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Topic: Student Loans  (Read 3623 times)

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Student Loans
« on: July 15, 2004, 06:14:15 PM »
Okay I am in and now need to pay for part of it.  Can someone tell me if my school is recognized by the FAFSA (it is) and I applied...how do I get the Stafford Loan or even apply for it?  Also what other sources have you used?  I am a Mphil to Phd student!

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The wiring in our brain is not static, not irrevocably fixed.  Our brains are adaptable. -Mattieu Ricard

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Re: Student Loans
« Reply #1 on: July 15, 2004, 06:22:23 PM »
Oh, now here's something I (unfortunately) know an awful lot about. Debt! LOL.

Start here:
http://www.internationalstudentloan.com/intl_student/

When they send you the application, it'll have a couple of things - the promissory note, etc. for a Stafford Loan ($18,500 max. for grad. students) and an application for a supplemental loan from an organization called TERI which is more-or-less a private student loan taken out to supplement the Stafford Loan if that one wasn't enough (which it likely won't be considering how much they stick it to international students at foreign universities and how much cost of living they require on top of it all!!!  ::) )

Feel free to pm me if you have any other questions - I've been 'round this block a couple of times now!

Oh, actually, check this link first: http://www.internationalstudentloan.com/us_student/graduate/loan_terms.htm as I think the first one was for the supplemental loan. Sorry. I have too many links in my "financial" folder!  ;D
« Last Edit: July 15, 2004, 06:24:30 PM by AnneG »
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Re: Student Loans
« Reply #2 on: July 15, 2004, 07:16:53 PM »
I've done this, too Pam. TERI are great. If you contact them, they'll send you everything (for them and Stafford) but you can do both apps online now. I can show you all my paperwork next time I see you! My experience is that the US loan folks are easy to work with. It's harder to get the UK universities up to speed with all the stuff they have to do though.
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

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Re: Student Loans
« Reply #3 on: July 15, 2004, 07:28:39 PM »
TERI?  Also is that 18,000 per year or per the total 3 years?

Thanks guys by the way!
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The wiring in our brain is not static, not irrevocably fixed.  Our brains are adaptable. -Mattieu Ricard

Being ignorant is not so much a shame as being unwilling to learn. -Benjamin Franklin

I have long since come to believe that people never mean half of what they say, and that it is best to disregard their talk and judge only their actions. -D.Day

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Re: Student Loans
« Reply #4 on: July 15, 2004, 07:32:00 PM »
18.5K per year for stafford, 20K per year for TERI

been there, done that!  ;D
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

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Re: Student Loans
« Reply #5 on: July 15, 2004, 07:36:17 PM »
Oh the debt you can make....

wow... I hope I find some free money soon...

so point me the direction of these online apps...

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The wiring in our brain is not static, not irrevocably fixed.  Our brains are adaptable. -Mattieu Ricard

Being ignorant is not so much a shame as being unwilling to learn. -Benjamin Franklin

I have long since come to believe that people never mean half of what they say, and that it is best to disregard their talk and judge only their actions. -D.Day

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Re: Student Loans
« Reply #6 on: July 17, 2004, 10:13:05 PM »
You can't do the Stafford loan app online if you are going to a foreign uni.  I found that out the hard way!  I ended up doing my Stafford loan thru International Student Loan Program (ISLP) and getting a supplemental loan from TERI.  I don't know that I would recommend ISLP though as they lost my promissory note TWICE.  After 3 phone calls and 2 faxes, I was approved on the phone.  TERI was a cinch.  It was as easy as filling out the application and mailing it off. 

And thanks to Anne, I figured it all out.  I was clueless about loans until I met her.   :D
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Re: Student Loans
« Reply #7 on: July 17, 2004, 10:15:52 PM »
Quote from: vnicepeeps on July 15, 2004, 07:36:17 PM
Oh the debt you can make....

wow... I hope I find some free money soon...

so point me the direction of these online apps...



Good luck with the free money route.  You won't be able to get any US federal grants if you attend a uni outside the US. 

If you simply type in International Student Loans into your favorite search engine, you'll find lots of places that will help you borrow money and to request applications. 
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Love your life, poor as it is. You may perhaps have some pleasant, thrilling, glorious hours, even in a poorhouse. The setting sun is reflected from the windows of the almshouse as brightly as from the rich man’s abode; the snow melts before its doors as early in the spring. Cultivate property like a garden herb, like sage. Do not trouble yourself much to get new things, whether clothes or friends. Turn the old; return to them. Things do not change; we change. Sell your clothes and keep your thoughts…

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Re: Student Loans
« Reply #8 on: July 18, 2004, 11:45:42 AM »
Quote from: Kristi on July 17, 2004, 10:13:05 PM
You can't do the Stafford loan app online if you are going to a foreign uni.


Yes you can. I've done so for the last 3 years!
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

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Re: Student Loans
« Reply #9 on: July 18, 2004, 05:41:45 PM »
Quote from: balmerhon on July 18, 2004, 11:45:42 AM


Yes you can. I've done so for the last 3 years!

