Financial Aid

Saint James School of Medicine (“SJSM”) has entered into an arrangement with Delta Financial Solutions, Inc. (“Delta”) to provide qualified students with financial aid pursuant to a private student loan program.

In order to apply for a student loan, students need to complete and submit the Private Loan Application along with Consent Forms permitting Delta to run a credit check on the student and any cosigner and authorizing SJSM to release academic records. In order to be considered, the Private Loan Application needs to be properly completed and submitted along with all required information.  The open application period for students seeking a loan for Fall 2010 semester will start on Monday  June 14th and will last until Friday, July 16th.  There will be no applications accepted after the open application period is over. However there will be an open application period roughly two months before the start of each semester. The announcements will be made on this page. Assuming proper application is made, Delta will advise as to acceptance or rejection of any loan applications no later than Friday, July 23rd, 2010.

Applications will be evaluated based on a number of factors, which may change over time, including the credit of the student, the credit of the cosigner (a cosigner is required for all loans), and the academic standing of the student.

STUDENT LOANS

The loans being offered by Delta are not grants or scholarships, but loans that should be considered seriously and which must be paid back. A cosigner is required on all private student loans offered by Delta and the cosigner will also assume full responsibility for payment of such loans.

Students at SJMS are not currently eligible for U.S. federal student loans, which in many instances would offer more favorable terms than a private student loan. If, in the future, students at SJSM do become eligible for such U.S. federal student loans, students should carefully consider the relative merits of those loans.

Students should carefully evaluate their own financial situation and consider all other options, such as savings or family support, before applying to Delta for a private student loan or accepting any such loans.

PROCEDURE

As indicated, the first step is to complete and submit the Application and the Consent Forms by July 16^th, 2010 (for Spring 2010 enrolled students only).   A non-refundable $50 application fee must accompany the application.  The fee can be paid by calling the school’s finance department at 847-375-0543.

If the Application was to be approved, the student would need to execute and submit the complete Note . At various points in the application and approval process, the student and cosigner would also be provided with specific disclosures about the costs and fees associated with the Delta private loans and would have an opportunity to reconsider whether they would like to proceed with the loan.

At all times, we at SJSM are happy to answer any questions that you may have (Phone: 847-375-0543, Email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it ).

Similarly, Delta, which will actually be evaluating and initiating these loans, will also be available to answer any questions. Delta can be reached Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

SUMMARY

SJSM is excited about the private student loan program being offered in conjunction with Delta and anticipates that it will be of great benefit to the SJSM students.

As indicated, taking on any loan is a serious proposition and must be considered carefully, but we are confident that our SJSM students will be able to properly evaluate the merits of this program. 

The summary of the Student Financial Assistance Program is below

*If student transfers or leaves before completing the program, the payoff begins immediately.

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