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International Student Loan Help  
User currently offlineKovi17 From United States of America, joined Nov 2004, 366 posts, RR: 1
Posted (7 years 1 month 3 weeks 3 days 20 hours ago) and read 1296 times:

Hello all I have a few questions about International student loans. I plan on going to a college in London, UK and I am a US citizen. Should I take a loan out here in the US or should I take a loan out in the UK. For some reason I haven't been able to get a clear answer on this and I need to get this taken care of asap. Also are there loans for international students that are able to be payed back at the end of my college graduation instead of paying as I go? Thanks for all the help to whomever helps me on this!


We dont worry about small things like that...
11 replies: All unread, jump to last
 
User currently offlineToast From , joined Dec 1969, posts, RR:
Reply 1, posted (7 years 1 month 3 weeks 3 days 20 hours ago) and read 1292 times:

Highly unlikely you'll be able to get a loan in the UK.

I don't know about other countries, but in Luxembourg (where I got my student loan) you only need to start repaying it 2 years after graduating. The term is 10 years and the interest rate, 2%.

I doubt however that any other country in Europe can offer conditions quite as good as these.


User currently offlineKovi17 From United States of America, joined Nov 2004, 366 posts, RR: 1
Reply 2, posted (7 years 1 month 3 weeks 3 days 20 hours ago) and read 1287 times:

Ok, so it may be easier and better to try to get a student loan here then? Why couldnt I get a loan in the UK easily? My parents said they would be more than happy to co sign a loan (as long as you can have it where you can pay it back after graduation) and their credit is very good.


We dont worry about small things like that...
User currently offlineToast From , joined Dec 1969, posts, RR:
Reply 3, posted (7 years 1 month 3 weeks 3 days 19 hours ago) and read 1284 times:

I'm pretty sure you'd need a permanent residence permit in the UK to get a loan. I know I got my loan only because my parents were permanent residents in Luxembourg. And I was only able able to apply during my second year, after proving that my grades were above average. They wouldn't grant a loan to a potential drop-out.

Laws in the UK may be different, though. Maybe you are entitled to permanent residence if you're planning to spend your entire studies in the UK. I really don't know, but I wouldn't expect the rules to be significantly different there.

BTW, if you're seriously contemplating spending 4 or 5 years in London, be prepared to spend massive amounts of money. Few cities in the world can rival the cost of life in London.

 dollarsign   crazy 


User currently offlineKovi17 From United States of America, joined Nov 2004, 366 posts, RR: 1
Reply 4, posted (7 years 1 month 3 weeks 3 days 19 hours ago) and read 1280 times:

Oh i defiantly know that its expensive there but I'm planning on studying there for a couple years and see what i can do from there. I'm really excited because I'm the first in my family to be able to study abroad and the second in my family to ever go to higher education. Every one is pretty proud of me right now  Smile


We dont worry about small things like that...
User currently offlinePlymSpotter From Spain, joined Jun 2004, 11672 posts, RR: 60
Reply 5, posted (7 years 1 month 3 weeks 3 days 19 hours ago) and read 1275 times:

I seem to remember that you can get a loan if you are not from the UK, but you are going to have to produce a lot of paperwork and present this to the SLC (Student Loans Company) This is remembering back two years to when I read the terms and conditions for mine, but I think that you only start repaying the loan once you are earning above a certain benchmark, £14,000 rings a bell but it's probably wrong now and, once earning the applicable amount it will be subtracted automatically from your salary! If you get to the age of 50 and you have never managed to earn above this amount then the loan is completely wiped... all this though is applicable to a UK citizen, so for a foreign citizen expect it to be different in many ways, but it gives you a rough idea at least.


Dan Smile



...love is just a camouflage for what resembles rage again...
User currently offlineCabso1 From Canada, joined May 2005, 502 posts, RR: 0
Reply 6, posted (7 years 1 month 3 weeks 3 days 19 hours ago) and read 1267 times:

Wouldn't you need to go to www.fafsa.ed.gov since you're American? I think they would support your application for Financial Aid outside the US.

