Umhs is finally on citibank link!

[jaalang]

When do we start applying for the citibank loan? I just check and UMHS is now listed on citibank website(New York). Wow, I guess that was true... I 100% believe it now, I thought it was all a rumor... lol

[WSUCougar]

Here's a copy and paste from an email that I got!

You should be able to start submitting your new loan applications immediately.

Start at www.studentloan.com (http://www.studentloan.com/)
Click on: Loans for Health Professions
Then choose: » CitiAssist Health Professions Loans (https://www.studentloan.com/findstudentloan/citiassisthealthprofessionloan.htm)
This will bring you to a page that has all of the information on the terms and conditions for this loan program.
After you have reviewed the terms and conditions, start your application; click on the dark blue Apply Now button.

[IAUPREMED]

just heard from a few new first semester students already getting declined even with co signers...its going to be a tough battle...

[jaalang]

I just got denied, Citibank is a joke. I'll try with a cosigner monday...

[WSUCougar]

just heard from a few new first semester students already getting declined even with co signers...its going to be a tough battle...

Man.... hopefully it works out. Did they have good credit scores, etc

[vicknightcro]

is the loan available on the semester basis or can we apply for the whole year?

[WSUCougar]

is the loan available on the semester basis or can we apply for the whole year?

3 semesters at a time

[vicknightcro]

I got a credit score of 729, and yet they DENIED me!!!! Maybe I should try call them up and request the loan for one semester to see if they will give it to me.

[WSUCougar]

I got a credit score of 729, and yet they DENIED me!!!! Maybe I should try call them up and request the loan for one semester to see if they will give it to me.

Yikes.....

Med Students with a credit score above a 729 is very few and far between...

[MDCARE9]

Yeah I told you all not to be so excited about the loans being available. BANKS ARE ONLY MAKING REALLY REALLY HIGH QUALITY LOANS. If you have a good amount of debt you are probably not getting approved even with a cosigner. Having an 800 credit score will NOT GUARANTEE YOU ANYTHING! That is the whole point of a cosigner. If you go to a bank branch with a 750 or higher credit score and want a loan with little to no income, they will see you as a total waste of time.
Student loans are supposed to be a good amount easier. But these days things are getting much harder. Oh by the way, Citi is one of the most troubled banks out there!

UMHS did do a good job securing a big time bank unlike other schools that deal with really crooked lenders. But still, unless you have little to no debt, and a really solid cosigner, good luck. I am 100% sure almost everyone would be approved if this loan request was last year or earlier.

[dr1955]

I also got denied but will appeal

[dash]

Guys, have you appealed?
When I got my last loan with citi and I was originally denied. 31 yrs old credit >750 and I was denied...but turned out that their online app denied me b/c it had my birthday off by one day. Spend some time on the phone with citi and make sure all of your info in their hands is ACCURATE. These online apps often jack-up a number somewhere even when you enter the info correctly. I had to eventually appeal and I got my loan for 3 semesters. Best of luck to all!!!

[UMHS]

According to Dr. R, Citi is requiring a credit score of at leaat 700. You also must not have defaulted on loans in the past. If the student does not have the credit score, they can get a cosigner who does.

If the automated system denies you and you meet the criteria above, contact Citibank personally and ask for a printed explanation. Send that to us and we will see how we can assist you. You will need to send the clarification to UMHS yourself because the loan application is between you and the bank. UMHS does not get that information directly from the bank.

[stanmarsh]

If the student does not have the credit score, they can get a cosigner who does.

Does this mean that if you meet the requirements a co-signer is not "required" and we can apply on our own signature like we did before with Citi? thank you for your help.

[vicknightcro]

FYI: the bank looked at my Transunion credit score.

[UMHS]

Yes, stanmarsh, that is what we were told this morning. If you meet the 700 criterion, you do not need a cosigner.

[stanmarsh]

Yes, stanmarsh, that is what we were told this morning. If you meet the 700 criterion, you do not need a cosigner.

Perfect, thank you

[IAUPREMED]

when I appeal my case what do I exactly send it to them? They told me to write them a letter stating why I am appealing and why I think Citibank is wrong in denying my loan. Should I tell that the school told me I need a 700 minimum and that I currently have a 765? And should I pull my credit report and fax it to them also along with my "letter of appeal"?

