $120,000 - $130,000 is good enough. :roll:

[covarubious]

great questions! they will definitly get asked! hope u can make it ;)

Thanks dude for the initiative, that's a big help.

Financial Aid Q's:
- With the DAP, do you need to pay the interest while in school ? or the interest can be deferred ?
- Can you get the DAP to cover the whole cost of education (COE) or it's meant only to be a supplement ?
- Eligibility ? Co-signer required ?
- When the credit crunch ends in two years time for eg., can you revert to other loan options ? and when you do, do you pay the DAP or its interest while in school or can they be deferred ?
- Can you pay the semester tuition on installment (say per month) ?

Hope I can make it to the chat, if not, those will be my Q's. :)

[covarubious]

So... questions we have so far:
1. Information about RBC and TD canadian bank lines of credits, what do they know if anything, which is the better choice, how to go about setting them up/ how do we prove Saba is an acredited school etc
2. EVERYTHING about DAP. lol:
- With the DAP, do you need to pay the interest while in school ? or the interest can be deferred ?
- Can you get the DAP to cover the whole cost of education (COE) or it's meant only to be a supplement ?
- Eligibility ? Co-signer required ?
- When the credit crunch ends in two years time for eg., can you revert to other loan options ? and when you do, do you pay the DAP or its interest while in school or can they be deferred ?
- Can you pay the semester tuition on installment (say per month) ?
3. COE costs in the next few semesters, plans for another tution increase? Is $150 000 doable to complete our education?
4. Any info about Canhelp or any of the other loan companies that have disapeared lately and any news of others that might appear?

Anything else? Questions about american loans etc?

[Mike77]

I'm thinking this will cost around $130,000 as conservative estimate, roughly an average $13,000 per sem. I don't mind after 1st sem going to a quad or 3-4BR house, $500/mo utilities incl.

I'm using the Canada Student Loan portion of OSAP, Bank LOC, and personal savings. Don't know if I can fork out at least $80,000 LOC ($20,000 per year) with no co-signer, I know they give $150,000 if you go to Canadian medical school w/out co-signer.

Others that I can't live without and will need the $$:
- Possible living cost adjustment (upwards!) during clinical rotations
- Possible transportation costs during clinicals (but hopefully in one city)
- Elective fees since will be doing 12-week elective in Canada :roll:
Then
- Residency apps cost and documents cost -- to tons of programs
- Air fare/bus/transporation to attend residency interviews
- Living cost while waiting for match results (3months) lol I need to live before starting the res and get paid lol
- USMLE Step 1 exam fee, Step 2 CK, 2CS, and Step 3 (since I'm going on H1-B to Uncle Sam), MCCEE exam fee (if I can't present USMLE Step 1 to CaRMS) and associated transportation costs to get these exams done.

i surmise around $12-15,000 for the above extras

overall, probably will need $150,000 to have the peace of mind and $160,000 to feel comfy. not planning to work til res.

i hope someone out there can say $120,000 - $130,000 is good enough. :roll:

From my research, it seems that 140k maybe if you scour the sewers looking for a place to sleep and eat leftovers in the cafeteria. 160K tends to be average if you're practical with your money, and 170-180k if you like lots of luxuries. I should mention I am not starting till january, but this is just a summary of everything i have learned via this forum and saba. There are a lot of random fees you forgot to mention, but from people that have done it, that's what they say. Also, expect cost of living and possibly tuition to increase in the next 4 years.

sorry to be the bringer of bad news :p

[Mike77]

So... questions we have so far:
1. Information about RBC and TD canadian bank lines of credits, what do they know if anything, which is the better choice, how to go about setting them up/ how do we prove Saba is an acredited school etc
2. EVERYTHING about DAP. lol:
- With the DAP, do you need to pay the interest while in school ? or the interest can be deferred ?
- Can you get the DAP to cover the whole cost of education (COE) or it's meant only to be a supplement ?
- Eligibility ? Co-signer required ?
- When the credit crunch ends in two years time for eg., can you revert to other loan options ? and when you do, do you pay the DAP or its interest while in school or can they be deferred ?
- Can you pay the semester tuition on installment (say per month) ?
3. COE costs in the next few semesters, plans for another tution increase? Is $150 000 doable to complete our education?
4. Any info about Canhelp or any of the other loan companies that have disapeared lately and any news of others that might appear?

