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Thread: Any updates on loans?

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    michael_211 is offline Newbie 510 points
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    Any updates on loans?

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    I am a prospective student and would like to know about the loan situation. I have called numerous times and received same answer which is very frustrating. Each time their response is "we will know in couple days and let you know". This has gone on for more than 3-4 months. Why can't they just be honest and come out and say that there won't be any loans available anytime soon. I just wanted to share that and warn upcoming students who are planning to apply here in the hopes of receiving an loans or aids. I will not be applying anytime soon!

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    We know that it is frustrating to hear these answers but we don't want to give you any information until we are sure that we can come through in the end. It is even more frustratng to have a school give an answer only to find out later that it wasn't accurate. In some cases, it makes you wonder if the school is just out-and-out lying! We are trying to avoid all of that. What I can say is that UMHS is working on the loan situation and will have some form of assistance for next semester. What I can't tell you is the form that that assistance will take. I think that the folks you talked to were overly optimisitc when they said they would have an answer in 3-4 days. It would probably be safer to say that an answer is coming in 2-3 weeks. When the representative said that we will "let you know", she was telling the truth! We know that financing an education is a major issue and we do not take that lightly. The minute that we know what form the loans will take, we will be emailing, posting on ValueMD and publishing on our website! We hope that you will be patient until that announcement comes out.

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    michael_211 is offline Newbie 510 points
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    Quote Originally Posted by UMHS View Post
    We know that it is frustrating to hear these answers but we don't want to give you any information until we are sure that we can come through in the end. It is even more frustratng to have a school give an answer only to find out later that it wasn't accurate. In some cases, it makes you wonder if the school is just out-and-out lying! We are trying to avoid all of that. What I can say is that UMHS is working on the loan situation and will have some form of assistance for next semester. What I can't tell you is the form that that assistance will take. I think that the folks you talked to were overly optimisitc when they said they would have an answer in 3-4 days. It would probably be safer to say that an answer is coming in 2-3 weeks. When the representative said that we will "let you know", she was telling the truth! We know that financing an education is a major issue and we do not take that lightly. The minute that we know what form the loans will take, we will be emailing, posting on ValueMD and publishing on our website! We hope that you will be patient until that announcement comes out.
    so pretty much everyone who will apply or got into the may semester is screwed since they won't know till the last moment if they will get the loans or not!

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    rx255 is offline Newbie 510 points
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    The most important degree in the world

    The M.D. degree is the most important degree you can ever get. I had to work like a crazy person to afford to go to UMHS. I know times are difficult now, but don't give up on your dream. I have had many days of eating craft dinner and scraping for money. That is what you have to do to achieve your goal. I have had many times when I have thought it was the end of the road for me, but I kept going. It is tough, yes! Try your best to keep going because the md degree is your ticket to a whole new life.

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    michael_211 is offline Newbie 510 points
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    Quote Originally Posted by rx255 View Post
    The M.D. degree is the most important degree you can ever get. I had to work like a crazy person to afford to go to UMHS. I know times are difficult now, but don't give up on your dream. I have had many days of eating craft dinner and scraping for money. That is what you have to do to achieve your goal. I have had many times when I have thought it was the end of the road for me, but I kept going. It is tough, yes! Try your best to keep going because the md degree is your ticket to a whole new life.
    I understand that very well. I know I have to work hard and cut any unnecessary expenses. But, if you just add up living expenses along with tuition the total would be around $40k for a yr. Now if we can't get any loans it would be impossible for a middle class family to afford this payment. Also, the loans provided by the university is all due 6 months after the graduation (the information on website is misleading and can be corrected by any students going to the university). Also, med school is hard enough as it is why would anyone want extra headache of doing an MBA program via davenport is beyond me. I am just warning prospective students about the loan scenerio because I have went through the same situation for the past couple months

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    medabroad is offline Newbie 510 points
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    Michael_211,
    I am in the same position as you... I want to go to UMHS this May, but have no idea whether or not loans are going to come through.... I was told to go and ask my family for money, or try bank loans and other outlets... It seems like I will not be able to go if the institutional loan is not made available. I have no problem buckling down and doing an online MBA to fund the education, but it is just not enough money. If these loans dont come thru, I will be forced to go elsewhere. I was accepted to AUA and have to look into their loan situations, but it is my understanding that they do have an institutional loan in place that you dont have to wait around for. Have you looked at AUA at all? After reading several posts and doing some other research, I found that many students state that AUA has a better reputation than UMHS because they have been around longer and have existing doctors in practice. I like everyone I spoken to from UMHS though and it seems like a nice fit for me. But my decision will be made for me if there is no funding. Also have you talked to anyone in regards to Davenport MBA?

