<p>I was accepted as an international transfer student but there is a $9,000 gap between what my family can pay and what the college expects them to pay. Students loans in my country are not available to those going abroad so I can only loan out from someone in the US. As intl students need an American citizen or permanent resident to co-sign the loan for them, I have a little problem. I have no immediate relatives or close family friends in the States but I do have some distant relatives there. I plan on asking them but considering they are not that close, I am seeking other options as well. I read on a college website (can't remember which college) that if an intl student does not have an acceptable co-signor, then Sallie Mae (a financial institution) gives out loans to intl students if they have property which is worth more than the loan. I will need to borrow $35,000- $40,000 over the four years, and my family's property is worth about $250,000. But when I contacted Sallie Mae, they said all intl students need to have a co-signor. </p>
<p>My questions are:</p>
<p>1) Have you heard of this method and does it work?
2) Where can I research the banks/ institutions than loan out to intl students, and if you have loaned out as an intl student, can you please recommend some to me?</p>
<p>If you were a US student, I would tell you that $35,000 to $40,000 is an excessive amount of student debt. Just exactly how do you plan to pay it off? What job will you go back to in your country? Will you be able to make enough money there to live on and to pay back a loan in US$ ?</p>
<p>I understand that you really do want to come here to study, but this college/university is unaffordable for you. You can’t, and you shouldn’t, borrow that much money.</p>
<p>Why don’t your parents take out a loan against their property?</p>
<p>Hmm. I thought I posted a repsonse to you, but it’s not here. I agree with Mom2collegekids. Getting an unsecured loan is difficult. I would not co sign for those amounts as they are life time commitments that can affect ones credit and have to be repaid if anything should happen to the borrower (you). Like if you drop dead, disappear, can’t find a job that pays enough to make the loan payments. But, maybe. maybe, maybe I would do it if I have the title to that quarter million dollar house in my hands that I could quick sell for $50K if you can’t pay the loan when it comes due.</p>
<p>@mom2collegekids. I am not sure what you meant but my parents can’t take the loan against the property as their are no student loans for students studying abroad in my country, and I don’t think an overseas property can be accepted as collateral in the US. </p>
<p>Just to clarify, my parents are willing to get a loan against the farm lands and house but the financial institutions in the US will not accept it as they want an American co-signor. </p>
<p>Question: Can a Canadian citizen co-sign, or someone who is currently living in Canada but also has American citizenship?</p>
<p>* I am not sure what you meant but my parents can’t take the loan against the property as their are no student loans for students studying abroad in my country, and I don’t think an overseas property can be accepted as collateral in the US. </p>
<p>*</p>
<p>What I’m saying is that your parents can take out a loan (not a student loan) against their property in their OWN country and then use THOSE funds to pay for your education.</p>
<p>Oh okay, they won’t be able to do that as it is not possible to get a $9- 10,000 p.a loan without any clear objective (mostly for investment/ business purposes). Therefore, I’ll have to loan out from someplace in the US.</p>