Hi everyone!
I’m an undergraduate international student who has been accepted by Queens College in New York and I was wondering if someone of you could explain how I can get a loan. Should I go through the visa process and then the college will send a request for a loan in my name?
You can’t get a loan from a US institution will be tough… especially that they need your parent to do sign
As @airway1 said, generally you will have a tough time getting a loan from any US organization. You either need to get your parents to pay, or borrow from your parents or other relatives, or borrow from a bank in your home country. I am not sure whether you could even get a student visa without first having secured the means to pay for your education.
Your visa/US entry process will require you show proof of finances. As the visa process is expensive, make sure you understand the requirements before you start.
The best place to get a loan will be from somewhere within your home country. I know of a handful of governments that give loans to their citizens to study in the US. Education loans in the US are generally not available to non-citizens.
Mmm I don’t think so https://www.internationalstudent.com/study_usa/financing/international-student-loans/
This is a private loan, and it says you need a US co-signer. The college will not initiate it, as you suggested in your OP.
To get a private loan in the United States, you will be required to have a qualified U.S. resident as a co-signer. Someone who is a citizen, and lives in the U.S. Without that, you won’t be getting a private loan in this country.
Fact is…banks need to protect their financial interests. If you default payment on a private loan, they will expect payment from your co-signer. If that co-signer doesn’t pay…and is resident of another country, there is no recourse for the bank to seek repayment.
To get your student visa to study here, you will need to demonstrate that you have sufficient funds to cover your costs. This can include financial aid and approved loans. Approved.
You need to see if there is a lending agency in your country who will lend you money to study here.
You should be sure your finances are in order not just for this year but for all four years before making the decision to study in another country.
Just a background my son is an American and he can’t get a loan with me co-signing so doubt as an international student you would be able to get a loan
I have a co-signer but before I have to go through the visa process and get it, providing proof that I will be able to cover at least the expenses of the first year. Right?
Perhaps you could explain WHY Queens? What major? What are your stats? What options do you have in Europe? It is April, and you are looking at starting school in August or so, but you have no idea how the money side works? Where will you live?
You should talk to the admissions office people who deal with international students. They will be issuing any paperwork you will need for the visa process and they will know the requirements for what you need to show, which believe is sufficient funds for all school and living expenses for the duration of your studies. Your student visa is for the whole period, not just the first year.
@happymomof1 can this agency overseas help this student?
I think some colleges require proof of funding for all 4 years. You should contact the financial aid office to see what they require.
I will study international business at Queens College and I’ll start in August. I’ll live outside the campus. I’ll rent a room and my parents will think about the rent, food and personal expenses. For tuition and fees I’ll ask for a loan for international student with an American co-signer. Now I’m trying to going through this visa process and they asked me to prove that at least for the first year, I can cover the total amount of money (even if they will not use them because I’ll ask for a loan). They want my Bank Statement with a minimum of money that is equal to the total price of the first year. And I have it, but of course my parents can’t use the total amount to pay everything. So my question is… I have to ask for a loan right now or I have to wait them to accept my visa and then, they will give the approval for the loan to the bank?
Do you have any idea how much it is going to cost to rent a room in queens with proximity to Queens college?
If you are paying less than $1, 000/month, I would really be rethinking about where you are staying.
You are taking about a minimum of 40K in loans just for housing. You still need to eat, have transportation and health insurance, pay your tuition and purchase books and school supplies.
I have found many rooms for $600-700. And I would ask a loan for just $15000 which is the cost of the college.
Do you have a co-signer who is an American who is willing to take the risk? He/she will be liable if you default…
If you can not show that your able to cover the first year then the international office will not issue you a visa… any discussion with them about a loan will be viewed negatively.
You have to show that you have all the costs covered for the full year to GET that visa. You can include approved loans…approved. You can’t include loans you might get.
The cost of twelve credits per semester is $7200. That’s $14,400 usd for the year. Do your parents have that amount plus living expenses in the bank?
Then you need to add living expenses, including transportation, to your costs…that could be another $15,000 a year easily.
If your parents have the total amount in their accounts including the costs of your housing, food, books, and personal expenses, and can prove it, you are fine.
Be realistic about the costs of “getting a room”. How much were you thinking this would cost? The greater NYC area is very costly.
BUT more important. What will you do if your parents spend all of their money on this plan for year one…and don’t have enough to fund the next year?