[IAUPREMED]

I guess I will also send a copy of my letter of appeal and reason denial letter to UMHS along with my credit score showing I have a score of 765.

[WSUCougar]

I guess I will also send a copy of my letter of appeal and reason denial letter to UMHS along with my credit score showing I have a score of 765.

While your at it, could you please let me borrow your credit score? ;)

[IAUPREMED]

i wouldnt mind giving you 50 of my points WSUcougar lol as long as you take the step 1 for me lol

[UMHS]

IAUPreMed,
Your steps are correct. Watch for a PM from me and I will give you a school email address to which I'd like you to send a copy of your appeal.

[RaRa]

What if you do not have a score of at least 700 but your cosigner does, what are the chances of getting approved?

[zoedog]

Has anyone been approved? For those who are appealing, how did/ will you go about it? They told me to send a letter (and nothing else) to South Dakota. I feel like I don't have enough time for this.

[zoedog]

I applied twice with two different cosigners, each with a cs of greater than 700. Both were denied.

[jackets5]

When i talked to them a few months ago. they told me that credit score is a small part of it and they look to the debt to income ratio and it is more important than your score. I know they want a debt to income ration of less than 35%. You can have a high credit score and still be denied because of your debt to income ratio

[mdin2011]

Same strong 780+ FICO cosignor as last time I applied with Citi
& my clean credit with 720 FICO. I did have past undergrad student loans that were late but have since been deferred, which is why I used a cosignor. I was Denied!!!

"Thank you for choosing us to help you finance your education. Unfortunately, your application for a CitiAssist® loan has been declined. You should receive a letter stating the reason(s) for the denial within 5-7 days."

Following up during break and will post update.

[IAUPREMED]

i dont think any at ALL has been approved yet and its getting really close to the starting of the semester. Not really sure what the options are at this point..the appeals process may take a long time.. who knows! I faxed the appeals letter to Citi along with a copy of my credit score and also a copy of this to the Financial aid dept as I was instructed.. I guess we ll see what happens today...If nothing is resolved by the end of this week then its time to make a decision and move on.

[UMHS]

The University would like all of the accepted students who applied for, but were denied, loans AND who either had a credit score of 700+ or a cosigner with a high score to call the Financial Aid staff in the NY office. They will do verything that they can to assist you! We recognize that time is gettinng short and that a written appeal will not be handled in time to get you a loan for the September semester. Please work with the Financial Aid staff and they will work with you.

[vicknightcro]

If you want to know the reason why your application was denied, call Citi customer service and ask them for the reason. If the customer service representative refuse to tell you, ask to speak to a supervisor and he or she should be able to tell you.

[UMHS]

If you do as vicknightcro suggests, still contact our Financial Aid Office and let them know what you found out. It is important for the University to have this information, not onlys so we can help the individeual student but so that we can continue to negotiate for better terms.

[IAUPREMED]

so after i sent my appeal to Citibank, called again today and they basically said that my credit score was amazing and fine but my debt to income ratio was the issue and that I dont have a job and I explained that I am a student, and I really only have 15 000 from undergrad which is not bad at all. I just dont understand how this can a STUDENT loan when they expect us to have a full time job..I dont think anyone is going to be approved if this is the criteria. And even a supervisor could not give me a straight answer, he just said its a "sliding" scale and theres too many factors that go into this to explain and to go and contact your school. And they basically told me to go find a co signer because there is no way its going to be approved without one even with a very high credit score. My issue is that I cannot get a co signer..I just dont have one and cannot obtain a co signer so I guess Im going to wait for the financial aid office to get back to me..time is running out and Im cutting it very very close.

