fafsa is crap, what now?

Im crying and shaking.  I have no idea what to do now.  I saw my FAFSA had been processed on the web and I called them up cuz I didnt see a max amount on the SAR only to find out fafsa only awards a max 3,500 a year.  I need 24,000 a year to attend sussex and I have no idea what to do now.  I have 4 months to go, and what seemed like being on time with everything has now fallen into a mad scramble. 

How do I get 24,000 a year to attend?

I can totally relate to the situation you're in.  I faced a similar situation as an undergrad when I was still a dependent student and had to report my parents' income.  Life was so much better in grad school!

Have you looked into alternative loans?  Also called private loans.  The interest rate is slightly higher than Stafford loans, but it was worth it to me because I was allowed to borrow as much as needed.  I went through Key Alternative Loans (back in 2001, not sure if they're still around).

dont you need credit for a private loan?  I dont have any and my parents both have less than stellar (way less) credit. 

Nicky! First take a breath and calm down!

Now.. I'm in a similar situation as you. My question is, are you paying directly to Sussex or are you doing study abroad through a US school? If you're paying Sussex directly, Andrea (who is awesome with financial aid help here on UKY) used http://www.teri.org I believe, for her loans. I'm paying my US school, so I applied for an alt loan through Sallie Mae. I'm not sure if you can use them if you're paying directly to the international school. I'm not sure how that works. I managed to fund my trip, which is going to end up costing around $30,000 for the year. You can do it! Just breathe and search the web a bit! Also, don't be afraid to ask a financial aid adviser at Sussex or your US uni (depending on who you're paying through).

 

Trust me, I know exactly how you feel!

ETA: You might need a cosigner if you don't have your own credit, but I'm not sure. When I applied for my student loan through Sallie Mae, it told me that "first time freshmen always need a cosigner" but I applied as a sophomore and was pre-approved without a cosigner. But, I also have about 5 years of credit established on my own. You won't know until you try and apply on your own first. If it asks for a cosigner, then that will be the next hurdle to overcome. One step at a time!

Also, ETA: Even if they have bad, horrible, or extremely awful credit, you still may be able to use them to cosign. Sometimes different types of loans base it on debt to income ratio, sometimes longevity of credit history. I think it all depends on the place you apply through. I could be wrong on this though!

thank you for your encouraging words.  Im trying to get through to Chase Bank's student loan line atm and will take a look at that web site when i can see straight again.  I have 4 months until term starts, im worried im running out of time.

I had to call work and tell them I cant come in b/c Im an emotional wreck and couldnt do my job without breaking down.   I wish breathing was easy enough to do right now 

What takes away my panic and gives me anger to focus on is of all the times I called FAFSA and loan services that deal directly with them, and after rep3eating my situation a dozen times, no one once said anything about the federal cap being 3,500.  No one!

btw, Im paying directly to the school. 

I know exactly what you mean. My experience through Arizona State has been a nightmare every step of the way. Even my study abroad adviser nearly royally screwed me because I tried explaining to him, every day for a WEEK, including in person! that I didn't have a stupid form needed to allow me to start applying for my alt loans. It was ridiculous and I almost broke down in tears at the undergrad admissions window one day on campus after being lead window to window with answers of "you have to go to the XXX office because we don't do that here."  I finally shouted "COULD YOU PLEASE DIRECT ME TO THE WINDOW WHERE THEY DON'T DIRECT YOU TO OTHER WINDOWS?!?!" and the lady just smirked at me. SO rude!!

Here's the thing. You have to look at it one step at a time or you will be TOTALLY overwhelmed. I really recommend you go through teri.org, since Andrea said she had such a good experience with them. They deal strictly with student loans (unlike Chase) and will probably be loads more helpful than Chase on the phone. Before I applied for my loan with Sallie Mae (I chose them because I have previous loan history already with them), I called their free 1-800 help line. I spoke to a man for nearly 2 hours asking question after question. He patiently explained things to me (even 3-4 times when I got confused) and helped me way more than my school did. He turned what looked like a helpless situation into something that seemed far more feasible.

Believe me, I've had my fair share of rants here on the Student Lounge board! It's not easy, but it is NOT impossible. You've been accepted. The funding part seems really scary, but you can do it.