Anything else? Questions about american loans etc?


don't ask about cosigner for the DAP, because you dont need one.

Eligibelity is the MOST important question in my opinion.

My main question:

Details of the DAP: interest rates, application process, etc. Anything and everything. Think of followup questions based on their response, etc.

Like i said, i'm trying to book the time off work.

[covarubious]

never hurts to ask too many questions. lol we have an hour. you never know what could change, like the english prereq for instance. i hope u can make the chat... good questions

don't ask about cosigner for the DAP, because you dont need one.

Eligibelity is the MOST important question in my opinion.

My main question:

Details of the DAP: interest rates, application process, etc. Anything and everything. Think of followup questions based on their response, etc.

Like i said, i'm trying to book the time off work.

[MatCFAMD]

:omg: setting the price tag at $180K ........... :dancing:

From my research, it seems that 140k maybe if you scour the sewers looking for a place to sleep and eat leftovers in the cafeteria. 160K tends to be average if you're practical with your money, and 170-180k if you like lots of luxuries. I should mention I am not starting till january, but this is just a summary of everything i have learned via this forum and saba. There are a lot of random fees you forgot to mention, but from people that have done it, that's what they say. Also, expect cost of living and possibly tuition to increase in the next 4 years.

[woods]

I have a few questions about the interest rates;
- What is the interest rate while you are studying? And, as someone mentioned, are you required to make interest payment every month while you are a student?
- What is the interest rate after you have completed your studies?
- When are you required to start making payments? Is there a grace period between your end of studies and when you need to start making payments?

Not sure if I am going to make the chat. Thanks for offering to take questions and sit in on the chat on our behalf.

[covarubious]

no prob, my pleasure. now lets just hope we get some answers and not the usual its in the works, we'll have more information later. ;)

I have a few questions about the interest rates;
- What is the interest rate while you are studying? And, as someone mentioned, are you required to make interest payment every month while you are a student?
- What is the interest rate after you have completed your studies?
- When are you required to start making payments? Is there a grace period between your end of studies and when you need to start making payments?

Not sure if I am going to make the chat. Thanks for offering to take questions and sit in on the chat on our behalf.

[Mike77]

:omg: setting the price tag at $180K ........... :dancing:


Other questions you need to ask yourself is "what am i going to be doing if i'm taking 4.66 or 4.33 years (jan or may).... That's a bit more of living expenses, so if you decide to not work and just study, then that'll be some more $$!

[covarubious]

Last call for questions, anything u need asked in the financial aid chat post away or join in friday, 9:30am EST.

[khann4]

i talked to saba today and the lady said they were no longer holding the chat, that they needed another week or so to get the information together.....

[covarubious]

dang, ok. better then having a chat and not answering any of our questions. might as well wait until they are ready... thanks for the heads up

i talked to saba today and the lady said they were no longer holding the chat, that they needed another week or so to get the information together.....

[AZcopperJim]

Like I said before, call the office or email them yourself.
Time wasted vs time reading Netter's.

[covarubious]

if you read khann4's post obviously calling or e-mailing the office will be a waste of time as there is no info to for them to give so why spend the money on the long distance.

Like I said before, call the office or email them yourself.
Time wasted vs time reading Netter's.

[Mike77]

if you read khann4's post obviously calling or e-mailing the office will be a waste of time as there is no info to for them to give so why spend the money on the long distance.

I think if i call them one more time they're going to accidently 'lose' my application, haha

[khann4]

dang, ok. better then having a chat and not answering any of our questions. might as well wait until they are ready... thanks for the heads up

No problem, also, the lady said they would give us an extension with the tuition for first semester until the end of july, but if you haven't already its probably a good idea to send in your seat deposit asap because she said they are over-booked for september already...