[MedMan87]

so after i sent my appeal to Citibank, called again today and they basically said that my credit score was amazing and fine but my debt to income ratio was the issue and that I dont have a job and I explained that I am a student, and I really only have 15 000 from undergrad which is not bad at all. I just dont understand how this can a STUDENT loan when they expect us to have a full time job..I dont think anyone is going to be approved if this is the criteria. And even a supervisor could not give me a straight answer, he just said its a "sliding" scale and theres too many factors that go into this to explain and to go and contact your school. And they basically told me to go find a co signer because there is no way its going to be approved without one even with a very high credit score. My issue is that I cannot get a co signer..I just dont have one and cannot obtain a co signer so I guess Im going to wait for the financial aid office to get back to me..time is running out and Im cutting it very very close.

wish you the very best luck, looks like it'll be tough for anybody to get aid in this crisis, i hope you had a backup plan

[vicknightcro]

get out of one hole and into another :-(

[jaalang]

While citibank denied me 2 times (one with cosigner with credit 700+), a friend of mine with bad credit asked if I can be her cosigner, and I did, she got approved at Salliemae for over 25,000 dollars for a U.S school which she'll be attending. So, I think that Dr. R should consider to make a deal with Salliemae, get his trust fund out of citibank and be with Salliemae and I'm sure they'll almost approved everyone. Citibank is a joke, they gave me some B.S story that I have delinquincies on my report, if that was so? How come I just cosign someone with bad credit and she got approved for a loan over 25000?

[vicknightcro]

I think they just lead us on a while goose chase when they use the debt to income ratio as a determining factor. :-( even more!!!

[IAUPREMED]

Im sure the administration is working on things...it takes a while but I know Ross always pulls through in the end....just stay in touch with the financial aid office..thats all I can do also for now and see what happens...

[LBfromtheDALE]

Just thought I'd reiterate: Call financial aid.

It worked for me.

[MDCARE9]

While citibank denied me 2 times (one with cosigner with credit 700+), a friend of mine with bad credit asked if I can be her cosigner, and I did, she got approved at Salliemae for over 25,000 dollars for a U.S school which she'll be attending. So, I think that Dr. R should consider to make a deal with Salliemae, get his trust fund out of citibank and be with Salliemae and I'm sure they'll almost approved everyone. Citibank is a joke, they gave me some B.S story that I have delinquincies on my report, if that was so? How come I just cosign someone with bad credit and she got approved for a loan over 25000?

Sallie Mae is better than Citibank. Almost everyone would be approved with them with a solid cosigner. But lets just make something clear, Sallie Mae has gotten a bit tougher lately as well. Also SALLIE MAE IS MORE EXPENSIVE WITH MANY FEES AND HIGHER INTEREST RATES.
Also YOU MUST PAY INTEREST WHILE IN SCHOOL EVERY SINGLE MONTH WITH SALLIE MAE. So you better watch your friend carefully, because you friend may destroy your credit as well. LOL

[LBfromtheDALE]

Also YOU MUST PAY INTEREST WHILE IN SCHOOL EVERY SINGLE MONTH WITH SALLIE MAE. So you better watch your friend carefully, because you friend may destroy your credit as well. LOL

Why the laugh? You're a sicker individual than I.

[Dr.30564]

Sallie Mae is better than Citibank. Almost everyone would be approved with them with a solid cosigner. But lets just make something clear, Sallie Mae has gotten a bit tougher lately as well. Also SALLIE MAE IS MORE EXPENSIVE WITH MANY FEES AND HIGHER INTEREST RATES.
Also YOU MUST PAY INTEREST WHILE IN SCHOOL EVERY SINGLE MONTH WITH SALLIE MAE. So you better watch your friend carefully, because you friend may destroy your credit as well. LOL


wow . . . that's terrible.

[joemqc]

While citibank denied me 2 times (one with cosigner with credit 700+), a friend of mine with bad credit asked if I can be her cosigner, and I did, she got approved at Salliemae for over 25,000 dollars for a U.S school which she'll be attending. So, I think that Dr. R should consider to make a deal with Salliemae, get his trust fund out of citibank and be with Salliemae and I'm sure they'll almost approved everyone. Citibank is a joke, they gave me some B.S story that I have delinquincies on my report, if that was so? How come I just cosign someone with bad credit and she got approved for a loan over 25000?

You should have had your friend borrow more money so you could use some of it for UMHS..

[l3mcmann]

It doesn't appear that anyone is getting approved for the loans. Not one person has posted that they've been approved. I gotts say that wories me a bit.

[LBfromtheDALE]

It doesn't appear that anyone is getting approved for the loans. Not one person has posted that they've been approved. I gotts say that wories me a bit.

