Yikes... that is aweful. So, it is worse than for those students who were able to get loans and then have them taken away. And I thought I had it bad. So even if I were to get into another Carribean school such as AUA and they have a loan program, that might possibly happen to me aswell!?! What's a doc to be supposed to do?

I have been dealing with the same issues as all of you. I did find out I can defer my prior loans with Wells Fargo with a hardship deferment. That is good for up to 3 years. Hopefully sjsm will get Title 4 status by that time.

Here is my solution to the loan problem (let me know if it helps you).
Go to your bank and ask about a Home Equity Loan (or line of credit). At my bank I could get a loan for 80% of my parent's home's value! The interest rate is pretty low too (prime rate - yes it's variable, but right now the prime is low) because they will have the house as collateral ...My rate is 4.5%. The money is usually instantly available to you, but you will probably have to pay monthly interest payments. If you can't afford to pay for the interest at the time just take out more of the loan to pay for the loan. Yes this is cyclic, and may add up to a higher payback, but in the end we will still end up paying less than the other pricier schools since SJSM is cheap...and now YOU have a chance to reach your goals (eventually paying it off as a physician)!! =)

Downside?! ...if you don't pay the loan off (~10 years) you may loose the house. =(
But I've never heard of a homeless MD yet! And if this is your only option......

See you guys on the first day of class Fall 08'!
Jayson

So basically no money no career in med