Financing for Overseas Student

**Catatonic** · 18-11-2007, 08:52 AM

Hi fellow oversea-ers,

Considering how high the living expenses are in the UK (especially in London), how are you all financing the overseas tuition fee? Anyone know of a good place to get international loans?

Thanks in advance!

**Catatonic** · 19-11-2007, 05:02 AM

So I've been doing research on this and I came across the Graduate PLUS loan through Sallie Mae. The great thing about it that distinguishes it from other loans is that you can loan up to the FULL cost of education less other aid. I really hate to have to rely on my parents for help so this is looking like a good option for me. Of course US students should also apply to the Stafford loans. All the other loans I came across had limits.

Hope this helps.

**Dr Noodle** · 19-11-2007, 05:05 AM

What are the interest rates and when does it have to be paid back? I asked my bank about a loan and they said their interest rates are very high. He gave me a reason but I can't remember what it was though I remember it made sense to me at the time.

**Catatonic** · 19-11-2007, 05:12 AM

The interest rates for the Graduate PLUS loan is 6.75 - 8.5% which seems to be around the ballpark with the other loans I've looked at. There is also a 3% origination fee. There are several payment options with the standard payment (paying both principle and interest every month for 10 years) having the lowest interest rate. There's also the option to pay after graduation or an extended repayment term (25 years) or an income-sensitive repayment scheme.

I don't know if you'll be able to apply for this loan though because I think it's only for US citizens.

**Dr Noodle** · 19-11-2007, 05:18 AM

I'm going to apply for the government student I think. I'm an EU student so I'm lucky there. Money, and not being able to take out any other type of loan, is the single reason why I'm not applying anywhere else. Good luck anyway

**sandhya1990** · 19-11-2007, 06:03 AM

being an EU student, do u have to pay the international fees in the UK?

**Dr Noodle** · 19-11-2007, 06:23 AM

No. Currently it's £3,070 per year for UK and EU students in England.

**sandhya1990** · 19-11-2007, 12:49 PM

yea.. thats not too bad... for us overseas students .. its like 22000 pounds!!!... in my country.. thats like a million ringgit...

**Catatonic** · 20-11-2007, 03:52 AM

Originally Posted by sandhya1990

yea.. thats not too bad... for us overseas students .. its like 22000 pounds!!!... in my country.. thats like a million ringgit...

Yeah I know what you mean. The conversion rate for me isn't as bad but it's still a ton of money. I'm gonna be neck deep in debt when I get out. Of course if I go to a US school, I'd still be pretty deep in debt but not quite as bad. But that's okay, I'm willing to dig my grave. I'll just make a ladder and climb out somehow.

**sandhya1990** · 20-11-2007, 11:20 AM

Originally Posted by Catatonic

Yeah I know what you mean. The conversion rate for me isn't as bad but it's still a ton of money. I'm gonna be neck deep in debt when I get out. Of course if I go to a US school, I'd still be pretty deep in debt but not quite as bad. But that's okay, I'm willing to dig my grave. I'll just make a ladder and climb out somehow.

I Totally agree.. its worth it. and in the US, wouldnt you have to do a basic degree first?