Thread: Student Loan

I got my loan approved but out of 20k requested I got 15k bc of my cosigner's credit.

It's a tight market right now. At least you got something!

That is great! That actually pays 100% for your entire year's tutition! Where else can you get that. And the cost of the dorms are so inexpensive. They are in the middle of anything you may need and the school has a bus to take you to and from school- and it takes you to a really nice grocery every Saturday- So no need for even a car! So congrats and WELCOME!!!

You're absolutely right. I just didnt know how hard it is now to get student loans to in the Caribbean

Yes, its really bad in the Caribbean. Most schools offer no loans. I recently had the horrible experience with a school luring people with the promise of an "institutional loan" only to lie and take it away! So its refreshing to see CMU doing things right. They are very solid financially which is why they have no issue in backing their own loans! Other schools you wonder if they will even be open the next month. So having a good, bank backed, real loan is signifiant. CMU also helps in keeping all of their other cost very, very reasonable, so that helps to offset cost you would have at other schools as well. So in all- its a win-win situation! I know my loan is making the ability for me to do my education possible! I am very thankful for this blessing!

I got approved for only 10500 but it helped me a lot.

Mine was approved for 15k

Lucky u!!!

Unfortunately I don't know of any other foreign schools that offer enough loans to even cover tuition besides the giants that have US Stafford loans. When I was in school almost all of the schools had loans but that changed in 2007 due to policy changes that removed government backing of foreign loans unless the schools were "grandfathered" in to the Title IV loans- they have not added any Caribbean schools to the Title IV (Stafford Loan eligible) status in more than 20 years.

Actually CMU does offer loans in amounts which will cover tuition and most all living expenses. I think it is the only one. The school is extremely strong and backs the loans with their bank. The student (or their co-signer) must have a 680 credit score to qualify. They can qualify up to $20,000 per year. Which is enough to cover the tuition of $4900 plus the school dorm cost they have for all 3 semesters each year. Your GPA will determine the total amount of the loan. So far, every student that I have met, including myself, has gotten their loans. The loans are dispersed 3 times a year (for each semester). Amounts have ranged from $10,000 to $20,000 based on credit score and GPA. They are at a very reasonable interest and you do not have to start making payments back until you graduate. So you really can't ask for much more. The school is really good, teachers excellent. We have 67 rotation spots- currently have 18 in rotations, 7 preparing for the Step and the first graduation class in a month. All of these people have been able to get loans thru their basic and clinical studies. And with the money that you save from what tuition and clinicals are at most other universities you come out ahead! Most other schools run $8000 to $9000 for basics and $11,500 - $14,000 for clinicals. CMU is $4900 for basics and $6900 for clinicals. So the amount out of pocket is not bad at all. Certainly FAR, FAR less than just about anywhere else. Having FASFA is great and maybe someday they will approve more schools to have it since most all the doctors trained here go back to practice in the US!! But keep in mind, the FASFA schools tuition is MANY times higher. For me, I like the nice small, steady, consistent school. Its just far more personal and I learn much better this way- so when you combine that with real loans- I'm good!!