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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. #21
    MedMan87's Avatar
    MedMan87 is offline Member 514 points
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    Quote Originally Posted by heritage View Post
    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.
    +1 for this idea
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  3. #22
    sUm brUneTTe is offline Junior Member 510 points
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    i am sooo confused.. they are saying that no students from smu are getting loans from ed-invest at this point.. yet ... they aren't e-mailing everyone about it.... wTH is going on?

  4. #23
    heritage is offline Member 45 points
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    email

    how do you know everyone has not received this email?

  5. #24
    Sebastien Guilbard is offline Senior Member
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    Dear All,

    If you look at the letter, which i received this morning, it doesn't say that there are no loans available, it says that there might not be enough loans for everyone, which is a difference.
    I believe it is not easy to figure out how much money you will need when you accept students, some might need, some not.
    Money is tight, everywhere in the world and this is the result of a world crisis.

    Just my two cents....
    Sebastien Guilbard, M.B.A
    Residence Hall/Residence Suites Manager
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  6. #25
    christophernj is offline Member 517 points
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    Quote Originally Posted by azulpanther View Post
    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.
    That is a fantastic point...I really want to know the timeline of this mess. It sounds like this was a last-minute thing...like some investor just pulled out yesterday.

    Also, in my last post I said you get about $9000 from Davenport...not true, sorry. You can get about a total of $12,000 per semester with stafford and Grad Plus. However, this is def not enough for basic science living/tuition. In clinicals this would be enough to cover you if you lived at home...which many of us do not and cannot do.

  7. #26
    RBMalone is offline Junior Member 510 points
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    I went to Ross and they have a bahamas location that gave their students loans directly throught the school. I believe that there will be some money available for only the most qualified students. If we get no loans, then they get no money. I was told that SMU got the same email this morning that we did. Adriana also told me that everybody is on the phone to get this sorted out. Im personaly giving it till the end of the week. I called Davenport to see if I can still take the MBA courses if not going to SMU. I hope this works because I dont want to waist anymore time.

  8. #27
    AmiraMD is offline Junior Member 510 points
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    RBMalone,

    Are you saying that you guys are having same problem with loans? don't u guys get federal loans at Ross?

  9. #28
    pocco104 is offline Junior Member 510 points
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    i havent booked my flight because i waiting on my loans from ed-invest...now with this mess, is there even a point for me to get a flight?...is it worth the risk??...their saying that they won't have any info till aug 31, maybe even later!!!....

  10. #29
    azulpanther's Avatar
    azulpanther is offline Moderator 696 points
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    Quote Originally Posted by pocco104 View Post
    i havent booked my flight because i waiting on my loans from ed-invest...now with this mess, is there even a point for me to get a flight?...is it worth the risk??...their saying that they won't have any info till aug 31, maybe even later!!!....

    maybe you could purchase a refundable ticket ? Or just wait until the loans are disperse to you. It's ok if you are a week late. You are allowed 20% of absences per course.
    St. Matthew's Forum Moderator
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  11. #30
    sUm brUneTTe is offline Junior Member 510 points
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    so what we exactly do at this point??
    Wait for Ed-invest to make it's decision on which students get lucky..
    Apply into the Davenport program in the mean time (We won't recieve the funds till November, if we are just now applying).
    Look into other private loan options.
    Refinance our parent's houses.
    Female's donate your eggs.
    Retake MCAT and apply to a different school.

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