<p>Hi everyone,</p>
<p>I'm an international student just accepted to Stanford EA. I didn't apply for financial aids though for fear of being rejected. But for $50k a year, my dad would be pretty mad at me to pay that (my family income is around $60k and I told him "I'll take care of it myself!")</p>
<p>So.. as of now, I have to find a funding solution for myself. Your input is really appreciated.</p>
<p>Thanks</p>
<p>There is no $50,000 a year funding solution.</p>
<p>You were very foolish to say you were not going to apply for financial aid. There is no way you can fund this through outside scholarships and it is unlikely you will be able to borrow that much in loans. No one will led a student that much without a cosigner (someone with good credit who is liable for the loan if you don’t pay it).</p>
<p>It is pointless to say you don’t want aid trying to up your chances of being accepted to a school when not getting aid means you have no way of being able to afford to go to the school.</p>
<p>No one is going to loan a student more than about $10k per year w/o a co-signer. It’s even harder for Int’l students to get loans because the concern is that you’ll return to your home country and not pay. </p>
<p>You will have to decline Stanford. There is no way to get that money yourself, and it’s unlikely your parents will co-sign or qualify. </p>
<p>BTW…what made you think that borrowing over $200k for undergrad was a good idea? Do you realize how much you’d have to earn after you graduate to pay that much back? You’d have to immediately be earning well over $150k per year to afford the payments.</p>
<p>Where else have you applied?</p>
<p>swimcatsmom, it’s not that foolish. It’s not that I have no way to afford it. It just costs a lot for me.</p>
<p>mom2collegekids
Where else? UC Berkeley, UCLA and I’ll apply to MIT and Harvard.</p>
<p>I won’t decline Stanford unless I got somewhere better. And yes, I believe I will earn over $150k a year (not immediately though).</p>
<p>The last choice would be to get a loan from my country.</p>
<p>I won’t decline Stanford unless I got somewhere better. And yes, I believe I will earn over $150k a year (not immediately though).</p>
<p>I realize that you’ll likely make $150k per year at some point. But, you’ll have to start paying back your loans when you graduate. How much do you think that you’ll be earning then? What is your career goal?</p>
<p>Are your parents willing to co-sign? Since their income isn’t very high, would they qualify?</p>
<p>I’m not sure if they will qualify. But they absolutely have more than $200k in their bank account let alone convertible assets. They just don’t like paying for my higher education in the US.</p>
<p>Oh I’m going to study computer science btw.</p>
<p>There are scholarships here (all the way to PhD). But they come with 10 year agreement to work with the government. And you know how gov works.</p>
<p>I can understand why your parents don’t want to use their entire savings for your college education. </p>
<p>Your earnings after you graduate in Comp Sci will be in the $50-70k for several years. How will you afford paying back $200k+ in student loans? As I wrote above, you’ll have to be earning at least $150k per year to comfortably pay that much back. That estimate is actually underestimated since it’s based on US student loan rates. What rate will you get from your country’s banks? Will your country’s banks loan you that much for undergrad?</p>
<p>Wait a second, Why would I have to make $150k per year to pay back the $200k loans? (at 8% rate). What about a $100k loan? Maybe I’ll talk to them to pay (or at least, lend me) $25k a year. (Things are very cheap here)</p>
<p>Thank you very much mom2college for the info and questions. I’ll have to find out the rates and how much will they loan me.</p>
<p>Maybe I’ll try talking to my rich relatives.</p>
<p>Banks are going to look at what your income potential is before they’ll loan you large amounts of money. If your career will likely be paying $50k-70k for the first several years post graduation, a bank is going to be concerned that you won’t be able to make the payments of a $200k loan.</p>
<p>Typically, $200k loans are for doctors. To get such big loans for undergrad, you’ll need co-signers.</p>
<p>At 8% …</p>
<p>Loan Calculator</p>
<p>Loan Balance: $200,000.00<br>
Adjusted Loan Balance: $200,000.00<br>
Loan Interest Rate: 8.00%
Loan Fees: 0.00%
Loan Term: 10 years </p>
<p>Monthly Loan Payment: $2,426.55<br>
Number of Payments: 120 </p>
<p>Cumulative Payments: $291,186.35<br>
Total Interest Paid: $91,186.35 </p>
<p>Note: The monthly loan payment was calculated at 119 payments of **$2,426.55 **plus a final payment of $2,426.90.</p>
<p>It is estimated that you will need an annual salary of at least $291,186.00 to be able to afford to repay this loan.</p>
<p>“They just don’t like paying for my higher education in the US.”</p>
<p>You need to talk with them about just exactly where you can study, and what you can study, that they are willing to help you pay for. You also need to stop thinking that their “more than $200k in their bank account let alone convertible assets” belongs to you. They may need that for their retirement and other expenses that you are unaware of.</p>
<p>If your home government is willing to pay for your international education, ask whether there is a buy-out provision that would let you reduce the number of years of service that you owe them should you be offered a private sector job.</p>
<p>Don’t forget that in order to receive your student visa, you will have to demonstrate that you do indeed have enough money from one or more sources to pay for your education in the US. I doubt that “I’m just going to get a whole bunch of loans to pay for it.” will be an acceptable answer.</p>
<p>mom2collegekids - doesn’t that mean I have 10 years to repay the loan?</p>
<p>happymomof1 - well ok I’ll need to talk to them. And seriously, I never think that their money is mine. The buyout is 2x what they pay you, which cost around $1m for PhD</p>
<p>lelandjr.</p>
<p>I think you may misunderstand. the payments are spread over 10 years, but they begin soon after you graduate. So, during your first years of employment, you’ll be making huge payments on a smaller salary. </p>
<p>You don’t have 10 years to start paying. It doesn’t matter that in years 9 and 10, you may be making a decent salary. How are you going to make the payments during years 1-6?</p>