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  1. #1
    m6D
    m6D is offline Newbie 510 points
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    New loan question 2010

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    hi guys...so this is my second post so please dont flame =O...ive been using the search function on the forum and pulled up quite a bit of information on the loans from Bank of Mills. I just had a couple questions and I'd appreciate if someone can give me some insight. Thanks.

    1. According to my understanding, most people apply for their loans thru the Bank of Mills. Are there any alternatives to this? ( I have seen one person post about using BOLM but I am not sure what that exactly is)

    2. I was looking over the loan application and I got very confused....I thought loans were supposed to be paid back AFTER u get done with your schooling. There are 2 options of loan repayment that are listed: either pay only interest or pay interest + a monthly repayment fee HOWEVER these payments start immediately....watthefck?!?!

    3. I understand the loan amount has increased slightly to cover one's expenses on the island, however has this amount been increased on top of the increased September 2010 tuition? (since tuition is slowly going up every semester)


    This whole loan thing is very "shady" to me. Is the bank of mills just some kind of "front" for aua to make additional money from their students...i understand im not very well versed in finance and loan stuff (HENCE why im planning on going to med school), but the immediate repayment of the loan is shooting off some RED warning signals in my head...or maybe im just a dumba** who doesnt understand how loans work..some clarification here would be greatly appreciated

    I understand most on this forum have applied for the old loans...but any insight would be appreciated. Thanks

  2. #2
    Tropicanaole is offline Newbie 510 points
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    Quote Originally Posted by m6D View Post
    hi guys...so this is my second post so please dont flame =O...ive been using the search function on the forum and pulled up quite a bit of information on the loans from Bank of Mills. I just had a couple questions and I'd appreciate if someone can give me some insight. Thanks.

    1. According to my understanding, most people apply for their loans thru the Bank of Mills. Are there any alternatives to this? ( I have seen one person post about using BOLM but I am not sure what that exactly is)

    **You are correct, most people do indeed apply for their loans through the Bank of Lake Mills. There are alternatives, such as going to a bank in the US and applying for private loans from lenders like Citibank, Chase, Bank of America...etc. However, a lot of banks here in the US are now deciding not to grant loans to students going to schools abroad because of the economy. I tried, but the only reason that I can say why I was denied was because at the time, my debt was too high. I have a pretty decent score in the mid 700's but you may want to check your credit score first and think about other alternatives.

    2. I was looking over the loan application and I got very confused....I thought loans were supposed to be paid back AFTER u get done with your schooling. There are 2 options of loan repayment that are listed: either pay only interest or pay interest + a monthly repayment fee HOWEVER these payments start immediately....watthefck?!?!


    **Anytime you take a private loan you usually have the option to defer. However, with the Bank of Lake Mills, this is not an option. As I stated before a lot of banks in the US choose to not accept students who request loans for schools outside the US such at AUA. If you choose the interest only payment, you end up having to payback much more than if you choose the interest+interest payment. How students decide to pay back for the first two loans (consisting of semesters 1 & 2) is something that either you and/or a family member will have to consider. Personally, my spouse will be holding down a job here in the US and making the payments for me since I will no longer have a job. You are right, it doesn't make sense that they expect for you to pay back on a loan when you have no income but most students find ways of working this out.

    3. I understand the loan amount has increased slightly to cover one's expenses on the island, however has this amount been increased on top of the increased September 2010 tuition? (since tuition is slowly going up every semester)

    **Yes, the loan amount did increase by $1000, however, at the same time the tuition has increased as well which doesn't help.

    This whole loan thing is very "shady" to me. Is the bank of mills just some kind of "front" for aua to make additional money from their students...i understand im not very well versed in finance and loan stuff (HENCE why im planning on going to med school), but the immediate repayment of the loan is shooting off some RED warning signals in my head...or maybe im just a dumba** who doesnt understand how loans work..some clarification here would be greatly appreciated

    **If you go on to the Bank of Lake Mills website you can actually call them yourself. I felt the same way in the beginning and called to verify. I don't like the issue of having to repay as well, however, for the remainder of the semesters that you are at AUA, namely semesters 3-until residency, you will have the option to defer those payments.

    **I hope that I was able to shed some light on the whole process for you and if you have any further questions let me know by either responding to this post or just PM'ing me.

    I understand most on this forum have applied for the old loans...but any
    insight would be appreciated. Thanks
    I answered your questions with ** marked under each question.There are also some other sites on here that go into some more detail about the loan situation. If you are determined like I am, nothing will stop you from going to school even if it's not AUA, however, I just got my loan approved and am excited to start the journey. Many blessings to you in your search.
    Hidden Content My life is like a diary...everyday there can be a different entry. The best things in life are free...love, happiness and God's grace.

