DOCTOR'S CHOICE website for more info

CLARIFICATION: Be advised that unless you have STEADY INCOME (which most med students do NOT have), the Doctor's Choice Loan REQUIRES a CO-SIGNER.

CLARIFICATION: The disbursement check will be sent directly to the SESOM office, even if your statement lists you as the check recipient. The final disbursement proceeds as did the standard TERI loans - with the addition of a Power of Attorney Letter allowing our school to take out tuition fees and get you your money.

Circulated by USESOM:

Dear Sint Eustatius Students,

It is with great pleasure that we announce the inception of a new loan source that will become available on Friday, December 1, 2006. This new source of educational loans has become possible as a result of our collaboration with Dr’s Choice. Together with Dr’s Choice we have created a program with favorable options allowing more of our students to obtain funding for their education. This loan program has a tiered structure providing advantages over our current lending sources.

Advantages in using Dr’s Choice:
• FICO scores as low as 625 can be accepted for approval
• Higher FICO scores result in better interest rate and origination fees
• Favorable interest rates currently ranging from 8.2-10.52% depending on FICO
• You can borrow from $1000, to $60,000 with or without a co-signor
• Favorable origination fees 1%-7.5% (Significantly better than TERI).
• If your co-signor’s FICO is better than yours the loan will be written to the best FICO
• Non-US citizens can have access to loans if they can secure a US citizen/permanent resident co-signor
• Canadian students without co-signor will still have access to CanHelp with TERI
• Our students have exclusive access to Dr’s Choice loans

As of Friday Dec. 1st, all of the paper applications we have now will be processed and students will be informed of the results. On Monday Dec 4th new applicants will be able to submit their application on the website for Dr’s Choice website www.drcfs.com.

Although $60,000 is available as a maximum, we do not encourage students to borrow more than the usual and expected cost for tuition, fees and travel: For any 12 month period which should be less than $50,000. Keep in mind that your total loan aggregate must also be less that $240,000 over your collegiate education. If you wish to borrow more than $50,000 per year it should be with great consideration and justification provided to the financial aid office. Borrowing the least amount possible during your education reduces your loan liability in the future. With the bank determining the interest rate and origination fee specific to each loan on the promissory note, the University will collect from the original loan amount the usual $495 loan processing fee and 3% provided to Dr.’s Choice for their outstanding efforts in providing and maintaining this excellent resource.

An example would be as follows for a $10,000 loan
• Your FICO is 655
• Co-signor’s FICO is 762 (This is the best of the two FICO’s and would be the one used for the loan)
• Your loan would be in the most favorable, highest tier = lowest interest rate and origination fee
• 1% origination fee (as determined by the bank)
• Approximately 8.0% interest rate (as determined by the bank)
• Promissory note would be the original $10,000 +1% origination $10,000 $100
$10,100
• University would receive $10,000
• Subtract the $495 loan processing fee and 3% ($300)
• Funds available for tuition, fees etc. = $9205 $10,000
- $300
- $495
$9,205

In nearly every case, Dr’s Choice loan will provide significant advantage and savings in origination, interest and service fees and allow more students to be eligible for loans. We are looking forward to working with you in securing these funds and ask that you contact Maria Morillo in our financial aid department for any questions or assistance. She can be reached at mmorillo@eustatiusmed.edu, 866-878-2842 or 516-656-9250 ext 23 Monday-Friday 9:00 am to 5:00 pm eastern time.

University of Sint Eustatius Administrative Team.


If you are interested in using the new DOCTOR's CHOICE option as your lender, you can check out the website at:

http://www.drcfs.com/index.html

Thanks to the student who researched this and scoured the web to find this address.