Student Loan process 2007

So after reading a good deal of this thread I feel incredibly thankful for my financial aid contact at my uni. My Stafford was approved today for the full amount. Now 20.5K for graduate students. I applied online thru Sallie Mae on 03/04 and was approved by my university on 03/19. Sallie Mae online now relects all that info as well as my disbursment dates.
I've heard good news and bad news from you guys regarding Teri. FYI if you want to apply for a school outside of US or Canada you must go through iefc.com. I'm thinking of sticking with Sallie Mae for my private loan.

And as far as headaches go.......I had to wait to mail my MPN, School Certification Form, and SAR until I received my offical offer letter from the uni. I then made a copy and mailed it back. Even though I'm sure admissions and Financial Aid are closer to each other than I am. I accidentally mailed the wrong copy!!! But they were nice enough to let me scan it in and email it.

I'm thinking of getting a tattoo of the words "sallie mae" and I will be giving them money all of life!!!

glad it's going so well for you!   I wish I had started the student loan process earlier, but this time last year I was frantically trying to finish my bachelor's degree and barely had time to breathe, hehe.  Not to mention I didn't even get accepted till mid March and it took me a few weeks of research to figure out this process in the first place!

They raised the Stafford cap to $20.5K?  Totally wish they had done that last year, sigh. Ah well.

I used IEFC for my TERI loan and had a great experience overall, even when I had some minor issues along the way...if your financial aid person at your uni does a quick turnaround, you can have that loan approved in a week or two.

Wow. Thanks for the info. It is easier going back to school than when I was still in. I was a single mom with a toddler during my undergrad and thought I would never want to go back school! LoL funny how that changes.

I adore my FA person. I may ask her about her exp. with Uni. She has been so helpful espcially when I freaked about the "family contribution" on my SAR. She assured me that cost of attendance took into account living expenses and even plane tickets home at the end of the program.

Love this forum. you guys have no idea how helpful you are. I've search for things like TERI, custody, utilities, mobile....and find out so much. All your frustrations and advice documented are definitly helping me now!

I have already started my loan application process.  I finished my online application with FAFSA in the first of March.  I haven't heard anything yet except my SAR is available online.

What is the next step?  I'm not sure exactly what to do from here.  Any and all information would be great.  I've read alot of these threads and I know generally what to expect...but not sure exactly what order to do things.
Please help

I filled out my FAFSA and already heard back as well. I was told by my uni (ASU) that I would have to wait for them to decide how much to award me through the FAFSA. I don't know how that all works though. I would contact your home uni (if you're doing study abroad through them) or your UK uni if you've applied directly to a school in the UK.

I intend on applying thru FAFSA as well as I spoke with the lender and since Sussex U. has a fafsa code... I can apply for fafsa loans and got a few other questions answered as well. But im curious...


....They give you as much as you need... right? Sussex is like 11,800 pounds a year to attend.... They will loan me enough right?

I intend on applying thru FAFSA as well as I spoke with the lender and since Sussex U. has a fafsa code... I can apply for fafsa loans and got a few other questions answered as well. But im curious...


....They give you as much as you need... right? Sussex is like 11,800 pounds a year to attend.... They will loan me enough right?

In my experience, you usually get enough money to pay for your program, but I believe it really depends on your EFC. When I went to community college my EFC (Estimated Family Contribution) was really high (my parents made a lot of money and I wasn't an independent yet) but I still got enough loan to cover my tuition for the semester (which was only about $2000). I think the EFC means the difference between getting grants (ie free money) or un/subsidized loans. All the financial aid I have every gotten has always been subsidized loans (through Sallie Mae actually). If you find that for some reason they don't give you enough in loans, talk with your financial aid person, or maybe ask around on UK-Y. You'll have to get loans to cover extra expenses on your own, I imagine. I don't know though, as I'm in that process also

I have already started my loan application process.  I finished my online application with FAFSA in the first of March.  I haven't heard anything yet except my SAR is available online.

What is the next step?  I'm not sure exactly what to do from here.  Any and all information would be great.  I've read alot of these threads and I know generally what to expect...but not sure exactly what order to do things.
Please help

Next Step for the Stafford loan
 You need to request a paper copy of your SAR- the online version is not adequate when applying to overseas schools.  Call the Department of Ed's 1-800 number on the FAFSA website and ask them to mail you the 8-page paper copy of your SAR.  That will take about 2 weeks.  Once you have it, you need to send the SAR and a school certification form (which you get from your lender) to your financial aid contact at your university in the UK.

