Teri concerns

[wolfvgang22]

Well, I was going to pay down a credit card some more before applying for a TERI loan, but the $1,000 tution hike by Saba is going to make that impossible to do before the tuition due date.

I want to get pre-approved by Teri before I send in my tution check for first semester.

So I'm concerned about TERI approval. I have a credit score of 687, with no late payments or other negatives on my credit report. The only thing that drags down my score is my high credit card balance.

Can anybody help alleviate my nervousness about applying for TERI loan? Has anyone been approved with worse credit than mine, or about the same?
Send me a PM if you don't want to say publicly.
Thanks.

[Siddman]

I applied to teri like 3 times with different co-signers and got rejected. All my co-signers had no default late payments on credit card or any other problem...it was me..i had couple of late payments on my credit card and i had a line of credit ...like only for $4000...they told me that you have too many credit accounts open and have balance in one of them. ANd even if my credit was good ..... i cannot apply for loans with my name only because i dont have a fixed income while at Saba. One think to keep in mind is that if you apply for this year and get approved ....because you had a good income but for the next year you need to find a co-signer. Teri requirements are too harsh ...that is what i find. Hope the best for you,


Siddman


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Faith it seems, is not without a touch of irony

[wolfvgang22]

Wow...that's absolutely nuts to require a co-signer once you are in med school, that makes no sense at all.

Everybody knows that med school students typically don't work. They shouldn't offer loans to students without a co-signer at all if all the sudden they are going to require a co-signer in 8 months. Are you sure you didn't get a customer service rep that didn't know what she was talking about?

[Siddman]

No i talked to two different reps....the think is that for Canadian ..teri loans are through another organization called IEFC....and they are the one who check your credit and verify your application an dthen pass it on to TERI for loan approval...they are very strict. What they told me is that .."You cannot apply the loan on your signature if you do not have an income during studies...and that i need a co-signer" ...and even with a co-signer they still look at my credit in detail...even though i had no balances on my 3 credit card but once or twice i paid the due fee late...they wanted me to correct that from the Credit Union before i be qualified for loan with a co-signer" ...that is the whole reason i applied through Banks after this occurance. One draw back with the bank is that you have to pay the interest on a montly basis...but their interest rate is not bad ...i got a 4.4% / year interest rate. Don't really know if the reqirement for US students are the same..you have to check with TERI your self. Just give them a call and do update me on your requirements.

Hope this helps,

Siddman

[dr.holbs]

please keep us informed about what you find out. I was also going to apply to teri before I send in my tuition and want to know as much as possible before I start.

[wolfvgang22]

Just found out today that I've been approved for the $45,000 TERI loan through Citizens Bank.

See my blog for details, the link's on my website listed in my siggy below.

Thanks again everybody for your encouragement!

[wcb22]

i'd be interested to find where you got the 4.4% interest rate from.

[FoxTrot]

Hey wolfvgang22, is citizens bank known pretty much to pull TU for everybody? I hope so b/c my TU score is my best at 693 and I know medachiever pulls EQ most likely which is my worst. What website did you apply through and are they also a lender for Ross?

I used to use National Education, but they don't work with Ross anymore. :(
Just found out today that I've been approved for the $45,000 TERI loan through Citizens Bank.

See my blog for details, the link's on my website listed in my siggy below.

Thanks again everybody for your encouragement!

[wolfvgang22]

Foxtrot, I applied at http://www.iefc.com. I'm a US citizen, so I clicked on the red link on the left for US citizens attending a Foreign Medical School. Ross is listed there along with Saba.

Honestly, I have no idea which credit bureau report they pulled, as I was approved. Had I been turned down they would have had to tell me and send me the credit report they used to make the decision. People in the past who had been turned down had told me that the report used for them was TU. TU is the only bureau report I worked on cleaning up.

Here's the interest rates available:
Bank of America In School & Deferment:
LIBOR Index +2.35%

In Repayment:
LIBOR Index +3.25%
Initial: 6%
Second: 0% In School & Deferment:
LIBOR Index +2.50%

In Repayment:
LIBOR Index +3.40%
Initial: 9%
Second: 3%

Citizens Bank In School & Repay:
Prime Rate plus .50% 0% In School & Repay:
Prime Rate Plus 1.0% Initial:0.0%
Second:3.0%

Wachovia In School & Repay:
Prime Rate plus .25% Initial:6.0% In School & Repay:
Prime Rate plus .25% Intial:6.0%
Second:3.0%

I chose the citizens bank because of the lower disbursement fees. Next time I might pick Wachovia though, because even though the disbursement fees are higher, the interest rate is lower.

