Loans and Financing Options

[Varun Sood]

Hi all,

I am a student from India and would like to know about all the financing options available to international students wanting to pursue a MFE program in US

 

[moretodo]

Don't you guys get education loans from your home country ?

 

[Varun Sood]

Don't you guys get education loans from your home country ?

Hey...Relax buddy.. we do get it from our home country but the amount sanctioned usually doesn't even cover half of the tuition fee, leave alone the living n other misc. expenses. If you have a genuine solution/advice, plz share. Repeating things which we already know/have tried isn't helping bud..

 

[Andy Nguyen]

Some programs have specific loan programs with no US-cosigner for international students. Mostly, those are from business school-based programs. Top of my head, MIT MFin program has one.
https://www.quantnet.com/resources/mit-master-of-finance-program.9/

 

[Varun Sood]

Some programs have specific loan programs with no US-cosigner for international students. Mostly, those are from business school-based programs. Top of my head, MIT MFin program has one.
https://www.quantnet.com/resources/mit-master-of-finance-program.9/

Thank you so much Andy... was looking for something like this only..

 

[quantride]

Apart from schools mentioned above...tough to get a loan without cosigner, with which u can cover both Tuition as well as living expenses in USA.
If u want to get the max. loan in India without collateral, u can apply to Credila for an amount of 20 lakhs only, but the drawbacks is that u need to start paying the emis from the first month itself after the loan amount is used..
If u want to apply for a loan above 20 lakh, then u need to provide collateral generally 1.5 times the loan amount (like for 30 lakhs u need to give collateral worth 45 lakh, as assessed by them). The repayment starts 6 months after completion of ur course or employment (whichever earlier). The approval takes 1 week provided u submit all documents.
For state and private banks, the collateral condition applies generally for a loan amount greater than 7 lakhs and generally takes 2 months(considering financial year ending in march, if u apply now, they will be a lot busy now in the next month) to process before you get a sanction letter. Repayment starts after completing college or getting a job.

 

[TraderJoe]

Berkeley and MIT will arrange for you to get a guaranteed loan with no co-signor required. I think that Purdue and North Carolina - Charlotte give out a lot of Teaching Assistantships which means that you would graduate with zero debt. Other than that there are schools like ETH-Zurich, EPFL which are basically free with a very high-quality education. The tuition is around $1,000 per year compared to $50,000 - $100,000 at US schools.
If you are going to a school which is ranked below #7 in the rankings, do not put your parent's house as collateral for the loan. Credila will give you the loan, but many of the lower ranked schools cannot really place you in a job. So you will have to go back home with your loan burden.

 

[quantride]

That was informative...wanted to ask u can we apply for a loan in US, once we get placed with an H1B visa..let's say for an amount of 60-70k n transfer that amount home to pay for the loan in full back here within a month of getting placed..I m assuming That we have good credit history.. Or do we need to be a green card holder to apply for any loan