Nicky, are you an undergraduate?  If so, I sympathise- the FAFSA limits are indeed really low for undergrads, especially if they're not considered independent.

You can still do this, though- you'll just need to take out a large private loan on top of the federal loans. TERI loans are a good choice for overseas schools- I used IEFC for my TERI loan, and they were fantastic.  You will probably need a co-signer though, depending on how much you want to borrow and your credit history.  Good thing about IEFC/TERI private loans is that they're fast- you can get approval in as little as 1-2 weeks from start to finish if the loan person at your uni is on the ball.

Good luck!

would i apply at teri.org and still get a cert. and SAR to send to sussex or will the loan be put into my bank account as a normal loan would?  how do i communicate between teri and whomever loans me the money and sussex?

I'm not really sure how it will work in your situation. My advice is to find Teri's customer service line and ask to speak to someone who can answer your financial aid questions. I was at a total loss and didn't know what to do, so I called Sallie Mae and did this. I didn't expect the person to really be that concerned with offering information, but they did, and it was really helpful. Just call and say you don't really understand the process and have questions. I'm sure they will be more than happy to help. Oh, and take loads of notes!

Hi, Nicky,

Is 3500 all FAFSA will give you for a grant, or a loan? The amoun't doesnt seem right. What year will you be in school? The amount goes up for each year. For instance, I am a sophmore this year and I took out 7500 in loans (just for US study). Then again, I am indepedent. Also, according to my study abroad office, your EFC can be adjusted according to the cost of studying overseas and this will change the amount of money you can get.

Good luck....I am studying at Lancaster this fall, and still trying to sort out my finances. I haven't even really started, to be honest. Yikes!

Is 3500 all FAFSA will give you for a grant, or a loan? The amoun't doesnt seem right. What year will you be in school?

The Stafford loan limit is indeed $3,500 for a dependent first-year undergraduate student (which is what I'm assuming Nicky is.)  Stafford loans are really the only federal financial aid (along with parental PLUS loans) that can be used at overseas schools.

would i apply at teri.org and still get a cert. and SAR to send to sussex or will the loan be put into my bank account as a normal loan would?  how do i communicate between teri and whomever loans me the money and sussex?

The process for a TERI loan is Slightly different from a stafford loan.  I used IEFC (iefc.com) to apply for my TERI loan because it would let me apply online (you can't apply online directly though teri.org if you are attending an overseas school.)  I had a co-signer (my mum), so after initial pre-approval, my mother and I both had to sign a promissory note that they mailed us (my mum also enclosed a salary slip for income verification.) 

After the promissory note was signed and returned, IEFC (on behalf of TERI) sent a school certification form directly to my uni (which went missing, so I had to call them and get them to send another one to the right fax number.)  All my uni had to do was then sign the form and fax it back to IEFC, and my TERI loan was approved 48 hours later (you can also track the status of TERI loans online throughout this process, which was very helpful!)

In this scenario, TERI is effectively your lender (your cheques come directly from TERI) so that's the main difference.  The only problem I had with TERI was that they made my loan cheque out to both myself and my uni, which made it un-cashable both in the US and the UK.  I had to get them to re-issue my cheque in my name only so that I could deposit it.

ok thats my next step then.  Ill go to that website after work and apply.  thanks for all the help and advice guys, it means alot to me.  Im sure ill have many more questions regarding this loan, but at least i know this process has worked for an american going to a uk school, and that already makes me feel good about the whole thing.

We all know how frustrating it is, and it's good to have a vent about it too. Just make sure you're not making yourself sick from stressing out. Whenever you feel that way, just try to get into the habit of stopping and doing something else for a moment. Take a breath. It seems impossible, but it isn't!

 

Just think: in no time you'll be making friends in Surrey.

And this time next year I'll be an expert on the subject, on this forum, and helping people who are just like I am right now 

I called IEFC and asked loads of questions and this does seem to be the surefire way of getting the funding I need.   I was playing around with the repayment calculator though... 173 pounds a month for 30 years... yikes. 

Im going to be IEFC's slave until the day I die.  (not to say that about IEFC in particular... any loaner really lol.)