Unfortunately, effective November 19, 2008, T.H.E. will no longer be accepting applications for the Medical Residency (MedR) loans and Bar Prep (LawB) loans. Previously submitted applications will be processed, however, and loans with pending disbursements will continue to be made.
The student loan industry is facing significant challenges and we are all subject to new realities and circumstances that can change day-to-day. Accessing loan capital for the purpose of making private student loans continues to be a challenge.
On November 17th, NASFAA President & CEO Dr. Phil Day sent letters to Secretary of Treasury Henry Paulson and Secretary of Education Margaret Spellings to seek confirmation of the Administration’s intent to use a portion of the $700 billion economic stimulus package to support private student loans. “The private student loan market is in a very troubling condition,” Day wrote. “Nearly two-thirds of the 60 top lenders no longer offer loans.” Students who are ineligible for federal student aid or who still lack funds even after exhausting other forms of aid will be most hurt by the floundering private student loan market, according to Day. “These students cannot attend college without private educational loans. Without government intervention and correction of this aberration, countless students will be denied the financing they need to reach their higher education goals.”
We’ll continue to seek funding from other sources, including any programs supported by access to government funds. As new information is available on funding we will update our web site.