Really Worried

So my boyfriend has just completed his first year here using a combination of FASFA/Stafford and a private loan backed by BoA.
We've just had a look at TERI and called IEFC and have been caught in all the BoA pulled out as a lender for private loans.
IEFC and TERI have both said they're not accepting any applications for private loans....what are we going to do? We have to pay £9,000 worth of fees and FASFA is ony about £2K.

I don't want my boyfriend to go back to the US!!
Can anyone help?!

I just filled out an application at Sallie Mae.

Apparently, I am clueless about the US to UK loan process.   I was under the impression that since I was accepted for FAFSA, that the feds were going to cut me a check like they did for my last two degrees. 

Apparently, for UK funded studies, you have to get backed by a private lender.  BoA has pulled out.  Chase doesn't seem to fund overseas studies.

What is it that I'm not getting?  Do undergrads get fed checks but not grads?

Undergrads qualify for much less in federal loans than grad students, actually!

holly, I got a Stafford loan of $18.5K(which was the maximum at the time) for my masters in the UK, which covered my tuition - I had an EFC of zero because I was applying straight out of undergrad and only had a very part time job.  Obviously if you've been working full time you'll probably qualify for less but you should be able to get at least the $10K in unsubsidized stafford loans.)  You can also get Graduate PLUS loans from the government to fund overseas study as well.  I chose to go with a private lender to cover my remaining expenses (accommodation,  food and other) but the majority of my funding came from the federal loan.

Scary to hear so many lenders are pulling out of the student loan market or cutting down their services- I wouldn't have been able to study over here without student loans so god knows what would have happened if I hadn't been able to get them.

But the Stafford loan I qualify for has to be backed by a lender other than the Federales?

I have enough private (read: family sponsored) money to pay for living expenses - what I need is about $10000 to pay tuition.

I was under the impression that FAFSA was going to send my information to the school for me and that the school would use let me know how much I should be loaned.

Pretty sure that was wrong.  Now, I've called to get the 8 page SAR mailed to me with the understanding that I need to send it with a signed promissary note that I downloaded at the Sallie Mae site today.

But I'm confused 

This is it, yea?  I'm getting a Stafford Loan through Sallie Mae and no other funds are forthcoming.  Is it definate that I will get money from them, and when will I know how much?

TiA!
Holly

From what I understand, you send the SAR and the signed MPN for Sallie Mae to your school. They then certify how much you need and send the certification and MPN to Sallie Mae. Sallie Mae is supposed to send you a Notice of Loan Guarantee or somesuch document that shows how much you're getting and what the scheduled disbursement dates are, as well as how much is subsidized vs. unsubsidized, etc. They also send that info to the school.

As for what amount you'll get, my university said that pretty much everyone gets the max amount and the told me not to worry.

oh right.  You do get the actual money for the Stafford loan through a bank or other lender (like Sallie Mae), but the loan is guaranteed by the government (the final step is sending it to a state agency to be guaranteed).  Which means it's still a federal loan.

A private loan is where the government isn't involved at all and it's just you and the lender- this type of loan normally requires a credit check to be approved for it, unlike the stafford loan.

Hi....I'm really sorry but can anyone answer my original question? As this thread has been hijacked somewhat with general FASFA questions and I'm really concerned at the moment.

I know there are lots of people on here who went through the IEFC/TERI route to gain private funding to study in the UK. It's where I found out about it...now that route has closed off and my boyfriend is already here...are there any alternative companies/routes he could obtain a private student loan from, otherwise he's going back to america £10K in the bucket.

http://www.salliemae.com/international/us_students/

There are some options on that website, it looks like they offer 2 private loan programmes that might be suitable.

I was trying to suggest Sallie Mae too. 

But then I am still trying to figure out the whole process - and was asking you if your boyfriend is getting FAFSA through the government or has to find a lender. 

Sorry if I wasn't clear.  AngelaK started a thread two nights ago on this - and Sallie Mae is the only solution I could find.

Hey, MaryKate. I recently had the same problem with Wachovia. ASA Direct may be able to honor your loan and have your school re-certify it through them (actually, Chase). Their website is www.amsa.com. You can speak with a rep as well to inform them of your situation. They're very efficient, which is why I'm not too sad to disassociate from Wachovia. 

Sorry if I was a bit rude in this thread, panic had really set in. I can't imagine being seperated from my DB now :/

Anyway, thanks for your advice treacle, what a terrible situation this is! The people at IEFC were like "yeah, lots of students are stranded without funding" and I was like  and just absolutely stunned.

Anyway....we started a loan application last week, with my boyfriend's dad borderline FICO score, I don't know if it will be approved. It's for much less than last year so we're hoping that if we scrimp and save and take a smaller loan it will get approved.
I hope so.

This TERI thing is so crazy, damn you BoA!!!