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bigdgp

International Stafford Loan Freakout

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So I am extremely excited to be going to one of my dream schools next year (in the UK) for an MA. However, in order to be able to go, I will need to get a substantial loan. The new legislation that deals with Stafford Loans is driving me crazy. Apparently, Direct Loans is the only lender allowed to grant Stafford Loans for the fall semester. However, they will not (at this time) approve loans to overseas schools, as that has in the past been left to private lenders who could distribute government money. When I look for private loans, I keep hearing that I have to exhaust government options first (apparently not being allowed to receive any does not constitute exhaustion). I've heard a few different dates near the end of June thrown around as start dates for DL granting Stafford Loans overseas, but nothing concrete. I'm really afraid that those of us trying to attend school abroad will fall through the cracks. Anybody else know anything?

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Call or email your school's financial aid office. There are probably other students in the same situation. I am at an overseas university (with a huge population of Americans) and am using some loans for the next school year -- I was told by my school to complete my FAFSA and wait until June for my direct loans to be processed. As far as I know...we aren't going to fall through the cracks.

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I'm really worried about this as well. I am planning on attending the University of East Anglia this fall, and was expecting to get the max in Stafford, and then maybe a little extra in PLUS. Even though the rules are changing, we overseas students should still be able to get enough loans, right? The financial aid person at UEA has no answers for me, because apparently the US hasn't told them anything yet.

So I guess we just have to wait and try not to stress! Which will be near impossible for me...

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