<p>I am an Indian student. I had applied to few colleges in the US and fortunately I have received acceptances from a few colleges and waiting for other decisions. </p>
<p>So here is my question - I have received a full tuition scholarship at Adelphi's honors college. I would like to transfer to Columbia through the combined plan program. </p>
<p>So if my parents don't have the resources to fund my studies, is there any way to decrease or finance the living cost without falling into debt? </p>
<p>Will a bank loan through an American cosigner be advisable? ( Will the education be worth the depth? ) </p>
<p>Which private banks are good? ( I have heard lot of complaints against Sallie Mae on this forum. ) </p>
<p>And how much is the general interest rate? ( I know it is not rigid but what is the usual rate if I apply for a loan through a credit worthy cosigner. ) </p>
<p>Please help me.. I need some good advice so that I can make a proper decision regarding my future.</p>
<p>Who would cosign it for you? In most cases, it is the parent who cosigns, if they are willing. Anyone other than a parent is not likely to cosign as cosigning is extremely risky for the cosigner. The cosigner is responsible for the debt in the event you pay late, or do not (or can not) pay it. Their assets can be seized by the lender to pay the loan. Also the cosigner has no control and their credit rating can be damaged before they even know you have made a late payment. </p>
<p>Many people who understand finances will not cosign a loan even for family. Personally, I would never cosign a loan for anyone, not even my own kids. If I could afford the risk of losing the money I would prefer to borrow it in my own name than cosign for a loan.</p>
<p>It is extremely risky to co-sign for an international student who most probably will not be able to get a job in the US, and so will almost certainly have to leave the US before the loans could be paid back. </p>
<p>Will you and your family be able to repay that debt from outside the US? You need to know that for dead certain before you ask anyone here to co-sign for a loan.</p>
<p>If your relationship with your uncle is such that asking for this huge favor is OK, then by all means ask him to pay for you.</p>
<p>Another option is to complete you bachelor degree in India and come to US for graduate degree. In many fields (e.g. engineering), there is a lack of US citizens going to graduate school, so it will be much easier to get accepted. Those degrees are mainly funded by research or teaching grants (including living expenses).</p>
<p>Anir…if in your family, extended family can easily afford to pay or risk co-signing and extended family are used to do so, then ask your parents if it’s ok to ask. However, I don’t think I would ask if that uncle has a family of his own that he needs to support and he doesn’t have a bunch of extra money. After all, from what you’ve said, your family can’t come up the funds for college for their own child, so an uncle may not be able to either.</p>
<p>If you have tuition paid for, then you need the rest…room, board, fees, books, insurance, personal expenses and int’l travel…that’s a lot of money…probably about $15k-20k per year…about $60k-80k over 4 years… Does your uncle have that much extra money that he can give away that much and not miss it?</p>
<p>He doesn’t have kids and is a millionaire so I guess I should ask him to support my living expenses. Since my tuition have been paid already I do not want to miss this opportunity. </p>
<p>By the way are summer internships available for international students through CPT.</p>
<p>Some summer internships are available through CPT, but you need to be very careful how you use that option if you want to be able to have the maximum OPT credit waiting when you graduate. Ask b@r!um about this in the International Students Forum. She’s the expert on that subject.</p>