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  1. #1
    Fractals is offline Junior Member 510 points
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    The end of private student loans?

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    Today President O submitted his budget for the next ten fiscal years. One item in particular may be of big concern to those students who are thinking of attending a Caribbean medical school that is ineligible for federal student loans.

    His proposal, if adopted, would end fees paid to banks who provide student loans. This would effectively end private-sector student lending. This is certainly something to mull over before attending any medical school with the hope of relying on private loans.

  2. #2
    Fornis J. Plebney is offline Senior Member 525 points
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    Quote Originally Posted by Fractals View Post
    Today President O submitted his budget for the next ten fiscal years. One item in particular may be of big concern to those students who are thinking of attending a Caribbean medical school that is ineligible for federal student loans.

    His proposal, if adopted, would end fees paid to banks who provide student loans. This would effectively end private-sector student lending. This is certainly something to mull over before attending any medical school with the hope of relying on private loans.
    You are mixing apples and oranges. The proposal is to have the government cut out the private lender and have the US govt make federal student loans direct to students (i.e Staffords). Currently you get your federal loan from a local bank and the federal government, in turn, pays the lender a fee for service and guarantees the loan. This has nothing to do with private loans and currently has no impact on AUA since we are not federal student loan eligible.

    "The O administration plans to make the government the sole provider of federal student loans, ending the participation of private lenders in the program." - Today's WSJ

    U.S. Would Take Over Federal Student Loans - WSJ.com

  3. #3
    Arkie, M.D.'s Avatar
    Arkie, M.D. is offline Elite Member 6139 points
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    X2...what he said
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    kofi129 is offline Member 510 points
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    Quote Originally Posted by jgilbert63 View Post
    You are mixing apples and oranges. The proposal is to have the government cut out the private lender and have the US govt make federal student loans direct to students (i.e Staffords). Currently you get your federal loan from a local bank and the federal government, in turn, pays the lender a fee for service and guarantees the loan. This has nothing to do with private loans and currently has no impact on AUA since we are not federal student loan eligible.

    "The O administration plans to make the government the sole provider of federal student loans, ending the participation of private lenders in the program." - Today's WSJ

    U.S. Would Take Over Federal Student Loans - WSJ.com
    That'll be a very good idea as it cut down all unnecessary fees which add up at the end.
    Grant me, O Lord, to know what I ought to know, to love what I ought to love, to praise what delights you most, to value what is precious in your sight…..****** à Kempis

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