I'll be starting a master's program in London starting in the fall, and was wondering if anyone might know of a good way to finance this?I've never had to deal with student loans before, and I'm curious to know if there are certain lenders that are better than others, or perhaps of other options?I've submitted the FAFSA and received my SAR, but am unsure about how to go about taking out a loan.Help?
Since it is an overseas college, they may not have ties to any particular banks here but I would ask if they have a preference. Second choice is to walk into your personal bank and make the inquiry.Jenn
I've submitted the FAFSA and received my SAR, but am unsure about how to go about taking out a loan.For most students, those are the first steps. Then, when they enroll at a school, they apply for the loan that the SAR says they are eligible for. I have no idea what you do if you study overseas. You will have to talk to the financial aid office at the school you are attending. I know students from other countries who attend college in the U.S. get student loans from their home governments, so it may be possible for you to get a U.S. student loan for a school overseas.Good luck,NellieD
USUALLY AFTER YOU SUBMIT YOUR FAFSA YOU SHOULD RECEIVE A RESPONSE BACK FROM THEM ADVISING WHAT YOUR QUALIFIED TO RECEIVE, WHETHER THAT'S UNSUBSIDIZED STAFFORD, OR SUBSIDIZED STAFFORD, GRANTS, ETC. MY SUGGESTION IS, IF YOU RECEIVE INFORMATION STATING THAT YOU ARE QAULIFIED FOR THE UNSUB..DON'T TAKE IT. I HAVE APPRX 40,000 IN LOANS IN BOTH SUB AND UNSUB. YOU HAVE TO REMEMBER THAT THE UNSUB MEANS THAT WHILE YOUR ATTENDING SCHOOL, THE GOVERNMENT IS NOT PAYING ON THE INTEREST, SO THEREFORE IT IS CAPITALIZING...EVERY YEAR. AT THIS TIME, SINCE I JUST GRADUATED IN FALL OF 2000, MY LOANS ARE ABOUT TO HIT. I WILL BE PAYING MY 40,000 THAT WAS FOR COLLEGE EDUCATION W/AN INTEREST RATE THAT VARIES FROM 7.125 TO 8.125, THE TOTAL INTEREST WILL BE 25,000 DOLLARS, WHICH IS CLOSE TO 26,000. SO THAT 40,000 DIPLOMA WILL COST ME AROUND ABOUT 80,000 AFTER ALL SAID AND DONE. AND THAT IS HOPING I DON'T LOSE MY JOB OR ANY OTHER TRAGEDY HAPPENS. NOW, YES I COULD CONSOLIDATE, (I HAVE SALLIE MAE, AND HAVE ALREADY SPOKEN W/THEM, AND RESEARCHED) WHAT MOST PEOPLE DON'T REALISE IS THAT, AFTER CONSOLIDATION, YES, YOUR PAYMENTS ARE LOWER, I'D ONLY HAVE TO PAY APPRX 375.00 A MONTH, BUT THAT I WOULD END UP PAYING A TOTAL OF 102,300 AND THAT'S COMING FROM A REP FROM SALLIE MAE, (NEEDLESS TO SAY SHE ADVISED NOT TO CONSOLIDATE). SO, EITHER WAY, LOANS WILL BE THERE WHEN YOU GRADUATE. IF I WERE YOU, TRY TO GET GRANTS... JH
I realize this is a rather old posting, but maybe you will go back to check it.I am an American who went to grad school in London (LSE). Since my university was considered an "eligible institution," I was able to take out $18,500 (ouch!) in Stafford Loans to cover most of the cost of my education. There is some U.S.-U.K. reciprocal agreement which helps students be eligible for student aid from their own country while studying in the host country. First, and most importantly, find out if your university is considered an eligible institution (it probably is). Second, fill out the FAFSA. Don't freak out when your FAFSA is returned without your university being listed (eligible overseas institutions don't have codes or the number given you by the university may not work). It's OK.Third, get Stafford Loan application forms from the following organization, fill them out, have your university sign it, then mail them in:http://www.educaid.com/loans/loanchti.htm Fourth, either pick up the check from your university, or have it mailed to you (I think you specify on the Stafford Loan forms).Fifth, get your degree, get a great job, but hate your student loan debt!p.s. Have you checked out the British Council websites?
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