St. Christopher’s College of Medicine

Office of the Registrar
1819 Front Street
Scotch Plains
New Jersey 07076

Tel (908) 322-5757
Fax (908) 322-6798

York House
17-19 Park Street West
Bedfordshire LU1 3BE
England

Tel 44 1582 400 466
Fax 44 1582 400 422

www.stchris.edu


December 20, 2004


Re: Key Bank Financing


KeyBank Educational Resources has announced that they will not consider or process any new loans for students studying in any school which is located outside of the United States that does not possess a United States Department of Education Federal Student Loan Code. The College has been advised, as have other foreign medical institutions, that KeyBank will no longer approve any new student loan applications but will continue to process and fund those that have been previously placed or who are in a “pre-approved” status. Please note that this decision is not reflective on the College itself, but rather a decision by the lending institution to remove itself from this sector of the educational loan marketplace.

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St. Christopher's will pursue other avenues of financing, however, funding through TERI loans is still available to all St. Christopher's students who were eligible for KeyBank’s MedAchiever loans. While the interest and deferral schedules may be similar, the maximum amount students can borrow will vary on whether you utilize a cosigner. Without a cosigner you will be eligible for up to $25,000 for an academic year, with a cosigner up to $45,000 per academic year. Note that an academic year is defined as two (2) semesters. Thus a calendar year comprises of 1.5 academic years and therefore students will be eligible for a maximum of $37,500 without a cosigner and $77,500 with a cosigner (subject to St. Christopher’s Financial Aid Policy limits). Our finance department is prepared to answer your questions and work with you to submit the necessary paperwork. You may contact them by phone or via email at bursar@stchris.edu or fprice@stchris.edu.


St. Christopher's remains committed to the welfare and education of it's students and we wish to assure you that we will work closely with each of you to insure your success.


Firoz Shaikh, C.P.A.
Chief Financial Officer

__________________
BTS4202
St. Christopher's COM
4th Year
http://www.mdparadise.com

"If there really is a God, He has a lot of explaining to do"
- Dennis Leary

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LOL, yeah, its cool. Be super critical. Getting an eloquent statement out of Mr. Shaikh seems as easy as getting a dog to fly.

Basically, if you have already gotten a loan approved and it has not been dispersed, they will give you the money. If you are not in that process currently (even if they have loaned to you before), you can not take any more money.

Hope that helps.

PS: Please remember that they will now send this last loan to your home address, not to the school. So you will need to have someone at home to put the money in your account and will need to pay the schools tuition directly.

__________________
BTS4202
St. Christopher's COM
4th Year
http://www.mdparadise.com

"If there really is a God, He has a lot of explaining to do"
- Dennis Leary

What is the definition of an "Academic Year"? 2 X 12 (Clinicals) or 2 X 15 Basic Science) Weeks? And are they absolutely sure that its not "Calendar Year"?

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So, Teri defines a "semester" as 15 weeks, and 12 months as "1.5 academic years"?

If this is the case, that's not so bad, one can certainly live on $37,500 USD minus tuition a calendar year.

I am sure the admin. doesn't have a problem with us keeping a watchful and cautious eye on the situation at hand. It is a very tense and nervous time for many of us and everone just wants to make sure that the information they are getting is 100% accurate, as it could very well affect some peoples abilities to continue in medical school.

A semester would be officially 15 - 16 weeks. The 12 week blocks in clinicals do not represent a semester.

If you have a cosigner during clinicals, it would not be too much of a problem monetarily. If you do not have a cosigner, it would be very difficult to come up with enough money.

I am sure the school is working feverishly to find ways to get students more money. It is only in their interest to do so.

__________________
BTS4202
St. Christopher's COM
4th Year
http://www.mdparadise.com

"If there really is a God, He has a lot of explaining to do"
- Dennis Leary

I have a printer and some blank paper...