Statement From SMU on Key Bank and MedAchiever Loans - Page 2

johndoe456732 · #11 (**permalink**) 12-20-2004, 09:43 PM

Quote:

Originally Posted by MedSter

With Key Bank/Medachiever no longer a loan option for SMU students, what other options do we have?
I know many students will not be eligible to obtain the TERI loans due to either no credit history or other reasons. Does SMU have some kind of contingency plan in the works for this issue? Have they explored the possibilities of hooking up with other major banks or lenders such as Citizen's Bank, Bank of America, or even Sallie Mae? With the new semeser approaching right around the corner, there has to be a quick solution to this mess that KeyBank unfairly has thrown upon SMU and its students. Even if the school does some approach as far as not charging late fees for pending loans or whatever, I know that many students I've spoken to are worried about not having any money for start up expenses and other non-tuition expenses that they were relying heavily upon Medachiever for. Keep us all updated as soon as there's any news and especially if any new loan options pop up that we can jump on. I have faith in SMU and their FinAid dept (they came through for me a billion times lol)now we have to make sure that current and potential students will get through this w/o a prob. To the hardworking SMU Financial Aid team( Gloria and Cindy I only know by name/voice) and of course to JP...Thanks for all you're doing.

-

One thing that I will say is that the SMU administration has really impressed me with the way that they have handled this entire ordeal. I'm sure that they will work hard to try and find another loan carrier.

I don't think that there is a better, more efficient administration in the Caribbean medical school game right now than at SMU. They've achieved more faster than anyone else.

Here is to hoping that they find a way to get past this latest hurdle.

Bingo · #12 (**permalink**) 12-20-2004, 09:47 PM

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cubmd · #13 (**permalink**) 12-20-2004, 10:33 PM

I totally agree with AUCDOCTOBE. Let’s give SMU and ourselves some time. I am sure we are going to have others options.

ZAATARI · #14 (**permalink**) 12-20-2004, 11:09 PM

I was thinking about this issue just few days ago and wondered what happen if a student does not make it,who would pay the loan?

manleyjb · #15 (**permalink**) 12-21-2004, 12:59 AM

I also have full faith in SMU Admin. The FA status of any school is one factor determining whether the school will survive and thrive. Without money the school will cease to exist. I know the Admin of SMU is working through the holidays trying to find a suitable solution. Good Luck to SMU Admin, I know you are working hard right now, while all the students are enjoying our holidays. BIG THANKS TO ALL OF YOU...

SMU_Information · #16 (**permalink**) 12-21-2004, 09:48 AM

Well, we found an article that Key Bank had also been loaning to unaccredited trade schools in the States. These schools had been closing at an alarming rate, so that may also have factored into their overall picture.

It looks like we won't be able to speak to anyone over there with the power to change anything until after the holidays.

ActionPotential · #17 (**permalink**) 12-21-2004, 11:18 AM

I'll go back to what i said earlier.....Key's inclusion of St Chris and St James and some other not quite saintly establishments proves the exclusivity of the loans was nonexistent and willy-nilly. the least they could have done was sorted the wheat from the chaff when making their arbitrary cancellation decisions.

azskeptic · #18 (**permalink**) 12-21-2004, 11:29 AM

Quote:

Originally Posted by SMU_Information

Well, we found an article that Key Bank had also been loaning to unaccredited trade schools in the States. These schools had been closing at an alarming rate, so that may also have factored into their overall picture.

It looks like we won't be able to speak to anyone over there with the power to change anything until after the holidays.

I did some searching and found some interesting stats. For instance UAG-Guadalajara has a very very low non-performing loan rate with the US DOE

http://wdcrobcolp01.ed.gov/CFAPPS/CO...p;TOTAL_REC=81

My guess is that with the lack of knowing WHICH schools are legit and which ones aren't, the risk is considered too big. I doubt you will get much feedback from KeyBank as to why they have changed their position.

wolfvgang22 · #19 (**permalink**) 12-21-2004, 02:38 PM

Quote:

Originally Posted by Bingo

Hello,

I'm a new student at SMU for Jan 05. I was wondering, if folks are getting Stafford help for attending doin both degree programs, then can't they also get Nellie Mae or Sallie Mae alternative loans? If so won't that be a means of filling in the gap? Additionally does anyone know anything about this website: http://www.internationalstudentloan....loan_terms.htm

They are rated with the BBB and look like they might be an alternative?

Peace,
Bingo

The ISLP alternative loan is still a TERI loan.

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