False. I have.

[zoedog]

You say you have been approved through contacting finaid. What advice did they give you that gave you a leg up? I have spoken with Citi as well as financial aid and all they can tell me is that no matter how good my cosigner is since my credit sucks, Citi says no based on my credit alone. What is the point of having a cosigner with stellar credit if they do you no good? Any advice on the appeal? I did manage to clean up my report a little, but it won't show up for a little while. Should I shelve Citi until the second year and look at a smart loan through Sallie Mae?

[LBfromtheDALE]

You say you have been approved through contacting finaid. What advice did they give you that gave you a leg up? I have spoken with Citi as well as financial aid and all they can tell me is that no matter how good my cosigner is since my credit sucks, Citi says no based on my credit alone. What is the point of having a cosigner with stellar credit if they do you no good? Any advice on the appeal? I did manage to clean up my report a little, but it won't show up for a little while. Should I shelve Citi until the second year and look at a smart loan through Sallie Mae?

Nothing was happening with my loan, so FA set up a conference call with a Citi representative. 1/2 an hour after that conversation my loan was approved. I don't know how it happened, but it worked. I never had to appeal a decision. That being said, both my cosigner and I have very good credit.

I don't know the ins and outs of the lending process, so the best advice I can offer would be to keep in contact with FA, and appeal the Citi decision.

There's always the MBA option, even though it sucks. Keep the faith.

[MLMDQ]

I got it! I Got it!! I was approved by Citibank My dad was my co-signer!! YES See you on the Island!! The lady in the financial aid office in New York was very very hard on me and my dad but it went through anyway YeePee!!!

[zoedog]

In what way do you mean she was very hard on you? How did this help?

[MLMDQ]

Hard as in not very nice! My father was very very upset with her:doh:. She was of speaking to my dad like he was a child .:confused: She needs to remember we are the ones paying thousands of $$$ to go to this school.The guy in housing and admissions by far was very nice and helpfull. Thank you Mr. D. and Mr. M:cool:

[dr1955]

I appealed and got denied. I made 145000 last year have 300000 in liquid assets and got denied for 36000 then 9000. I had a $24 post 2007 surgery bill that somehow went to collections. My score is over 700 Ive had good credit for 25years. This Citibank is a joke.

[rokshana]

^ so i would have to ask...why would you NEED the loan?

[dr1955]

Think about it. Did you skip all your econ classes in undergrad ?

[rokshana]

Think about it. Did you skip all your econ classes in undergrad ?

one i was a bio major so no econ classes...

you made 145K in one yr and have 300K in LIQUID assets...seems to me you could be self pay unless you have like 6 kids in college and a major shopping habit...what? you have NOTHING in savings??

[joemqc]

I got denied applying by myself so i am putting off applying with a co-signer until i actually really need it..

[zoedog]

I feel like this conversation has degraded to the point of hostility. We are all in the same boat. My suspicion is that Citi Bank was reluctant to reenter an agreement with the school and has, consequently, made it virtually impossible to secure a loan. Regardless of the individual's circumstances, and decision to take out a loan, I feel we should all have access to financial aid. None of us will be able to work for the next four years. Even someone with 30K in liquidity can't pull that off without some financial backing. Let's not attack each other, rather band together to raise greater option- this is obviously not working for a great many.

[vicknightcro]

Determine if you should apply individually or with a co-signer.
Are you:

Y N
A U.S. citizen or permanent resident
Y N

At least 18 years of age
And do you have:
Y N

A satisfactory credit history which includes at least 12 months of borrowing, charging, and repaying
Y N

No liens, judgements, charge-offs, excessive 30, 60, 90-day delinquencies on any loans or revolving charge accounts, etc.
If YES TO ALL, You may be eligible for a CitiAssist Loan based on your own credit.
If NO to ANY, You will need a co-signer to support your loan application.

A co-signer must meet all of the requirements above and have a minimum verifiable income of $18,000 per year ($1,500 per month) and a debt-to-income ratio of less than 45%.

The above information are from the CitiAssist. If your answers are YES to all of the above questions then you should call and ask a supervisor as why you got denied and appeal. Also, note that the mininmum credit score from TransUnion has to be at least 700. The appeal does works !

