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  1. #1
    dwpegues is offline Member 510 points
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    Wells Fargo and Other Banks

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    I read somewhere on Valuemd where someone applied for a loan with Wells Fargo - this student, of course, attended another school, and not AUA. After reading that I called Wells Fargo to see if it would be possible to apply for a loan as an AUA student. Wells Fargo's decision was simple - I could not apply for a loan with them because AUA has not used them as a preferred lender. I asked the Wells Fargo associate how AUA could make them a preferred lender, and the associate said, "Simple, AUA just needs to call us and add us as a preferred lender." I am sure a little bit of work would have to be worked out between AUA and Wells Fargo, but my point is - why has AUA not sought out such an option or other options like this one? I find this very odd.

    From what I have gathered, there are many banks that would potentially consider lending to students of AUA if the FA department would attempt to find other sources for funding.

    Chase
    Wells Fargo
    Etc.

    With how difficult it is to find loans right now, why has AUA not looked for other options? Is it because AUA has a great deal worked out with the current lenders, possibly getting a percentage of loans? If this is the case, no wonder AUA has not gone with banks such as W. F. and Chase.

  2. #2
    schoup is offline Permanently Banned 510 points
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    Quote Originally Posted by dwpegues View Post
    I read somewhere on Valuemd where someone applied for a loan with Wells Fargo - this student, of course, attended another school, and not AUA. After reading that I called Wells Fargo to see if it would be possible to apply for a loan as an AUA student. Wells Fargo's decision was simple - I could not apply for a loan with them because AUA has not used them as a preferred lender. I asked the Wells Fargo associate how AUA could make them a preferred lender, and the associate said, "Simple, AUA just needs to call us and add us as a preferred lender." I am sure a little bit of work would have to be worked out between AUA and Wells Fargo, but my point is - why has AUA not sought out such an option or other options like this one? I find this very odd.

    From what I have gathered, there are many banks that would potentially consider lending to students of AUA if the FA department would attempt to find other sources for funding.

    Chase
    Wells Fargo
    Etc.

    With how difficult it is to find loans right now, why has AUA not looked for other options? Is it because AUA has a great deal worked out with the current lenders, possibly getting a percentage of loans? If this is the case, no wonder AUA has not gone with banks such as W. F. and Chase.

    AUA has a cozy deal with loan shark lenders such as Ed-Invest that kicks back a portion of the origination fees and other fees to them. If you do some research the NY State Attorney General nailed a bunch of grad and undergrad schools for this a couple of years ago. The schools were guiding students to their "preferred lenders" that had worse interest rates and the lenders were giving them a fee for this "guidance".

    Wells Fargo would probably be okay lending to AUA students assuming they met the credit standards, but AUA and many other Caribbean schools like the cozy situation they have with loan shark lenders. Remember rule #1, Caribbean schools are founded to make money unlike US medical schools.
    Last edited by schoup; 12-12-2008 at 03:46 PM.

  3. #3
    schoup is offline Permanently Banned 510 points
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    I would suggest every AUA student on the DB bombard the Financial aid office with emails and phone calls. Tell your non VMD classmates to do the same. Make AUA explore this alternative Wells Fargo option and put AUA on the spot. They can either do something about trying to get Wells Fargo as a preferred lender or show themsleves as in bed with the loan shark lenders such as Ed-invest. Their response or lack thereof will show destroy ot enhance their reputation. They will either show they look out for their students(who are making the founders rich) or show themsleves as not caring about their students more than sucking them for every penny they can.
    Last edited by schoup; 12-12-2008 at 03:54 PM.

  4. #4
    dwpegues is offline Member 510 points
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    This really baffles and disgusts me. Aren't the Caribbean schools already making a lot of money without such origination fees, etc.? Also, by us studying at these Caribbean schools, aren't the island communities also benefiting simply by us being there and spending money in their economy? Why provide us a double-whammy when we are already in dire-straights? Why not already provide us with better lending options when the money we get will already be going to the school to begin with? Are they that greedy as to get our tuition plus origination fees and other percentages of loans on top of that?

    I am sure that almost all students who are about to start at a Caribbean school and are desperate for money go through various forms of research and come across these findings. I am sure I am not the first to ask such questions or have given thought to this. Obviously, schoup, you have given this a little thought as well.

    In other words, I suppose I will have to suck it up and just accept getting screwed.

    Oh well.

  5. #5
    Shiz77's Avatar
    Shiz77 is offline Elite Member 671 points
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    Perhaps contacting the FA office would help
    "I believe that banking institutions are more dangerous to our liberties than standing armies... " - ****** Jefferson

  6. #6
    dwpegues is offline Member 510 points
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    I tried speaking with the FA department about 6 months ago about getting alternative lenders for funding, but at the time I was not successful. All I was told was that what they have it what they have.

    Having read about Wells Fargo here on valuemd and also having spoken with Wells Fargo, I do intend on speaking with the FA department at AUA about this. Unfortunately, it is Friday, I am currently away from home for the weekend, and live in Eastern Europe right now. This time difference has always been hard for me to work around. By the time I remember to call someone back in the States/Caribbean to take care of business, it is midnight here and 4 or 5 pm there.

    Anyways, I will speak with FA on Monday. It would really be nice for the school to get other lends besides lenders neither I or anyone else on the planet has ever heard of.

  7. #7
    SemTuv is offline Member 510 points
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    Quote Originally Posted by dwpegues View Post
    Also, by us studying at these Caribbean schools, aren't the island communities also benefiting simply by us being there and spending money in their economy?
    Once you get over here, you will realize that you are treated as ATM machine. You will go thru the stage of denial, anger and finally acceptance! According to the local government, AUA generates ~5% while tourists bring about 90-95% of revenue for Antigua.THis is what local population strongly believe.

  8. #8
    dwpegues is offline Member 510 points
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    From what I learned in both Statistics and Population Genetics classes, anything 3% or greater is considered significant.

    Anyways, I am satisfied at this point. I have been a little upset for some time about the entire financial situation. Frankly, I don't think I will ever completely be over it, but I guess I will have to learn how to deal with it.

  9. #9
    Shiz77's Avatar
    Shiz77 is offline Elite Member 671 points
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    Any updates?
    "I believe that banking institutions are more dangerous to our liberties than standing armies... " - ****** Jefferson

  10. #10
    kofi129 is offline Member 510 points
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    Students vs Tuorist

    SemTem, I don't believe tourist spend more than students do unless there is something between the gov't and the school that student do not know. At any point in time, there are about 400-500 students on the island, if not more, who spend approximately 3millions or more every semester. This does not include friends and families that comes to visit student and spend so much money. The money made on renting apartments to students is very large by itself not to talk about money students spend during the semester. Medical schools on the carib islands bring in anywhere from 25-40% of the gross income to the Islands

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