Ask Me About Student Loans!

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!

Groda: Mar 17, 2005; Hair Elf

I'm studying abroad with no connection to an American uni, and I'm about to move to a university in a much more expensive city to get a Master's. There is no tuition, just insane housing/food costs.

Do I have to go to a private lender for this?

# ¿ Dec 29, 2006 15:09

Adbot: ADBOT LOVES YOU

# ¿ Apr 28, 2024 12:27

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, if you are abroad, not at a US-affiliated university, then you have to go to the financial aid office of your school and ask what sort of local program they might have. Most likely you�ll be stuck with an alternative loan; US loans can only be lent to US citizen students on the mainland or abroad who are attending a Dept of Ed certified school (sorry foreign exchange kids!).

Do any of you guys have recommendations for private student loan alternatives?

# ¿ Dec 31, 2006 00:15

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, what school are you attending?

The schools in question are M�lardalens h�gskola (http://www.mdh.se/) and Kungliga tekniska h�gskola (http://www.kth.se/). They don't have any financial aid offices, as there is no tuition.

The student loan agency, CSN, has offices at both, I believe. However, until I can find a Swedish girl to whore myself out to for permanent residence, CSN can't help me.

# ¿ Dec 31, 2006 19:49

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

I'll try and check into it, Groda, but no guarantees...I'm totally in the dark when it comes to foreign schools, so don't take anything I say to heart. I hate to give unsure info...

Thanks!

# ¿ Jan 1, 2007 20:42

Groda: Mar 17, 2005; Hair Elf

Sensitive Scam Artist posted:

I don't know if this will help or not, but I am applying to a school overseas as well and have run across a little bit of information.
When filling out the information on the FAFSA, you will come to a section for finding your school code. If you select "foreign schools" under the state listings, you will get a list of all the foreign schools supported by the FAFSA. Kungliga is listed, however Malardalens is not as far as I can tell. It does mention at the top of the page that you may need to send your SAR information to the school itself, as not all schools are able to receive this information electronically.
I also read somewhere in all my research, (and I wish I remember where), that it might be possible to get the qualification for your school, if it has not previously been qualified. It was a long process, but if you need the loans, it might be something to look into.

I am a poor college student, so I can only offer you sexual favors for that information. I hope you're secure enough in your heterosexuality to accept this humble blow job for what it is.

quote:

Hopefully this will help and sorry if I'm stepping on Wiggy Marie's toes.

Maybe Wiggy Marie could help me with the whole accreditation thing. The Swedish langugage program here would love to have some more Americans.

# ¿ Jan 3, 2007 01:26

Groda: Mar 17, 2005; Hair Elf

My student lending has run into a snag. I've finally gotten the FAFSA submitted and processed (ARRGH, documents were in my apt in Sweden), and now I'm having trouble getting the actual loan.

My school is Kungliga tekniska h�gskola (on the Dept of Education's list), and I'm trying to get a Stafford loan (sub and unsub) through someone--anyone. John D. Ford direct loans won't have me because the school's not in the States, and the private lenders' sites simply don't work when I try them.

Do you know of any place I can do my Stafford through? Recommendations?

# ¿ Jun 16, 2007 04:42

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, we meet again! How are ya buddy?

Hmmm...let me take a look and see if I can find anything through personal research. I'm a bit lost if Direct won't do it, but I understand that they have weird policies and procedures. Direct is a strange beast.

Real quick: have you asked the financial aid office if they participate with any US lender(s)?

Well, other than this, it's going pretty well.

I talked to one of the members of my international office, and it looks like she wasn't the one who got the ball rolling on their recognition by the Department of Education. She did mention Sallie Mae and AMSA, but, other than that, only told me to send her:

1. SAR
2. School certification form
3. Master promissory note

Also, she might already be on her summer vacation, so, ummm, gently caress.

# ¿ Jun 21, 2007 02:56

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, I am still researching, but honestly, it might be best to keep nagging that lady (or someone else in that international office!).