[gx255]

one i was a bio major so no econ classes...

you made 145K in one yr and have 300K in LIQUID assets...seems to me you could be self pay unless you have like 6 kids in college and a major shopping habit...what? you have NOTHING in savings??
Don't believe everything you see esp. on the internet...

[Badtz]

are the citibank loans good for 3 semesters? or just per a semester each time?

[WSUCougar]

are the citibank loans good for 3 semesters? or just per a semester each time?

Three Semesters

[gx255]

Three Semesters

Does that mean the total loan amount given in that 3 semesters is $250,000?

[WSUCougar]

Does that mean the total loan amount given in that 3 semesters is $250,000?

No, cause then you would grad a million dollars in debt :doh:

The total for 3 semesters, comes to about $59,000

[LBfromtheDALE]

Does that mean the total loan amount given in that 3 semesters is $250,000?

Only for students commuting from Miami. The private jet rental can get expensive. :D

[gx255]

Only for students commuting from Miami. The private jet rental can get expensive. :D

LOL made my day =)

i meant like since citibank loan is [Correction] $275,000 total. Is that the amount dispersed throughout the semesters attending umhs?

[zoedog]

Oh my. My mothers always reminded me that anyone who can get through the financial aid process is due a degree in and of itself. This tends to be true of some institutions more than others. No, you have a cap(aggregate) of 225,000 for this type of student-level loan. That means that over the course of your health professions student career as you are classified here, this is your max including any other loans taken out under this classification. Good luck with Citi thought. They are particularly ornery with the student loans right now. I've written them off.

[mdin2011]

After several attempts with Citi, I have been denied for the third time. I have a 700+ FICO and so does my cosigner. I have undergrad loans that are due with no postponement or economic hardship option. This is the reason for the denial and Citi will not even look at my cosigner till it is resolved. I have no way of paying for my 4th semester so far. Has anyone been approved!?:confused:

[Meatstik]

question #1: did you appeal any of those denials?
Question #2: did you contact elissa schoening at NY office financial aid for assitance?

i applied the first day it showed up on the link without a cosigner and was denied...i too have a fico score well above 700 and great credit history. when i asked why i was denied, they said cause of my outstanding debt from another school.

to be honest, i have just over 60k in outstanding loans, but due to the max aggregate of 275k total, i technically fall under that cap. i wrote an appeal letter and contacted elissa at ny office. she called her contact at citibank and after reviewing the whole case, they overturned their decision. (keep in mind that this was all done without a cosigner too).

if you meet the criteria, then figure out other ways to skin the cat...dont just keep applying, cause that will look bad and negatively affect your future credit report and score!

good luck!

[gx255]

After several attempts with Citi, I have been denied for the third time. I have a 700+ FICO and so does my cosigner. I have undergrad loans that are due with no postponement or economic hardship option. This is the reason for the denial and Citi will not even look at my cosigner till it is resolved. I have no way of paying for my 4th semester so far. Has anyone been approved!?:confused:
Did you make on time monthly payments for those undergrad loans?

[KyMDHopeful]

I have a 700+ score (710 or so I believe), and my father's is higher than mine (he will cosign.) I have no debt whatsoever. My father also has virtually no debt (maybe $1k or so, if that.)

What happens if Citi denies me? I would think we are in a fairly good financial situation?

[UMHS]

First of all, I'd work on the assumption that you will be approved until Citi tells you otherwise. If your worse case scenario comes true, then contact the Financial Aid Office at UMHS. They will work with you through the appeals process and will intercede just as much as they possibly can. They often know the right office to contact or the person who can give you additional information. We have had several students who were initially denied but who, upon appeal, were granted student loans.

[cfett25]

Citibank is such a hassle, makes me angry! :mad:

[cfett25]

Anyone else having issues with getting in touch with someone in the financial aid office? I've called and emailed with no response. :mad: Citibank denied me and it doesn't look promising that it will be appealed. (took me 2 months to even find a part time job when I graduated in May so my bills have been backed up for a few months now... don't really see that situation being completely turned around by Jan, but it is getting better) I'm sure citibank could care less why my credit score suddenly dropped. Anyway... frustrated and wishing I could get some advice on what to do now.

