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  1. #1
    desai827 is offline Junior Member 510 points
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    Ed-Invest Loan Situation

    I'm pretty certain that everyone got an email regarding the economy and the loan situation from Ed-Invest if applying for the loan, if not, I've placed it below. This has me pretty worried, what's everyone doing for funding? I understand many are doing Davenport... for those of you that are, how are you going to pay for the Clinical Sciences? As far as I understand, doing Davenport only allows you funding for the Basic Sciences (i.e. 2 years).

    Dear Student Borrower:

    Since September 2008, Education Investment Company (“Ed-Invest”) has administered a loan program for St. Matthew’s University students. Since that time we have made nearly $20 million in loan funds available. When we began this program the entire financial industry was in the midst of the worst conditions experienced in more than seventy years. Many major lenders had ceased making student loans at all and the entire financing infrastructure for education loans (as well as for most other financial assets) had collapsed. Unfortunately, the situation has yet to improve for the financing of education loans and there remain very few private financing alternatives for students of graduate health professional programs.

    At this time Ed-Invest is continuing its efforts to obtain a stable, permanent source of loan funding for you. We have made substantial progress despite the extraordinary market conditions, and we hope to have this new funding secured and available to applicants by August 31, 2009. Due to the continued tightness of the credit marketplace, this new funding may require changes to the current credit criteria. We understand that this uncertainty will undoubtedly impact the decisions you need to make in the next few weeks and we will do everything in our power to shorten the timeline. However, we felt it was imperative to update you on exactly where the process stands so you can make informed decisions. There are no guarantees that we will be able to finalize our financing by the end of August (or at all) and we would urge each of you to consider all possible alternatives. Your school has been an outstanding advocate for its students and has been in constant communication with us to stress the urgency of the situation and has provided an unprecedented amount of support to us and the loan program. We will continue to work closely with them to solve the current funding crisis and to, in any way possible, mitigate the impact to you.

    We will update you as soon as possible on our progress in securing loan funding. Please know that this issue affects all loan applications for St. Matthew’s University students and we ask that you not call Richland Loan Processing or Ed-Invest for additional information on individual loan applications. We apologize for the delays and the added stress it places on each of you. Please know that we are doing everything possible to provide you with the funding you need to continue your medical education.

    Sincerely, Ed-Invest
    Any advice on alternate funding sources would be appreciated. Thanks.

  2. #11
    md12886 is offline Member 510 points
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    Quote Originally Posted by MedMan87 View Post
    looks as if edinvest is gone
    this doesn't surprise me at all. as i have said in some of the posts on SMU forum, this has nothing to do with ed-invest. ed-invest was just there to process the loans. the funding has to come from SMU administration. we would not have known this until this whole ed-invest fiasco was exposed by AUA admin. you can refer to some links on AUA forum to see how ed-invest works. in other words, SMU admin is trying to secure some money to loan their students, as soon as they will get money, ed-invest would be up and running with no problems giving us loans at 15 %-20%...lol

  3. #12
    sUm brUneTTe is offline Junior Member 510 points
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    so is it too late to apply for the davenport program..? and i don't have my bachelors... but i see that its a bba/mba program...

  4. #13
    maluskeeter is offline Junior Member 510 points
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    so are they saying they could be potentially no loans whatsoever? if thats the case, what are other alternatives to getting the money needed? anyway to take out a private loan from the US?

  5. #14
    AmiraMD is offline Junior Member 510 points
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    There are no loans available in the market right regardless of the location of the school whether in State or offshore. The accredited grad school are lucky to get federal funding which is the only option available in this dark depressing market. I found out about one private loan with Chevy Chase bank but the interest rate is unbelievable..starts with min of 14% and goes all the way up to 20%. so why even bother to go to school if you get urself stuck with a million dollar debt on med school.

  6. #15
    desai827 is offline Junior Member 510 points
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    I don't think this will effect the accreditation of the school. The issue is that the funding isn't available for loans. I'm looking into personal loans and speaking to my parents about refinancing the house. I do wish they told us all this sooner.

    I spoke with someone, D. I believe, and she told me we'd most likely be able to get the seat/housing deposit back if we decide not to attend the school. There is also a payment plan available (email Annalisa Bhim at studentaccounts@stmatthews.edu). You could also defer your admission to January (which I believe they'll be waiving the $500 fee for if the reason for deferral is the loan situation).

    I don't really see this loan situation improving until the economy improves... which will take a while.
    Last edited by desai827; 08-23-2009 at 09:21 PM.

  7. #16
    christophernj is offline Member 517 points
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    Ok, nice thoughts everyone, but seriously, AAGGGGGGGGGGGGGGGGGGGGHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHH.

    Ok, this is really really bad, no two ways about it. The letter was basically telling us that Ed Invest is not an option right now, and they are rushing frantically to try to put something together. This is why our loans have not been processed...awesome that we hear about this 2 weeks before the next semester starts. I'm in clinicals and I'm not sure that I can even finish this rotation without Ed Invest.

    Guys who are coming into SMU now...you have no way to pay for tuition and living expenses. Davenport will only give you about $9000 per semester...that's it. All of the other private options are gone. Unless there has been some progress (which this letter is telling us there has not), you're not going to have enough to live on.

    Seriosuly, don't put your houses up for 2nd mortages...wait this out. Stay at home, get a job, study for the MCAT, try to go to Ross/AUC/SGU...whatever. I'm about 1 year from graduating so I will do what I have to to finish. But don't start selling your kidneys to come to SMU right now. If we get a lender by August 31, come TO SMU; the school has been great besides the money issue. Just my thoughts. Where was I? Oh yeah, AGGGGGGGGGGHHHHHHHHHHHHHHH NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

  8. #17
    christophernj is offline Member 517 points
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    Not to mention, it says that the credit criteria will be stricter??? They couldn't be any more strict! I know people with fantastic credit who have no idea why they were denied! Ugh...this is really really bad.

  9. #18
    sUm brUneTTe is offline Junior Member 510 points
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    I'm in $2500 debt.. and my credit score is 718... i wasn't denied then.. but I don't know about now.. OMG>. ! i'm having a nervous break-down

  10. #19
    heritage is offline Member 45 points
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    what are we going to do?

    should we all apply to windsor university school of medicine? I hear it is a lot cheaper? under $5000. Can't beat that. what do you all think? What is going on with SMU.

  11. #20
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    azulpanther is offline Moderator 696 points
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    Why would they raise the size of the loan in the spring if money was running out. I'm sure they would have known if money was running dry. This does not make sense to me.
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