All I can say is that if they can take Staffords, then they should be able to put you with whatever lender you choose. You should be allowed the same rights as a stateside student, so search away and find yourself a decent lender.

Have you managed to rule out this John Ford direct loan thing? Is it really as clear-cut as I'd thought?

Wiggy Marie posted:

Essentially you'll be sending a physical Master Promissory Note with the name and lender code of whatever lender you choose on it, in addition to the SAR (provided by FAFSA) and the certification from the school for the loans

I'm sorry, but I don't quite follow the wording. Chalk it up to da chronic.

Wiggy Marie posted:

(which MUST have the lender's name included, so choose carefully and make sure it's the same as the one on your MPN).

Make sure my name is the same? Sorry, da chronic again.

Wiggy Marie posted:

I think I sent you one before, but I can get you a new copy, or you can go to most lender sites and download a blank one (or most guarantor sites, for that matter).

Sorry, I don't remember this. In any case, I'm registered on your forum, so you've got my e-mail address.

# ¿ Jun 21, 2007 05:24

Groda: Mar 17, 2005; Hair Elf

Do you have anything to say about the lending practices of:

NELA
Bank of America / American Student Assistance*
Michigan Guarantee Agency

* The person in charge at my school uses them synonymously for some reason.

# ¿ Sep 21, 2007 12:42

Groda: Mar 17, 2005; Hair Elf

I've got cancer, so I'll be taking some time off (potentially a year, more likely a semester). Two things I was wondering:

1. Will they notice I didn't do my FAFSA and make me start paying up? After how long?

2. How can I use a life-threatening disease to my advantage in the process?

My loans are subsidized and unsubsidized Stafford from U.S. Bank.

# ¿ Jun 23, 2008 03:30

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, I am so sorry. I hope you have the completely treatable sort, and sending well wishes your way.

In terms of federal loans, they will indeed notice if you are not enrolled. Sometimes if you are on a leave of absence from the school they can report this to the lender who will keep you on the ISD. This is not a guarantee but I would suggest checking on it.

Without that, you will have 6 months before hitting repayment, at which time you may use your deferment/forbearance time to continue for up to 3 years, assuming you have no or a very low income. Unfortunately there's not a deferment or forbearance specifically for a temporary disability anymore

Being lymphoma, unless the diagnosis changes, it's just going to be a massive pain in the neck ( :haw:

) for my studies.

I didn't have much luck with Google; what is the "ISD"? Also, who do I ask to find out how low an income is required for the "deferment/forbearance"? The Dept. of Education? U.S. Bank?

# ¿ Jun 27, 2008 01:47

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

No comment on Finland

Actually, I would like to second this question...

# ¿ Aug 27, 2008 00:16

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

RANT

Just harmless fantasy. Tell me you can't appreciate the romance of robbing a bank and skipping the country to enjoy your loot.

Wiggy Marie posted:

Private loans are always to be considered the secondary option. Try for federal loans first, and then take out a private loan if you have no other option. In terms of payback, federal loans have deferments and forbearances - use them and slap the hell out of the private loans first. You can pay on your federal loans any time, but your private loans are what will murder you to hell and back by the time you're done paying them.

When you say "private loans," you mean, for example, Stafford loans taken through a private bank, right?

# ¿ Aug 28, 2008 21:22

Groda: Mar 17, 2005; Hair Elf

I'm at a foreign school and took student loans (both Staffords) from US Bank for 2007-2008. Problem is, I haven't technically been registered for courses since June (my thesis's work was split between the spring and fall semesters). Furthermore, I'm graduating about two semesters later than planned because of illness. I called up the "servicer" (dunno, is that what the person in charge of repayment was called? It's ACS...), informed them, and got a one-year extension on repayment. (It felt too easy; they didn't ask for any proof.)

Question is: Will they find out I've technically been off the school's radar for a while now and start raising hell?