[UMHS]

Please send me your contact information in an PM so that I can have someone from the Financial Aidoffice contact you this week. It would also be helpful if you could give me two or three dates/times that you will be available so that the financial aid officer is sure to reach you if they call first.

Thank you.

[cfett25]

Is there really no other option besides citibank?

[WSUCougar]

Is there really no other option besides citibank?

currently no...

The Citibank option is a whole lot better than what the other schools have.... which is "nada"

[azulpanther]

I 2nd that with a BIG FAT NADA

[lifeAgift]

Just got denied but I'm sure the letter of explanation will confirm my suspicions as to why.

We have no credit except home mortgage and my current student loan indebtedness is relatively high. Still plenty of room to fund the UMHS experience but high none the less.

Hmmmm
Was just curious though I haven't applied to UMHS yet.

At least the rejection will get me a free credit report and an opportunity to get my ducks in a row before applyig to UMHS for Fall 2010

[KyMDHopeful]

:(Citi seems a bit ridiculous. I've been denied twice. The first time was when I applied by myself. Then I tried with a cosigner (Who makes $150k a year) and was denied again. Seems like they only give the loans to people who dont REALLY need the loans. (Can pay out of pocket)

Kind of sucks because even if I do the Davenport MBA I don't have anyone to cover the difference in what I get vs what I will still owe.

[kyeremak]

Yep!! thats the word on the streets

[vicknightcro]

KyMDHopeful,

A friend of mine who got 800+ credit score and still got denied. I think Citi is making it so if you want the loan, you have to fight for it. That was what I did and got approved for 3 semesters of loan on my own signature. Even though Citibank is making it difficult for you at first, but if you can get it, you are set up for the whole year. So, you just have to find out what they want and fight for it.

[KyMDHopeful]

What did you do exactly to "fight" it? It never seems like I can get a customer service rep to help me out at all. They always just say "I'm sorry you have been denied"

[drmatty]

kyMDhopeful,

I'm in the same boat as you..I applied and was denied. I dont know what i'm gonna do...seems so unrealistic.

[UMHS]

KYMDhopeful and DrMatty,

In the past, I've told people to go to our financial aid department if you have been denied. They may be able to help. (No guarentees other than that they will assist!) If you have done this and you feel that they didn't "assist", please PM me with the specifics. If you haven't done it, please do it now!

[KyMDHopeful]

Oh, I have been! :)

[UMHS]

Good...and since you didn't PM me, I assume that they have been as helpful as possible. I wish that I had a magic answer for your financial situation but the best I can do is encourage you to keep trying and wish you "Good luck!"

[kika0901]

Why is UMHS offering this type of loan when they do most people will get denied? From what I've read here, even peole with good credit score get denied.What other means are there if you don't receive the loan and do not apply for the MBA program?

[UMHS]

Kika,
As you are undoubtedly aware, ALL banks have become much more rigorous regarding their qualifications for ALL loans. The situation applies to everything from mortgages to auto loans to student loans. Citi Bank is one of the few banks that is still offering student loans of any type. For this reason, UMHS offers it. Were it not for Citi, prospective students woud have no other ooptions that the MBA-type programs or paying out of pocket.

Obvioulsy, this is not the optimal situation but it is the one with which we all have to contend. If anyone is aware of a better loan program offered by a bank, let me know in a PM and we will consider it. To date, no one has found one.

[KyMDHopeful]

Just for a little reference. I was denied for the Citi loan by myself with a credit score of 725. Then I was denied with my cosigner who has a credit score of 930. Yes, 930. Denied.

[KyMDHopeful]

Working with FinAid and 930+ cosigners and nothing. Denied. Denied.

[KyMDHopeful]

Apparently Citi would like 50 year old millionares with zero debt and 48 years of credit history to approve this "loan"

[kika0901]

What do you think: A credit score of approximately 750, no debt at all. Will I be denied without a cosigner?

[KyMDHopeful]

<-- 720 no debt denied with a cosigner and appeal.

