Still confused about student loans

Hi guys,

I've been reading a few older threads in this community about taking out a Stafford loan to attend a UK uni (in my case, an MA at Leeds), and I have to admit, despite all that's written, I'm completely baffled by the process. I know I have to fill out a FAFSA and that it's capped at about $18,000 but I've heard that there's some sort of loan you can take out on top of that to make it about $20,000? I think someone called it a TERI loan. What do I have to do to get this loan? Does it all have to be done on paper, or can parts be completed online? If anyone here could write down some clear, concise steps as to how to go about getting a loan? I can't tell you how much I'd appreciate it.

It is a bit confusing and your Uni will probably make things more confusing as Uk Unis don't deal with American loans that much!

Yes, do the FAFSA now if you haven't already. Stafford need it as do TERI.

Next, go to http://www.teri.org/main.html and use the online application if you can. To be honest with you, from that point, I always called someone at TERI to ask them specifically what to do as I inevitably got confused. A few other folks on this site have done this though so they may offer more concise advice.

It's not the concise steps you were hoping for, but it's a start! 

I filled out FAFSA and then sent away for a loan application from TERI.  I filled out 2 promissory notes they sent me, one for my Stafford loan (for $18,500) and another for $10,000.  They have different rates and Stafford has a cap per year they will loan you.

I heard back from TERI in about 2 months after I called to find out what the story was with my paperwork.  My Stafford loan was financed through Bank of America and my TERI loan came direct from TERI.  You can use whoever TERI recommends or find your own lender.  I couldn't fill out an online application from TERI but at the moment, I can't recall why.  I think it had to do with an overseas institution. 

Good luck.. figuring out my loans was new turf for me.  I was just as lost as you are.  Without AnneG telling me what to do, I would have never figured it out.  Make sure you find out if your school gets your cheques first or if they come directly to you.  Mine were sent to my school and I had to endorse them in front of a school finance officer and then deposit them in my account at the bank.  I then had to pay my school out of my checking acct.  Find out who the loan person is at your school's finance office and bug the hell outta them. 

Okay then; so, considering I haven't officially heard back yet, all I can really do at this point is fill out the FAFSA? I do assume that I'll hear before the end of February. I know Stafford has a loan cap; it will take care of tuition but it's the living expenses that are going to be a bit of a pain.

I really appreciate your help; I know that I have to get the ball rolling now to save myself a load of headaches in about six months.

I filled out FAFSA and then sent away for a loan application from TERI.  I filled out 2 promissory notes they sent me, one for my Stafford loan (for $18,500) and another for $10,000.  They have different rates and Stafford has a cap per year they will loan you.

That would be ideal; that's about exactly the amount I need. So I presume the Stafford took care of the $18,000 and the TERI the $10,000? I know Leeds has a loan officer <i>somewhere</i>; I contacted the financial aid office a while back and they do in fact have a Stafford Loan code. I just want to make sure I have my finances straightened out so I can begin the oh-so-enjoyable process of applying for a student visa.

Thanks, to both of you!

You can fill out FAFSA now and apply for your loans with a provisional acceptance letter.  You'll have to get financing sorted before you can apply for the visa. 

Depending on what your fees are, remember the exchange rate is awful right now.  I borrowed $28,000 but that quickly only became 14,000 quid, almost 8,000 went to tuition.  If I hadn't sold my house before I left, I'd be living in a bedsit somewhere with a view of a brick wall.  Granted, London is very expensive but just consider you might need more than you think, especially if you are moving into a flat.

The fees are about 8,000 pound; as an international student I can live in University housing, which I believe will be about 3,000 pound. Plus living expenses for a year. Erk. I'm trying to survive on about $30,000, if possible. I'm no stranger to the pathetic dollar--I cringe when I think about how much I spent during my last visit to England to see Anthony, and that was only a week!  :\\\'(

$30,000 plus your student loans to cover tuition?

no no no! $30,000 total! 

For 12 months, I don't know that 15,000 quid would be enough if you basically have only 7,000 to spend. 

Well, I'm glad you told me that now--what sort of amount do you think would be enough? I'm trying to plan for the worst (meaning I get none of the awards or scholarships I've applied for)? No one's really given me an amount to work with. I guess I just assumed $30,000 out of nowhere. What do you think? $40,000? $50,000? 

Well, I live in London so the cost of living here is higher than Leeds or IOM.  Even if you live in Uni housing, you will have to buy personal items, transport costs, phone bills, etc.  I would think you'd need about $1000 a month (500 quid) in addition to paying for your tuition and room.  Just an estimate on my part but I know I've spent a lot more money than I thought I would. 

Yeah, that does sound about right. I guess I didn't pay attention as much when I was studying there before, since my mother was taking care of costs for food. I did have to manage on my own for my phone (Orange pay-as-you-go, still got it), incidentals, etc. Thanks though, for the estimate. I do remember being shocked as to how much more expensive London was, and England in general isn't cheap!!

Hello!

Thank you SO much for starting this topic again.  I, too, want to try to get my MA in England this fall (and in Leeds, too, no less!), but had no idea where to start in terms of finances.  Of course, FAFSA is a given, but other than that...?

I'll have to look into TERI.  Never heard of it before now.   

Really? What program(me)? I'll be in Medieval Studies.