Are we losing Health Xpress too?

[huxald]

In less than two decades, Saba has risen to the occasion and demonstrated that it can run with the best of them. This is definitely not an easy task. They've had to overcome many hurdles, and this is just another one -- which they will overcome. Don't worry guys, this is just another bump in the road...with all the construction that's going on, all of these bumps will smooth themselves out.

[bhs2a]

Does anyone know what kind of credit you need to be approved for TERi without a cosigner and do they have origination fees?

[ReckonerMD]

Originally Posted by bhs2a

Does anyone know what kind of credit you need to be approved for TERi without a cosigner and do they have origination fees?

Not sure, you should call directly to get specifics. You definitly need a co-signer if you wish to cover the schools estimated cost of education (COA) for the entire school year (3 semesters.) Otherwise, you can only take out a maximum of 25k for a maximum of 2 semesters. I was pre-approved for a years tuition with a co-signer (the schools total estimated cost of education for the year is $55,280 according to January 2008 financial aid worksheet btw), however BOA and Citizens are the only two lenders that will let you take out the total COA for 3 semesters, Wachovia will only cover $45k for 3 semesters...So, moral of story is that if you are going to be applying with a co-signer for the 3 semester max, go with Citizens or BOA, not Wachovia.

If you are applying alone, well...I'm not sure how you can live off the maximum allowed (25k for 2 semesters) unless you can re-apply every 2 semesters. Even then, 12.5k/ semester is way under the current estimated COA/ semester, which is $18,427.

[maserati]

Originally Posted by ReckonerMD

Not sure, you should call directly to get specifics. You definitly need a co-signer if you wish to cover the schools estimated cost of education (COA) for the entire school year (3 semesters.) Otherwise, you can only take out a maximum of 25k for a maximum of 2 semesters. I was pre-approved for a years tuition with a co-signer (the schools total estimated cost of education for the year is $55,280 according to January 2008 financial aid worksheet btw), however BOA and Citizens are the only two lenders that will let you take out the total COA for 3 semesters, Wachovia will only cover $45k for 3 semesters...So, moral of story is that if you are going to be applying with a co-signer for the 3 semester max, go with Citizens or BOA, not Wachovia.

If you are applying alone, well...I'm not sure how you can live off the maximum allowed (25k for 2 semesters) unless you can re-apply every 2 semesters. Even then, 12.5k/ semester is way under the current estimated COA/ semester, which is $18,427.

$25,000 for semesters 1 and 2

And at the end of the 2nd semester, you would apply again for another $25,000 for semesters 3 and 4.

So technically, you have $25,000 + $12500 per year.

Also, they have updated their amount to match the newly increased cost of education. It is now $30,000.

[ReckonerMD]

Originally Posted by maserati;689637[B

][/b]
Also, they have updated their amount to match the newly increased cost of education. It is now $30,000.

That is great news, although it still leaves students $3k+ per semester under the estimated COA (that would be 9k under the current COA estimate for the first year.) I guess if you don't buy all the required texts, etc. you can still make it through.

[AizenBaby]

So, does this mean that you absolutely need a co-signer to get enough loans? What if you can't find a co-signer? How did an established school such as SABA get dropped from Health Xpress? AUA is still on the list right (no offense to AUA students)? Is the school doing something to help the students who are not approved for Teri? I have an interview in two weeks and I will definitely ask them about this.

[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

www.healthxpressloan.com 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 finance@saba.edu ).
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

[BTH]

Well put "golfman".

[ReckonerMD]

Originally Posted by AizenBaby

So, does this mean that you absolutely need a co-signer to get enough loans? What if you can't find a co-signer? How did an established school such as SABA get dropped from Health Xpress? AUA is still on the list right (no offense to AUA students)? Is the school doing something to help the students who are not approved for Teri? I have an interview in two weeks and I will definitely ask them about this.

Basically you have two options with TERI with the knowledge that the estimated cost of education at Saba for 1 year (3 semesters) is $55,280. This includes tuition, room, board, utilities, etc. You should look ask financial aide for the ECOA spreadsheet to see the breakdown.

Option 1: With a co-signer..you are eligible to take out a 3 semester loan, with the maximum being the ECOA set by the school, which is $55,280 (approx. 18k a semester), but only with Bank of America and Citizens bank. Even with a co-signer, Wachovia will only allow you to take a maximum of $45,000 for 3 semesters, approximately 8k less than the ECOA.

Option 2: Without a co-signer..you can apply for a 2 semester loan, with the maximum being now 30k (according to new info, I was told 25k last week, but the lender seems to have changed that.) However, this puts you at 15k a semester, when the ECOA is 18k. Giving up 3k a semester might not be significant if you are crafty with spending, but I don't know, I'm not on the island yet.

Now, that's not to say you can't get by, the ECOA spreadsheet is an approximation. Perhaps other students can comment on how much they truly spend a semester, but I'd rather have more than enough than not enough so I immediately applied with a co-signer.

Hopefully between now and May 08 we get more options for those who cannot get approved for the right amount w/o a co-signer. It looks as though the school is moving in the right direction.

[maserati]

Note that the cost of education sheet indicates

$800 Transportation EVERY semester. That's $2400 / yr.


I think that's a whole lot of visiting for 1 year.

Originally Posted by ReckonerMD

Basically you have two options with TERI with the knowledge that the estimated cost of education at Saba for 1 year (3 semesters) is $52,280. This includes tuition, room, board, utilities, etc. You should look ask financial aide for the ECOA spreadsheet to see the breakdown.

Option 1: With a co-signer..you are eligible to take out a 3 semester loan, with the maximum being the ECOA set by the school, which is $52,280 (approx. 18k a semester), but only with Bank of America and Citizens bank. Even with a co-signer, Wachovia will only allow you to take a maximum of $45,000 for 3 semesters, approximately 8k less than the ECOA.

Option 2: Without a co-signer..you can apply for a 2 semester loan, with the maximum being now 30k (according to new info, I was told 25k last week, but the lender seems to have changed that.) However, this puts you at 15k a semester, when the ECOA is 18k. Giving up 3k a semester might not be significant if you are crafty with spending, but I don't know, I'm not on the island yet.

Now, that's not to say you can't get by, the ECOA spreadsheet is an approximation. Perhaps other students can comment on how much they truly spend a semester, but I'd rather have more than enough than not enough so I immediately applied with a co-signer.

Hopefully between now and May 08 we get more options for those who cannot get approved for the right amount w/o a co-signer. It looks as though the school is moving in the right direction.