[RobotJim]

I sure am glad this thread started before I submitted an app to UMHS. People with 900+ credit scores getting denied? That is ridiculous. Hopefully UMHS can find more options for students because the school is definitely appealing and I believe that it can offer a great medical education. Good luck to all that are effected by this silly financial problem.

[KyMDHopeful]

I agree, Jim. This school has so much going for it. I just wish they offered a way for the students to pay for it. (A way that worked, I should say) I'm starting to think I'll never see the UMHS campus or an MD from there, unfortunately.

[UMHS]

Since I know that some prospective students have received loans with scores much less than 900, I have to think there is more to this story than is known.

I worded that carefully because I don't want anyone thinking that I am calling KyMDHopeful deceitful! There is a good chance that whatever is not known to us is also not known to him.

I do know that many students have received Citi loans without a score that approaches 900. If I was a prospective student, I would still apply and see if my case was different...and perhaps one of those that gets the loan with a lower score. I wouldn't generalize from one case. In medical school, you will repeatedly hear that you can't generalize when n=1!

[KyMDHopeful]

What I did leave out was that the 930 cosigner has $37k left in professional school loans and a mortgage of $230k (although they were approved for $425k). Thats all.

Maybe I'm just having a more difficult time than others. I wouldn't get excited about being accepted until you have been approved for loans first.;)

[mbk]

Well the requirements for the loan listed on citibank's website are quite misleading . Not only do I exceed them but so did my cosigner and we both got denied. I have no debt from undergrad. My cosigner makes 120,000 a year as a pharmacist. He owns two homes valued together at 375,000 and only owes a total of 50,000 between the two. His credit score is a 787. Never been late for any payment. Has no car payments. Still got denied for the loan. We're in the process of appealing it but we aren't to optimistic about it. But at least I know I can travel (got the Visa) and I'll be healthy doing it (got all the immunizations, shots, tests, chest xray, physical). I was so excited to get accepted to UMHS but now my excitement has become rather dismal thanks to Citibank. I was already getting a late start at med school at 27. Guess I'll either be older when I start or be something else all together.

[pope]

I was looking on the schools website, and this was in the school news section:


"Warren Ross Chosen by U.S. Department of Education

Warren Ross, president of UMHS, has been chosen by the U.S. Department of Education to participate in the negotiated rule making process as a member of the Foreign School Committee.
In this role, Mr. Ross will be a primary negotiator for the committee to develop proposed regulations related to student financial assistance programs authorized by Title IV of the Higher Education Act of 1965. The committee will focus on foreign school issues (medical, veterinary, and nursing) as it relates to student financial aid.
The first meeting will occur the week of November 16th at the Department of Education in Washington D.C. "


i'm so excited, maybe he help make something happen with the loan situation. maybe even some...dare i say it...<federal funding>:eyebrows:

[gx255]

I was looking on the schools website, and this was in the school news section:


"Warren Ross Chosen by U.S. Department of Education

Warren Ross, president of UMHS, has been chosen by the U.S. Department of Education to participate in the negotiated rule making process as a member of the Foreign School Committee.
In this role, Mr. Ross will be a primary negotiator for the committee to develop proposed regulations related to student financial assistance programs authorized by Title IV of the Higher Education Act of 1965. The committee will focus on foreign school issues (medical, veterinary, and nursing) as it relates to student financial aid.
The first meeting will occur the week of November 16th at the Department of Education in Washington D.C. "


i'm so excited, maybe he help make something happen with the loan situation. maybe even some...dare i say it...<federal funding>:eyebrows:

Oh my goodness Pope! This means after our ARP class, there's a chance we might get Title IV Loans, which means we can probably defer our undergraduate loans too!

[pope]

Oh my goodness Pope! This means after our ARP class, there's a chance we might get Title IV Loans, which means we can probably defer our undergraduate loans too!

:hail:YES!!!!:-smiley7 that would be a true blessing!!!! :-angel

[KyMDHopeful]

Wonderful news. Even if nothing comes of this for another year or two, it shows this school has A LOT going for it.

[djp21224]

i also wish there was a rational way to pay for this school. to the guy above, maybe you were lucky not getting that Citi loan. Citi is one of the more poorly-positioned, poorly-run US banks. do you think it's a coincidence that UMHS was removed from their list of approved schools for a while--probably NOT UMHS's fault at all... Citi is in bad shape. Once commercial property losses mount, Citi owns a lot of derivatives and MBS's tied to the commercial real estate market. they'll need another bail out and private student loans will be in jeopardy again.

