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Loan for international student on h1b with no co-signer

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Loan for international student on h1b with no co-signer [#permalink] New post 29 Mar 2012, 13:29
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What is the best place to apply for loan for MBA Part time program if you are on h1b if you do not have a us citizen co-signer?
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 31 Mar 2012, 08:55
I am also looking for same answer. Seems difficult to secure a student loan without a cosigner.
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 31 Mar 2012, 11:28
siddhans wrote:
What is the best place to apply for loan for MBA Part time program if you are on h1b if you do not have a us citizen co-signer?



Anyone??
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 03 Apr 2013, 11:40
siddhans wrote:
siddhans wrote:
What is the best place to apply for loan for MBA Part time program if you are on h1b if you do not have a us citizen co-signer?



Anyone??
siddhans wrote:
siddhans wrote:
What is the best place to apply for loan for MBA Part time program if you are on h1b if you do not have a us citizen co-signer?



Anyone??
siddhans wrote:
siddhans wrote:
What is the best place to apply for loan for MBA Part time program if you are on h1b if you do not have a us citizen co-signer?



Anyone??


Hi did you every get a reply to that question of yours. How did you manage the loan?
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 04 Apr 2013, 13:52
Curious about this as well. I'm on H-1b now but expect to switch to F-1 for school. Duke offers 8.25% rate for internationals without co-signer, but I wonder if it's possible to get better rates elsewhere.
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 05 Apr 2013, 21:32
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I "cant" say whether these are "the" best options, but I chose between

International Loans offered by Quorum, Chase, Citi, and SallieMae

All have their benefits

Quorum

Offers .50% rate reduction with US co-signer.
Offers .25% auto payment discount rate reduction.
Rate Floor 7% (interest rate)
Ceiling Rate 18%

However, I am assuming one needs to be eligible for quorum, i.e. university should have an arrangement with quorum.

The one thing I would advise is choose a loan program which allows you to repay after you find a job.

Quorum has a 6 month grace period after your graduation date, so you wont have to pay interest until after 6 months.

Regardless of all these loans, I would advice you NOT to go for high loans. If you can pay from your pocket, that's great or if you get a scholarship from abc university it is much better than going to top xyz university if you have to take a HUGE loan. That is just my opinion.
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 05 May 2013, 13:25
BlueRobin wrote:

Regardless of all these loans, I would advice you NOT to go for high loans. If you can pay from your pocket, that's great or if you get a scholarship from abc university it is much better than going to top xyz university if you have to take a HUGE loan. That is just my opinion.



what makes you say that ? The career prospects from a brand name MBA more than makes up for the higher tuition costs ? Or atleast thats what i thought ?
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Re: Loan for international student on h1b with no co-signer [#permalink] New post 11 May 2013, 07:09
saw this page .. hope it helps.. source :http://www.mbacrystalball.com/blog/2013/02/18/non-cosigner-student-loans-mba/

Non cosigner students loans for international MBA

Written by Sameer Kamat
Post-recession, there has been a general perception that financial aid for international students, especially securing a non cosigner student loan (i.e an education loan that does not require a U.S. cosigner) is difficult to obtain. It is true that the economic slowdown coupled with the increase in the number of defaulters have been the contributing factors causing many credit lenders to withdraw their student loan programs without a U.S. co-signer.

However the good news is that in spite of this, the MBA loan scenario is not that bleak as there are a good number of colleges offering student loans without a U.S. co-signer. Here’s a list to get you started.

Non Cosigner Student loans for MBA

1. Johnson at Cornell University in partnership with QUORUM Federal Credit Union offers no co-signer loans to students enrolled in full-time two year MBA as well as the accelerated MBA program. The loan amount would cover the cost of tuition after deduction of scholarship amount if any.

2. The NYU Stern School of Business in association with The First Marblehead Corporation and Union Federal Savings Bank provide a no co-signer loan to eligible international candidates.

3. Duke Fuqua School of Business offers a no co-signer loan through Coastal Federal Credit Union with the current rate being 8.25%.

4. Haas School of Business provides loan assistance through the Eli Lilly Credit Union to international students without a U.S. co-signer.

5. At Wharton, students can take a loan to cover up to 80% of the total student budget which includes tuition and living expense. Wharton in collaboration with Quorum Federal Credit Union would be offering this no co-signer loan to international candidates starting in the fall 2013 semester.

6. Yale School of Management offers the Yale International Student Loan to all international students. This loan does not need a U.S. co-signer and covers the tuition and fees after deduction of scholarships. The interest rate is fixed at 7.75%.

7. The Darden School of Business and the Darden School Foundation have entered into a multiyear International Loan Program agreement with Discover to provide no co-signer international student loans beginning with the class of 2014. The maximum loan amount is fixed at $65, 000 per year.

8. UCLA Anderson has partnered with Eli Lilly Credit Union to provide no co-signer loans up to $85,000 per year.

9. International students admitted at UNC’s Kenan-Flagler Business School can borrow up to $50,000 per year through the Coastal Federal Credit Union without needing a co-signer.

10. At Olin business School, loan without a U.S. co-signer is being offered though the rates and terms for 2012-13 are yet to be announced. Last year the loan was available for the tuition amount after deducting scholarship at an interest rate of 10%.

11. Emory University’s Goizueta Business School offers its international MBA students Emory Alliance Credit Union Custom MBA Loan under which they can borrow a total of $84,000 for their MBA program.

12. Chicago Booth also provides multiple loan options without requiring a co-signer. Admitted students are able to access details regarding the same.

13. MIT Federal Credit Union provides loan assistance up to $170,000 for students enrolling at MIT Sloan program without the need for a co-borrower.

14. International students admitted at Ross School of Business can avail the RSB-UMCU (Ross School of Business-University of Michigan Credit Union) loan without the need for a co-signer.

15. At Tuck School of Business, numerous options are available for international students. The maximum loan amount is arrived at by doing a need-based analysis by the financial aid office.


The repayment term would vary for each school from a minimum of ten to up to twenty or twenty-five years.

Check with the college for the latest updates like any changes in the interest rates, loan amount or other loan-related aspect before applying for the loan as these tend to change each year.

Instead of just relying on information available on the web (including this list), it would be advisable to get all your queries answered by the financial aid office so that you have complete clarity and you can prepare your MBA financing roadmap accordingly.
Re: Loan for international student on h1b with no co-signer   [#permalink] 11 May 2013, 07:09
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