Any Americans have any idea wtf is going on with Student Loans?

MassiveAwesome

Hey--

I got a Fafsa loan thingy when I did my undergrad, but I'm trying to apply for it again, and it seems like it's all changing because of the new proposed health care/student loan bill. My "Uni" has informed me that all I can do is fill out the form for the Fafsa and wait, but I doubt they will be entirely up to date on the intergoings-on of the American Student loan system, when they have their own and everything else to concentrate on. Has anyone heard anything on this front?

On a different note, I thought going to school in the UK would be less expensive than America, boy was I wrong. Seriously time to get married and do a green card swap.

I understand your situation since I’ve only had the chance to submit my FAFSA for this upcoming year too because of the new changes to student lending practices for foreign institutions. However, at the UK institution I’ve been accepted, the finance office has issued a new statement on their website saying, “Foreign schools cannot currently offer Direct Loans, but the US Department of Education have confirmed that they should be able to do so when the current scheme is replaced. The details of how this will work for foreign schools are still being negotiated and remain subject to confirmation by Congress.”

I’m assuming we should be able to apply for loans maybe around June but definitely before September of this year. Furthermore, I agree that tuition fees is increasing for internationals students so I’ve been watching the debates and will see the outcome of the general election in May to see how the future party and PM will handle tuition fees for all students. In my opinion, education has become another profitable business at the expense of students.

Reply 2

kellllybelllly

My uni, UCL, has told me to fill out my FAFSA and wait for Congress to sort things out. The Oxford US Student Loan site said that things should be finalized by May so I'm hoping they're right and we can get started on getting these loans. The Financial Aid/Student Funding people at UCL have been really nice about it and understand that this is stressing us out. I'm hoping for the best and expecting things to be sorted soon!

and yes, UK education is really expensive. Tuition on top of the maintenance fees that are required for the Visa are really breaking the bank for me. Since I'm paying for school on my own, I'm going to have to take extra loans just to cover the maintenance fees which really sucks. I'm just watching the exchange rate and hoping things will change toward our favor, which it has significantly since the beginning of the year, lets hope it continues that trend!

Reply 3

The1truebelieber

MassiveAwesome

Hey--

I got a Fafsa loan thingy when I did my undergrad, but I'm trying to apply for it again, and it seems like it's all changing because of the new proposed health care/student loan bill. My "Uni" has informed me that all I can do is fill out the form for the Fafsa and wait, but I doubt they will be entirely up to date on the intergoings-on of the American Student loan system, when they have their own and everything else to concentrate on. Has anyone heard anything on this front?

On a different note, I thought going to school in the UK would be less expensive than America, boy was I wrong. Seriously time to get married and do a green card swap.

You called?

Reply 4

Csel

1

no idea, cause im graduating.

Reply 5

I'm also a little concerned about this but I guess we'll just wait and see what happens. The international fees are definitely expensive compared to home rates, but my 1 year MSc at Oxford will cost me less than a third of what a 2 year master's would cost me in the States. I'm sure it differs from person to person, but I am quite happy with the cost of the program in comparison to US institutions.

I know it was more of a joke than anything, but I am an American who is married to a Brit and I still don't qualify for home rates :frown:

. The UK requires a 3 year residency period. Boo.

Reply 6

teatime45

This is so frustrating, isn't it? I want to go ahead and get things taken care of, but it seems like no one really knows what is going on. Oh well, as long as it's all sorted in time..

Reply 7

MassiveAwesome

OP

It feels so good to know that no one else knows what's going on either. What a relief. Which Uni are you going to Kelllllllllly, UCL? my university said the same thing, I guess it is an across the board response.

And seriously, tem, oxford costs 1/3 what a us program would?!? I thought so too, but like the tuition rose from last year at my uni to 14 grand plus 7 grand and change maintenance fees converted into dollars is kinda ridiculous. It's so annoying to be getting the same education as British and EU national students but to be paying almost 4 times as much. I guess it works both ways...

Reply 8

MassiveAwesome

And seriously, tem, oxford costs 1/3 what a us program would?!?

In my case, yes. I was debating between Columbia's Masters in Social Work program or Oxford's Evidence Based Social Intervention Course. In the US, social work is considered a professional program (like law, medicine, nursing, etc.) and financial aid is extremely hard to come by. Columbia's program is 2 years and tuition + mandatory health insurance is over $35k/year. They offered me a $7k scholarship, but that's not even a drop in the bucket. Compared with Oxford's 1 year program at ~$20k, that's quite a savings. Not to mention I have family in the UK who I can live with for the summer whereas a move to NYC would destroy my savings account. On the practical side, I won't have to pay for health insurance, car insurance, gas, etc. and the cost of groceries is much lower.

Unless I'm totally mistaken. So far, I haven't heard the term 'maintenance fee.' Does that differ from university to university? I just had to submit a form proving I could cover the cost of attendance and it only listed 12,200 GBP for tuition and 2,072 GBP for a college fee as well as an estimate for living expenses.