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    michael_211 is offline Newbie 510 points
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    Quote Originally Posted by medabroad View Post
    Michael_211,
    I am in the same position as you... I want to go to UMHS this May, but have no idea whether or not loans are going to come through.... I was told to go and ask my family for money, or try bank loans and other outlets... It seems like I will not be able to go if the institutional loan is not made available. I have no problem buckling down and doing an online MBA to fund the education, but it is just not enough money. If these loans dont come thru, I will be forced to go elsewhere. I was accepted to AUA and have to look into their loan situations, but it is my understanding that they do have an institutional loan in place that you dont have to wait around for. Have you looked at AUA at all? After reading several posts and doing some other research, I found that many students state that AUA has a better reputation than UMHS because they have been around longer and have existing doctors in practice. I like everyone I spoken to from UMHS though and it seems like a nice fit for me. But my decision will be made for me if there is no funding. Also have you talked to anyone in regards to Davenport MBA?
    Exactly, either its here or on the phone, the only answer you will get is " we are working on loans in the mean time do davenport". Its not that this happened a month ago or so, UMHS should just come forward and say we won't have loans available anytime soon. But, it gets frustrating when they say "we are really optimistic about the loan situation and will have an answer on few weeks" only to find out nothing is available. I'm not trying to bash the school or say AUA is better because I don't know if the students are facing similar situation over there.

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    Michael,
    We cannot say "we won't have loans available anytime soon" because it would be inaccurate. We know that we will have some type of loan program but the type of loan program is still unclear. Different events could lead the loan program in one directin while another set of events could lead it another direction. Since we currently don't know how all of this will play out, we cannot give you any more accurate information other than to say that we will know in a matter of weeks. It ought to be obvious that the University will publish that information the moment that we know it. In the meantime, we are ALL waiting.

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    rokshana is offline Member Guru 11644 points
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    Quote Originally Posted by michael_211 View Post
    Exactly, either its here or on the phone, the only answer you will get is " we are working on loans in the mean time do davenport". Its not that this happened a month ago or so, UMHS should just come forward and say we won't have loans available anytime soon. But, it gets frustrating when they say "we are really optimistic about the loan situation and will have an answer on few weeks" only to find out nothing is available. I'm not trying to bash the school or say AUA is better because I don't know if the students are facing similar situation over there.
    exactly what do you want the school to say? they can't(or admirably won't) tell you some sort of lie that they have something when they don't...they gave you the only answer they could...they realize loans are important, that they are working on trying to get a solution to the lack of loans, and when they have something firm that they can disclose that info they will....it is up to YOU to decide if the PRESENT situation is something you can do...

    the may class is not "screwed" as someone put it....UHMS is not giving a guarantee that loans WILL be available and anyone who chooses to enroll should know that as they go in...if someone enrolls and then is upset they can't go because they have no loans...well whose fault is THAT?? not the school.

    if availablity of loans is important to you, then UHMS is not the place for you, simple than that.
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    Lauren227Nicole is offline Member 510 points
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    what about the rest of us?

    I understand the school cannot say, nor should they, until they know what is going to be. However, being in limbo, have completed 5th semester, step 1, and now can not even go into clinicals. They should at least say "hey, we know that we will not have funding for the next so many months."

    Can't afford clinical tuition, and can't afford to start paying back the loan money already taken out. What's one to do? Can't do Davenport, need to not work to study and still not enough money to pay the bills.

    I do realize there is the in school loan, for less than half the tuition only. Any thoughts of what can be done? Obviously, if we knew about this before hand, another school would have been chosen. How about a tuition deferment? Haha, I know, that would never happen, but I think something should be offered to students caught in the middle of this.

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