I previously posted that the chapter 11 restructuring should not affect the outcome of student loans but were hearing rumors of the opposite. I called TERI today and was told they are not accepting anymore applications for loans. They said that they were just informed today not to accept anymore loan applications. They also said they weren't sure what was going to happen in the future with their student loans. The Wachovia lender is already off the website and I assume Bank of America will follow.
My question is to any current students.. has the school mentioned anything about the loss of TERI loans and finding new lenders???

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Chris

life experience - define your locus of control, don't let it define you.

That is definitely NOT good news. At the seminar I went to Aaron spoke about how TERI loans are what all the students use for their expenses. What is Xavier going to do now? They must have some sort of back up plan, but until we know for sure this is kind of scary.

Apparently,

The Administration of Xavier has not sent out any form of communication to the students about the status of Teri Loans, nor has there been any word, at least to the students that know of Teri's bankruptcy, about getting new lenders. All of this comes at a transitional time in the schools short life, as there have been rumors that it was sold to a group of investors.

So I guess we can look at this as the beginning of the end? My advice would be to secure your documents, and be prepared to get off the boat if and when it starts going down.

I heard an update about the TERI loan situation, and Bank of America hasn't totally withdrawn from TERI yet. They are just not accepting anymore loan applications to "assess the situation". So, hopefully they decide to keep lending and remain an option for financial aid.

Xavier is made up of two campuses with two different administrations, so the rumor of the school being bought by a group of investors pertains to which? Xavier Aruba or Bonaire?

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Chris

life experience - define your locus of control, don't let it define you.

Aruba is the campus that is particularly involved in the acquisition, so I'm not certain if this will affect Bonnaire campus.

Give it time to work itself out. I'm sure Xavier Admin is fully aware of the situation and making decisions accordingly. Let's not all fall into the "sky is falling" mentality just yet. Just my 2 cents.

J!YF

but it does sound familiar.....

about less than a year ago...sallie mae decided to pull out of caribean med schools. At that time Aruba and Bonaire had Terri and Sallei Mae. Bonaire was recieving its loans threw Aruba. So then when Sallie pulled out, naturally bonaire would lose Sallie mae as well.

However, Aruba pulled a jag bag move on Bonaire, and denied them from getting Terri loans as well. And the greed sibling kept it to its self.

Bonaire managed to stay up, and accomodated its students and helped them which ever way they could to ease the financial burden. By having flexiable payment plans and even to the extent of allowing students to continue thier education with out paying tution.

Bonaire has been working hard to attain new loans from various lenders, and they have just gotten one now, and still are working with other lenders to get more and better loans for thier students. And now they are back up and running smooth.

Now terri is "hinting" it wants to pull out, and if it does......WHAT GOES AROUND COMES AROUND.

i have not heard anything about a buy out...Dr. B makes way to much money.

All in all, there has to be SOME lender who will be taking care of the students financial aid. I'm sure they don't expect everyone to pay their tuition/fees/rent/etc. in CASH. If not TERI, then another company.

However, hearing about this kind of stuff is a little disheartening and makes you think twice about pursuing an education there. I wish more CURRENT students actually corresponded with us more and gave us some insight. It gives the rest of us hope.

Chris, check you PM

just so you guys know they told me today that as of right now if I wanted to come in May, I would have to pay out of pocket....however they are working with some new lenders, but it may not be available to students until the August semester..... b/c teri is currently out of the question.

for those of you who were going to use teri, what are your plans now to pay for the tuition and housing?