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  1. #1
    wolfvgang22 is offline Moderator 514 points
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    Federal loans become a possiblity for Saba

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    Everybody at our school got this email, and since it's public knowledge I thought I'd share it with prospective students:
    President Bush has recently signed into law H.R. 4157 - The Higher Education Opportunity Act. This bill incorporates a key amendment to currently existing legislation which heretofore had restricted Title IV financing to only four Caribbean medical schools.
    While the language in the Higher Education Opportunity Act (“HEA”) does not immediately grant Title IV eligibility to Saba, it does set up a process for Saba and other select foreign medical schools with a clinical training program approved by a State on or prior to January 1, 2008, to gain Title IV eligibility over the course of the next two years. All other foreign medical schools that do not meet this criterion will continue to be ineligible.

    Saba and the small group of other universities who are qualified to earn Title IV eligibility under H.R. 4157 will work closely with the Department of Education as it crafts its recommendations and guidelines for Title IV eligibility. The recommendations and guidelines will take into consideration key performance metrics that quantify the success of the university’s students. After the Department of Education has finalized its recommendations and guidelines, it shall propose eligibility criteria regulations.

    While much work remains to be done, a clear path now exists for Saba students to become eligible for Title IV financing. Your efforts in writing letters to Congress, coupled with the dedicated lobbying efforts of our parent company R3 Education, have resulted in a major legislative breakthrough for Saba. Thank you so much for your ongoing commitment to the success of the Saba University School of Medicine.
    So good news for our school, particularly those who are wondering about Saba's stability as an educational institution, and for upcoming students who will need financial aid. It will probably take a year or more for Title IV loans to become available for students, but this is still good news.
    Saba University School of Medicine, Class of 2009
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  2. #2
    rokshana is offline Member Guru 11644 points
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    H.R. 4137: College Opportunity and Affordability Act of 2008 (GovTrack.us)

    Title I - Title I Amendments
    Section 101 -
    Revises the definition of an IHE for purposes of title IV student assistance programs.
    Requires graduate medical schools located outside the country, that qualified as IHEs owing to their having a state-approved clinical training program as of January 1, 1992, to have continuously operated a clinical training program in at least one state that is approved by such state. Allows foreign graduate medical schools that have a state-approved clinical training program as of January 1, 2008, to qualify as IHEs under title IV if they certify only unsubsidized loans under the Federal Family Education Loan (FFEL) program and agree to reimburse the Secretary of Education (Secretary) for the cost of any defaulted loan in their cohort default rate during the previous fiscal year.
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  3. #3
    JeebusLives is offline Member 510 points
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    Wow that would be an awesome boost for the school.

  4. #4
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    Dr. N2012 is offline Member 510 points
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    Quote Originally Posted by wolfvgang22 View Post
    Everybody at our school got this email, and since it's public knowledge I thought I'd share it with prospective students:

    So good news for our school, particularly those who are wondering about Saba's stability as an educational institution, and for upcoming students who will need financial aid. It will probably take a year or more for Title IV loans to become available for students, but this is still good news.

    Any Idea what other schools might qualify?
    Life Changes Everyday....Who Knows What Tomorrow Will Be Like...Therefore, Love What You Do And Love Truly Whom You Love!!!Hidden Content

  5. #5
    iceskaterbadmintonchamp is offline Newbie 510 points
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    Quote Originally Posted by wolfvgang22 View Post
    Everybody at our school got this email, and since it's public knowledge I thought I'd share it with prospective students:

    So good news for our school, particularly those who are wondering about Saba's stability as an educational institution, and for upcoming students who will need financial aid. It will probably take a year or more for Title IV loans to become available for students, but this is still good news.

    What's the fourth school that has Title IV funding? ( Ross, AUC, St. George?___________? )
    Does SABA currently have no federal loans?

  6. #6
    Shiz77's Avatar
    Shiz77 is offline Elite Member 671 points
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    Quote Originally Posted by Dr. N2012 View Post
    Any Idea what other schools might qualify?

    I'm guessing AUA, MUA and SMU, they all have NY approval and SMU has Florida approval as well.
    "I believe that banking institutions are more dangerous to our liberties than standing armies... " - ****** Jefferson

  7. #7
    axiomofchoice is offline Senior Member 6116 points
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    So how certain is the Title IV eligibility in 2 years? I'm starting May 09. How much can I count/expect on stafford in 3rd and 4th year.

    I'm trying to come up with a plan right now and I'd like to avoid the 11% private loan thing...

  8. #8
    kofi129 is offline Member 510 points
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    Quote Originally Posted by axiomofchoice View Post
    So how certain is the Title IV eligibility in 2 years? I'm starting May 09. How much can I count/expect on stafford in 3rd and 4th year.

    I'm trying to come up with a plan right now and I'd like to avoid the 11% private loan thing...
    I start in May 2009 too and want to see what happens or when the various schools start qualifying. I bet tuition will go up just like SGU, Ross and AUC becuase of the Title IV loans. I want to get my basic sciences under $10,000 tuition before it becomes $11500 and more afterwards. I'm quite sure that any school that gets Title IV will do 15-25% increase in their tuition fees. We'll wait and see.

  9. #9
    kofi129 is offline Member 510 points
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    Quote Originally Posted by iceskaterbadmintonchamp View Post
    What's the fourth school that has Title IV funding? ( Ross, AUC, St. George? Guadalajara in mexico ___________? )
    Does SABA currently have no federal loans?
    I think the fourth school is Guadalajara in Mexico, they get Title IV loans as well from MSI-MSIV. The negatives are the spnaish and 5yrs to starting residency. Everything else looks good as they've 50 states as well (cali approved)

  10. #10
    JesusLovesYou's Avatar
    JesusLovesYou is offline Elite Member 49 points
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    Woohoo!!! Guess I'll have an extra source of moola for Guad...

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