A lot of lenders are now making it difficult for those who are going overseas for medical school. One school official blamed this on the credit crunch happening worldwide that is making it difficult for people to get loans. Its terrible that banks who gave mortgages to deadbeats now are making students pay for their mistakes.

what a bunch of poop.......just like giving loans out for a $400,000 house to someone that makes 10 bucks an hr

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AUC 5th Semester
Undergrad: UC Riverside

at least its cutting into their bottom line. hopefully the government won't bail them out either

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AUC 5th Semester
Undergrad: UC Riverside

Well I called Health Xpress, and their excuse for cutting of their loan program was the credit crunch. I think only the Big 3 still get loans. Anyway this credit crunch is really bad news, a lot of experts think its 10 times as worse as the Nasdaq crash in 2000, not good. This is happening at really bad time, when the US Dollar is falling in value and many countries that finance our debt are diversifying their investments into other instruments of wealth. This is just an example of how something big affects the little people.

i think on the grand scheme the housing market and credit crunch has affected caribbean med schools. but the default rates of these schools hasn't helped much either. just to be honest, if i were a lender, i wouldn't lend to many of these caribbean schools. if i looked at "my investment" and saw a bunch of med students blowing money like crazy and not studying, not passing boards, etc, i would pull out too.

it's a tuff reality, but how are they going to get their money back if they keep lending to these kind of students. i wish they could differenciate a smart student who studies compared to the rest of 'em. tuff times, i feel very bad for some friends who cannot get funds. i'm extremely grateful that i just graduated.

Apparently banks were giving loans for ten times household income when the normal amount is closer to four times household income. I'd like to learn how and why they (banks) justified this change.

I know governments are the worst institutions to offer solutions: legislation. Isn't there some way to hold financial institutions accountable (prior to a collapse in the real estate market that is)?

What about more well known programs like SGU and Saba who have been consistently churning out students who do well on board exams? I think if students can't go to the Caribbean they will wind up applying to other health professions schools like Dentistry, Podiatry, Nursing, Physician Assistants, etc. Quite a few ex Chiropractors and Vets going to the Caribbean to get MDs.

Nursing is interesting because a lot of undergraduate schools are transforming their programs into "Grad Entry" programs, this really a way for them to milk financial aid money. A few schools in Chicago will grant a student a Master's in Nursing that is really just a Bachelor's in Nursing, loan limits are much higher for grad students and unlike undergrads all they need is a signature. Then again there is a massive market for nurses.

Wondering where you found default rates for Caribbean schools? Would be interested in looking at the data.

In 2006 I remember reading an article about AUC had a default rate less than 1%. I read it b/c some Senator was trying to propose legislation to keep all Caribbean schools from getting fed loans, it didn't pass.

the credit crunch was bound to happen in the states. the whole credit system is a flat out mess. banks lend out to people who most likely will default simply so they can foreclose and make a bigger profit.

the good thing is that with chaos comes opportunity. its a great time to buy up foreclosed property.

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But remember that, even when those who move you be kings or men of power, your soul is in your keeping alone. When you stand before God you cannot say "but I was told by others to do thus" or that "virtue was not convenient at the time." This will not suffice. Remember that.

Read the failed medical school forums on VMD. They are easy to find. Also compare the IMED list by country with active medical schools.

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PreMed Forum Moderator

In Grad school in Biology