Financial Aid Discussion for Internationals

At Michigan: no need for a co-signer and these are terms:

Interest-Prime
NO FEES of any kind
50bps if you make 24 consecutive payments and 25bps for direct debit

I dont know about the co-signer option though

Ross certainly seems better than Chicago in this regard. 5% insurance fee is quite a bit...

Yeah Ross is gret when it comes to loans and giving out free money

but, all internationals are supposed to show about 8K in the bank for the I-20 to get issued (8K beyon the amount that the loan covers) . I have like 0 USD saved in liquid money that I can show so now i am trying to figure out how to come up with 8K in about a month
... such a bad surprise

8K only?? cornell wants proof of 130K !!! jeez. Altho after you get the I-20 and Visa you can get a tuition loan so you don't have to spend the whole 130K, but still...

So you have to show the entire tuition+expenses money before you can a apply for I-20 and visa? That doesn't make sense, since ... why would you need a loan if you already have the money, and you need to have access to 130K to show them, right?

I know 8K is not all that much but when you have not planned on it, it becomes a really bad surprise

Does anyone know how a financial statement should look like?

I mean, noone has 150k in the bank, and as Darden said, I am not going to take out a loan NOW, but rather in September, when payments are due.

what is the bank supposed to write on that statement?

I am completely clueless...

For Ross the process is like this:

- You send a Citiassist loan application to the School (you have it in your admit binder)
- The admission office sends a letter to the international center of UofMich saying that the loan is guaranteed and will be disbursed in August/September
- You send a bank statement letter to the itnernational center of UofMich that confirms that you have at least 8,000 USD in your account (this 8K cannot be covered by the loan so therefore you have to provide this).
- The Intl. Center of U of Mich issues you visa support documentation.

You can talk to your bank about this letter, they will know what it should look like and will make it for you, but it is a special letter not just a regular bank statement that you get every month.

I am not sure if this is the right forum.
I am an Intl Student from India planning to attend Fall 2010. I have an admit from Kellogg and am looking for ways to finance my MBA. Anybody on the forum know how to go about it. Kellogg has two loan options for Intls.
Op A - With US Co-signer - 7.5%
Op B - With Intl Co-signer - 8%

Does anybody else know of any other options for kellogg.

recent BW article may be of interest to this discussion.

https://www.businessweek.com/bschools/co ... 067543.htm

i was looking around the net for information regarding Stafford Federal loans. Offhand, I'd say I'm not qualified given that I am not a US citizen, but the websites I visit keep saying that it's available for "eligible non-US citizens." This naturally begs the question: WHAT IS AN ELIGIBLE NON-US CITIZEN?!? can someone please shed some light on this matter?

poch

It probably means US permanent residents i.e. those with green cards.

Since most of the data here is outdated (from the perspective international aspirants applying in 2014-15 season), I believe we can start a fresh discussion.

Where? I am researching CBS and LBS financing options.