Cashing the loan check for studies abroad
Oct 16th 2004, 6:33 pm
#1
Guest
Posts: n/a
Cashing the loan check for studies abroad
Hi,
I currently began my study abroad in the UK for which I have taken the
maximum stafford loan. At my permanent home address, I have recieved
the loan information including what seems to be a check for both the
subsidized and unsubsidized amounts. It says payable to the order off,
and then it lists me, but under it says (where there should be a note)
the name of my school.
I am not sure if this is a check for me, or my school will directly
recieve this and this is the ¨borrower¨ copy as it on the sheet.
If this is a check made out to me, do I have to hand it to the school
directly or can I deposit it into my account and then just pay the
tuition using a debit-credit card.
What I am afraid of is what kind of a commission will the school take
for converting the check from USD to pounds. I know credit cards and
my debit card do not charge a fee for conversion except the standard
1.0% visa fee. the daily rate can be looked up on www.oanda.com
Furhtermore, if I charge this to the credit card, I can perhaps get
some frequent flier miles (at least some hope to this!)
Any advice will be appreciated.
Kind regards,
george
I currently began my study abroad in the UK for which I have taken the
maximum stafford loan. At my permanent home address, I have recieved
the loan information including what seems to be a check for both the
subsidized and unsubsidized amounts. It says payable to the order off,
and then it lists me, but under it says (where there should be a note)
the name of my school.
I am not sure if this is a check for me, or my school will directly
recieve this and this is the ¨borrower¨ copy as it on the sheet.
If this is a check made out to me, do I have to hand it to the school
directly or can I deposit it into my account and then just pay the
tuition using a debit-credit card.
What I am afraid of is what kind of a commission will the school take
for converting the check from USD to pounds. I know credit cards and
my debit card do not charge a fee for conversion except the standard
1.0% visa fee. the daily rate can be looked up on www.oanda.com
Furhtermore, if I charge this to the credit card, I can perhaps get
some frequent flier miles (at least some hope to this!)
Any advice will be appreciated.
Kind regards,
george
Oct 16th 2004, 9:19 pm
#2
Guest
Posts: n/a
Re: Cashing the loan check for studies abroad
George Bozovic wrote:
> Hi,
>
> I currently began my study abroad in the UK for which I have taken the
> maximum stafford loan. At my permanent home address, I have recieved
> the loan information including what seems to be a check for both the
> subsidized and unsubsidized amounts. It says payable to the order off,
> and then it lists me, but under it says (where there should be a note)
> the name of my school.
>
> I am not sure if this is a check for me, or my school will directly
> recieve this and this is the ¨borrower¨ copy as it on the sheet.
I'm judging by "joint payee" checks in the U.S. (usually
from insurance companies for auto damages, etc.) Those are
often made payable to two parties, so they cannot be cashed
independently by one of the payees. My guess would be that
what you received was a perfectly negotiable check, but one
which must be endorsed both by you and the school, in order
to be honored by the lender's bank. (However, the best way
to find out for sure would be via a telephone call to the
check's originator - they'd be in a better position to
clarify the matter than any of your fellow posters here on RTE.)
> Hi,
>
> I currently began my study abroad in the UK for which I have taken the
> maximum stafford loan. At my permanent home address, I have recieved
> the loan information including what seems to be a check for both the
> subsidized and unsubsidized amounts. It says payable to the order off,
> and then it lists me, but under it says (where there should be a note)
> the name of my school.
>
> I am not sure if this is a check for me, or my school will directly
> recieve this and this is the ¨borrower¨ copy as it on the sheet.
I'm judging by "joint payee" checks in the U.S. (usually
from insurance companies for auto damages, etc.) Those are
often made payable to two parties, so they cannot be cashed
independently by one of the payees. My guess would be that
what you received was a perfectly negotiable check, but one
which must be endorsed both by you and the school, in order
to be honored by the lender's bank. (However, the best way
to find out for sure would be via a telephone call to the
check's originator - they'd be in a better position to
clarify the matter than any of your fellow posters here on RTE.)
