Student Loans Acquired (kind of)

Thank goodness!

After a lot of tangling emails and fixing of forms and grappling iwth the exchange rate, I am fully, 100% ready to go to Durham in October. My Financial Aid form has been submitted and accepted in full. My application to Sallie Mae complete with co-signer has been turned in and accepted in full (I think).

I spent a lot of time trying to deal with the idea of what the exchange rate was going to present me with in October and for the rest of the 2016/17 school year. The thing is, when I very first began filling out my Financial Aid worksheet, I was advised by Durham to assume that the exchange rate was $1.53 to £1, which was a couple cents more than it actually was. However, the pound to dollar is always fluctuation a few cents at a time. Since the Referendum vote, it’s dropped quite a bit. I’ve been rooting for to recover, but the reality is that it doesn’t look like it will now. Yesterday morning, when I woke up, it was at $1.28, and by the afternoon floated back to $1.29. As I write this entry, right now, according to my XE app, it’s at $1.2902.

Regardless, I was allotted $9,500 in Federal loans. Then I needed to figure out what the exchange rate was for my £16,500 tuition. If I had done as instructed, I would be looking at $25, 245 (-$9,500, then that would be $15,745 in Private loans). If I take trust in the predictions of exchange rate, which I think I am at this point, it’s going to remain low, continue falling to $1.21/£1 ($19,965 for tuition, and $10,465 in Private loans), and down as low as $1.18 this time next year. I compromised. I estimated the exchange rate to rise back to $1.33, and asked for $13,000 in Private loans. If it keeps falling, then next year I’ll only need to ask for $10k, and the following year will only need to be $7k in Private loans (that is if I don’t get a full tuition scholarship because I’m just that awesome of a student).

We will see. However, for the moment, I need to focus on getting a place to live lined up for October as well as a job, or at least interviews, lined up for when I arrive there. That way I can start paying off my slavery right away.


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