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Topic: Alas, another student loan question  (Read 1454 times)

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Alas, another student loan question
« on: July 11, 2006, 04:11:51 PM »
Hi All,

I have been a lurker on here for a couple of months, but in my final preparation for the big move, you are probably going to be seeing (or reading) more of me... ;D  I will be moving to London Sept. 3rd to start studies for my MSc degree.

I have read through all of the posts on everyones student loan woes and completely empathize...oy vey...could they make it any more difficult...

So my Stafford Loan was recently approved (still waiting on my Plus loan before I can apply for my visa...) and the school selected for the disbursements to be sent directly to me.  Does anyone have any experience with this?  How will I deposit a check made out in US dollars without losing a ton of money in the exchange process???  Does anyone have any tips?  I was planning on setting up an XE account, as well as an HSBC account here in the US and the UK (probably their passport account), but I am unsure how to deal with the student loan disbursements.  I can't afford to lose that much money in the conversion....

Help! ???

TIA!
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Re: Alas, another student loan question
« Reply #1 on: July 11, 2006, 06:07:55 PM »
I really don't have an answer for you, but I just wanted to say - LUCKY.  I'm still being given the run-around with my loans.  I just wish they'd come through already!!! :(
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BUNAC: 9/2004 - 12/2004. Student visa: 1/2005 - 7/2005. Student visa #2: 9/2006 - 1/2008. FLR(IGS): 1/2008 - 10/2008. FLR(M): 10/2008 - 10/2010. ILR 10/2010!!

Finn, 25/12/2009; Micah, 10/08/2012

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Re: Alas, another student loan question
« Reply #2 on: July 11, 2006, 07:48:16 PM »
You shouldn't lose that much money in the exchange.  I got my check from my uni in US dollars and I think it cost me £20 to negotiate a foreign draft.  You won't be able to avoid the fees, unfortunately but it's really negligible in the long run.
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Love your life, poor as it is. You may perhaps have some pleasant, thrilling, glorious hours, even in a poorhouse. The setting sun is reflected from the windows of the almshouse as brightly as from the rich man’s abode; the snow melts before its doors as early in the spring. Cultivate property like a garden herb, like sage. Do not trouble yourself much to get new things, whether clothes or friends. Turn the old; return to them. Things do not change; we change. Sell your clothes and keep your thoughts…

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Re: Alas, another student loan question
« Reply #3 on: July 12, 2006, 03:06:51 AM »
Who did you negotiate with for the foreign draft?  The bank? or your lendor? or the school?   Sorry for my stupidity, this is a whole new thing for me :P

Thanks!

Quote from: Kristi on July 11, 2006, 07:48:16 PM
You shouldn't lose that much money in the exchange.  I got my check from my uni in US dollars and I think it cost me £20 to negotiate a foreign draft.  You won't be able to avoid the fees, unfortunately but it's really negligible in the long run.
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Re: Alas, another student loan question
« Reply #4 on: July 12, 2006, 08:02:41 AM »
Quote from: she2dancer on July 12, 2006, 03:06:51 AM
Who did you negotiate with for the foreign draft?  The bank? or your lendor? or the school?   Sorry for my stupidity, this is a whole new thing for me :P

Thanks!


No, the banks negotiate the rate together (the bank drafting the check and your bank in the UK).  All you have to do is take the check to your bank and deposit it.  They do the rest.  It's a cinch, really. 
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Love your life, poor as it is. You may perhaps have some pleasant, thrilling, glorious hours, even in a poorhouse. The setting sun is reflected from the windows of the almshouse as brightly as from the rich man’s abode; the snow melts before its doors as early in the spring. Cultivate property like a garden herb, like sage. Do not trouble yourself much to get new things, whether clothes or friends. Turn the old; return to them. Things do not change; we change. Sell your clothes and keep your thoughts…

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Re: Alas, another student loan question
« Reply #5 on: July 15, 2006, 08:46:14 PM »
Thanks!  That makes me feel a bit better (now if only the exchange rate were better!)
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