To some extent, it's annoying to be paying 4 times as much but you have to remember that people in the UK pay much higher taxes and their taxes subsidize nearly all universities. Kind of like why our state colleges are so cheap. It only makes sense that international students, or those who haven't lived and worked in the UK for 3 years would be responsible for paying higher rates.

Anyhow, that's just my situation. I'd imagine others who are in longer programs or are in fields of study that are typically well funded in the US may not see such a savings. I'm also glad to see that I'm not alone in worrying about this! Let's all keep each other updated as to when our universities switch over to Direct Loans :smile:

.

Reply 9

kellllybelllly

tem11

Unless I'm totally mistaken. So far, I haven't heard the term 'maintenance fee.' Does that differ from university to university? I just had to submit a form proving I could cover the cost of attendance and it only listed 12,200 GBP for tuition and 2,072 GBP for a college fee as well as an estimate for living expenses.

the maintenance fee is the estimated living costs that you have to prove you have on hand. the amount varies depending on where you're living. for me, since i'm going to University College London in inner London, i have to show that i have 7,200 pounds/roughly $11,000 on hand to cover living expenses. this translates into 800 pounds/month for 9 months. on top of that, tuition for UCL is going to be 14,300 pounds/roughly $21,000. being 22 years old and fresh out of college and paying for all of my schooling by myself, needless to say, i don't have that money. so therefore i'm going to have to take out extra loans on top of tuition and room, to pay for the maintenance.

outer London, and the rest of the country, i think its 600 pounds/month you have to have.

i'll relay anything UCL says about the student loans, in fact, they're supposed to be emailing me soon anyways, so i'll let you guys know what they say!

i'll be so glad once everything is clear!

Reply 10

kellllybelllly

the maintenance fee is the estimated living costs that you have to prove you have on hand.

Ah, that makes sense. I'm coming in on a spousal visa instead of a student visa so that's why I had no idea what you guys were talking about :smile:

.

Reply 11

ratboy90

MassiveAwesome

Hey--

I got a Fafsa loan thingy when I did my undergrad, but I'm trying to apply for it again, and it seems like it's all changing because of the new proposed health care/student loan bill. My "Uni" has informed me that all I can do is fill out the form for the Fafsa and wait, but I doubt they will be entirely up to date on the intergoings-on of the American Student loan system, when they have their own and everything else to concentrate on. Has anyone heard anything on this front?

On a different note, I thought going to school in the UK would be less expensive than America, boy was I wrong. Seriously time to get married and do a green card swap.

I can't go to college in the US because of the loans reform. Was going to apply for a private loan but now with the new reforms.... And I got into freaking Syracuse dammit..

Reply 12

ratboy90

I can't go to college in the US because of the loans reform. Was going to apply for a private loan but now with the new reforms.... And I got into freaking Syracuse dammit..

I don't really see how the loan reform would affect you as an international student. It was an overhaul of the federal loan sector, private loans weren't in the legislation at all. And to my knowledge, most international students aren't typically eligible for private loans in the US, instead they tend to get loans from banks in their home country. Syracuse is a lovely city, though. Good luck with everything.

Reply 13

ratboy90

I can't go to college in the US because of the loans reform. Was going to apply for a private loan but now with the new reforms.... And I got into freaking Syracuse dammit..

To be eligible for US loans, you need a U.S. citizen or permanent resident to be a creditworthy co - signer.

Reply 14

ChantzFox

Can anyone recommend a particular lender?

Reply 15

ChantzFox

Can anyone recommend a particular lender?

Chase is usually a safe and trusted lender for student loans used domestically and abroad.

Reply 16

ChantzFox

AliciaJ703

Chase is usually a safe and trusted lender for student loans used domestically and abroad.

Thanks I was looking into Chase or Wells Fargo, but when looking at the schools listed I do not see University of Strathclyde available. The only lender I have found so far that does list them is Sallie Mae and I'm trying to stay away from them. Any Suggestions?

Reply 17

ChantzFox

Thanks I was looking into Chase or Wells Fargo, but when looking at the schools listed I do not see University of Strathclyde available. The only lender I have found so far that does list them is Sallie Mae and I'm trying to stay away from them. Any Suggestions?

I definitely understand your hesitation about Sallie Mae as I too would avoid them at all costs. :smile:

Have you contacted the financial aid office at the Uni. of Strathcyde about using lenders besides the ones posted? Sometimes schools allow you to use other lenders in which you should consider Chase or even Citibank. But, make sure you have the confirmation from your uni. first then proceed with lenders that provide you the lowest interest rate.

Reply 18

ChantzFox

AliciaJ703

I definitely understand your hesitation about Sallie Mae as I too would avoid them at all costs. :smile:

Have you contacted the financial aid office at the Uni. of Strathcyde about using lenders besides the ones posted? Sometimes schools allow you to use other lenders in which you should consider Chase or even Citibank. But, make sure you have the confirmation from your uni. first then proceed with lenders that provide you the lowest interest rate.

Yes Sallie Mae has been a nightmare to some of my friends. I've gotten my confirmation from my Uni so that is not an issue their website just states I can use any lender of my choice. I'll just have to get back in contact with them and see if they have a lender list. Thanks for your information.

Reply 19