Last visit was: 19 Nov 2025, 21:27 It is currently 19 Nov 2025, 21:27
Home
GMAT
Messages
Tests
Schools
Events
Rewards
Chat
My Profile
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel
User avatar
asdert
User avatar
Joined: 09 Oct 2007
Last visit: 07 Jul 2009
Posts: 241
Own Kudos:
377
Given Kudos: 1
Posts: 241
Kudos: 377
How to get I20 when using US-based loan. Help please! 26 Jun 2009, 20:25
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Hey guys,

I have been having some issues to get my I20 from school because I'm paying for school using US-based banks loans and I was wondering if someone knows how to deal with this.

Apparently, the school wants me to submit, in order to grant the I20, a CFR form along with documentation that shows I'm able to pay for school. However, the bank that has approved my credit tells me that I need to send them the I20, or my student visa (which I can't get without my I20), to move forward with the loan. Therefore, I can't do one without the other.

I spent over 6 hours today trying to figure this mess with no luck. According to both institutions, there's no way around it. This cannot be true. I'm sure I'm not the first student financing his degree entirely on US-based loans and I'm hoping there's some sort of communication issue going on.

Can someone shed some light on this issue? With little over a month to start orientation, I'm starting to stress out.

Any advice, help will be greatly appreaciated.

- Asdert
avatar
AceofSpades
avatar
Joined: 14 May 2009
Last visit: 09 Jun 2015
Posts: 111
Own Kudos:
85
Given Kudos: 29
Schools: AGSM '16
Schools: AGSM '16
Posts: 111
Kudos: 85
How to get I20 when using US-based loan. Help please! 26 Jun 2009, 22:00
Kudos
Add Kudos
Bookmarks
Bookmark this Post
I'm wondering whether you could submit your loan approval letter with the CFR form as proof of your ability to pay for the cost of the program?
User avatar
asdert
User avatar
Joined: 09 Oct 2007
Last visit: 07 Jul 2009
Posts: 241
Own Kudos:
377
Given Kudos: 1
Posts: 241
Kudos: 377
How to get I20 when using US-based loan. Help please! 27 Jun 2009, 02:04
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Well, I specifically asked that and they said that was not enough. :roll: I did ask the bank for the approval letter, though.
avatar
Class2012
avatar
Current Student
Joined: 18 Jun 2009
Last visit: 28 Sep 2016
Posts: 367
Own Kudos:
36
Given Kudos: 21
Posts: 367
Kudos: 36
How to get I20 when using US-based loan. Help please! 27 Jun 2009, 06:08
Kudos
Add Kudos
Bookmarks
Bookmark this Post
This is really a tough situation.The school should understand and give the I20.The bank generally decides the loan amount based on the fees and expenses specified in the I20.
User avatar
Pathfinder
User avatar
Retired Moderator
Joined: 01 Nov 2007
Last visit: 11 Nov 2018
Posts: 351
Own Kudos:
122
 [1]
Given Kudos: 14
Schools:Wharton Class of 2011
Posts: 351
Kudos: 122
 [1]
How to get I20 when using US-based loan. Help please! 28 Jun 2009, 17:13
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Damn, something is terribly wrong with that school's policy overhere.

Wharton had issued me so called Award Notification Letter (ANL), which states all the sources of funds for my studies - loan (without co-signer), grant and my savings (some small ammount). Based on that ANL, UPenn issued the I-20 document in which are stated:
  • Personal funds (this is stated as a sum of loan and savings)
  • Other funds (grant in ammount xyz)

For visa process, I was required to show both ANL and I-20 to the officer, which I did and got the visa without any problem. Later in September I should go to the bank with my I-20 and I-94 (immigration document issued at arrival to US) in order to get the loan. Wharton's policy regarding this is not convenient for some students and some visa officers because loan is not even mentioned anywhere in the I-20, but one has to present ANL. However, they had no problem with that and virtually everyone has granted visa in the past.

Fellow of mine, admitted to MIT had slightly easier experience. MIT tends to put the loan ammount in I-20 directly which is much more convenient for US consular officers. Their I-20 has more items:
  • Personal funds (only savings without loan)
  • Alternative loan in ammount xyz
  • Other funds (grant)

I was little worried when I saw his I-20, but I experienced no problem at all with my visa process. I know this doesn't help, but at least could give you some insight in other school procedure. I hope the school is going to find some solution because there is probably large number of international applicants with same issue.
User avatar
HDJJ
User avatar
Joined: 05 Jul 2025
Last visit: 13 Jul 2025
Posts: 1
Posts: 1
Kudos: 0
How to get I20 when using US-based loan. Help please! 05 Jul 2025, 06:28
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Hi, nice to greet you,

I hope you are well
I have seen some of your answers about student visas and I-20, I would like to ask for your help in the following please:

I want to go to a college in the u.s. for an associate degree, I am required to have between $10,000 to $20,000 in funds to get the I-20, I would like to know if it is possible to combine a small savings ( -$5000) and apply for a loan in that same university or college or other body that offers loan for international students to combine it with my savings and they can approve me the I-20 and study in the u.s..

I would like to know your opinion, advice or if you know anyone who could manage to study with this.

I look forward to hearing from you, thank you!