That person will certify the amount of your loan, then send your forms back to your lender in the US, who sends your paperwork to a state guarantor.  The guarantor will need to get back in touch with your loan contact at the university directly, and once that happens, your loan will be guaranteed and the lender will approve it.

I knew Andrea would know more about it than me. Wow that sounds complicated!

I think the EFC means the difference between getting grants (ie free money) or un/subsidized loans.

The EFC plays a big part in getting you grants and certain loans. 

Next Step for the Stafford loan
 You need to request a paper copy of your SAR- the online version is not adequate when applying to overseas schools.  Call the Department of Ed's 1-800 number on the FAFSA website and ask them to mail you the 8-page paper copy of your SAR.  That will take about 2 weeks.  Once you have it, you need to send the SAR and a school certification form (which you get from your lender) to your financial aid contact at your university in the UK.

That person will certify the amount of your loan, then send your forms back to your lender in the US, who sends your paperwork to a state guarantor.  The guarantor will need to get back in touch with your loan contact at the university directly, and once that happens, your loan will be guaranteed and the lender will approve it.

Thanks, Andrea!!

I had contacted the secretary at the school who gave me an email for the financial aid office.  I sent them an email a week ago and haven't heard anything.  I'm hoping this isn't going to turn into some of the horror stories I've read here.

I'll start where you say and go from there.  I may run into trouble - and if I do I'll come crying for more help.

Thanks, again...I'm a little scared I won't get it together in time...I've already had to defer entry a year.  The MFA program won't let me do it but once more and I'll have to reapply.

I was really really nervous about not getting approved or not getting approved for as much as I thought I needed after I saw that EFC on the SAR. The FA dept at my uni assured me that they deduct the EFC from the estimated cost of attending. Cost of attending includes cost of tutition, cost of living, an allowance for my dependant child, books, supplies, housing, etc, even plane tickets back home. I was approved for the full amount of the Stafford Loan.

As far your next step goes, your Financial Aid Department at your uni can't do anything until they have your SAR which isn't available to them online. I would call the Departement of Education Fiancial aid (1800-4-FED-AID) and request the 8 page SAR. They will tell you it's available online or that you can print it out. But you have to have the 8 page mailed to you. Then you have to sign it and send it to your university.

Hope that helps.
Also although it's not your uni, mine had a great step by step on thier website for the US student loan process. here's the link:
http://www.bournemouth.ac.uk/international/future_international_students/financial_information/ffelp_process.html

Damn, Andrea is on the ball 

Thanks guys, I had no idea what the next step would be. 

I also have an appt. set up with an international adviser at Sussex for when Im over there a week to visit DB in May.

Damn, Andrea is on the ball 

lol!  No, trust me- this time last year, I was like you and had aboslutely no clue what the student loan process entailed.  Understanding it all (and that little explanation I gave above) was the result of some serious blood sweat and tears trying to get my loan processed last summer- an experience I hope never to have to repeat!!

I am just about ready to have another rant about my loan process. I did my fafsa, and I've gotten my award, but my estimated cost need amount is way too low. It's at about $17000 when it should be around $32000. I tried to turn in what they've deemed a "Cost Sheet" which has to be signed by me and my IPO adviser which I can get from an online account I have through the international prog. office, but for some reason my account doesn't provide the right form. So last week I found all this out and printed an invoice and other assorted materials that have to show exactly how much my need is, had all the papers signed by my adviser and I signed them, and turned them in either thursday or friday last week. I just called and a girl told me it's taking at least a week to process them. This means that I have to call back next week to find out if my cost has been changed, and if so, I can apply for private loans. If I apply for private loans right now, they will be based on the need that my school currently has on file minus what I have been awarded (which is way too little and wouldn't be correct), so I essentially have to wait for them to change the cost, call to confirm it has been changed, and then I have approximately one week to secure the funding I need because fees are due May 1.

 

How the hell is this going to work?! I HATE ASU! I'm seriously about ready to have a nervous breakdown, especially since I played "Musical department windows" yesterday for about an hour only to be told what I was asking for was impossible by an incredibly bitchy, punch-in-the-face-worthy snot of a woman. I almost broke down into tears right then, but managed to walk away before they saw me do it.