  3. #3
    emrbu8's Avatar
    emrbu8 is offline Member 510 points
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    Also, something to keep in mind is that the Bank of Lake Mills Loans cover tuition at 100% and the living expenses limit is what has gone up. If I am correct, our upper limit was $3000 and now has increased to $4000. No matter how much tuition is increased, the loan does cover that portion at 100%.

  4. #4
    dwoodward's Avatar
    dwoodward is offline School Official 514 points
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    If this is only your second post, you’re not off to a great start!!
    So, I’ll take the time to flame you; just kidding, sort of!!

    However, if you have in fact done a search function and read about the entire loan situation, you would understand more than what you allude to in your post. The fact of the matter is that as I have said on more than one occasion, we all acknowledge that this is NOT the optimum situation for us OR our students. We are doing the best we can, and we try to improve upon the loan program as much as we are able; in fact we just did so. We are happy that we at least have a loan program, unlike virtually all the other non-title IV schools that either don’t have a loan program, or just recently lost it.

    I suggest that instead of getting all your information from Value MD, you pick up the phone and talk to one of the financial aid counselors at the NY office. Or, email me directly (dwoodward@auamed.org), and I will insure someone is in contact with you to get your questions answered.

    There is nothing “shady” about this loan program nor is it a way for AUA as you say “to make additional money from their students.” That is pretty tough to do when we are virtually putting up our own capital to fund this program!!
    If you already have this impression of the school where you intend to matriculate, may I sincerely suggest you go somewhere else! Whatever RED warning signals are going off in your head should be taken seriously. Starting at a new university with the impression you already have is NOT a good idea.
    Richard Woodward, MBA
    Senior Vice President for Enrollment Management; COO
    American University of Antigua (AUA)
    College of Medicine; College of Veterinary Medicine; School of Nursing; American International College of Arts and Sciences
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  5. #5
    Drdiego's Avatar
    Drdiego is offline Member 512 points
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    Quote Originally Posted by dwoodward View Post
    If this is only your second post, you’re not off to a great start!!
    So, I’ll take the time to flame you; just kidding, sort of!!

    However, if you have in fact done a search function and read about the entire loan situation, you would understand more than what you allude to in your post. The fact of the matter is that as I have said on more than one occasion, we all acknowledge that this is NOT the optimum situation for us OR our students. We are doing the best we can, and we try to improve upon the loan program as much as we are able; in fact we just did so. We are happy that we at least have a loan program, unlike virtually all the other non-title IV schools that either don’t have a loan program, or just recently lost it.

    I suggest that instead of getting all your information from Value MD, you pick up the phone and talk to one of the financial aid counselors at the NY office. Or, email me directly (dwoodward@auamed.org), and I will insure someone is in contact with you to get your questions answered.

    There is nothing “shady” about this loan program nor is it a way for AUA as you say “to make additional money from their students.” That is pretty tough to do when we are virtually putting up our own capital to fund this program!!
    If you already have this impression of the school where you intend to matriculate, may I sincerely suggest you go somewhere else! Whatever RED warning signals are going off in your head should be taken seriously. Starting at a new university with the impression you already have is NOT a good idea.
    Mr Woodward,
    The reason why so many people unfortunately turn to VM to get answers is b/c we can never reach anyone at the NY office. However, I must commend Anel and Tamara they ALWAYS take the time to respond to questions concerns or if they don't know the answer they try and find it out for you.
    The others, they don't respond to you. It could be a page, VM, e-mail, text msg, telegraph or SOS nothing, zilch, nada from them.
    Oh, Tipton tries his best to help out on this forum.
    Last edited by Drdiego; 07-21-2010 at 10:30 PM.

  6. #6
    dwoodward's Avatar
    dwoodward is offline School Official 514 points
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    I can't deal with generalities, and quite frankly I don't believe your accusation is the norm. However, that being said, you know I will get to the bottom of any documented failures to communicate, particularly from my departments. Failures to at least return calls and/or correspond with our students is simply unacceptable. Instead of making general unfounded accusations, you or anyone else are free to give me confidential email with specifics. I will investigate and get back with you.

    I appreciate the kind words for those who have met your expectations.
    Richard Woodward, MBA
    Senior Vice President for Enrollment Management; COO
    American University of Antigua (AUA)
    College of Medicine; College of Veterinary Medicine; School of Nursing; American International College of Arts and Sciences
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  7. #7
    m6D
    m6D is offline Newbie 510 points
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    Mr Woodward,

    I appreciate your prompt reply. However I do agree with what Drdiego said. I have resorted to VMD for my school investigation purposes the past couple months due to the fact the my assigned student coordinator was MIA for quite a while. After failing to reach her for over 4 months, a letter of resignation was mass emailed out and a new student coordinator was assigned (btw this new student coordinator is AWESOME! very prompt and thorough unlike the old one). I have also called the Financial aid department on several occasions but it seems that they are always in a rush to hang up. So please dont take my previous post as libel directed to the university! I am just trying to be as wise and cautious as possible with my decisions regarding my future. This post was simply to ask my peers what their feelings were on loan situation. Even Tropicanaole said he felt the same way when he heard about the loan program initially.

