Thread: Alternative Loan

What ever became of the new loan with the company from India?

Originally Posted by JEOBrien

What ever became of the new loan with the company from India?

Yo JEOBrien

?

Originally Posted by JEOBrien

What ever became of the new loan with the company from India?

Ok,

Let's try this again. Don't know what happend last time.

Last I hear, the SMU administration was checking into the company from India further. Since then, I haven't heard anything...has anyone else?

skidoc42

PS: sorry about that previous post...don't know what happend there!

To my knowledge, we still haven't got a satisfactory answer back.

Has the loan program that Saba and MUA recently started--Student Loan Xpress (SLX)--been considered? Anyone know what the difference is between TERI and SLX?

They ask me to fill the forms for express loan. I need more information, before i fill in!!!

Originally Posted by skidoc42

Originally Posted by JEOBrien

What ever became of the new loan with the company from India?

Ok,

Let's try this again. Don't know what happend last time.

Last I hear, the SMU administration was checking into the company from India further. Since then, I haven't heard anything...has anyone else?

skidoc42

PS: sorry about that previous post...don't know what happend there!

Memorandum

To: All SMU students
From: Dr. Thornton
Date: April 20, 2005
Re: Financial Aid Update

I would like to provide you an update of the various efforts to locate
additional loan programs for SMU students.

Earlier I informed you about a student loan program called Paras Foundation
loans. At that time, I had discussed the requirements of the loan program
with the Paras Foundation staff and had been informed that the cost of the
application covering a credit study would be $60 dollars. I understood that
there would be an origination fee in the range of 1.7% of the loan and that
this would be taken from the loan before funds before they were sent to SMU.
We also understood that a cosigner would not be required if the student had
good credit.

Continued investigation has shown a variance in these requirements. I wrote
you an update about a week ago detailing some of those changes and suggested
that all students hold off in sending any fees. They have now said that the
1.7% of the requested loan would have to be paid as a second step fee in the
application process and paid prior to having been certified for a loan.
This would put the average applicant at risk for around $800 prior to having
been guaranteed a loan. This is totally unacceptable. A second major
change was to say that all U.S. citizen students would have to secure a
cosigner. In any event, this loan now appears less than reasonable risk.
Some students expressed discontent because we made the announcement prior to
knowing everything about the loan program. I did release this information
early as it was a loan being used by some schools and listed on their
websites. As well, we wanted not to overlook any possible alternatives. My
recommendation continues for all to hold off on applying for this loan until
further notice.

I wanted to take this opportunity to tell you that we have applied for
another loan program (a U.S. loan program) with what appears to be loan
conditions very similar to those of the MedAchiever loan. It is a private
loan which is credit based. It will lend up to the full cost of attendance
without a cosigner. This may be applied for online or over the phone. The
current interest rate appears very reasonable. It is a loan that is
deferred in repayment through four years of residency. It has a grace
period of 9 months after completion of the residency. There are no fees to
apply and no loan origination fee. There is no penalty for early repayment
or consolidation of loans. If your credit history is not solid you have the
option of adding a cosigner. The cosigner may be released from the loan
following 48 on time payments. However, the loan, as all credit based
loans, does require a good credit history. We do not as yet know the credit
history criteria but it sounds much like the MedAchiever loan.

We expect to learn more this coming Friday about the potential for approval
to participate in the loan. There is no guarantee that we will be approved,
but I believe that things look encouraging. I just wanted to let you know
that we are working on this option to the Teri loans. I will get back with
another update as soon as I hear anything conclusive.

Thank you for your continued commitment to St. Matthew's University. I want
you to know that we continue to strive to locate as many financial aid
options as possible for St. Matthew's students.

Thanks a whole lot for the information. Have a good one.

Thank you indeed for the update!