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How to get I20 when using US-based loan. Help please!

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asdert
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How to get I20 when using US-based loan. Help please! [#permalink] New post   26 Jun 2009, 20:25
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
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Re: How to get I20 when using US-based loan. Help please! [#permalink] New post   26 Jun 2009, 22:00
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?
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Re: How to get I20 when using US-based loan. Help please! [#permalink] New post   27 Jun 2009, 02:04
Well, I specifically asked that and they said that was not enough. :roll: I did ask the bank for the approval letter, though.
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Re: How to get I20 when using US-based loan. Help please! [#permalink] New post   27 Jun 2009, 06:08
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.
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Re: How to get I20 when using US-based loan. Help please! [#permalink] New post   28 Jun 2009, 17:13
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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.
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Re: How to get I20 when using US-based loan. Help please! [#permalink]
28 Jun 2009, 17:13

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