What are my options?

Student Lounge International Students
1

<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>

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<p>Before ~2007 there were a couple of banks that were willing to consider giving a loan to an international student without a co-signer. However, banks have been much more cautious with their money since the recent US credit crisis. I am willing to bet that NO bank in the US will give you money without an American co-signer or some sort of collateral in the US. </p>

<p>Question: Could your family take out a mortgage on your home? That might be your best option at this point.</p>

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<p>Thanks b@rlum, a mortgage on home in my country will not be enough to cover the college costs. </p>

<p>Can a co-signor be a Canadian citizen or someone with dual citizenship (lives in Canada now but used to live in the US, might even have some property in US)?</p>

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I am confused about the second quote following the first, but it’s none of my business and you certainly don’t have to disclose any more of your family finances on a public forum.</p>

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That’s a conversation you need to have with your potential lenders.</p>