    Anyways, how does it not seem feasible that AUA is not making money off their students? You have an MBA and are the VP of enrollment/CMO. You are a well qualified business man i.e. your entire education was essentially involved in "making/managing/allocating money". Who is to say that you arent "caking" off the university (caking is a slang for bringing in mad "dough" or a lot of money) Obviously this is just based on your resume and this is not my primary assumption. OBVIOUSLY THIS IS JUST BASED ON YOUR RESUME AND NOT MY PRIMARY ASSUMPTION (sry i had to repeat the sentence and in caps to make sure no1 thinks that this is how i feel). However, for "newbies" like me, these kind of assumptions are natural and stem from lack of knowledge. Thus, I posted to inquire about the loan situation. And yes I did use the search function, but that does not mean i have time to comb through 80+ forum pages.

    Needless to say, if I have any other problems with the financial aid office, I will not hesitate to directly contact you. I appreciate the fact that you make yourself so open to your students.

  8. #8
    dwoodward's Avatar
    dwoodward is offline School Official 514 points
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    M6D; I’m sorry you had trouble reaching your new student coordinator, in fact they should be the most accessible as that is their job. One was recently re-assigned, so there may have been a time when inquiries went unanswered; that is not acceptable. I’m happy to hear the new one is on top of the responses; is it JL, AD or MF that you are dealing with?
    We have a new Financial Aid Director with a ton of previous experience particularly in customer service. I believe you will experience even better interaction with the financial aid department in the future.
    With regard to your comment about the “feasibility of AUA not making money off their students” Yes, of course AUA is a profit making institution, admittedly so. Fact is, I don’t know of any college or university that is not profit making, or they would be closing their doors. But, that is NOT what you said in your post; re-read it. You stated: “Is the bank of mills just some kind of "front" for aua to make additional money from their students” You specifically were directing your comments to the loan program, NOT to AUA as an institution. That was the reason for my response.
    Anyway, we are beating this to death. I am suggesting to you as you start your educational career with AUA to start looking at things as at least half full, and believe we are truly here to help you fulfill your desire to be a physician. I openly give you the opportunity to email me at any time should you have concerns or feel you are not being responded to appropriately. I will say this; If you already have misgivings about AUA, you have plenty of time to decline your acceptance.
    Richard Woodward, MBA
    Senior Vice President for Enrollment Management; COO
    American University of Antigua (AUA)
    College of Medicine; College of Veterinary Medicine; School of Nursing; American International College of Arts and Sciences
    Hidden Content

  9. #9
    CuriousD is offline Member 510 points
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    Quote Originally Posted by dwoodward View Post
    M6D; I’m sorry you had trouble reaching your new student coordinator, in fact they should be the most accessible as that is their job. One was recently re-assigned, so there may have been a time when inquiries went unanswered; that is not acceptable. I’m happy to hear the new one is on top of the responses; is it JL, AD or MF that you are dealing with?
    We have a new Financial Aid Director with a ton of previous experience particularly in customer service. I believe you will experience even better interaction with the financial aid department in the future.
    With regard to your comment about the “feasibility of AUA not making money off their students” Yes, of course AUA is a profit making institution, admittedly so. Fact is, I don’t know of any college or university that is not profit making, or they would be closing their doors. But, that is NOT what you said in your post; re-read it. You stated: “Is the bank of mills just some kind of "front" for aua to make additional money from their students” You specifically were directing your comments to the loan program, NOT to AUA as an institution. That was the reason for my response.
    Anyway, we are beating this to death. I am suggesting to you as you start your educational career with AUA to start looking at things as at least half full, and believe we are truly here to help you fulfill your desire to be a physician. I openly give you the opportunity to email me at any time should you have concerns or feel you are not being responded to appropriately. I will say this; If you already have misgivings about AUA, you have plenty of time to decline your acceptance.


    Hello Mr. Woodward,

    I have a couple questions regarding the new loan program. From my understanding, when a loan is pulled out for the first two semesters, interest payments will begin immediately after, while semesters 3-10 will have deferred interest payments. When you say deferred, does this mean that there will be no interest accumulated during semesters 3-10, and payments will start during residency/after grace period? Or does this mean that interest will be accumulated during this time, and our payments during residency will include the interest that was accumulated during semesters 3-10?

    Also, I was wondering where I could check my credit score? I was told that I was sent an email with this link, along with one for the loan information, and have not recieved one yet. I appreciate your help, thanks!

    by the way, i have also emailed you this question
    University of North Texas 2010 [Bio/Chem]
    AUA 2014 [Medicine]

  10. #10
    vick2025's Avatar
    vick2025 is offline Member 517 points
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    CuriousD, you can check your Credit Report at the following site for free


    https://www.annualcreditreport.com/cra/index.jsp

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