I just got a job, so I'll be able to start paying back in a few months, but if I've hurt my credit rating I will be incredibly hosed, since I won't have any credit history in the States other than this loan.

# ¿ Nov 14, 2009 15:22

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

If you want to double check on everything, why not try giving ACS a call and asking them to clarify what they've done on your account?

Yeah, I should do that.

I really hate to be this way, but thanks to time zones and my schedule, I'd really have to be a responsible adult to get a hold of them, so my next question goes here.

I'm not making a ton of money, so I can't pay this off in a matter of months, but I'd at least like to take a big bite out of it right now to lower my monthly payments to something livable.

Right now, they plan to charge me a flat rate of $220/month for 10 years. I'd like to pay off maybe half of my $18000 this coming year, and then start saving for my future mortgage (because I'm a big impatient gorilla) while paying some lower monthly fee. What is your lingo for renegotiating this minimum monthly payment? Is the monthly minimum "renegotiated" automatically? What should I know before I do that?

# ¿ Nov 19, 2009 09:20

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, if you pay off a big chunk you should ask for your payment schedule to be "redisclosed." This will reflect a lower monthly installment as well as a shorter repayment term. Also, congrats on anticipating that much payoff! That's really impressive to po' folk like me

What if I want the same term (10 years, I assume), but with the new, lower balance?

# ¿ Nov 22, 2009 22:54

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

If they redisclose for a lower payment term than ten years (which they may not, depending on the principal balance left), you can ask them to extend it back to 10 years. When you first request the redisclosure you can just make sure they know you still want it at 10 years.

Finally got a hold of ACS, and, as expected, you're completely right. No fees or redisclosure limits what so ever.

The only other thing is, according to them, you absolutely have to double check to make sure they understood you'd paid ahead. Apparently there have been problems.

# ¿ Nov 27, 2009 18:09

Groda: Mar 17, 2005; Hair Elf

Foaming Chicken posted:

I'd be all over that if your godless socialist paradise didn't speak a crazy moon language

Actually, I did move over there and learn the moon language to study for free, and Wiggy Marie helped me get a loan for it!

# ¿ Nov 26, 2010 20:36

Groda: Mar 17, 2005; Hair Elf

As an American citizen, you are required to declare all foreign earned income (either I.R.S. form 2555 [EZ] or 1116), so you will have a tax return (no 1040EZ with foreign income, though), but you will be deducting or crediting away 100% of your income up to $91k of earned income.

Dividends, interest, and rent payments (as in you renting to someone else) from abroad are another story--there are tons of good expat forums to ask about these things.

# ¿ Nov 28, 2010 16:23

Groda: Mar 17, 2005; Hair Elf

I just paid off my student loan (not Direct). Is the servicer (ACS Education) the only one I could possibly have any loose ends with? The school? The bank (US Bank)?

I am out of the country, and would love to be 100% certain there's nothing loan-related that's going to pop up on some future U.S. credit report of mine.

# ¿ Jun 27, 2011 21:05

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

Groda, so long as you didn't have any other loans (Stafford, Perkins, etc) you should be all done. Check the NSLDS just to make sure nothing federal is still hanging out there, and pull your credit report from annualcreditreport.com to make sure nothing private is hiding on you.

Congratulations! I'm glad everything worked out for you

Is NSLDS working for you? I'm getting errors...

# ¿ Jul 1, 2011 20:43

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

It's working for me, but it could be anything! What kind of errors is it giving you?

"Error 500: javax.servlet.jsp.JspException: Wrong format string: '$###,##0' "

# ¿ Jul 3, 2011 17:52

Adbot: ADBOT LOVES YOU

# ¿ Apr 28, 2024 12:27

Groda: Mar 17, 2005; Hair Elf

Wiggy Marie posted:

That seems more like a net/browser/computer issue. I'm not much good at troubleshooting online

It's still doing it, but I found the trick:

Switch to the Spanish interface, and it works!

# ¿ Jul 11, 2011 03:22

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!