[sprvs]

wolfgang22,
Have you applied yourself or with co-signer to get 45,000? Are you going to get that much because cost of education set by Saba is way less than that. Anyways, I am glad that you got approved. I will be applying in a few days and my TU score is 690. It's good to hear that someone got it with 687.

[islandFEVER]

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[Siddman]

Just found out today that I've been approved for the $45,000 TERI loan through Citizens Bank.

See my blog for details, the link's on my website listed in my siggy below.

Thanks again everybody for your encouragement!

Congrats on your approval status......now that the loan is taken care of atleast one can think of other things......



Siddman

[howardhoavan]

Honestly, if you have any liqudation or 401K, the private loan is much better. I locked 4.0 on christmas day for 150000 with CIBC. Again, if you have parent(s) or anyone who want to help you, it is a big advantage.

[wolfvgang22]

Honestly, if you have any liqudation or 401K, the private loan is much better. I locked 4.0 on christmas day for 150000 with CIBC. Again, if you have parent(s) or anyone who want to help you, it is a big advantage.
I'm guessing your talking about getting a loan through your bank as opposed to getting aTERI loan? The Teri loan is also a private loan, not a federally guaranteed loan, but I bet you know that.

I'm paying LIBOR plus .5% through citizens bank with the TERI loan, and no initial origination fee. The second loan I take out with them (if I don't choose a different bank) would be 3% origination fee.

I see that the chart didn't really paste right into my post, those interested should go to IEFC.com and look at the chart there.

[islandFEVER]

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[wolfvgang22]

Yeah, that's what I'm saying. I think additional loans after the second have the same originating fee as the second loan taken out from a bank. But you might email and ask them to be sure at that point.
Wachovia, for Saba, disburses Teri loans with a origination fee of 6% for the first loan and then 3% for the second, according to the chart at the iefc website.

[lavender]

I have also applied for Teri and was turned down with a score of 718. I talked to several reps and got no strait answer as to why . I called the corp office and was told that I have good credit no late pays but I have a balance on a credit card and I did not meet the criteria for loan. I applied with a cosigner with a score 890 and they turned it down. I called and had them resubmit the app and they approved it. The rep told me sometimes the computer approves applications it should not and turn down the ones who should be approved. This is crazy I am starting rotations and have good credit can buy a house or anything else but I dont meet Teri's criteria. All I know is there will be alot of people being forced to quit school if they cant get loans.

[wolfvgang22]

Well, that's comforting. :oops:

[islandFEVER]

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[islandFEVER]

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[Baseball freak]

I'm wondering, did you get 45000 or the cost of education? The way all the literature reads is that with a co-signer you can borrow up to the cost of education with a 45000 cap annually(two semesters). I guess that means we are limited to what the school has figured as our COE= ~14500/semester with the tuition hike. Which is it?

[wolfvgang22]

Baseball freak,
You are correct. Financial aid informed me that my loan shall be reduced to the COE, which for me will still be significantly more than the $25,000 TERI loan I would have gotten without a co-signer, because I have a family.

[futuremd59]

I have also applied for Teri and was turned down with a score of 718. I talked to several reps and got no strait answer as to why . I called the corp office and was told that I have good credit no late pays but I have a balance on a credit card and I did not meet the criteria for loan. I applied with a cosigner with a score 890 and they turned it down. I called and had them resubmit the app and they approved it. The rep told me sometimes the computer approves applications it should not and turn down the ones who should be approved. This is crazy I am starting rotations and have good credit can buy a house or anything else but I dont meet Teri's criteria. All I know is there will be alot of people being forced to quit school if they cant get loans.


Did they say they would give you the loan if you paid down your credit card or did they still want a co-sig. I know they wanted a co-sig for more than $12,500 per semester.... just wondering what they are up to with us now.?????????????

[sprvs]

I was approved for $25K without any co-signer. My TU score was 690. I had two 30-day late payments on my home mortgage in the previous 12 months and another 30-day late payment on my credit card 4 years ago. I believe they looked at the score only, which was higher than 675 as one of the rep told me they need. My TU score was 620 two months ago and I was really worried. By paying off credit card balances, I was able to raise it to 690. Thanks to all who posts valuable information to this forum.

[wolfvgang22]

Good for you! :D
It's good to hear that TERI might be a little forgiving sometimes about late payments, if the credit score is high.