Financial Aid Horror

[jrh48]

I now understand why others have been complaining about AUC's financial aid office.

I am starting AUC in January. In November I had a Med Achiever loan from Key bank pre-approved. I just got a call from MEIO and they told me that Key Bank is not going to give loans to any foreign medical schools any longer. They've had too many students default. So, I asked the AUC financial aid lady what I should do. She didn't know if Key Bank would honor my loan. She also didn't know what would happen if I showed up down there and I didn't have the financial aid ready for me. She said it wasn't her problem, and that this call was a courtesy to me. She wasn't required to have called me.

So, I spent the next hour on hold with various Key Bank "customer service" representatives. I finally was able to speak with a person who told me that my loan would still be honored, because it had already been approved. Key Bank is going to send the loan check directly to me, since AUC isn't approved of them anymore. If the check doesn't get here before I leave, my family will have to deposit it for me. Also, they couldn't yet mail the check, because AUC hadn't sent them the promissary note yet. I couldn't believe it. I had sent AUC that note weeks ago.

I then called AUC MEIO back and spoke with the same lady who had made the "courtesy" call. She said she had the promissary note on her desk right in front of her, would certify it, and mail it off. Then, I told her that Key was going to send the check directly to me. She did not like that. She was getting a little angry and said that was against procedures. Something about them combining your checks together and giving you a big check down there. I am almost certain that MEIO is going to cause me more problems and not have my Stafford loan check ready when I get down there.

I was hoping that since I had taken care of this months ago, that I would be able to relax the last 1 1/2 weeks before I go down there. Since they are notorious, I am going to have to call MEIO almost daily to make sure that everything is being taken care of.

If any of you have this happen to you, remember to be very nice while on the phone, even if you want to scream at them. Also, ask questions and repeat their answers to make sure you know what they are talking about. That way you know that both of you are being understood.

[johndoe456732]

I called MEIO today also, and they seemed very agitated. I'm really sorry about what happened with Keybank, and I feel for you. I came very close to going with Keybank over SallieMae, but I experienced a delay with Keybank processing my loan application. By the time, it was done things were already set with Sallie Mae. I even planned on switching to Keybank next year.

Thank Goodness that I didn't do that. For all of the people at AUC going through this right now, keep your heads up. For all the Januay-ites.. I guess we all got our welcome to the roller-coaster, but it won't stop us from getting our MD (actually, if Sallie Mae ever pulled the same thing, it would be difficult but that is another issue).

[Baditude]

I have had nothing but trouble with the financial aid office at AUC they have been down right rude to me and have gone out of their way to be a pain in the a$$. I should say this has happened with only the on island people not the Miami people. I dread having to deal with them for any matters. The school would do themsleves a favor by getting rid of the major attitude in that office.

[azskeptic]

I now understand why others have been complaining about AUC's financial aid office.

I am starting AUC in January. In November I had a Med Achiever loan from Key bank pre-approved. I just got a call from MEIO and they told me that Key Bank is not going to give loans to any foreign medical schools any longer. They've had too many students default. So, I asked the AUC financial aid lady what I should do. She didn't know if Key Bank would honor my loan. She also didn't know what would happen if I showed up down there and I didn't have the financial aid ready for me. She said it wasn't her problem, and that this call was a courtesy to me. She wasn't required to have called me.

So, I spent the next hour on hold with various Key Bank "customer service" representatives. I finally was able to speak with a person who told me that my loan would still be honored, because it had already been approved. Key Bank is going to send the loan check directly to me, since AUC isn't approved of them anymore. If the check doesn't get here before I leave, my family will have to deposit it for me. Also, they couldn't yet mail the check, because AUC hadn't sent them the promissary note yet. I couldn't believe it. I had sent AUC that note weeks ago.

I then called AUC MEIO back and spoke with the same lady who had made the "courtesy" call. She said she had the promissary note on her desk right in front of her, would certify it, and mail it off. Then, I told her that Key was going to send the check directly to me. She did not like that. She was getting a little angry and said that was against procedures. Something about them combining your checks together and giving you a big check down there. I am almost certain that MEIO is going to cause me more problems and not have my Stafford loan check ready when I get down there.

I was hoping that since I had taken care of this months ago, that I would be able to relax the last 1 1/2 weeks before I go down there. Since they are notorious, I am going to have to call MEIO almost daily to make sure that everything is being taken care of.

