Is it possible not to get a private loan?

Question

Hello folks!

I was admitted to Kellogg. But before submitting the deposit, I want to be sure that I will be able to secure a private loan.

Some facts: 
 - international student (from western europe)
 - need 80% of COA in private loans

Are there any cases when international admits were not able to get a private loan and, as a result, were not able to attend school?

CareerChg · Answer

Hey, if you were admitted to Kellogg you might want to checkout the NU Loan. Then as an international without co signer you might also want to check out Discover and Prodigy. Discover can lend you 100% of the COA and Prodigy 80%.

Bests!

Bests!

BEAGLEONE · Answer

Thank you!

As far as I know - there is an option for international students to get the NU Loan (with an international co-signer). Do you know the requirements for an international co-signer? (in terms of their income level etc.)

As for Discover - do they approve all international students for the amount needed?

CareerChg · Answer

From what I've talked with my other friends from Chile in Kellogg they don't ask much for your international co-signer, not many income related questions. Probably they don't have any power to go after them so it is not worth asking much. For discover you should check the specific loan for Kellogg students https://www.discover.com/student-loans/ ... rthwestern not their general loans. They lend 100% of COA. I don't know if they approve 100% of the people who apply, but unless you do a **** job filling the application, and then say that you want to work for free in a non profit, I don't see why they wouldn't approve you. TBH the only reason I see them not approving you is that you project yourself in a geography/industry that won't pay you enough to pay back your loans. But if you are going into debt for 200k you should be the first one worried about that. Prodigy I know that they lend, but I haven't done much research, since I'll try to go for Discover first.

DebashreeC · Answer

Hey! The international co-signer for an NU Loan should be a parent/guardian/relative with some income - this is the ideal case - and they did not specify any lower limit to the income.

But they also approve others as comaker on a cast by case basis. I really do not see any reason why funding would be a problem. You will have received a financial aid award which would tell you how much loan can they sponsor. You’ll have to arrange the rest probably via third party loans or personal funds.

Posted from my mobile device

BEAGLEONE · Answer

Thank you all for your answers.

So it seems like funding will not be a problem and I will get a Discovery loan at least.

Businessconquerer · Answer

Quorum from JP Morgan is also an alternative

For funding your MBA.
   Posted from my mobile device

camarint · Answer

A private investor who can grant a large collateral loan rarely checks the solvency of the borrowers because if the debt is not repaid, he becomes the owner of the debtors' specified collateral property. Usually, the interest rates on large loans are the most lenient (20-30% per annum). As far as terms are concerned, individuals are rarely willing to wait very long, so it is impossible to agree on a 10-year loan repayment period. The maximum that can be negotiated is 24-36 months. But again, you should consult a specialist. I always consult  Mortgage Advisor Lincoln  to ensure I don't get an unprofitable deal.

bb · Answer

Is it possible not to get a private loan?

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