Oct 17th 2004, 1:08 am
#3
Guest
Posts: n/a
Re: Cashing the loan check for studies abroad
On Sat, 16 Oct 2004, George Bozovic wrote:
> I currently began my study abroad in the UK for which I have taken the
> maximum stafford loan. At my permanent home address, I have recieved
> the loan information including what seems to be a check for both the
> subsidized and unsubsidized amounts. It says payable to the order off,
> and then it lists me, but under it says (where there should be a note)
> the name of my school.
> I am not sure if this is a check for me, or my school will directly
> recieve this and this is the ¨borrower¨ copy as it on the sheet.
The name or names that appear after "Pay to the order of" are the payees.
A name that appears anywhere else is not the payee or a joint payee.
Yves Bellefeuille
<[email protected]>
> I currently began my study abroad in the UK for which I have taken the
> maximum stafford loan. At my permanent home address, I have recieved
> the loan information including what seems to be a check for both the
> subsidized and unsubsidized amounts. It says payable to the order off,
> and then it lists me, but under it says (where there should be a note)
> the name of my school.
> I am not sure if this is a check for me, or my school will directly
> recieve this and this is the ¨borrower¨ copy as it on the sheet.
The name or names that appear after "Pay to the order of" are the payees.
A name that appears anywhere else is not the payee or a joint payee.
Yves Bellefeuille
<[email protected]>
Oct 17th 2004, 3:12 am
#4
Guest
Posts: n/a
Re: Cashing the loan check for studies abroad
EvelynVogtGamble(Divamanque) wrote:
> George Bozovic wrote:
>> Hi,
>> I currently began my study abroad in the UK for which I have taken the
>> maximum stafford loan. At my permanent home address, I have recieved
>> the loan information including what seems to be a check for both the
>> subsidized and unsubsidized amounts. It says payable to the order off,
>> and then it lists me, but under it says (where there should be a note)
>> the name of my school.
>> I am not sure if this is a check for me, or my school will directly
>> recieve this and this is the ¨borrower¨ copy as it on the sheet.
> I'm judging by "joint payee" checks in the U.S. (usually from insurance
> companies for auto damages, etc.) Those are often made payable to two
> parties, so they cannot be cashed independently by one of the payees.
> My guess would be that what you received was a perfectly negotiable
> check, but one which must be endorsed both by you and the school, in
> order to be honored by the lender's bank. (However, the best way to
> find out for sure would be via a telephone call to the check's
> originator - they'd be in a better position to clarify the matter than
> any of your fellow posters here on RTE.)
Or visit your bank and check with one of the bank officers. If your
school is in the US then ask the financial aid office there. If it is
overseas then it's probably worth a call -- they should be experienced
with the situation.
> George Bozovic wrote:
>> Hi,
>> I currently began my study abroad in the UK for which I have taken the
>> maximum stafford loan. At my permanent home address, I have recieved
>> the loan information including what seems to be a check for both the
>> subsidized and unsubsidized amounts. It says payable to the order off,
>> and then it lists me, but under it says (where there should be a note)
>> the name of my school.
>> I am not sure if this is a check for me, or my school will directly
>> recieve this and this is the ¨borrower¨ copy as it on the sheet.
> I'm judging by "joint payee" checks in the U.S. (usually from insurance
> companies for auto damages, etc.) Those are often made payable to two
> parties, so they cannot be cashed independently by one of the payees.
> My guess would be that what you received was a perfectly negotiable
> check, but one which must be endorsed both by you and the school, in
> order to be honored by the lender's bank. (However, the best way to
> find out for sure would be via a telephone call to the check's
> originator - they'd be in a better position to clarify the matter than
> any of your fellow posters here on RTE.)
Or visit your bank and check with one of the bank officers. If your
school is in the US then ask the financial aid office there. If it is
overseas then it's probably worth a call -- they should be experienced
with the situation.