If any of you have this happen to you, remember to be very nice while on the phone, even if you want to scream at them. Also, ask questions and repeat their answers to make sure you know what they are talking about. That way you know that both of you are being understood.

If I was you and experienced someone rude to me that I was in the process of sending a check for $20,000 or whatever I'd ask to speak to their supervisor and explain that you are a customer and they are selling you a medical education and you expect both of you to be kind and helpful to each other. If they can't 'fix' the person, they should be fired. Pure and simple...That is degrading to someone to be treated with that type of disrespect and unprofessionalism.

[AUCMD2006]

i've been lucky so far as not to have any problems yet. i'm sure something will pop up. you just chose the wrong bank at the wrong time. however if the bank wasn't approving the loans why would they send a promisory note? anyway things are upside down at any fin aid office, i had a lot of fun at UI's fin aid office every single freakin semester it was one thing or another.

anyway your checks are here when you get here, provided all your papers are done on time, they give you one of them to deposit and the other you sign over to the school and in ten business days they have your choice of lacal, US, or one each of checks waiting for you. i usually get $2,000 in local check and the rest in a US check. that way i don't have to go to an ATM during the semester.

also i know plenty of people with fin aid probs when they get here, the front office has made arrangements for each of them. call sxm to the business office and double check with them.

also you have to remember that they are typical burocrats with no power of free thought and innovation so, as anyone who has worked in a hospital or coorporation can attest, if anything is ever out of 'procedure' or can't be found in a step by step manual it is out of the realm of reality for them. so think of this as an early introduction as to how to deal with administrations anywhere.

[wolfvgang22]

I just got a call from MEIO and they told me that Key Bank is not going to give loans to any foreign medical schools any longer. They've had too many students default.
Did MEIO tell you this, or did Key Bank tell you this, or is this your opinion?
Thanks

[tRmedic21]

I spoke with Keybank this morning regarding my MedAchiever loans, and since I had already been approved months ago, and had the paperwork in order, I'm good for the next 2 semesters, but after that, I'll have to go back to Sallie Mae (drat!).

They told me they had suspended loans to ALL offshore shores (I am assuming they meant Caribbean) as a strictly business decision, not as a result of the actions of any one school. Anyone in business knows that this means they weren't making the money from them that they wanted, and my opinion is that would be the main reason they wouldn't be making any money. Oh well. We can work through it, no biggie.

[options]

If that was the reason, I guess it would only be a matter of time before podiatry schools and chiropractic schools lose funding..

[azskeptic]

If that was the reason, I guess it would only be a matter of time before podiatry schools and chiropractic schools lose funding..

DC's have trouble borrowing money with their default rate being extremely high.

The Student Loan Mess:
Why Chiropractic Is in Trouble

http://www.chirobase.org/03Edu/loan.html

The guy who wrote that article is now in graduate school,having left chiropractic.

You may see articles on The Student Loan Mess: Why Offshore Medical Education Is In Trouble

[wolfvgang22]

We may see such articles. But it doesn't wash with me. Every year, here in Texas, a news article is printed in the local newspaper about some US grad doctor who has a 3 car garage and a jaguar for each who never paid his loans. The articles aren't titled The Student Loan Mess: Why US med schools are in trouble....at least not yet. Seems to me crap rolls down hill, and IMGS and DCs are downhill of US MDs. Just my 2 cents.

[azskeptic]

We may see such articles. But it doesn't wash with me. Every year, here in Texas, a news article is printed in the local newspaper about some US grad doctor who has a 3 car garage and a jaguar for each who never paid his loans. The articles aren't titled The Student Loan Mess: Why US med schools are in trouble....at least not yet. Seems to me crap rolls down hill, and IMGS and DCs are downhill of US MDs. Just my 2 cents.

Only thing is that the KeyBank thing is interesting..symbolic of 'grading' of schools or at least risk..which may be the same...they probably feel safer loaning money to US school students,which they are large at, then unknown med schools offshore. AGain, another reason why there needs to be some sort of 'rating' of schools so that a junky school isn't seen in the same light as a top notch offshore school. These banks aren't able to discern the difference between the schools.

azskeptic,listening to the coyotes yip in the background