Hey Everyone,

So I got in and I am truly excited, however I called the financial aid office and discovered that Teri is no longer accepting new applications and the school currently has no other options.

They told me that if I want to come this May I will have to pay out of pocket and hopefully by August they should have some more loan options. They said they are talking to some lenders now.

So it looks like I won't be coming in May.

That really sucks.......

Wow man, that's horrible.

I just got accepted for Sept. '08 and am looking forward to starting there, but this financial aid stuff is really worrying me.

What if they don't have things figured out by August? How can a medical school which is accredited by so many diff. organizations and that is accepting students NOT have A FINANCIAL AID service?

What are you going to do now? Defer your acceptance to Sept.? Feel free to PM me, I'd love to discuss this in further detail.

Here's the deal with the loans. This problem has been anticipated for years. In a mad scramble for students, many Carib med schools have been lowering standards and admitting students who don't have a prayer of ever getting licensed. This is evidenced by the ever increasing Step 1 failure rate and loan default rate of Carib students compared to other foreign schools. Last year Sallie Mae, the other major Carib lender, pulled out of all the schools. TERI, which is not actually a lender but merely a broker, lost the support of its underwriting banks who just couldn't take the default risk any longer, and now most students are in a financial crisis.

I know for certain that the honchos of Xavier have been obsessed with finding additional lenders for some time, and if there are any such lenders out there, the school will find them. Hounding Xavier brass will not do much, as they are already greatly stressed over this matter. If you read my previous posts, you'll know that I am no shill for the school, but in this matter I know they are doing their best. It is, after all, their profits as well as your education that is at stake.

Meanwhile, all students who are in this predicament should become proactive in finding a lender. A good place to start is the financial aid forum in ValueMD; one post there contains a long list of banks and private lenders with a history of lending to med students. Try Googling things like "medical loans", etc., and see what comes up. Be creative; try to make a deal with the school for partial tuition deferment if you come up short. They may be willing to defer payment while looking for a lender, in order to keep their student base. I know of one startup school who allowed all students to owe them everything until a lender was secured, and it worked out fine.

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Brain surgeon to another: "Hey, this isn't rocket science".
Rocket scientist to another: "Hey, this isn't brain surgery".

Forum Moderator - Xavier Aruba

great points ! Very positive and encouraging. I shall surely looking into your suggestions and hope for the best

my advice: Look for a scholarship.i have a lot of friends who have studied medicine with financial aids from goverments of their countries.write me a personal message i will give specific clues.

Good idea, which reminds me of something else. There are rural hospitals all over the country, in places like Montana, the Dakotas, and the deep south, who will pay all your medical expenses in advance, in return for a contract to work for them for some number of years after graduation. There are buyout provisions if you want to leave early.

There is an association of rural hospitals. Don't bother with them; they won't answer your inquiry. You have to find these hospitals yourself and write to all of them. State licensing boards also have information on these programs. There's a lot of work here; one would think there would be a consultant for this sort of thing, but there isn't.

__________________
Brain surgeon to another: "Hey, this isn't rocket science".
Rocket scientist to another: "Hey, this isn't brain surgery".

Forum Moderator - Xavier Aruba

i m new here.my post count must be five to send out a private message.as soon as possible i will reply your PM.thanks

i can't speak for the US, but in Canada, you are eligible to receive student lines of credit from at least TD & RBC (up to CAD $400,000).

you will have to prove the school admission, as well as the recognition of the school by both ECFMG & WHO, and will most likely require a co-signer if your credit is bad/low/non-existent.

the best part is that these lines of credit are at PRIME RATE (opposed to prime plus 4 with some of the lenders thru TERI/CANHELP that i was being given when i contemplated applying)

repayment also works like OSAP...it's deferred for up to 6-8 mths i believe after graduation (completion of clinicals from what i was told by both banks)

some of the details may differ, since different banks have different policies . so do your research thoroughly.

this option may be better than anything the school could offer.

hope this helps any potential canadians consider XUSOM.

R credit cards an option?

yep, paying with credit cards is obviously an option if that is what you are asking. That's cold cash we're talking about...why wouldn't the school accept that?!