Are we losing Health Xpress too?

[Laconic]

Dayum, is this really true that you absolutely need a co-signer for this other lender as well!? how is everyone who dosent have one going to manage? I hope the admin works out a lender who can work with students who dont have a co-signer.

[sr12]

Originally Posted by golfman

October 22, 2007

Important Announcement for All Saba University students
concerning Financial Aid through HealthXpress Loan

Although Saba has yet to receive any formal communication from HealthXpress concerning the matter, it appears that the HealthXpress Loan program will be discontinued effective October 30, 2007. To the best of our knowledge, this means that HealthXpress will not approve any “new” loan applications after October 30, 2007, but will continue to fund all outstanding loans through April 18, 2008. This means that if a student has an approved loan application, HealthXpress will fund that loan through April 2008. For most of the students who are HealthXpress loan recipients, this should mean you can continue to have HealthXpress provide your loans through the Summer 2008
semester.

Given this news, what should you do? If your last financial aid disbursement from HealthXpress was received in August or will be received in December, we strongly recommend that you reapply immediately. Please go to HealthXpress’s website and
apply online at

as soon as possible, since they will not accept additional applications after October 30. We suggest you apply for a loan period of January through April 2008, but for an amount to cover two semesters. This will allow
us to collect payment for Spring semester in December and Summer semester in April, so you can be covered by HealthXpress through the Summer 2008 semester. We also suggest that you submit promissory notes and cosigner addendums by the October 30 deadline. While this pending news concerning HealthXpress is both disappointing and frustrating, it is not entirely surprising. There is a great deal of turmoil in worldwide loan markets, which was initially triggered by the U.S. sub-prime mortgage crisis. Banks and loan companies are struggling mightily with the resultant “credit crunch”. For student loan
companies, this problem has been compounded by the U.S. Congress’s recent decision to substantially reduce its subsidization of student loans. As we’ve seen these problems develop in the marketplace, we have responded in two ways. First, we have sent notices
to financial aid recipients encouraging students to promptly renew their loans in order to get out in front of these problems. This request remains the same, and is made all the more important given the discontinuation of the HealthXpress program. Second, we have
redoubled our efforts to add new loan companies to our portfolio. Despite the difficulties in the loan marketplace, we are currently having productive dialogue with multiple potential new sources of student loans. Given our new collaboration with St. Matthew’s
University, coupled with the access to financial markets afforded by our board and management team, we think Saba will be better able to deal with these problems than other offshore schools.

Please know that the discontinuation of HealthXpress does not in any way imply that HealthXpress has been dissatisfied with Saba. Much to the contrary, our contacts at HealthXpress have always expressed great appreciation for our schools and our students. The parent company of HealthXpress has been financially battered by the changes in their marketplace, and they are forced to make significant cutbacks to their business. Fortunately, we already have another high quality loan provider serving our students –TERI. TERI loans are available to all our students. If necessary, we should be able to
make a transition from HealthXpress to TERI following your last HealthXpress loan. TERI is easy to work with, and if you have met the HealthXpress credit eligibility, you may be qualified for the TERI loan. Canadian students will continue to be funded through
the CanHelp TERI loans. Eligible Saba students also have access to VA loans.

The Saba staff will continue to look for additional loan programs to assist you, and we will keep you apprised as to our progress. We will work to serve you in the financial aid offices in Gardner, MA and answer your questions by email (to ).
Your calls are also welcome, although there may be some wait time, since many students may be attempting to call for clarification. Please know that as we get more information, we will email critical information to you.


Kind regards,
Dr. David L. Fredrick
President

Hi,

Can someone let me know what VA loans are (ie, in the second-to-last paragraph above in the sentence "Eligible Saba students also have access to VA loans."?

[sr12]

Originally Posted by golfman

October 22, 2007

Important Announcement for All Saba University students
concerning Financial Aid through HealthXpress Loan

Although Saba has yet to receive any formal communication from HealthXpress concerning the matter, it appears that the HealthXpress Loan program will be discontinued effective October 30, 2007. To the best of our knowledge, this means that HealthXpress will not approve any “new” loan applications after October 30, 2007, but will continue to fund all outstanding loans through April 18, 2008. This means that if a student has an approved loan application, HealthXpress will fund that loan through April 2008. For most of the students who are HealthXpress loan recipients, this should mean you can continue to have HealthXpress provide your loans through the Summer 2008
semester.

Given this news, what should you do? If your last financial aid disbursement from HealthXpress was received in August or will be received in December, we strongly recommend that you reapply immediately. Please go to HealthXpress’s website and
apply online at

as soon as possible, since they will not accept additional applications after October 30. We suggest you apply for a loan period of January through April 2008, but for an amount to cover two semesters. This will allow
us to collect payment for Spring semester in December and Summer semester in April, so you can be covered by HealthXpress through the Summer 2008 semester. We also suggest that you submit promissory notes and cosigner addendums by the October 30 deadline. While this pending news concerning HealthXpress is both disappointing and frustrating, it is not entirely surprising. There is a great deal of turmoil in worldwide loan markets, which was initially triggered by the U.S. sub-prime mortgage crisis. Banks and loan companies are struggling mightily with the resultant “credit crunch”. For student loan
companies, this problem has been compounded by the U.S. Congress’s recent decision to substantially reduce its subsidization of student loans. As we’ve seen these problems develop in the marketplace, we have responded in two ways. First, we have sent notices
to financial aid recipients encouraging students to promptly renew their loans in order to get out in front of these problems. This request remains the same, and is made all the more important given the discontinuation of the HealthXpress program. Second, we have
redoubled our efforts to add new loan companies to our portfolio. Despite the difficulties in the loan marketplace, we are currently having productive dialogue with multiple potential new sources of student loans. Given our new collaboration with St. Matthew’s
University, coupled with the access to financial markets afforded by our board and management team, we think Saba will be better able to deal with these problems than other offshore schools.

Please know that the discontinuation of HealthXpress does not in any way imply that HealthXpress has been dissatisfied with Saba. Much to the contrary, our contacts at HealthXpress have always expressed great appreciation for our schools and our students. The parent company of HealthXpress has been financially battered by the changes in their marketplace, and they are forced to make significant cutbacks to their business. Fortunately, we already have another high quality loan provider serving our students –TERI. TERI loans are available to all our students. If necessary, we should be able to
make a transition from HealthXpress to TERI following your last HealthXpress loan. TERI is easy to work with, and if you have met the HealthXpress credit eligibility, you may be qualified for the TERI loan. Canadian students will continue to be funded through
the CanHelp TERI loans. Eligible Saba students also have access to VA loans.

The Saba staff will continue to look for additional loan programs to assist you, and we will keep you apprised as to our progress. We will work to serve you in the financial aid offices in Gardner, MA and answer your questions by email (to ).
Your calls are also welcome, although there may be some wait time, since many students may be attempting to call for clarification. Please know that as we get more information, we will email critical information to you.


Kind regards,
Dr. David L. Fredrick
President

Hi,

Can someone let me know what VA loans are (ie, in the second-to-last paragraph above in the sentence "Eligible Saba students also have access to VA loans."?

[Boulderunner]

va loans are not loans at all. they are benefits that only people who served in the military are eligibile for. it is money and other forms of benefits that if you or your parents served in the armed services may be able to get. but they wont cover all costs. not even close.