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  1. #1
    Srm688 is offline Newbie 510 points
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    Just got accepted for fall 2010!! but need help!

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    Hey I just got my acceptance for AUA couple of days ago. I am excited about it, but a little nervous with the whole loan situation. Have heard negative things like you cant get loans and its mostly self financing. I am in no position to do that. If i do apply for loans where should I start? like will local banks such as chase, citibank the right spots? I also read in a post that AUA has its own loan program which it coordinates through a bank? I would really appreciate any feedback. thanks


    Shawn.

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    dwoodward's Avatar
    dwoodward is offline School Official 514 points
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    Have you contacted the financial aid office? Sounds like a good place to start!
    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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    Srm688 is offline Newbie 510 points
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    Hello Mr. Woodward, thanks for the reply! It seems that I dont qualify for the loan program that antigua offers till next sem. what are some of my other options? I am sure this has happened to students befroe? thanks

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    siheg's Avatar
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    Quote Originally Posted by Srm688 View Post
    Hello Mr. Woodward, thanks for the reply! It seems that I dont qualify for the loan program that antigua offers till next sem. what are some of my other options? I am sure this has happened to students befroe? thanks


    Can you explain by what you mean by "not qualifying till next semester"? Were you denied the loan? Did you apply with a cosigner or by yourself? Are you applying too early?

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    Srm688 is offline Newbie 510 points
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    Well I dont fullfill the gpa requirement, so they said once I take a few classes at antigua and meet the requirement next semester, I can be eligible for the loan. But this semester, I am confused as to how to get the loan. What do students usually do in this position? personal loans or something?

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    vhinrich is offline Junior Member 512 points
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    Quote Originally Posted by Srm688 View Post
    Well I dont fullfill the gpa requirement, so they said once I take a few classes at antigua and meet the requirement next semester, I can be eligible for the loan. But this semester, I am confused as to how to get the loan. What do students usually do in this position? personal loans or something?
    I think you can still get approved for the loan as long as you have a cosigner with good credit.

    I'm not 100% sure about this.

    If you don't get approved with a cosigner, I don't know what to tell you. I think AUA has a payment plan in which you can pay your tuition by installments, I'm not sure about it though. Call the Financial Aid office and see what they say.

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    Fleisch's Avatar
    Fleisch is offline School Official 522 points
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    Quote Originally Posted by Srm688 View Post
    Well I dont fullfill the gpa requirement, so they said once I take a few classes at antigua and meet the requirement next semester, I can be eligible for the loan. But this semester, I am confused as to how to get the loan. What do students usually do in this position? personal loans or something?
    The requirements for the BOLM loan are:

    675 minimum credit score
    2.75 minimum GPA

    A co-signer is optional if you are a US citizen (mandatory for intl students). If you decide to use a co-signer, they must have a minimum 675 CS as well. Thus, both you and your co-signer must meet the credit score requirements. A high co-signer credit score will not make up for a personal sub-675 credit score.

    For people with GPA's below the minimum, you are not eligible for the BOLM loan this semester. I have heard of students entering the payment plan, getting help from family, etc. Just realize that if you get at least a 2.75 GPA during your first semester at AUA (and you meet credit score minimums), you will be eligible for the loan for the SECOND semester of basic sciences.

    I hope this clears up some of the the confusion. Please PM me with particular questions or better yet, contact Financial Aid directly in the NY administrative office. We have two credit counselors who work for AUA and and assist students with raising their scores to meet the BOLM requirements.
    Bryan Fleischman
    Associate Director of Admissions

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    Which credit report do they pull? If your score is above 675 but have a past derogatory account (that since been paid and closed) will that affect anything?

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    Fleisch's Avatar
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    Quote Originally Posted by siheg View Post
    Which credit report do they pull? If your score is above 675 but have a past derogatory account (that since been paid and closed) will that affect anything?
    I believe Equifax - call financial aid on Monday to confirm. They should have detailed info available.
    Bryan Fleischman
    Associate Director of Admissions

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    siheg's Avatar
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    Quote Originally Posted by Fleisch View Post
    I believe Equifax - call financial aid on Monday to confirm. They should have detailed info available.

    Thank you.

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