A recent Financial Times article discusses the numerous alternative lending options available for foreign b-school students. Because international loans from schools have been on the decline since the financial crash a few years ago and an increase in international default risk, international students have been turning to non-school and non-government loans. Here are a few of the options:
1. SoFi – This is a “peer-to-peer” lender that allows b-school alumni to provide loans to international students from their home countries. Interest rates are about 6%. (CommonBond is a similar peer-to-peer option.)
2. Pave – This crowdfunding start-up lets students raise funds from backers who will receive a share of future income as an investment. (A similar crowdfunding option is Upstart.)
See the FT’s article “Overseas students are lent a financial helping hand” for more details on these.
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