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# Loan for international student on h1b with no co-signer

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Senior Manager
Joined: 29 Jan 2011
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Loan for international student on h1b with no co-signer [#permalink]

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29 Mar 2012, 14:29
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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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Intern
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Concentration: Entrepreneurship, Technology
Re: Loan for international student on h1b with no co-signer [#permalink]

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31 Mar 2012, 09:55
I am also looking for same answer. Seems difficult to secure a student loan without a cosigner.

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Senior Manager
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Re: Loan for international student on h1b with no co-signer [#permalink]

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31 Mar 2012, 12:28
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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Intern
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Location: United States
Concentration: Finance, Strategy
GMAT 1: 640 Q49 V28
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GPA: 3.75
WE: Corporate Finance (Health Care)
Re: Loan for international student on h1b with no co-signer [#permalink]

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03 Apr 2013, 12:40
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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Intern
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Location: United States (WA)
Concentration: Technology, Entrepreneurship
GMAT 1: 790 Q51 V48
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Re: Loan for international student on h1b with no co-signer [#permalink]

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04 Apr 2013, 14:52
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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Senior Manager
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Re: Loan for international student on h1b with no co-signer [#permalink]

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05 Apr 2013, 22:32
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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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Intern
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Concentration: General Management, Technology
GMAT Date: 02-18-2012
Re: Loan for international student on h1b with no co-signer [#permalink]

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05 May 2013, 14:25
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]

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11 May 2013, 08:09
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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.

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Prodigy Finance Representative
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Re: Loan for international student on h1b with no co-signer [#permalink]

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02 Feb 2016, 05:56
Hi all - I see most of these questions are from a couple years ago, but hopefully this response will be helpful for current incoming students:
I work for Prodigy Finance, and we offer loans to international students attending the FT top 100 ranked business schools, and we don't require a co-signer.
If you'd like to see the full list of schools we offer loans for, please check out: https://prodigyfinance.com/get_a_loan -- there, you can select your business school of interest from the dropdown list and view the loan terms for your specific school.

Hope this helps!

Cheers
Liz
- Prodigy Finance Team

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Re: Loan for international student on h1b with no co-signer [#permalink]

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10 Mar 2016, 21:37
Prodigy is useless! I am on H1B and got recently admitted at Ross, and prodigy declined my application as ineligible since I have been living in the US for 6 years.In spite of pointing that I am neither a permanent resident nor citizen, Prodigy simply didn't understand what an immigrant in the US means. If you are on H1, then look elsewhere. My search for a loan without a Co signer continues! !

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Prodigy Finance Representative
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Re: Loan for international student on h1b with no co-signer [#permalink]

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11 Mar 2016, 08:24
AjayRk wrote:
Prodigy is useless! I am on H1B and got recently admitted at Ross, and prodigy declined my application as ineligible since I have been living in the US for 6 years.In spite of pointing that I am neither a permanent resident nor citizen, Prodigy simply didn't understand what an immigrant in the US means. If you are on H1, then look elsewhere. My search for a loan without a Co signer continues! !

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Hi AjayRk

Thanks for raising this concern. This is definitely not an outcome that we take lightly. The main challenge that we set out to address in starting Prodigy back in 2008 was the difficulties traditional lenders have in working across borders. Credit is a highly regulated area and as an FCA authorised and UK-based lending company we have little room for discretion. That said we have managed to solve the regulatory challenges for the vast majority of our international student base (including many H1B visa holders in the USA). Unfortunately there are some cases which we are not yet able to solve. This is a tricky, technical area related to the classification of residence and length of stay in a country (and not just visa status). I can promise you that we are working hard to try to get a better result for the small number of students that are affected by this. And we will update individually as soon as this changes. I understand your frustration and hope that we will be in a position to assist at some point.

All the best,
Trevor (Prodigy Finance Head of Operations)

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Current Student
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Re: Loan for international student on h1b with no co-signer [#permalink]

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13 Jul 2016, 21:05
Has prodigy figured out the loan to people who are on H1b for more than 8 years but not a permanent resident yet. I am interested

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Re: Loan for international student on h1b with no co-signer [#permalink]

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14 Jul 2016, 12:05
Hi Goucla,

Thank you for your interest. Unfortunately no - we won’t be able to fund H1b visa holders who have been in the US for longer than 7 years. We will update individually as soon as this changes.

All the best,
Trevor (Prodigy Finance Head of Operations)

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Re: Loan for international student on h1b with no co-signer [#permalink]

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05 Sep 2016, 16:37
Yes, you can easily get a student loan on H-1B. There is a new company called Stilt that is exclusively focused on lending to F-1, OPT, H-1B visa holders. Search for "stilt loans" on google. They'll be the first result.

I know 2 of my friends who took a loan from them. One for education of his spouse and the other one for his wedding in India. They were rejected by banks and other online lenders because of their visa status.

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Re: Loan for international student on h1b with no co-signer [#permalink]

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08 Oct 2016, 00:42
Hi,
Whats the difference in APR between prodigy and federal loan with a cosigner or without a cosigner? Can someone on H1B and waitlisted for PR act as cosigner?

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Re: Loan for international student on h1b with no co-signer [#permalink]

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17 Oct 2016, 00:46
Hi Moneyiseverything,

Thanks for asking a great question.

Prodigy offers a no-cosigner loan while the domestic option may require a co-signer. Sometimes, co-signer loans have a lower rate of interest as they are guaranteed by the co-signer, but we recommend that students compare actual offers rather than advertised rates. Finally, the student should check with the specific bank on the co-signer requirements as often the bank requires that the co-signer is a PR or citizen with an established credit history as the loan is really being made based on the co-signers’ creditworthiness. The Prodigy offer is based on the individual student’s future potential, so no co-signer is required and the loan offer and rate are based on the student’s future creditworthiness.

I hope this answers your question.

Please let me know if I can hep you further,

The Prodigy Finance Team.

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Re: Loan for international student on h1b with no co-signer [#permalink]

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29 Mar 2017, 23:53
I too have heard not so good comments on prodigy. I talked to international students got have taken loans from Prodigy for doing their MBA in the United states. They all said that even though prodigy claims to lend upto 80% of the cost of attendance, that has never been the case. Unless you get admitted into a top 5 US b school. You will end up with half of what you ask for. This is what all those whom i talked to studying in schools ranked 20-30 said. All of them.

So, i am not sure if it makes much sense to use prodigy, unless you dont have any other choice.

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Re: Loan for international student on h1b with no co-signer [#permalink]

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24 Apr 2017, 22:27
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?

An Indian based isloans is good you should google them.

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Re: Loan for international student on h1b with no co-signer   [#permalink] 24 Apr 2017, 22:27
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# Loan for international student on h1b with no co-signer

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