Filmcity,
Its not going to be that easy. co-signing in US means that the person not only undertakes to repay the loan in case of default, but more than that his credit history and with that availability of credit and interest rates worsens for him. I am also trying to find some friend who can co-sign for me, but then i am not too optimistic. We have option to take loan from Indian bank and I did fairly good research with all banks, seems that central bank of India (20 lakhs limit) charges 10.5% and corporation bank (25 lakhs )charges 10.75%. the rates will fall further by another percent by March. the problem is with limits (20 lakhs only) and repayment period just being 5-7years. looking to visa processing etc. we need to sort it out earlier.
on facebook , i exchanged posts with few students and every one seems to be in same boat, I sent a mail to Salie Mae and they also said co-signor is must. only one option, we may explore would be with the school itself giving some leevay>. I was wondering can we propose to the school for indirect tution credit i.e. deferred tution payment (say we pay half tution as it is due, and other half deferred to say in year 2012 and 2013 for first year and second year respectively)?
How is that? (school is financing or sort of giving loan to we internationals!!!!!!)