Need help with Student Loans

I have recently been accepted to the University of Surrey and am boggled on how to get an international student loan.  Most lending websites say that they are not accepting new clients for private loans. I was considering going through Sallie Mae.
Just wondering how you guys are paying for Uni? 

Federal Stafford loans and a Graduate PLUS loan through Sallie Mae.

Federal loan and Citibank loan

I had a federal loan and private loan for my MA course, but I came over in 2006 and the company that provided the private loan I got is no longer doing them.  Are you an undergrad or postgrad?  It's usually easier to fund postgrad studies overseas than undergrad if you're relying on loans.

Federal Stafford loans and a Graduate PLUS loan through Sallie Mae.

I did the same. 

To the OP, once you decide on something, make sure you talk to your school's registry about how they want the loan info so they can process them.  They don't automatically get all the information (SAR, Master promissory note, etc.) like American schools do.  Mine had me fax everything.

To the OP, once you decide on something, make sure you talk to your school's registry about how they want the loan info so they can process them.  They don't automatically get all the information (SAR, Master promissory note, etc.) like American schools do.  Mine had me fax everything.

Great advice! I had to get a special 8-page SAR to send to Newcastle University, and had to send originals of everything by regular mail.

I did the same. 

To the OP, once you decide on something, make sure you talk to your school's registry about how they want the loan info so they can process them.  They don't automatically get all the information (SAR, Master promissory note, etc.) like American schools do.  Mine had me fax everything.

What is a Master promissory note? I have to send my SAR to my school as well I don't know what else I need to send besides the SAR.

Hi bovvered,

You'll sign a Master Promissory Note (MPN) as one of the final steps in your loan application. Although I could be wrong, I believe the process is:

• Complete FAFSA
• Send SAR to university
• University assesses your situation and estimates how much your total costs are
• Using that information, you apply for your loans (probably through Sallie Mae)
• You print the MPN and send that to the uni

In my situation, I completed my FAFSA and my SAR was electronically sent to both of my prospective universities. They then sent me Cost of Attendance estimates (excel forms) via e-mail, which gave me total amount for which I could apply. Once that was done, I could apply for my loan.

Hope that helps.

Rose

Hi bovvered,

You'll sign a Master Promissory Note (MPN) as one of the final steps in your loan application. Although I could be wrong, I believe the process is:

• Complete FAFSA
• Send SAR to university
• University assesses your situation and estimates how much your total costs are
• Using that information, you apply for your loans (probably through Sallie Mae)
• You print the MPN and send that to the uni

In my situation, I completed my FAFSA and my SAR was electronically sent to both of my prospective universities. They then sent me Cost of Attendance estimates (excel forms) via e-mail, which gave me total amount for which I could apply. Once that was done, I could apply for my loan.

Hope that helps.

Rose

Hi roseolla!

Thank you for responding! Ah, I already applied for a loan through Sallie Mae... oh no. Do you think it would be okay to send my loan app with the MPN with the SAR to my school? The directions on the FAFSA site aren't clear so I didn't know when/what things to do. :/

Thank you for responding! Ah, I already applied for a loan through Sallie Mae... oh no. Do you think it would be okay to send my loan app with the MPN with the SAR to my school? The directions on the FAFSA site aren't clear so I didn't know when/what things to do. :/

I, and plenty of other Americans, agree that the FAFSA form/process is not so helpful. They don't offer much information because each situation is pretty different. What you need to do is contact your uni's Fees & Funding contact at the Registry: http://portal.surrey.ac.uk/portal/page?_pageid=719,1624773&_dad=portal&_schema=PORTAL.

So...you already applied for a loan? Did you receive a response? I believe that your uni will require that you send your MPN to your uni, in order for them to fully certify your loan and be able to disperse the money in September. I don't see why you would need to include the app itself, but certainly check with them.

I have recently been accepted to the University of Surrey and am boggled on how to get an international student loan.  Most lending websites say that they are not accepting new clients for private loans. I was considering going through Sallie Mae.
Just wondering how you guys are paying for Uni? 

Do you have to get private loans? The federal stafford loans will offer a better rate. Usually, private loans are the 2nd option, not 1st. Is this your first time taking out student loans? Did you perform your Entrance Counseling? If not and you are a first-time borrower, then I suggest you pay close attention and really know what you're getting yourself into: https://www.dl.ed.gov/borrower/EntrCounselingStart.do?cmd=initializeContext.

Good luck!

Rose

I, and plenty of other Americans, agree that the FAFSA form/process is not so helpful. They don't offer much information because each situation is pretty different. What you need to do is contact your uni's Fees & Funding contact at the Registry: http://portal.surrey.ac.uk/portal/page?_pageid=719,1624773&_dad=portal&_schema=PORTAL [nofollow] .

So...you already applied for a loan? Did you receive a response? I believe that your uni will require that you send your MPN to your uni, in order for them to fully certify your loan and be able to disperse the money in September. I don't see why you would need to include the app itself, but certainly check with them.

Good luck!

Rose

Yes, I applied for the Sallie Mae Smart Option Student Loan. My co-signer got pre-approved, it didn't say anything else. Once I applied and it was finished, I had to print it and I printed a Application and Promissory Note... is that the MPN? It had all my and my co-signer's information inlcuding financial information. Oh, I'm not going to Surrey, sorry. I'm going to Central School of Speech and Drama. Thank you for taking the time to respond!