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  1. #1
    sartorius is offline Newbie 510 points
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    Lightbulb New Loan Company

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    The new loan company is charging approximately 1000-1500 finance fee EACH TIME they process your loan andddd on top of that approximately 8-10% interest rate. I am getting this even though I have a great credit score. I wanted to see if anybody else out there is as disturbed as I am about this situation. what do you guys think. Is this the only source of funds for MUA???????? If it is, i am afraid, MUA students will be looking to transfer to other carib. schools soon.

  2. #2
    butterflymd is offline Permanently Banned 510 points
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    Yes I am an incoming SMU student and was floored by their rates. I could not be believe the highway roberry that this loan is. It's like they know you are up against a wall and have no choice but to agree to the terms. Really sad

  3. #3
    snoopydog23 is offline Junior Member 510 points
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    MUA is trying

    Look, the new loan program may not be the most appealing. It is, however, a program. I know there is a lot of tension right now but it is important to know that MUA's owners are doing the best that they can to secure loan programs for the school. Many other Caribbean schools have no loan programs at all right now. Let's take this one semester at a time and see what happens with time and what the owners do.

  4. #4
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    Troy314 is offline School Official 510 points
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    It's the Economy

    The US economy is experiencing one of the greatest credit crunches it has seen in the last 20 years. The MUA administration is working dilgently to secure and provide loan, and is succeeding at a time when many Caribbean schools do have access to loan programs. Please understand that the administration continues to look for options.

    Spin the channels on the television and you'll see that banks and lenders are folding, houses are going into foreclosure, and that everyone is feeling the pinch. How long will the problem last? No one can tell future, but there will probably not be a rapid resolution.

    Having passed Step 1 and entered clinicals, you all are on the home stretch. Hang in there, you'll be rich alumni before you know it.

    Start studying for Step 2 now.

    Our thoughts are with you.
    Medical University of the Americas, Nevis

  5. #5
    sartorius is offline Newbie 510 points
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    Lightbulb

    Thank you for caring. I don't mean to take it out on our school. Our school is great and I have never had any major complains. I am happy with the education that I got.......except for a few classes (but that's part of any medical school, you have to study on ur own). I am only asking MUA to go after other better companies (that can provide funds with REASONABLE conditions) and banks in the US for loans. I THINK it will be the best for students and for the school as more students will be able to come to MUA and join us in reaching their dreams.

    I have received many letters from many well known banks regarding loans. But they don't even have our school listed as an approved school. I continue to receive their emails.

    We had Health express. I thought it was the best loan company. I never had any problems.

  6. #6
    Administration of MUA's Avatar
    Administration of MUA is offline School Official 510 points
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    Loans

    MUA is one of the few Carib schools to have any loans at all. The owners are working day and night to get the best rates and terms they can. As soon as they get something more favorable we will have it. Lets take a deep breath and take one semester at a time. What you are referring to might be US school loans or lines of credit that you have to start paying back right away. There are no US Banks offering Carib School Loans that are not guaranteed by owners. Yet our owners got REAL LOANS certainly not happening elsewhere in the Carib! The owners have our best interests at heart because it is also in their best interest. They fight like tigers and I trust them implicitly. They are just as frustrated as you guys. Look at the news, the papers Freddie Mac going down, foreclosyres worse than anticipated, no credit. THE FACT OUR OWNERS GOT LOANS AT ALL FOR A CARIB SCHOOL IS AMAZING!! We should thank them, I thank them.. Even US schools are losing loans 40,000 student loans gone in Mass. last week alone. I praise our owners for what they are doing and the professional, innovative ways they are handling things. Its tough to keep info flowing when it is a moving train. Have faith ONE semester at a time!!!I have faith.
    Last edited by Administration of MUA; 08-06-2008 at 11:29 PM.
    Medical University of the Americas, Nevis

  7. #7
    sartorius is offline Newbie 510 points
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    I have just received my update from health express. I took funds from these guys in my last semester and it has not been too long. According to this update, I have only accumulated interest of $658 on the amount that I took out. The amount was between 15000-20000. Just to give you guys an idea, in Ed-invest we will be accumulating $1000-1500 PER MONTH as I was told by the company. The current interest rate of health express loans listed on my update is ~6% . It will be in the best interest of the MUA students if MUA administration can get back Health express.



    This is my last post. I would be very thankful to whoever is posting on behalf of administration to suggest this to Gardner.

  8. #8
    msk124 is offline Newbie 510 points
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    add on

    I would also add on to the above thread.....please consider finding something for canadians too ....I know a lot of canadian students who are also affected by the current student loan crisis ...thanks

  9. #9
    Administration of MUA's Avatar
    Administration of MUA is offline School Official 510 points
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    Trying

    They have the first loan. It is apparently less interest than another school I have seen on the board. Let's be thankful for that. They are trying 24/7 to find loans.
    Medical University of the Americas, Nevis

  10. #10
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    joe soap is offline Senior Member 512 points
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    i am in process with Ed-Invest too. If there are other students out there please share the rates and finance charge to compare, include your credit score as given by the company...should be interesting.
    Joe Soap MD Hidden Content done with residency 2014!! Hidden Content

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