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Thread: Financial Aid

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    Financial Aid

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    Hi guys, can you shed some light on the financial aid situation?

    I've read posts about some companies dropping carib schools.

    How much will the give you?
    What's the typical combination? Federal + Private?
    What bank in the US makes regular business with Ross?
    Any problems associated with the aid (not getting there in time.. etc)

    thanks!!!

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    Financial Aid

    Hi, shutterbugmd - You're right - a number of caribbean schools have experienced service disruption recently with their alternative loan lenders. It happened to Ross last summer, when our "safety net" lender froze hundreds of loan applications without notice, and we had to scramble to restore things. A couple months later, we dropped that lender and, with DeVry's help, established a comprehensive lending relationship with Sallie Mae. That deal - covering federal (FFELP/Stafford) loans and alternative loans - is pretty strong and stable.

    A typical Ross Med student (basic science segment) pays about $11,200 per 4-month semester for tuition & fees and borrows almost $19,000 (half federal, half alternative), leaving close to $2000 per month for living expenses, books, etc. In most cases, that's plenty. Students with dependents can get a little more.

    Financial aid hasn't always gone smoothly, but we're working on our process and our customer service all the time. For the January 2005 semester, about 75% of our financial aid applicants had living expense checks ready on campus as they registered; the rest are eligible for "advances" while their loans are still in the pipeline.

    Hope this helps. I didn't want your questions to go without a response.

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