I do not understand any of this.

I applied as the sole signer of a teri loan today and I was declined.  Within 10 minutes as a matter of fact, which Im sure borders on a new record.  Im not even going to go into what would make either of my parents a bad co signer, but trust me when I say I'd get declined again. 

I called FAFSA customer support on the off-chance I was misunderstanding something.  This is the 4th or 5th time I've called, and its the 4th or 5th different answer I've received.  FAFSA customer support never fails to sound bored and irritated and bothered to be helping you.  I explained to them I understand that the undergrad. first year stafford caps at 3,500 yet is there any way to reach 24,00 a year through various loans (it made a bit more sense when I asked it). I was told then that the University determines the amount of aid I receive.  So this sounds like if Sussex says I need 24,000 I receive 24,000.

I've been in contact with my financial aid contact at Sussex and just sent him an email.  He had emailed me saying if I was going through FAFSA he would need SAR, MPNs, and cert. forms.   I emailed him back the following email (some of which I've just stated):

I do not understand this.

I called FAFSA customer service and spoke with three different people, all of whom could not provide me with the information I needed and acted like they could not be bothered to do so.

What it comes down to is this:  If I cannot get 24,000 dollars a year in aid, I cannot attend.  This is solely what I need help with.  I was asking FAFSA that since the stafford loan caps at 3,500 for a first year undergrad, is there any way through FAFSA to reach 24,000 a year.  They told me the university determines the amount of aid received.  Logically, it SOUNDS like if Sussex determines I need 24,000 a year in aid... I receive that amount.  They said the University puts together an aid packet, which I would assume is a combination of different loans used to reach tuition costs and, if any, additional cost of living.  Now, how much of this is correct?

I applied through IEFC for a private TERI loan and got declined.  It seems to me pointless to go through FAFSA if I will only get 3,500 because I now see having great trouble securing a private loan.  If I were to go through FAFSA and end up only receiving 3,500 I would still need 20,500 to meet tuition costs.  If I then do not get a private loan for 20.5k then the 3,500 is , essentially, worthless as I cannot attend Sussex on 3,500 a year.  I hope that all made sense.

So, if I send you my SAR (and youll have to explain what a MPN and cert. form are and where I get them) and you then send everything back saying tuition is 11,800 pounds a year, therefore Nicole Foster needs 24,000 american dollars a year in loans to attend, am I going to get enough money to attend Sussex?  In a play scenario, I send you my SAR and my MPNs and my cert. forms (in this example Im pretending I know what those are) and you say everything looks good ,Nicole needs 24,000 a year... am I, in this scenario, going to receive 24,000 a year?

Thank you for your time,
Nicole Foster

Why did I add in that email?  Because maybe someone here in this entire surreal experience will know what I am talking about.  I feel like I am in a foreign country and speaking a different language. 

My question for the post is the same as in the email: if the uni says to fafsa I, the student, needs 24,000 a year, do I get that?  If not, where do I go from here? I was declined through IEFC for TERI.  I dont know what to do. 

I called Sallie Mae and they have a similar private loan to IEFC.  The lady was really nice and advised me to find a cosigner. my mother wont sign for me, she stated this.  Im not going to even go into how upset that made me.  and every single aunt and uncle I have I see like 2 times a year and somehow dont feel right in saying "Hey I know we see each other 2 times a year but would you mind signing this for me?  BTW you understand that should I die, for instance, they are going to expect you to pay76,000 dollars in loans?  kk, sign here plz"

any suggestions would be wonderful.

oh, dear.  I'm sorry you're having troubles, Nicky.

Here's the deal with federal money through FAFSA- for overseas schools, you can only use Stafford loans and PLUS loans.  Stafford loans in your situation are capped at $3,500 for the first year.  That's non-negotiable.  PLUS loans are parental loans for undergraduates, so I'm guessing they won't work for you- basically, your parents take out a loan (anything over the Stafford limit up to the cost of attendance) in their name to pay for your schooling.  There are also all sorts of other need-based federal grant and loan programs, but they do not apply to overseas schools, sadly.  Just Stafford and PLUS.

With the TERI loan...I tried to apply for a $13K loan on my own as well last year, and was promptly declined like you were and was totally gutted. Thankfully, my mother agreed to co-sign the loan, so I reapplied with her and was approved.  If she hadn't done that...well, let's just say I wouldn't be here.  Even if you have good credit history, I suspect private loan companies like TERI are going to want a co-signer for you because you are borrowing a significant chunk of money since your FAFSA limit is so low.

Sorry if that's not what you wanted to hear.    You can try other private loan companies (I know Bank of America has an "Education Maximizer" private loan, for example) or you can appeal the TERI decision (I vaguely remember you're allowed to do that from my experience last year.) But if you can convince any of your family members to co-sign (and they have good credit) that would be the easiest way.

Sorry if that's not what you wanted to hear.

no such thing, every bit of input helps. 

But if you can convince any of your family members to co-sign (and they have good credit) that would be the easiest way.

This is a really good point. If you have grandparents, aunts, uncles, older siblings or cousins, ANYONE with decent credit, you can ask them if they would be willing to cosign for you. It's a very big deal, but you can always refinance and/or consolidate your loans when you finish school. So really, the risk for your relatives is only that you don't fail out of college and/or default on your loans while their names are still on them.

Also, I would try applying with your parents anyway. Even if you think you will be declined, there is nothing in applying anyway that would harm you that I know of. Andrea may want to chime in on this though. I would also contact TERI to see how the appeal process works. Don't feel like this is the end of the road. It looks bad, but you can still make it work!

 

Nicky, we haven't heard from you in a while. Are your loans going okay?

See here:

http://talk.uk-yankee.com/index.php?topic=34363.0

Well that would explain it

Thanks Andrea!