<p>Hello everyone,
I am an international admit, planning to attend UC Riverside majoring in Computer Engineering. Although I did get a scholarship of $10,000 at UCR, I still am having difficulties in gathering funds. I don't have any assets at home that I can use as collateral security; collateral property are a mandatory to pursue loans in my country. IS THERE ANY POSSIBILITY THAT I CAN GET A LOAN OF ANY POSSIBLE AMOUNT WITHOUT A CO-SIGNOR IN THE UNITED STATES?
please help. my whole life's dreams are at stake if I dont attend a college.</p>
<p>No, that is not at all possible.</p>
<p>No, it is not possible. Not only would you need a co-signer, but it would have to be an american co-signer.</p>
<p>the cost for you to attend UCR as an intl is going to be about $55k per year once you include insurance and intl travel and personal expenses. </p>
<p>You only got a $10k merit award. how much can your family pay EACH YEAR???</p>
<p>EVEN if you magically found a lender, you are trying to borrow tooooooo much. UCR and other schools are NOT worth it.</p>
<p>Your life isnt over. take a gap year and apply to schools where YOUR stats will get a LOT more merit.</p>
<p>what is your major?</p>
<p>what are your stats???</p>
<p><a href=“http://talk.collegeconfidential.com/what-my-chances/1623975-what-are-the-possibilities-of-me-getting-into-mit-harvard-princeton-or-carnegie-mellon.html#latest”>http://talk.collegeconfidential.com/what-my-chances/1623975-what-are-the-possibilities-of-me-getting-into-mit-harvard-princeton-or-carnegie-mellon.html#latest</a></p>
<p>
This is “Admit-Deny” practice by the school</p>
<p>Most colleges in this country do not guaranteed to meet full need, nor do they do so. A US student is eligible to borrow $5500 freshman year. There are other loans in fin aid packages and some schools have a fund where they allow student to borrow too. But none of this is guaranteed and it’s very rare for any school or any institution to lend money to a future undergraduate, who is often a young teen, young adult with no job or credi history. Beyond what I mentioned, there has to be parental involvement. which is basically the parents have to apply. In this country, it is expected that the parents come up with the money for college for dependent students(usually under age 24 is what makes that qualification).</p>
<p>In order for you to get your student visa, you need to show with certification that you can pay for your stay and education here. Your PARENTS are the ones that will likely have to get the loans. Why on earth would anyone lend money to some teenager or young adult from outside thhis country without a cosigner with a credit, ties to this country? That would be a very foolish thing to do. Think about it. It’s hard enough getting repayment from those here in the US. A lot of schools are need aware for admissions for international students because accepting those who can’t pay, means they can’t come here, and there are not the sources for loans most of the time for them here in the US. </p>
<p>Your family will likely have to raise the money, borrow it or whatever in your own country. </p>
<p>So since you guys have asked, my family’s contribution is available to meet the $50,000 first year expenses. The problem is to fund the rest of the education. I have an uncle who’s my dad’s brother who has a Green Card and working at a higher position in an IT company in LA.
However, he’s planning to buy a home by pursuing a loan and Co-singing a loan for me would affect his plans. In the worst case scenario, I would have to ask my grandfather in India to lend me an asset for collateral security purposes.</p>
<p>@4kidsdad What is “Admit-Deny practice” sir? I am totally unaware of this.</p>
<p>@mom2collegekids I respect your view of education as a parent. I don’t know what are the factors that you consider to label a college of it’s worthiness mam. Maybe ROI? Or pay-scale after graduates?
In that case, UCR or any such college is worth a way more than any Institution in my country.
However, I have an entirely different perception. The Return on Investment for me would be the skills and knowledge of engineering that I would learn at UCR , which would stay undiminished with me throughout my life. I have no plans to be a 9am-5pm worker in any company, or an employee for that matter.
My aim is to acquire the knowledge and skills required to be “proper” engineer and then come back to my country and start a company of my own. So, in my case any college with a considerably qualified faculty, students and which can promise to deliver content while respecting innovation and passion is more than Worthy!</p>
<p>… </p>
<p>@mom2collegekids Also, I don’t have the luxury to waste an year. Instead of that, I would like to consider the options of transferring after freshman year to another college which would be either less expensive or more generous in awarding scholarships.</p>
<p>You dont have the luxury of transferring after a year when you need a lot of aid. </p>
<p>Transfers get the worst aid, and int’l transfers rarely get any aid and rarely get any scholarships… Your test scores are modest so you would even be in a worse situation. You were extremely lucky to get that award from UCR. with a sub700 math score, your chances of making thru all the math for engg is a risk.</p>
<p>and no, UCR and other schools arent worth a lot debt. not just based on ROI, but also based on ability for a newish grad to pay for living expenses and large debt.</p>
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<p>the above reason is why no US bank is going to lend you money. You will return to your country, and if you default on your loan, the bank wouldn’t have the long arms to reach you and get the money back.</p>
<p>Plus you are naive to think that a new engg can just go off and start his own company and be taking in enough money immediately to pay back loans. </p>
<p>Your parents and other family members, the adults have been around for a lot longer than you and should know where to get loans, where to borrow money, and whether it is worth the ROI to them. They need to borrow the money, not you. Lenders here do not consider students at the undergraduate level to be worth the ROI to give them loans. And that’s policy for US students. You are interantional; if and when you return to your country, it’s not worth the time trouble money to go after you for what you owe. Probably futile anyways But US citizens and permanent residents here, have to be careful of what they borrow, their credit, etc. Just as you are seeing how your uncle doesn’t want to borrow for or sign for you, in that it will affect his credit and he will be responsible for the loan. It is monitored and there are consequences. Which is why he would be likely to be able to get a loan if his credit is good and if he has the income to pay it back. </p>
<p>Admit-Deny is just a term some people use when a school admits a student with financial need but doesn’t give that student the financial aid package to pay taking up the school with the offer. They do that rather than just denying the student, which is what a number of schools do for internationals whereas they may not do so with US students. They don’t want to hassle with the student begging and bugging for the money. They accept only those that can pay. From what you just posted, it appears that you let UCR know that you could pay for the year. So if you can, than you certainly are not going to be eligible for financial aid. It’s your parents and your business to get the money you need to come here. It’s the same situation for a lot of kids here in the US, as well, because most schools do not meet full need.</p>
<p>If you can’t pay for UCR this year, ask if you can defer for a year and work to earn some money.
Your other solution is to take a gap year and create a more reasonable/affordable list of colleges to apply to for Fall 2015.</p>
<p>Answer to subject…NO.</p>
<p>Actually even WITH a foreign cosigner…the answer would be NO.</p>
<p>The dilemma for a US lender is that you could be on the next plane home if you decide not to repay . So the answer is No.</p>
<p>I think it would be borderline insanity to pay $55K/year for engineering at UC-Riverside. You can study engineering for 1/3 to 1/2 that cost.</p>
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<p>absolutely…and total insanity to do it with loans.</p>
<p>Look at the New Mexico schools, the Dakota schools, UAH, and a few others.</p>
<p>contact UAH and see if they will accept you for fall (likely). </p>
<p>COA at UC Riverside is $34k</p>
<p>Oops! that’s instate!</p>
<p>Is there a possibility of getting a substantial loan without a cosigner in the US? For domestic and international students: No. US students can’t independently get loans for over a certain amount, so you know that international students would have even less of a chance. UC schools are intentionally expensive for OOS and international students so if you really want to attend our state schools, you have to pay full price. </p>