Loans cancelled.

[scamp]

NE one else get that email.. MY loans for the fall term that were approved by ed invest were cancelled..

[Kongakut]

I got it. To possibly get your loans on time without delays -

1. Go to the SGU financial aid web site loan program (http://www.sgu.edu/website/sguwebsite.nsf/financial-services/som-loan.html)
2. Review their list of approved lenders here (http://www.sgu.edu/website/sguwebsite.nsf/pdf/PreferredLenderList.pdf)
3. Pick the lender you might want and note their lender code
4. Click the respective links to apply
5. Apply for the stafford and grad plus loans (input their lender code)
6. Sign an MPN for each stafford and grad plus.

I did that and was told that I should be able to get my next disbursements in a timely fashion.

[scamp]

WEll even before i was never pre approved for the GRAD PLUS and had to talk to the lady in ed invest and then they would approve me.
BUT now waht do i do.. I dont know if there is anyone taht works with SGU students like that at these new banks.

[Kongakut]

They are SGU approved lenders, so they work with SGU students. You should also be in touch with your financial aid rep with SGU if you are having trouble.

[uknowwhoitis]

okay so im confused. does everyone who got loans through our school have to redo their paperwork? i dont know anything about loans, i just signed the paper and started studying...

[Chobb1]

What loans are currently available for MPH students who are doing the MPH to MD program? I will be starting the MPH part in August and I am wondering what type of loans I can get.

[scamp]

I dont know. seems like everyone that got it from ed invest.. would have too. but make sure.. check ur SGU email.

[Reilly]

Weird that you're just hearing about this now. I thought I heard that Ed Invest was going out of business or in some kind of financial trouble a couple months ago because Canadians were scrambling to find other loans.

[Phospholipid]

can somebody explain what ed-invest is? I just did my paperwork for stafford loans and grad plus loans and it says that the money has been sent to the school. I chose Bank of America as my provider. I am a US citizen. would cancellation of ed-invest affect me? thanks

[Kongakut]

If you got an email yesterday or today from your fin aid rep about ed-invest canceling your loans, then this applies to you. Otherwise, don't fret unless you get an email.

[Phospholipid]

but.. can someone elaborate what ed-invest is to SGU? when i did my loans, i didnt even have a choice to choose ed-invest. Which type of students apply through ed-invest?

[scamp]

ed invest is just a lender.. Just like Bank of America. If you say u didnt pick ed invest you should be good. I dont see ne problem. CAll the school to make sure.

[Reilly]

but.. can someone elaborate what ed-invest is to SGU? when i did my loans, i didnt even have a choice to choose ed-invest. Which type of students apply through ed-invest?

Canadians and GSP students used Ed invest because they are not eligible for stafford loans. Don't worry about it if you didnt.

[doctor95]

hey!

I have been accepted into the aug 08 med but i am a bit confused when it comes to loans? I am ineligible for stafford loans and i just heard about ed invest. Wanna try my luck there so just wondering if they are still accepting applications?

[Kongakut]

Ed invest canceled their loans with SGU for current terms. Talk to your fin aid counselor - but it sounds like they are not funding anymore.

[Coldfusion]

Found this article pretty interesting:

July 1 Brings Record-Setting Drop in Student Loan Interest RatesMarketWire
updated 4:16 p.m. ET, Wed., July. 2, 2008

PHOENIX, AZ - Both new and current student loan borrowers of certain federal Stafford student loans saw two interest-rate drops go into effect yesterday that could save them significant amounts of money on these fixed- and variable-rate student loans (http://www.nextstudent.com/student-loans/student-loans.asp). Borrowers with variable-rate Stafford loans saw the biggest rate drop -- three percentage points -- due to the general interest-rate cuts made by the Fed over the past year.
Borrowers holding both subsidized and unsubsidized variable-rate Stafford student loans -- those Stafford loans that were disbursed between July 1, 1998, and June 30, 2006 -- received their record-setting rate reduction when the interest rate on those student loans reset on July 1, as it does every year.
As a result of the rate cuts made by the Fed, borrowers with variable-rate Stafford loans that are in repayment or forbearance saw their interest rate drop from 7.22 percent to 4.21 percent. Borrowers with variable-rate Stafford student loans who are still in school, in their grace period, or in deferment saw the interest rate on their student loans go from 6.62 percent to 3.61 percent.
Borrowers with subsidized Stafford loans that were disbursed on or after July 1, 2006, also saw a reduction in their interest rate, albeit a much smaller one. The rate on these student loans (http://www.nextstudent.com/), which was previously fixed at 6.8 percent, dropped to 6 percent yesterday and will continue to fall over the next four years for both new and current borrowers, eventually dropping to 3.4 percent in 2011.
This phased-in reduction to subsidized Stafford loan rates comes as part of the College Cost Reduction and Access Act of 2007, which also increased federal grant aid to needy students. The fixed rates on subsidized Stafford student loans will be incrementally reduced on July 1 each year until July 1, 2012, when interest rates are set to revert back to 6.8 percent, barring new legislation that keeps the rate reductions in place.
Unsubsidized Stafford student loans are unaffected by the legislation. Unsubsidized student loans are those in which borrowers are responsible for all interest that accrues, even if they're not currently required to make any payments on their student loan, as when they're in school at least half time or in an authorized period of deferment. With subsidized college loans, on the other hand, the government will pay any interest that accrues while borrowers are in school at least half time, in an authorized deferment period, or in the grace period they're granted after leaving school, before they must begin repayment on their college loan.
The interest rate on unsubsidized Stafford loans that were disbursed on or after July 1, 2006, remains fixed at 6.8 percent.
Yesterday's rate reductions also apply to federal consolidation loans, which allow borrowers to bundle all their eligible federal college loans (http://www.nextstudent.com/) -- both fixed-rate and variable, subsidized and unsubsidized -- into one single student loan with a fixed interest rate. Those who consolidate their Stafford student loans while in their six-month grace period could consolidate at a fixed rate as low as 3.61 percent.
"This is not only the biggest drop ever in the in the interest rates on variable loans," says Mark Kantrowitz, publisher of the financial aid website FinAid.org, "but the lowest rates in the history of the student loan program."
About NextStudent
NextStudent, Federal Lender Code 834051, is dedicated to helping students and their families find affordable ways to pay for college. NextStudent offers one-on-one education finance counseling and has a portfolio of highly competitive education finance products and services, including a free online scholarship search engine, private student loans (http://www.nextstudent.com/private-loans/private-loans.asp), and information on parent loans, student loan consolidation programs, and college savings plans.
For more information about NextStudent and its student loan programs, please visit our website at http://www.nextstudent.com (http://www.nextstudent.com/).





July 1 Brings Record-Setting Drop in Student Loan Interest Rates - MSNBC Wire Services - MSNBC.com (http://www.msnbc.msn.com/id/25501010/)

[thejosh]

It seems like the Ed Invest application is back up online....does this possibly mean they are lending again?