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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. #211
    ghost_rider's Avatar
    ghost_rider is offline Member
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    i would redo all my rotations with Ross if they were all at one place and i got loans. but i wouldnt repeat any of the basic science courses even if it was all tuition free...

  3. #212
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    AmericanIMG is offline Ultimate Member
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    Quote Originally Posted by ghost_rider View Post
    i would redo all my rotations with Ross if they were all at one place and i got loans. but i wouldnt repeat any of the basic science courses even if it was all tuition free...
    i'm sure ross would be happy to take your money to do extra clinicals if they had room
    but remember that, even when those who move you be kings or men of power, your soul is in your keeping alone. When you stand before God you cannot say "but I was told by others to do thus" or that "virtue was not convenient at the time." This will not suffice. Remember that.

  4. #213
    SKR28 is offline Junior Member 510 points
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    I am now reading through all your past post, you love yourself. WOW...

    Sorry all we all need to see what ic222 writes

  5. #214
    christophernj is offline Member 517 points
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    Wowwwwwwwwww. I haven't logged on here in 8 years, can't believe my screen name still works. Rok? Azul? Ghost_rider? Still around?
    I started at SMU in 2007. If you care to look back over this thread, it details the fallout of the 2008 housing crisis-we had loans and then we lost them because SMU students were too risky an investment. A bunch of people transferred out. I was one of them and went to Ross.
    This forum used to be jumping! Now no one posts! On this oddly quiet night in my hospital, I decided to check out the old schoolyard here at VMD. No one around! Read back on this thread; this is how we used to do here at VMD SMU forum! Woop Woop!

    To the people still on the island, I have no idea what the current climate is down there, but here's some advice, don't despair. Eat your burgers at Sunshine Suites, go to Rum Point when you have a chance. When the work becomes too much, put your book down (ipad now I guess?), grab a light drink, and go watch the cruise ships for a little while. There is a light at the end of the tunnel.

    If you think I'm paid by the school, go check out my old posts. Certainly didn't have many nice things to say back in 2009. I will say this-I am a lucky duck. I sailed through Ross and the USMLE and the match and residency and ABIM and started working 2 years ago and now I'm sitting in a respectable LI-based university hospital doing my nocturnist shift on a very quiet night with time to spare (so much time, I am reading posts that are almost 10 years old). I stressed and worried and busted mu butt and did what I had to do and here I am. You might be too in 8-10 years. I just read that US/Canadian IMGs matched at a higher rate than ever last year. Keep your fingers crossed and keep hustling. I can't believe I went through this crap, but it worked out. I still remember getting that email that told us we were losing our lender and we had to pay out-of-pocket for school, I even remember where I was.

    What's my point? I don't know. Hope at least one of you youngsters enjoys reading an old fart reminisce...

  6. #215
    wilcomp6 is offline Member 512 points
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    [QUOTE=christophernj;1531347]Wowwwwwwwwww. I haven't logged on here in 8 years, can't believe my screen name still works. Rok? Azul? Ghost_rider? Still around?
    I started at SMU in 2007. If you care to look back over this thread, it details the fallout of the 2008 housing crisis-we had loans and then we lost them because SMU students were too risky an investment. A bunch of people transferred out. I was one of them and went to Ross.
    This forum used to be jumping! Now no one posts! On this oddly quiet night in my hospital, I decided to check out the old schoolyard here at VMD. No one around! Read back on this thread; this is how we used to do here at VMD SMU forum! Woop Woop!


    I remember those old days. I used to be on Valuemd everyday. I did not have a chance to sign for ed-invest loan because of their high interest rate. I had health xpress and terri (for one semester). Started at SMU back in 9/07. I feel like I am old because It is going to be 3yrs since completed IM. I was one of the few that did not transfer. few of us went to Oklahoma to do our clinical (back to back rotations). We were always stressed, checking ******** for news about the school because that was our source back then. That was the most stressful time in my life when the school lost all the loans. I had to do davenport for few semesters. I only took 5 davenport classes and failed the 5th class after I accepted a prematch in 1/11. I was so happy and stopped doing the davenport. The day I accepted the pre-match, that was the day when I started to see the (glare of) light at the end of the tunnel.

    Good luck for those that are enrolled in the Caribbean medical schools.

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