User currently offlineLH423 From Canada, joined Jul 1999, 6501 posts, RR: 54
Reply 7, posted (7 years 1 month 3 weeks 3 days 16 hours ago) and read 1250 times:

Quoting Cabso1 (Reply 6):
Wouldn't you need to go to www.fafsa.ed.gov since you're American? I think they would support your application for Financial Aid outside the US.

I know FAFSA will cover Canadian schools. Not sure about the UK. I'd be surprised if the UK would allow foreigners to take out loans since what's to say that you won't skip town after your schooling is done, leaving them with the bill. It's not like that can do anything about it after the fact. I'm not saying that you would, but I think that's why banks require certain residency requirements. But, maybe the UK is different. You should check out UK banks and see if there is any info on their website.

But, what you might also want to consider is what you plan on doing AFTER university. It might be wiser to get a loan in the States since a £10,000 loan in the UK will equal about $20,000 to pay back if you're in the States and earning a USD salary. If you think you may want to try and stay in the UK after, the opposite happens. A $20,000 loan taken out in the States becomes a £10,000 to pay back. Of course, this is assuming the exchange rate stays the same, but I think it's safe to assume that the dollar isn't going to bounce back from a 2 to 1 rate to being stronger than the pound. But, for arguments sake, it stays the same, a loan in the US means that for ever pound you pay back, you're paying back roughly $2.

LH423



« On ne voit bien qu'avec le cœur. L'essentiel est invisible pour les yeux » Antoine de Saint-Exupéry
User currently offlineKovi17 From United States of America, joined Nov 2004, 366 posts, RR: 1
Reply 8, posted (7 years 1 month 3 weeks 3 days 13 hours ago) and read 1234 times:

I plan on after university staying in the uk after all that to get a job so really id be slashing costs in half assuming i can stay in the UK. So it looks like my best option is to take out the loan here then thanks a bunch for all the replies!


We dont worry about small things like that...
User currently offlineSwiftski From Australia, joined Dec 2006, 2701 posts, RR: 2
Reply 9, posted (7 years 1 month 3 weeks 3 days 13 hours ago) and read 1230 times:

I'm a Brit however lived abroad growing up - long enough that I wasn't eligable for a loan. I think 6 years out of the country voids it.

Try not to take a loan at all - I have friends in their late 20's working crazy hours to pay off theirs.


User currently offlineKaiGywer From United States of America, joined Oct 2003, 12256 posts, RR: 35
Reply 10, posted (7 years 1 month 3 weeks 2 days 9 hours ago) and read 1187 times:
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Quoting Kovi17 (Reply 2):
Ok, so it may be easier and better to try to get a student loan here then?

Use FAFSA, easiest way to get a student loan there is.

What if I'm attending (or planning to attend) a foreign school that does not have a code, but is eligible to receive Title IV aid?


Enter the code for a school based in the United States that you would not mind seeing your information. (This is because you must enter at least one code on the FAFSA)
When you receive your Student Aid Report you will need to send it, or a copy of it, to the foreign school's financial aid officer responsible for handling financial aid for American students.
Follow the financial aid officer's instructions for obtaining the aid you are eligible for.
If you are unsure if your school is eligible to receive Title IV aid, contact your school's financial aid office.



http://www.fafsa.ed.gov/faq001.htm



“Once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, an
User currently offlineKovi17 From United States of America, joined Nov 2004, 366 posts, RR: 1
Reply 11, posted (7 years 1 month 3 weeks 2 days 8 hours ago) and read 1180 times:

Quoting KaiGywer (Reply 10):
Use FAFSA, easiest way to get a student loan there is.

thanks a million for the help! It means a lot that you guys have helped me like this i really appreciate this



We dont worry about small things like that...
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