International students getting loans?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
frustrated3
Posts: 16
Joined: Thu Nov 04, 2010 4:09 pm

International students getting loans?

Postby frustrated3 » Wed Feb 23, 2011 4:42 pm

I will be attending school on an F1 visa since i am international. I know there are a bunch of restrictions on applying for loans for international students. Anybody have any experience with this?
Thanks

tvt86
Posts: 48
Joined: Tue Dec 21, 2010 2:31 pm

Re: International students getting loans?

Postby tvt86 » Wed Feb 23, 2011 4:44 pm

frustrated3 wrote:I will be attending school on an F1 visa since i am international. I know there are a bunch of restrictions on applying for loans for international students. Anybody have any experience with this?
Thanks


You won't be eligible for any federal student loans. You will, however, be able to get a private loan from a bank. The one complication with this is that most banks will require you to have a US citizen or permanent resident as a co-signer. The law school should have some more specific details on this.

frustrated3
Posts: 16
Joined: Thu Nov 04, 2010 4:09 pm

Re: International students getting loans?

Postby frustrated3 » Wed Feb 23, 2011 4:56 pm

tvt86 wrote:
frustrated3 wrote:I will be attending school on an F1 visa since i am international. I know there are a bunch of restrictions on applying for loans for international students. Anybody have any experience with this?
Thanks


You won't be eligible for any federal student loans. You will, however, be able to get a private loan from a bank. The one complication with this is that most banks will require you to have a US citizen or permanent resident as a co-signer. The law school should have some more specific details on this.




Yea thats what I thought..
Well atleast there is still the option of private loans. When is the best time to start applying for loans? I am assuming the process takes a while

meryl
Posts: 54
Joined: Thu Dec 02, 2010 2:30 am

Re: International students getting loans?

Postby meryl » Thu Feb 24, 2011 3:13 pm

frustrated3 wrote:I will be attending school on an F1 visa since i am international. I know there are a bunch of restrictions on applying for loans for international students. Anybody have any experience with this?
Thanks


Your best bet would be to ask the schools directly what financing options are available for international students. Like tvt said most private lenders would ask for a U.S. cosigner but depending on where you are applying, some schools would provide institutional loans to international students.




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