Offshore schools may lose federal loans

[AUCMD2006]

"You wouldn't continue to pull funds from an already overwrought public system that can barely keep itself funded"

economics negative 101...actually basic 4th grade math. if you loan people money you don't "pull" funds from any source you get it back with interest....

you aren't pulling any funds from any other program

in the end the govt is winning out in all aspects with the default rate in medical loans s low you probably pay all of them off by interest alone. you also realize that student loans are not discharged in bankruptcy and that they take a chunk out every paycheck you earn until they are paid right?

how about you fast forward 50 years and think of how much tax revenue they havce gotten from a 200k a year doctor rather than biology teachers, chemisits, engineers we would have been at 70k.....

[StChrisCS]

Originally Posted by rrod

"You wouldn't continue to pull funds from an already overwrought public system that can barely keep itself funded"

economics negative 101...actually basic 4th grade math. if you loan people money you don't "pull" funds from any source you get it back with interest...

Unless they aren't being paid back...

Originally Posted by rrod

they are underwriting the loan they aren't actually loaning the money...

And if the student defaults, who pays... The Underwriter!

Originally Posted by rrod

you also realize that student loans are not discharged in bankruptcy and that they take a chunk out every paycheck you earn until they are paid right?

Wrong. If you can demonstrate that paying them back would be an excessive financial burder, federal loans can be dismissed in an bankruptcy proceeding...

[AUCMD2006]

the bill that allows SGU, AUC, and Ross to get stafford loans has been taken out in the senate and passed in the house and now they have to try and agree on wether to renew it in a combined committee.

can you guys email your reps in congress to leave the bill in law?

i have a form letter i can email you.

[AUCMD2006]

the bill that allows SGU, AUC, and Ross to get stafford loans has been taken out in the senate and passed in the house and now they have to try and agree on wether to renew it in a combined committee.

can you guys email your reps in congress to leave the bill in law?

i have a form letter i can email you.

[Miklos]

Originally Posted by StChrisCS

If you can demonstrate that paying them back would be an excessive financial burder, federal loans can be dismissed in an bankruptcy proceeding...

You've got a better chance of winning the lottery, especially after the recent bankruptcy reform law.

Regardless, you haven't posted a source for your contention that US students attending foreign schools have a higher default rate.

[jaywalk81]

when did this happen? is it on the news somewhere?

[StChrisCS]

Originally Posted by Miklos

You've got a better chance of winning the lottery, especially after the recent bankruptcy reform law.

Nope. It actually isn't as hard as people think, I actually know a physician personally that did it just last year. It went to a higher court, but the decision for discharge of debt was upheld. With the new law, it makes it harder, but still possible, especially if you didn't work as a physician after MD school or have a serious medical condition that requires costly treatment and you don't have any coverage

Originally Posted by Miklos

Regardless, you haven't posted a source for your contention that US students attending foreign schools have a higher default rate.

I'm looking for the site, I visited it quite a while ago.

[AUCMD2006]

just got off the phone with my attorney who actually practices law and doesn't "just know someone" here is what he said paraphrasing of course:

"he is full of [explative explative explative] even before 1998 you had to repay 7 years of your student loans before going to court to demonstrate an undue burden, since 1998 you still had to pay 7 years of your loans and then go to court to demonstrate that the amount of money and time that the bank spent collecting was more than the amount of the loan. currently you still have to pay 7 years of your loans back and now have to demonstrate an extreme financial burden as well as be a certain amount under the poverty line in your area. if you have an extreme financial burden but are not under the poverty line they are not discharable and must file chapter 13 payment plan"

i think even the worse physician can make over $12,000 per year. sorry

[YODA]

HEY, I JUST GOT THIS INFORMATON FROM AUC, I AM SURE MOST OF YALL GOT IT AS WELL, TRY TO PASS IT ON AND BOTHER THE HELL OUTTA YOUR LOCAL POLITICIANS. I WILL BE DOING MY BEST HERE, IF YOUR FAMILY HAS POLITICAL CONECTIONS NOW IS THE TIME TO USE THEM.

LATER
YODA

Dear Clinical Science Students:

The Higher Education Act is up for reauthorization by Congress. The House
bill includes a Grandfather Clause that was contained in a 1992 amendment
which allowed certain existing foreign medical schools to participate in the
Federal Family Educational Loan ("FFEL") Program. The effect of that
Grandfather Clause was to allow students attending AUC, Ross and St. Georges
medical schools to be eligible to apply for student loans.

The Senate bill deleted this Grandfather Clause. Therefore the provisions
of the two bills must be reconciled by a conference committee made up from
members of the House and Senate. AUC has very experienced professionals
working on this reconciliation in Washington, D.C., and the administration
is confident that it will be resolved favorably.

Having the support of the student body would assist in the process, so we
are asking students who live in the states that key committee members
represent to please e-mail or fax a letter in the form attached. The names
of the Conference Committee members, their home states and contact details
also are attached. Students should not send a hard copy of the letter, as
mail addressed to Congress is now delayed at least 30 days while undergoing
security screening. Be sure to address the letter to your senator or
representative as appropriate, and fill in the blank spaces with your
personal information, including your own letterhead at the top.

A Summary Sheet is also attached, providing basic information about the AUC.
Please include this with your letter if possible. Additionally we encourage
your parents to e-mail or fax a letter, and have prepared a form for them to
use.

We will continue to update the student body on the legislative progress as
information is received.

Thank you for your assistance in making the interests of foreign medical
students heard in Congress.

[stephew]

if there was ever a doubt that rrod spoke to an actual attorney, i think the opening sentence confirms it. Or it was a memeer of vmd.