Q: I am attending a med school in the Caribbean and it has been really hard to find funding for this school. We are not TERI approved and we do not receive money from the government (Sallie Mae...). Many students here have the parents who help w/ fees but I do not have that option. Do you know of anything else I could do? I know I could apply for a personal loan but they will want me to begin payments on it right away. Please help me w/ this and no jokes please this is very serious to me. thanks I have to add...My school does not qualify for any loans such as Perkins, Sallie Mae, Stafford, or anything that you can use a FASFA to apply for.
A: If your school is not recognized by the US Department of Education you aren't going to be able to get any student loan. In 2004 the only loan source pulled out of the Caribbean, except for those schools that are recognized. So that you understand the issue, here's what is happening: The owners of the majority of Caribbean schools that have been in existence for a few years, but are not recognized by the DoE, have knocked on every potential door for student loans. But in order for a loan source to have any comfort level they want to see the accounting information and compliance with accreditation standards to ensure that any student who attends the school is receiving an adequate education (not that a loan source cares about the education itself, but that a student would have a reasonable chance to graduate and repay the loan). But a combination of being unwilling to reveal the financial information and a failure to provide an adequate level of education, no loan source has been willing to underwrite any student loans. About the only two options I can think of for you are seeking a peer-to-peer loan (Google that term to find the web sites) or taking out personal loans in an amount that would cover your education and make the payments all the way through medical school.