Private loans don't allow you the same deferal/forebearance options and they're not guaranteed moving forward... they could approve you for 3 or 4 semesters and then, inexplicably, cut you off and not approve you bc of something in the economy, your application, your school, etc.

lastly, if UMHS does get federal loans in a few yrs, there will be a much better source of funding... which means they can charge more! if they can get people to borrow whatever the max is, don't you think they will charge that? they'd be irrational not to raise tuition! are you confused about why SGU and Ross are so expensive? it's bc the federal money is there.

that said, yes, fed loans are better than nothing at all.

i think, when all is said and done, you need to look at all options and not be that disappointed about Citi. probably much better off in the long run.

[djp21224]

After several attempts with Citi, I have been denied for the third time. I have a 700+ FICO and so does my cosigner. I have undergrad loans that are due with no postponement or economic hardship option. This is the reason for the denial and Citi will not even look at my cosigner till it is resolved. I have no way of paying for my 4th semester so far. Has anyone been approved!?:confused:

this is EXACTLY the scenario I'm worried about and why I won't be using Citi to pay for med school--also why I'd recommend that others not run this risk.

Citi is GOING TO GET THEIR MONEY BACK FROM YOU... WITH INTEREST. They don't have any particular interest in whether you pay them back as a doctor making 150k/yr or as a waiter making 30k/yr. They are going to get the money unless you go "off the grid" and live in Africa or Siberia or somewhere they can't garnish your wages, withold tax refunds, etc.

To be honest, Citi wouldn't mind if you make only 30k/yr after not finishing (partly bc of them!).... the longer you take, the more interest they get... and we're not talking 2%/yr interest... probably closer to 8 or 10% That's highway robbery!

Imaging getting half way through UMHS then boom--no more loans for you! And now you're into the clinical semesters where it's 11k/semester tuition and probably another solid 5k/semester of living expenses. So where will you come up with 16k? Fed loans? Nope, don't have 'em yet. Rich uncle? I hope!

It's also crazy that they'd ask you for a cosignor... of course THEY want a cosignor... but what if your monthly loan payments are more than you can afford as a resident... imagine calling your co-signor to let them know that, unless they want ruined credit, they need to step up (of course, they'd be thinking they never really had any risk, bc it is human nature to underestimate risk)

The whole Citi thing is very, very unfortunate and shady. Yes, it's better than nothing... but not in all situations. Tread carefully going that route. There are European schools that have much lower tuitions and costs of living. There's also the option to go to lower-ranked US schools.

[lifeAgift]

Oh my goodness Pope! This means after our ARP class, there's a chance we might get Title IV Loans, which means we can probably defer our undergraduate loans too!


Give the current health care "crisis", reform issues and pending MD shortage I think we will all find some real creative financial solutions in the future!

[anhquoc4m]

There is No point of having a bank for students to borrow loan when almost every students get denied. Luckily, there is still Davenport University.

[WSUCougar]

There is No point of having a bank for students to borrow loan when almost every students get denied. Luckily, there is still Davenport University.

That's nonsense. There DEFINITELY has to be something to the story here. For months I have been worried about the Citibank Loan (largely because of everyone saying that they're getting denied on here).

Then my Loan Period ended last month, and I applied ON MY OWN SIG, and was Approved. I have a good credit score, with a TON of Medical School Debt (since I'm less than a year from graduating) and yet I was still approved, Along with the rest of my classmates.

Having Citibank at UMHS is a HUGE Blessing!! Especially in this Financial Market. We have Student Loans, where many other schools don't even have a SINGLE Loan Program to offer their students...... so it definitely could be worse...... A lot worse.....

[gx255]

Cougar is right.
First off, having Citibank as a loan option for a caribbean school is just something unheard of. Esp, when umhs is still growing. We have Warren to thank for that.
Secondly, what you read here is the people that got denied, I am currently in the school and lots of people have the citibank loan.
If you are getting denied then something must have really screwed up your credit report and score.