Education Loan for International Students without Co-Signer
By HSB
International students appearing for Student F1 Visa interview will usually have Higher Education loan approved from the bank. In India students usually get loan from banks like SBI, ICICI, HDFC, Canara Bank and so on. Student loan APR much higher compared to student loans in US.
In order to attract more International Student’s, Business schools in last few months begin the process of creating student loan programs for International students without co-signer.
To get student loan in US, there should be a co-signer. But, for international students, it’s hard to get a co-signer, unless student has relatives who can co-sign on the loan. If the student’ doesn’t pay the loan, then bank will come after the co-signer to pay back the loan amount.
No Co-signer Loan – MBA
Recently following Business Schools have introduced No Co-Signer student loan for International students
- University of Chicago
- Harvard University
- Pennsylvania’s Wharton School
- Yale School of Management
According to Graduate Management Admission Council (GMAC) about 40 business schools in the United States and Europe, beginning with the 2009-10 academic year.
Interest Rates – Student Loans
Interest rates for student loan vary between countries, but getting student loan in US seems to be much better option than from India.
- Student Loan Interest Rates – India – 12% and above
- Student Loan APR – USA – 5%+
There is a huge difference between interest rates, which could save lot of money. Due to recession, there will be decrease in number of International Students planning to attend US Universities, even though more students applied for admission.
Another major reason students are hesitant is due to difficulty on getting H1B Visa, due to strict H-1B Visa rules and regulations, followed by USCIS. If they get loan to study in US, if if they cannot find job, it will be hard to pay back the loan amount.
Universities with Engineering and science programs should start offering student loans without co-signer for International Students, it can definitely attract many students. But, will universities come forward?
Related posts:
- When To Apply for Student Education Loan?
- How to Earn Interest from Student Loan Money
- How to Use Student Loan from India
- How to Save Money on International Student Loan.
- Education Loan Approval for Low GRE Score (850)?
Hi, I was an international student graduated from college. With my studies from my country and from the college I was able to apply for an H1-b visa which I was approved with the company that I’m currently working on. I’ve worked with this company for almost two years including OPT and have reasonable income. Now I want to keep studying to get a bachelor and don’t know if I could get a loan with a US citizen co-signer. I also have a good credit but it’s new; only two years of credit history.
Thank you in advance!!!
Hi I’m an international student that have fight to be where i am today. The only child in my family to every receive a degree. I’ve accomplish my A.A.S and working now on my BA. However it’s hard for me and my family to pay for my education but with the will of god and family support i’ve got this far and am not someone that gives up. However my parents are getting older and working for a income is getting harder and harder for them and i would like an break to take that stress of them. If i can please fine out if there is a way i can apply for a loan being an international student and prove am good for it in paying it back would be great to know. I have no co-signer but i know once i complete my MBA i will be able to pay it back with my income. Thanks in advance and look forward for your response
Hi,
I am working in US on H1B and have a good credit history. My sister recently joined a MS program here and was wondering whether I can get a student loan for my sister from US banks, if I am the co-signer ? How does that work ? Do I have to pay some monthly amount towards the loan or the payment starts only after the graduation ?
Please advise !
Thanks,
-V
hi vishal
the loan amount is payable by your sister after completion of her studies,
in case she fails to get a job or fails to pay her due
you as co-signor will be asked to pay
since she is your sister you can support her is it not my friend
even if she is not your sister my friend, kindly help a person who is need of help, do not worry about the future.
life has many surprises buddy.
it will turn the joblessness in to job fullness
it is wellness of the mind
my dear vishal
hurt never, help ever
keep cheerful buddy
love and greetings
easwaran
India
Easwaran,
Of course I am going to help my sister ! I just thought it will be easier if I can get a loan for her, so that she doesn’t have to depend upon me. She doesn’t have a credit history, so I hope my credit history will be of some help to her. Please do let me know if we can get a loan here in US on H1B ..cause most of the banks I checked need a co-signer who is a Citizen or perm resident.
Thanks !
-V
You cannot get loan for an F1 student without co-signer, unless the university has tie-up with banks to provide such loans.
HSB, Yes I know that and I will be the co-signer provided they accept me as a co-signer !..I’m on a H1B visa and have a good credit history for the past 7 years. Its just that every student loan application which I checked, says they need a co-signer who is a US Citizen or permanent resident …
So my question is — can someone get a student loan with a H1B visa holder as a co-signer or not ?
Thanks,
-V
hi vishal
you are right, u need citizenship to be eligible for co signor.inspite of 7yrs in usa, and your credit account being fine
what to do friend
ask a fellow who is working with you perhaps us national
i do not know indian who has acquried his us citizen status will guide you,
any way try my friend.
hope your sister gets some financial aid
ta,ga,ra and what ever it is
i pray to the almighty to guide you in this troubled time
keep smiling
keep safe
my dear, i respect your courage
i respect your kindness in helping your sister
wishing you all the very best
keep trying
never ever give up my dear
cheers
easwaran
to the kind attention of mr.chandra
this is the work out
assuming i take a loan of 10,00,000 loan for my son education from an Indian bank at the interest rate of 12% i will be paying to the bank at the end of one year Rs1,20,000 /
in the case of us bank loan
at today’s us $ vs Indian money rate lets us say i get US$20,000 loan i will be paying at the end of year us $ 1000 at the rate of 5%
from the above calculations one will save at the least 50k per year
what this blog HSB said is correct.
is it not
i may be wrong , any further calculations are most welcome
that way we will be wiser
thanks for your posting
easwaran
India
Wonderful calculation. Alos, money will be used per semester. You will not take $20,000 loan in single semester. It will be taken out as needed.
beloved HSB
it is amazing to see your quick and very detailed report.
hats off to you for serving in a selfless way.
i am very much indebted to you
yes you are absolutely correct in saying
“Universities with Engineering and science programs should start offering student loans without co-signer for International Students, it can definitely attract many students. But, will universities come forward?
hope wisdom dawns on the authorities early
once again thanks for beautiful response
with love and immense gratitude
easwaran
India
Thought the interest rates may seem to look lower. Work it out in terms of Indian rupees and US dollars. Dont think there should be much difference.
Comments invited
Can you give an example of the work out in terms of INR and USD?