<p>I want to borrow some money to come to the States for education, but i don't know any U.S. citizen. Is there any educational loan that doesn't need a US co-signer?
By the way, is it worth to borrow money for education? How common is it for U.S. kids to borrow money for education? How do they repay their loan?</p>
<p>Thanks</p>
<p>Why aren't you borrowing money from the bank in your home country? Surely they don't need a US cosigner.</p>
<p>well, I thinking some loans that don't accrue interest during my study in college.
The interest of that few years would take my life...</p>
<p>What country are you from? Because some countries offer student loans that do not accrue interest and others are only available as a student line of credit (which actually also doesn't accrue interest). But it depends on your home country.</p>
<p>I'm from Hong Kong.
There seems to be no such kind of loan.</p>
<p>In general, US co-signers are required. CitiAssist (<a href="http://studentloan.citibank.com%5B/url%5D">http://studentloan.citibank.com</a>) has special programs that do not require co-signers with Dartmouth and a number of other colleges. You should talk to the international student office or financial aid of the schools that interest you. </p>
<p>I generally do not recommend student loan for international students who will return to their home countries. First, the earning power is generally lower outside US so repaying the loan will take a huge bite out of their income. More importantly, making money in one currency to pay down debt in another currency is just very risky, i.e. volatility in currency exchange market.</p>
<p>Loaning in US$ for European students is an excellent deal. You basically get 20% off.</p>
<p>Or you could just get a smaller loan in pounds/euros and exchange it for US. It's the same price no matter which way you slice the cake.</p>
<p>Sorry I couldn't be of help alvin.</p>
<p>I'm sure banks take commissions on big operations, but it's a safer way to do it. You don't want to be involved with banks from a foreign country.</p>
<p>
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Loaning in US$ for European students is an excellent deal. You basically get 20% off.
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<p>It sure looks this way now but history would tell a different picture. For example, to pay back a loan of USD $100 in 1998, it would take EUR 84. Four years later, the amount would increase 33% to EUR 112. Another four years later (today), the amount is around EUR 79.</p>
<p>The swing of +/-30% on USD-EUR exchange rate over the last 8 years is relatively "mild" compared to other currency pairs. I don't have the crystal ball to predict which way US Dollar will go next. So, be forewarned.</p>
<p>The US commercial balance is, last time I checked, pretty good right now, and the low exchange rate is of course a big factor. I don't think the US gov't will do anything to compromise the balance. The European Union will never allow such a drop for our currency since our balance isn't so bad either, I think. Even if they do, they will be stopped somehow.</p>