My last post was little misinformed, Drs. Choice is not really bankrupt, they are just putting their applications on hold till the market picks up and some other investor issues. And Teri does not hand out the loans, Bank of America and Wachovia does,Teri just filled for Chapter 11 but is still normally operating and still taking applications.

Had more specific questions with the CitiBank loan. So for example I apply for two semesters which is 33k. The school would take out 7800 per semester and give me a cheque for 17400? This is given to me on the island during registration? Then would it advisable to take this cheque and open a bank account on St. Kitts OR take this cheque back to the US and open an account there with it? If I open a st. Kitts bank account, am I given a debit card and a cheque book like a bank in the US? Sorry these are nitty gritty questions but they do matter. Just want to make sure I know how I am going to get funding if I attend UMHS.
Thanks

According to what I have heard there are plenty of banks in St.Kitts. One of the most popular banks is RBC (royal bank of canada). This bank is actually found in the states. Also, based on what my friend told me, there is actually an RBC atm at the UMHS campus, so getting with that bank would probably be the best choice since you can go to the atm without having to leave the campus.

Well the banks will give you a debit card, im not too sure abotu the checks! Its actually better to open up an account here, scotiabank, because when you use your debit card from the states, it usually charges you some sort of fee everytime.

And with the check you get during registration, the bank on the island will cash it RIGHT AWAY rather than waiting a week or so, as you would in the states!

What if you deposit your cheque as US dollars? Or should one deposit it as the local currency? lol so many things to take into consideration. I would think if I deposited the cheque in dollars and went to a local ATM to withdraw money it would automatically convert to local currency using the banks rate for that day and dispense local currency. I just hope theres no "hidden" fees with these transactions. Well I guess I can ask the class starting in May all these details. I just basically want to be able to use that local debit card from the RBC or Nova Scotia Banks to fund ALL expenses like online airline tickets, groceries, car rental and also any expenses I incur while back in the US during the breaks. I would feel safer having all my funds on the island rather than back home in the US incase of any financial emergencies.

If you open a bank account on St. Kitts (and we recommend that you do) you will get a Visa debit card and checks. There are two banks that we recommend. One is The Bank of Nova Scotia (Scotia Bank) and the Royal Bank of Canada. Both are Canadian and both are substantial corporations.

Depositing money in US or EC dollars does make a difference. If you deposit as EC dollars, you can only withdraw money at ATMs that give EC dollars. The ATM outside of campus is one of those machines. On the other hand, if you deposit in US dollars, you can only withdraw from the ATM at the Marriott since it issues US dollars. (Of course, you could make a withdrawal at the counter of Scotia Bank.)

I cannot answer questions about withdrawing EC or US dollars from RBC since I have little experience there.

Money that is deposited in US Banks can be withdrawn at any ATM with a debit card. Your home bank may charge you for using an ATM that is not a part of their system. You also will have to deposit your financial aid check in your home bank. Since you will receive that check in St. Kitts, there is an additional problem in getting it back to the US. An on-island account makes more sense.

Thanks for clarifying this. I will contact RBC and ask for details.

If you don't mind could you say how much they will allow you in loans per semester or year.

Can someone please give me the full information, that is phone number or website of Citibank loan, as to how to get in touch with the CitiBank loam program. Thank you.

The information can be found here:
Financial Aid - UMHS