No More Teri...

[thomasfx10]

I just read a post that Teri is not longer accepting new loans going forward. I hope Saba can pick on the remaining amounts.

[ski6]

Talked to IEFC at length today and got an update. Wachovia pulled out their loans this past Friday and Bank of America has temporarily withdrawn their loans as of this morning. Supposedly Bank of America's decision is not final and they are currently evaluating the situation. They had no idea when they would hear from Bank of America.

Has anyone heard about the internal funding program that SABA is currently working on?

[rickjames]

Yes.......I am aware of this issue. What will the school do? Any other loan providers? Any ideas?

[tpw2k]

will Teri still honour the already approved loans for the coming semester?

[aspiringmedstudent]

It's my understanding that Teri will honor loans that have already been applied for and approved. They are not taking any more new applications. I have spent the last two days scrambling to figure out how to pay for my 6th semester.

I received an email 2 weeks before classes ended (April 4) telling me that Student Loan Xpress was not going to honor my last disbursement. I figured I had some time to apply for Teri. I also figured it would be easier to just write the application when I was at home with my co-borrower. Boy was I wrong. Now I am left with ZERO loan options other than the Tuition Assistance program that Saba is offering. It's better than nothing I suppose, but it does not cover living expenses - only tuition. The other catch is that all must be paid back within 90 days of graduating from Saba. However, if they find another loan company in the meantime, you can consolidate the Tuition Assistance program into the new loan and it won't be a problem. There are too many if's in this situation. I am not happy at all and I feel as though my career as a physician is relying on Saba to find more loan companies. Bad feeling.

Good luck to any of you who are in my same position.

[KingMo]

Relying on Saba to find more loan companies...Aspiringmedstudent knows better. Relying on Saba to do anything is just bad news. I mean, we couldn't rely on Saba to have paper towels in the men's room.

Saba today announced the "Direct Assistance Program." I don't know if that's an extension of the Tuition Assistance Program. Supposedly, it'll help with living and tuition costs. Hope to have more details soon.

[Articulate]

For US students, I still think you guys can explore more loan options. But as for Canadian, its even worse. Teri is the only loan provider except for banks which have stringent requirements.

[KingMo]

Originally Posted by Articulate

For US students, I still think you guys can explore more loan options. But as for Canadian, its even worse. Teri is the only loan provider except for banks which have stringent requirements.

I'll admit that some Canadians had a harder time before all the banks bailed on us.

But now, as far as I know...yea we have more loan options, maybe. But none are EDUCATION loans. The loans would be line of credit, second mortgage, etc. Definitely not the kind of loan you want to finance a medical education with.

Unless you know of any education loans banks are offering in the U.S....I'd love to know 8-)

[maserati]

TERI = CANHELP ???


So if TERI's no longer an option ... does that mean canadian students don't have canhelp anymore?

[Mike77]

It seems that if you dont have very generous parents that are willing to risk their credit history, you are completely screwed for loans. RBC seems to be the only option, and they're strict on cosigners.

On the other hand, McDonalds is hiring.