With which lender?  I've done my FASFA online but every lender I looked at wouldn't do an online app for a foreign uni.   :-\\\\
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Love your life, poor as it is. You may perhaps have some pleasant, thrilling, glorious hours, even in a poorhouse. The setting sun is reflected from the windows of the almshouse as brightly as from the rich man’s abode; the snow melts before its doors as early in the spring. Cultivate property like a garden herb, like sage. Do not trouble yourself much to get new things, whether clothes or friends. Turn the old; return to them. Things do not change; we change. Sell your clothes and keep your thoughts…

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Re: Student Loans
« Reply #10 on: July 18, 2004, 06:26:29 PM »
This is a copy of an email I sent to another student. It explains in some detail how I went about getting my loan, the process, numbers needed, etc.  I hope it helps.  :)

Ok, the process is a bit crazy but well worth the headache.  I am not sure what state you live in but it should be the same process in every state.  I lived in California so I will explain that process.  First, you must find your local 'Student Aide Commission'.  For eample mine was California Student Aide Commission.  I will give you their number in case you are in Cali or they may be able to direct you to the number for your state.  Or this number may help you more it is the US Department of Education, 18008725372.  I have a number for Ed Fund, which deals with many foreign type loans, which is 18004FEDAID.  All these numbers are the start point.  The US Dept of Education might be the best to help you find your states Student Aide Commission.  Now, once you get the number you need just call the Commission and ask for a "Student Loan Package for Foreign Schools".  My package came within a few days.  You fill out the application and the Master's Promissory note.  This is the tricky part since you are not already here.  You must have the financial aid officer at your foreign school sign the note and return it, via mail or fax back to you.  All schools are different.  Mine was great in the fact that I filled out what was needed from me and I gave it to the officer and she faxed everything back to the Federal Aide office listed on the application.  It was so easy.  Ok, a few things.  You must have an American address and sometimes they may ask for a Brit one, however the acceptance letter from the Uni here in the UK should be enough.  Also, they loan office in the US says that they always send the loan check, in 4 instalments, to the University you are attending.  In my experience this is not the case.  They have send all four of my checks to the address I listed in the US.  So make sure that the American address you use has someone you trust to send you the check once it arrives.  Also, in my experience the best bank to secure the loan through, you must choose on the application, is Citibank.  I say this because there are Citibanks here in the UK so if there is ever a problem it is easier to deal with.  Also Citibank has the best interest rate on the loan as well as low rates for payback.  Right, I think that is a lot of information for you to take in. :)  I hope this helps, I know I would have given anything to know this before arriving here. :)  Please do not hesitate to email me if you need anymore information, I will be happy to help you with what I can.

Aubrey
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Re: Student Loans
« Reply #11 on: July 18, 2004, 07:21:02 PM »
Your process seems quite complicated Aubrey! I can't recall the exact steps that I did but they were roughly:

I never called anyone at the Federal level...

Fill out FAFSA online and receive SAR
Apply for IEFC loan on paper (4 years ago they didn't do it online) - OK, I did phone them to make sure I was doing the apps right.
IEFC sent me the Master Promissory note which I sent to my Uni here. They filled out their bit and faxed/posted to IEFC. If you choose, IEFC will handle both the Federal loan AND their own - hence the Promissory from them. Your Uni also has to fill out some form for IEFC but IEFC send that to them, not you.
Get Fed loan and TERI all at once (i.e. not in installments at all)

I'm sure I'm missing something but that's the jist of it! One thing to be aware of is that you MUST be absolutely sure you use the correct code for what year you are as a postgrad on the Promissory note.

Another thing to be aware of is that it takes AGES to cash US dollar checks over here post 9/11. The IEFC checks must go to the Uni you are attending. The Fed loan can go to your US address. This makes the logistics of signing and depositing a pain in the butt.
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

Re: Student Loans
« Reply #12 on: July 19, 2004, 11:28:35 AM »
I think the process I used was close to balmerhon's. But my fed checks are required to go directly to my uni too  :( I think it's up to the uni and mine insists that all checks go straight to them - they call me when they arrive, I go and endorse them, then they cash them, take out tuition, and deposit the remainder in my account automatically (which keep in mind is GREATLY affected by the exchange rate - that really screwed mine up last year as the rate got worse as the year went on!)
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Re: Student Loans
« Reply #13 on: July 19, 2004, 11:40:46 AM »
Quote from: AnneG on July 19, 2004, 11:28:35 AM
I think the process I used was close to balmerhon's. But my fed checks are required to go directly to my uni too  :( I think it's up to the uni and mine insists that all checks go straight to them - they call me when they arrive, I go and endorse them, then they cash them, take out tuition, and deposit the remainder in my account automatically (which keep in mind is GREATLY affected by the exchange rate - that really screwed mine up last year as the rate got worse as the year went on!)

Hmmm, I was under the impression that the UK Uni had no say in the matter. If I recall correctly, Fed checks are only made out to the student and you can request from the issuing bank that they be sent to your US home address. Your Uni shouldn't even know it could be another way! The IEFC ones are made out to both parties and must go to the Uni. I flat out told my Uni that the IEFC one sent to them had to be endorsed by them and then given to me so I could endorse them and deposit them. I told them that I was not willing to wait 4-6 weeks for them to deposit them via normal British banking procedures (since 9/11 it takes so long). The thing is, it's YOUR debt, so the Uni can't really tell you how to do it. They may try to, but technically, they are not 'entitled' to the money. The check may be issued to both parties but YOU are the one who's gonna pay it all back.
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When I was 5 years old, my mother always told me that happiness was the key to life. When I went to school, they asked me what I wanted to be when I grew up. I wrote down ‘happy’. They told me I didn’t understand the assignment, and I told them they didn’t understand life. ~ John Lennon

Re: Student Loans
« Reply #14 on: July 19, 2004, 11:46:27 AM »
This has been a point of irritation with me at my uni as I just completed the process for new loans for next year. They told me that they use some special form that allows the check to be sent to them and they've refused to use the one that allows the check to go to the student. I had to endorse the checks at school all last year just like the TERI ones. The uni flat out said that they won't sign the form that allows it to go to me, and since I was worried about getting the bloody thing signed off on, I didn't argue. But it definitely irritates me ans slows it all down considerably!!!
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