hello,
so i’m going to a univeristy in the uk for grad school, mainly bc i knew i would have to get loans and masters programs are only a year. I have no debt so far, so i don’t really know the ins and outs of getting one for education.
Since my school is outside of the US, i’m a bit limited in my lender options so i’m between Sallie Mae and FAFSA. My game plan roughly is to get as much as i can from FAFSA because the payback rate is dependent on my income, and fund the rest with private lenders. But i also heard people sayinf that FAFSA has like a terrible APY or terrible interest rate (i may be mixing up the terms).
I need about 55-65k, so I just wanted to ask what the best course of actions would be? My dad is gonna co-sign with me and we both have great credit scores, but he’s a lot older so he’s never really had to navigate this situation either.
Any help or insight is appreciated:)
Posted by Teeny_tiny_irene
1 Comment
Okay, I did exactly what you’re doing.
What uni is it? Unless it’s Oxford / Cambridge, you should not pay $55-60k. I paid $14k for my degree and took a bit extra for living expenses. The UK uni system is a bit crazy in the UK and international students are treated as cash cows, so some bottom tier university could be trying to charge you that amount.
FAFSA is always going to be the first go to. The protections you get but mainly the repayment options are essentially for most. The interest rates are high at the moment, but unless you think you can afford $500-$600+ payments a month immediately, do FAFSA. You’ll probably still end up with some private loans anyway since they’re getting rid of PLUS loans. This is especially important if you want to try to play the game of staying in the UK after you finish, we make a lot less here.