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  1. #1
    shanty42 is offline Newbie 510 points
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    Starting May 2010 - Advice for the loan process?

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    I received a letter within my acceptance packet 'assuring' me Ed-Invest is a committed lender to SABA students. Giving loans up to 15,000 dollars.

    My tuition is 8,500 per semester. Now, is 15,000 enough per semester? And I take it you apply every semester (or do they continue to give you X amount for you entire course study until you graduate) - in which you start residency and of course start paying the loan back.

    Furthermore, should I try getting loans from banks - such as Wells Fargo etc.

    I live in the United States, and I have perfect credit.

  2. #2
    isocon is offline Newbie 510 points
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    Even I got accepted for the May '10 term a few days ago. I have the same questions as well. As far as I know, one doesnt start repaying loans during residency.

  3. #3
    dr.jj is offline Newbie 510 points
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    I'm in the May 2010 class as well! I'll call SABA tomorrow and let you guys know!

  4. #4
    fouziam is offline Junior Member 510 points
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    i am in for may 2010 as well....from what i understand, we have to apply for loans every sem and they decide the amount and interest rate every sem, so basically we are always hanging there by a thin thread and always on the edge... for US students there are no options for loan except edinvest.... i had called wells forgo and they said they dont give loans for SABA coz it doesnt have a DOE code... something i asked about during my interview and they said that they are wainting to get.... if we get that then we will be open for all sort of loans....

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    Think this through.....

    Im in my 9th semester at Saba and beginning in my 5th semester I began using ed-invest and I can tell you from personal experience that the amount that they give is not only insufficient to live modestly, but that they may not provide you with funding for every semester. One semester for example, I was initially told that I would get my loan. I then proceded to use my credit card to move to my next rotation spot and get an apartment. Every time I contacted saba to make sure I was ok to get my loan they just kept reassuring me I was fine. The day we were supposed to get our loan disbursments I noticed the money never got transfered to my bank. After the money never got put in my account I called them and they told me that the investors "decided" not to give me a loan that semester. Not only did I have no way to pay tuition that semester but I had no way to live. They did this to about 25 people that semester. One of my class mates was actually forced to transfer to Ross because of the loan debacle at saba. They are raping us on interest rates. They take almost 1000$ right out of the principle balance before you even get any as a "finance charge". My advice to ANYONE coming from the US is to GO TO A DIFFERENT SCHOOL. Preferably one with federal student aid. You could get 3 or 4 or 8 semesters in and over a hundred thousand dollars in debt and they could "decide"not to fund you. On top of that if you do the math 15k a semester is not even close to enough. .....Just my personal experience.
    "Don't get your Golgi in a complex..."

  6. #6
    fouziam is offline Junior Member 510 points
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    Quote Originally Posted by Boulderunner View Post
    Im in my 9th semester at Saba and beginning in my 5th semester I began using ed-invest and I can tell you from personal experience that the amount that they give is not only insufficient to live modestly, but that they may not provide you with funding for every semester. One semester for example, I was initially told that I would get my loan. I then proceded to use my credit card to move to my next rotation spot and get an apartment. Every time I contacted saba to make sure I was ok to get my loan they just kept reassuring me I was fine. The day we were supposed to get our loan disbursments I noticed the money never got transfered to my bank. After the money never got put in my account I called them and they told me that the investors "decided" not to give me a loan that semester. Not only did I have no way to pay tuition that semester but I had no way to live. They did this to about 25 people that semester. One of my class mates was actually forced to transfer to Ross because of the loan debacle at saba. They are raping us on interest rates. They take almost 1000$ right out of the principle balance before you even get any as a "finance charge". My advice to ANYONE coming from the US is to GO TO A DIFFERENT SCHOOL. Preferably one with federal student aid. You could get 3 or 4 or 8 semesters in and over a hundred thousand dollars in debt and they could "decide"not to fund you. On top of that if you do the math 15k a semester is not even close to enough. .....Just my personal experience.
    what you just said is pretty scary and disturbing... i plan on using ed-invest for half of the amount and having the other half from personal loans... i dont know howi ts gonna work as of now but trying to figure out some way... can we get transfered from saba?

  7. #7
    fouziam is offline Junior Member 510 points
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    ok. i was wondering whats the interst rate that the ed-invest people have for their loans... whats their origination fee and what do we end up paying them after taking loan for the whole sem... please anyone who has any experience with ed-invest share your info.... also about the co-signer... how much are they looking to a co-signer to be earning to give you the loan...

  8. #8
    golfman is offline Member 510 points
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    Quote Originally Posted by Boulderunner View Post
    Im in my 9th semester at Saba and beginning in my 5th semester I began using ed-invest and I can tell you from personal experience that the amount that they give is not only insufficient to live modestly, but that they may not provide you with funding for every semester. One semester for example, I was initially told that I would get my loan. I then proceded to use my credit card to move to my next rotation spot and get an apartment. Every time I contacted saba to make sure I was ok to get my loan they just kept reassuring me I was fine. The day we were supposed to get our loan disbursments I noticed the money never got transfered to my bank. After the money never got put in my account I called them and they told me that the investors "decided" not to give me a loan that semester. Not only did I have no way to pay tuition that semester but I had no way to live. They did this to about 25 people that semester. One of my class mates was actually forced to transfer to Ross because of the loan debacle at saba. They are raping us on interest rates. They take almost 1000$ right out of the principle balance before you even get any as a "finance charge". My advice to ANYONE coming from the US is to GO TO A DIFFERENT SCHOOL. Preferably one with federal student aid. You could get 3 or 4 or 8 semesters in and over a hundred thousand dollars in debt and they could "decide"not to fund you. On top of that if you do the math 15k a semester is not even close to enough. .....Just my personal experience.
    Ricky,

    I hate to hear that. I am not surprised though. Where are you at now? I would have to agree with you on finding a different school. Although I thoroughly enjoyed my time on Saba, I would now only go there as a Canadian student. At least until they get the loan situation worked out with a decent option. Where are you at now?

  9. #9
    surfkw is offline Newbie 510 points
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    Is it much easier for Canadian students to get loans from their govt?

  10. #10
    jf633 is offline Newbie 510 points
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    just bear with ed-invest, nothing better unfortunately

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