[Mike77]

No problem, also, the lady said they would give us an extension with the tuition for first semester until the end of july, but if you haven't already its probably a good idea to send in your seat deposit asap because she said they are over-booked for september already...
wow, this is really discouraging....

[covarubious]

yeah, if you read the other post by a current student you kind of get the impression the new people in chare are more concerned with squeezing as many students into first semester as possible, get a quick buck then fail a bunch of them out... i really hope thats not true though...

wow, this is really discouraging....

[wolfvgang22]

yeah, if you read the other post by a current student you kind of get the impression the new people in chare are more concerned with squeezing as many students into first semester as possible, get a quick buck then fail a bunch of them out... i really hope thats not true though...
It is important to remember that all schools are businesses first and places of education second out of necessity. This is particularly true of private schools that do not receive government subsidies or funding such as stafford loans.

It is ultimately up to the student to consider the risks involved in attending one school vs. another.

I have already said myself that given the current loan situation I could not attend Saba as a new student at this time - I would have had to pursue other more easily funded options. I am grateful to have made it just in time.

[DoctorORG]

It is important to remember that all schools are businesses first and places of education second out of necessity. This is particularly true of private schools that do not receive government subsidies or funding such as stafford loans.

It is ultimately up to the student to consider the risks involved in attending one school vs. another.

I have already said myself that given the current loan situation I could not attend Saba as a new student at this time - I would have had to pursue other more easily funded options. I am grateful to have made it just in time.


it's a sad fact... but also don't forget that it's not the way it used to be... education had its place before business once

[Mike77]

It is important to remember that all schools are businesses first and places of education second out of necessity. This is particularly true of private schools that do not receive government subsidies or funding such as stafford loans.

It is ultimately up to the student to consider the risks involved in attending one school vs. another.

I have already said myself that given the current loan situation I could not attend Saba as a new student at this time - I would have had to pursue other more easily funded options. I am grateful to have made it just in time.


well i hope that's not true, even though I know it is for at the very least Carib schools... Most of the Uni's in Canada are subsidized by the government, so I don't think they have the same perspective.

Well I've assumed the worst and will start MCAT prep in a few days, or I'm going to do my masters in psychology.

[wolfvgang22]

it's a sad fact... but also don't forget that it's not the way it used to be... education had its place before business once
Hmmm....did it?
http://img293.imageshack.us/img293/558/drevilra5.jpg

[DoctorORG]

Hmmm....did it?
http://img293.imageshack.us/img293/558/drevilra5.jpg


if your history is defined in the last 40yrs, and only the US then no!

there are still countries in Europe that have free education for people. You don't have to pay for medical school in France for example, and they still have the best top notch medical practice in the whole Europe... same goes with some asian countries...


I should have mentioned that SABA school of medicine is the only school in carribean that has that european spirit of education as being its major goal before business. They can easily make the tuition 20grand/ semester and many other things, but they dont. Saba is like a dream come true for me... it even says that their cirriculum is inspired by european style teaching and US cirriculum... nothing could possibly be better than this..

[thedaylights]

I just spoke with someone in the admissions department. This is *not official information*. But I was told that the DAP is "definitely" going to available starting for the Sept 2008 students. Also, it will be a credit based program, with terms similar to the TERI loans. The more you need to borrow from the DAP, the better credit score you need (or you need a co-signer).
NOTE they stressed that the program is not finalized and that info will be released by mass email to all registered students once it is.

[gumby]

I just spoke with someone in the admissions department. This is *not official information*. But I was told that the DAP is "definitely" going to available starting for the Sept 2008 students. Also, it will be a credit based program, with terms similar to the TERI loans. The more you need to borrow from the DAP, the better credit score you need (or you need a co-signer).
NOTE they stressed that the program is not finalized and that info will be released by mass email to all registered students once it is.


I will believe it when I see it
:bored: