Student Loan process 2007

Dammit, it's $20,500 now?  I really could've used that extra $2000!!

Sorry for the hijack .

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.

I'm sorry you had such a bad experience.   
I'll keep my fingers crossed for you to get your stuff on time.

This is hilarious. I have been going back and forth all week long with my adviser and the financial aid office trying to make them see that I don't have this "cost sheet" thing and finally last night I flipped out and sent a very upset email to my adviser saying in no certain terms that "MY F*CKING COST SHEET DOES NOT EXIST AND I TOLD YOU THAT LAST WEEK AND NO ONE IS HELPING ME!!!!" but without the swearing. This morning I get an email from him that's short and says "I found your cost sheet in your account, call me and I'll walk you through it."

So I call. And I login, and he asks if I see a link that says "something something cost sheet" and I said "No, that's what I showed you last thursday or friday when I came in. here are all the link options I have" and then read them off. He paused and asked me to read them again, and then put me on hold to go talk to someone. He came back and said something to the effect of "sorry about the confusion, i've never had this happen before but I'm going to call so and so now and make up a cost sheet for you and you can pick it up today."

Seriously, if my fees are turned in late, I shouldn't be held liable for that after he admitted he's the one who didn't realise what I have been trying to communicate since last week.

I'm going down to campus again today and I'm going to stand there and chain myself to the desk until they change my cost for me. None of this "it takes 4 days to do it" crap. I turned my stuff in last week and it should have already been finished. I'll keep everyone posted.

I finally worked out all that stuff with my university. Basically it boiled down to I was right and my adviser is a new guy and was completely wrong.

Okay I need crossed fingers, prayers, and high hopes!

I just sent in my app for my loans. I was pre-approved for the amount I need but now I just have to do the wait and see game.

eek! I'm so anxious!

Nevermind! Seems like they pulled through. Now I'm just waiting to get my official approval from my lender! YAY!

Anyone know what the likelihood of being denied a loan after being pre-approved is? That's about the only thing left that can get screwed up for me.

so...after a couple of hours on the phone yesterday I finally started getting some information I need.
Thank you guys so much for your help.  Seriously, if not for this site - I'd be totally lost.  My uni and the people I've talked to with the loans NEVER told me half this stuff.

As a matter of fact, while talking to the IEFC yesterday..I had to call back to reconfirm some stuff because I'd missed something and the first lady didn't inform me.  She just answered my specific questions and let me go.

So, Now I just have to try and get stuff in the mail and talk to the right persona at the University.

How many of you are taking out private loans?
I'm not sure exactly how much my SAR is saying I can take out.  If I get the max...I'm still not sure that will be enough - but I don't want to take out loans I don't need.

Someday , sometimes chaining yourself is what you have to do. I have learned an important lesson through all this which is patience. Just call from a land line on their toll free number and sit and wait. (45 mins on hold with passport agency since our applications have been in for 11 weeks now.) Good luck. Don't let it get to you. And don't give up!

I think I'm taking out a private loan as well. (sigh) I really didn't want do. But even after living on one paycheck for the past 3 months and saving the other we're going to need it. I'm using Sallie Mae Graduate Plus Loan. And should have it approved by next week. (I don't have stellar credit, but they work with you)

school certification form (which you get from your lender)

Does your SAR tell you who your lender is?  If so, do you just call em up and request this? 

So, you get the SAR and once you have the cert. form you send it to the financial aid person at your university... then they approve and send it back to the lender? Do they send it back to me to send back to the lender or from here on out will it be direct school to lender contact? 

How do I know when everything is all said and done?


Im so confused

Kinda sorta.  They should send the info back to the lender, but you MUST chase this up.  My uni sent the stuff on, but when I didn't hear anything from my lender (Bank of America), I phoned them to see what was up.  Turns out the guarantor needed "additional information" (whatever that's supposed to mean ), so the process had stagnated, because no one had the initiative to do anything about it!  I had to get my contact at my uni's fax number and then call BOA to get the number for my guaranter & then call THEM back with it.  They faxed over something and then I had to hound my uni to fax it back.  Then I called my guarantor to make sure they got the damned thing & the loan was on a roll, etcetc.  It's a pain!!

Top advice: stay information with every little step.  If you know what's going on, you can push things through.  Don't be afraid of being involved and HOUNDING people.  You might piss them off with your perseverence, but it's better than not getting the money!!

Does your SAR tell you who your lender is?  If so, do you just call em up and request this? 

No, you pick your own lender- whoever you want.  I chose Bank of America for my Stafford loan, but you can choose any bank you want- it's entirely up to you.  Each bank should have a page on their website about the Stafford loans that they offer and will have a school certification form that you can send to your uni (Bank of America has their form for download on their website, for example.)  You can also use www.iefc.com for Stafford loans..they have partnerships with Bank of America, Wachovia and I think one other bank.

at what point in this process do i pick? I just submitted my FAFSA yesterday and plan on checking the site religiously the next couple days until its processed.  I would assume I then pick a lender?  Get their cert. and my SAR and send it to the financial aid office of Sussex?

This is where I get confused, do I continually call or email Sussex to find out if they have... what?  Sent information back to the lender? 

How and when in the process do I find out how much Ive be awarded and if everything is in place and ready to go for my schooling?

at what point in this process do i pick? I just submitted my FAFSA yesterday and plan on checking the site religiously the next couple days until its processed.  I would assume I then pick a lender?  Get their cert. and my SAR and send it to the financial aid office of Sussex?

You can pick a lender now, if you like- in fact that would probably be a good idea so that you can get your hands on their school certification form.  Once you've got your 8-page SAR and your school cert, you send both of those off to your loan contact at Sussex.

This is where I get confused, do I continually call or email Sussex to find out if they have... what?  Sent information back to the lender?

YES!  This is where things have the first opportunity to slow down.  You *must* keep on top of this- once Sussex has your stuff, it is up to them to send it back to the lender directly, which means it is up to you to make sure the uni does this in a timely fashion.  Ask them how long it will take to send the papers back, and then follow up and make sure they've done it.  If they're being slow, keep calling until it gets done.

How and when in the process do I find out how much Ive be awarded and if everything is in place and ready to go for my schooling?

When you get your SAR back, you'll find out the maximum amount that you are allowed to borrow, based on your EFC and the current Stafford cap.  Let your uni know how much money you want (up to the allowed maximum), and they are the ones who will certify that the amount that you want is less than or equal to the cost of attendance at Sussex.  Once your loan contact at the uni signs off on the amount, that's how much you're going to get.

Don't forget though that you have to chase up the paperwork once it gets back to the lender in the States and goes to the guarantor...it ain't over until the loan is guaranteed by a state government agency.

omg andrea you have been such a big help! 

More questions: how do I know when the loan is guaranteed? and how do I pick a lender?

I just sent off my school certification form, master promissory note, and 8-page SAR to my school....wish me luck.

I'm really, really trying not to think about the staggering amount of money I'm attempting to borrow and keep my mind on my program, which is very awesome.

I'm going to be paying this off for the rest of my life, though. Argh.

Yes, Bad Example...we'll both be paying off for quite some time.  But at least we'll have some great times in Exeter!  I'm really planning on this program being awesome and I'm hoping to get everything I can out of it.