Student loan vent

I applied late march got the loan approved July 2nd and got my visa really soon after.

I didn't get my money until early november.  BTW - you have to be a pest, the loan companies don't get it when it comes to the foreign situation, very few that work in the loan industry actually know what they're talking about.

Once the company got the right paperwork, it took around 48hrs for approval. I had them fax me the approval letter at work and send an original in the mail. The british consulate accepted the faxed copy.

Update - (and a positive one)

Both IEFC and my Uni have confirmed that the fixed interest rate has been set by the U.S. Government, so my fixed interest MPN is a-ok and they uni has now processed it and has sent it to my lender c/o IEFC.  They say it should be processed quickly from this point... we'll see but at least it's progress.

So if your uni is holding your federal stafford paperwork (unless you signed one that was *added* NOT the new fixed interest rate), it has become clear they shouldn't be, so get on the horn if you find yourself in that boat.

When I actually get a letter for my visa I'll let you all know.

I haven't heard ANYTHING about this from my bank OR my uni.  As far as I know, I filled out the loan app, which my uni forwarded to the bank.  If no one's said anything, then there mustn't be anything else I need to sign, eh?  *sigh* I hate banking .

Call them and find out. I wouldn't wait around.

Complete rant here, don't mind me....   

This whole student loan process is ridiculous.  After many calls trying to get ahold of my student loan contact at my uni since Wednesday, he finally called me back this morning.  Of course, then I discover that he has the package I sent him with my SAR, but not the loan certification form BOA was supposed to fax to him OR the IEFC certification form that was sent on June 12!  Arrrgh.  He's going to chase down the IEFC form since they have an office in London he can deal with, and I called BOA to find out what was up with the fax- only to be told that, no, they don't fax school certification forms!  It would have been nice if I had known that when I gave the other woman at BOA the uni's fax number last week    Apparently, the school certification form is on the internet, so then I had to call my loan person back and tell him the web address so he could download and fill out the form.  Oh, and another irritating thing- loan dude tried to tell me that I was only getting $14K??  Um, no, my EFC is a big fat zero so I should be getting the full $18.5K,  thanks.  He also took issue with the fact that he thinks I'm borrowing too much money, not taking into account the fact that his figures are based on a 9-month academic year when I'm going to be there for 12 months finishing my dissertation, and I would like not to have to eat ramen noodles all day every day!  Anyway, he agreed to just sign the damn form and be done with it, so hopefully the bank and IEFC will have all my paperwork by the fourth of July.  I hate hate hate student loan crap! Bureaucracy sucks 

Just an update, because I feel like this thread is becoming a long-winded chronicle.  I called BOA today, just for a status check (it's been since 15 June since things got rolling), and I got the same line of "up to a month".  Apparently they've sent off for the guarantor, which takes longer internationally (what is the guarantor actually in another country?  I have no idea how this works).  It's still in processing, and the bank is waiting to hear back.  So I have no idea how I could possibly rush this along, if they are waiting to hear back from someone else?  It's now past 25 June, which means I can now apply for my visa - obviously not without the loan!  I'm going to phone at least weekly, but unfortunately all the telephone operators sound bored & uncaring.  I do have an e-mail address for a managerial-type person, but I'm not sure what good that would do if THEY are waiting on something.

Andrea, I wish I knew how you got the 4-5 day quote, because that's certainly not the case!  So far the only line I've gotten is the "up to a month" one.  I wish I knew how these things worked!

I've no idea....I called BOA's student banking center, and that's what they told me.  Perhaps there is some truth to what the people on LJ were talking about...that the loans can't be approved until after July 1.  That would make some kind of twisted sense, but I really don't know if that's the case or not.  I think the worst part is *not knowing*- it's easier when you have an idea of what's going on with your application at each stage, but when it goes back to the bank it seems to disappear into some sort of limbo netherworld   Hopefully it'll come through for you soon!

The private loan I took out seems to be moving along okay (BOA called for additional information), but I've heard nothing about the Stafford loan. The guy from the Uni told me he mailed my paperwork to me sometime around the 14th of June and I still haven't received anything. I figured I should wait for that so I would have some sort of reference when I called BOA to ask about the Stafford loan. Maybe I should just call the woman at BOA who called about the info for my private loan on the off chance she knows something about my Stafford loan too...hmmm...just thinking outloud 

The private loan I took out seems to be moving along okay (BOA called for additional information), but I've heard nothing about the Stafford loan. The guy from the Uni told me he mailed my paperwork to me sometime around the 14th of June and I still haven't received anything. I figured I should wait for that so I would have some sort of reference when I called BOA to ask about the Stafford loan. Maybe I should just call the woman at BOA who called about the info for my private loan on the off chance she knows something about my Stafford loan too...hmmm...just thinking outloud 

Question....why is your uni mailing stuff to you?  Aren't they supposed to be sending your certification form straight to the bank?

Question....why is your uni mailing stuff to you?  Aren't they supposed to be sending your certification form straight to the bank?

Right! I don't know! He said he was sending the papers off on the 13th, then the last thing I heard from him was "I guess you'll hear from your lender soon enough." I've heard nothing. All I have is the promissory note that has zero contact information on it. I would like to call BOA to find out what's going on, but I don't really know who to call and they always ask me for my loan number which I don't have. I asked the girl who's handling the private loan if she knew anything about my Stafford Loan and she didn't. She doesn't handle federal loans. From what you and Aless said, maybe I should wait until after July 1st. The woman from BOA did say that in regards to my private loan they were waiting for the certification to be faxed back from the uni. I emailed the guy on Wednesday about it. Haven't heard anything. It's just frustrating because my visa paperwork is all set to be mailed off. I'm just waiting for the loan approvals.

OnMyWay, call this number - 1.800.344.8382.  That's the Bank of America student loan center, who I call for updates.  Whenever I call they just ask for my social and date of birth- I guess to prove they're talking to the right person.  They should be able to tell you what paperwork they have for you, and what they need.  And are you *sure* the person at your uni mailed the stuff to you and not the bank? (On that note, does the bank have your MPN at all, or are you waiting to send that off too?)  In any case, if something doesn't happen soon I would ask your guy at the uni to fill out another school cert form and mail it straight to the bank, and you need to provide them with your MPN if you haven't already.

No, I'm not sure where he mailed the paperwork.        Thanks for the phone number! I'll give it a go and see what they have to say!

After that, I would definitely advise phoning BOA to double-check that they have all the correct paperwork.  I thought I was kosher after my uni sent off all my stuff, but it turns the school didn't fill out everything!  Luckily they actually phoned me, but it still put a delay on everything.

Update -

   So apparently, my Stafford have been completed and approved.  I have the distribution dates in hand (got them over the phone) and now know who my lender and servicer are.  Am I going to be getting something from one of them confirming all of this, or am I going to have to dog them for the needed letter/confirmation for my visa?  Thoughts?



Ps. We should start a support group and all get a pint somewhere to exchange loan stories

Update -

   So apparently, my Stafford have been completed and approved.  I have the distribution dates in hand (got them over the phone) and now know who my lender and servicer are.  Am I going to be getting something from one of them confirming all of this, or am I going to have to dog them for the needed letter/confirmation for my visa?  Thoughts?

Congrats!!   I assume they'll send you a letter in the mail automatically, but call and make sure.  You could also ask them to fax you a copy of your approval letter if you want something more concrete while you're waiting...

Ps. We should start a support group and all get a pint somewhere to exchange loan stories

Haha   What uni are you heading to, grassyknoll?