Loan Woes
May 15, 2008 4:12 AM Subscribe
My partner and I need to acquire a loan for her grad school. The catch(es): She's not a citizen. We're gay. We don't have the first clue how to go about doing this. Help!
My partner is from Canada. A Canadian loan is out of the question. (Period! Don't even suggest Canadian student aid...it won't help!)
She has one year of grad school left, which will be around $30,000. I make a pretty good living here in the midwest (less than triple digits, but not substantially less), though the two of us must live on my single income, but paying off the loan shouldn't be too difficult. We're young. My credit is right there in the middle, not great, not wonderful.
I've never done this before. Please explain how to prepare, what I can expect, who I should ask (my bank? other lenders?), what criteria makes a lender more likely to approve a loan, should we ask for a personal or financial loan, and if we have a chance in hell of pulling this off, given the current economic climate. I am a babe in the woods, please be kind, and my one caveat must be: please do not pass judgment on our situation, financially, emotionally, or otherwise.
Thanks in advance for your help. It is much needed and much appreciated.
My partner is from Canada. A Canadian loan is out of the question. (Period! Don't even suggest Canadian student aid...it won't help!)
She has one year of grad school left, which will be around $30,000. I make a pretty good living here in the midwest (less than triple digits, but not substantially less), though the two of us must live on my single income, but paying off the loan shouldn't be too difficult. We're young. My credit is right there in the middle, not great, not wonderful.
I've never done this before. Please explain how to prepare, what I can expect, who I should ask (my bank? other lenders?), what criteria makes a lender more likely to approve a loan, should we ask for a personal or financial loan, and if we have a chance in hell of pulling this off, given the current economic climate. I am a babe in the woods, please be kind, and my one caveat must be: please do not pass judgment on our situation, financially, emotionally, or otherwise.
Thanks in advance for your help. It is much needed and much appreciated.
you need to borrow about one third of your yearly income, if your job position is reasonably solid I don't see why your bank should turn you down; and when your partner in a year finishes school and gets a job she'll be able to help you out with the payments.
posted by matteo at 4:38 AM on May 15, 2008
posted by matteo at 4:38 AM on May 15, 2008
Seconding the school's financial aid office. It exists for exactly this reason.
posted by Dec One at 4:53 AM on May 15, 2008
posted by Dec One at 4:53 AM on May 15, 2008
Thirding grouse with one slight caveat. Your partner is eligable for private financial aid, but public funds, not so much. Loans on the other hand are not considered aid under the law and she will be eligible as if she were a US citizen (depending on the lender).
posted by Pollomacho at 5:48 AM on May 15, 2008
posted by Pollomacho at 5:48 AM on May 15, 2008
Your partner is eligable for private financial aid, but public funds, not so much.
There's not enough information in the question to make this conclusion. Certain noncitizens are eligible for financial aid. For example, people with green cards.
posted by grouse at 6:01 AM on May 15, 2008
There's not enough information in the question to make this conclusion. Certain noncitizens are eligible for financial aid. For example, people with green cards.
posted by grouse at 6:01 AM on May 15, 2008
She can probably get private loans. Try the big banks like Citi, and sites like
gradloans.com. If you are willing to co-sign and your credit is good, the rates on private loans might actually be lower than on federally backed loans.
posted by Mr Bunnsy at 6:18 AM on May 15, 2008
gradloans.com. If you are willing to co-sign and your credit is good, the rates on private loans might actually be lower than on federally backed loans.
posted by Mr Bunnsy at 6:18 AM on May 15, 2008
If you've never done this before, how do you know Canadian student aid won't help?
posted by electroboy at 7:12 AM on May 15, 2008
posted by electroboy at 7:12 AM on May 15, 2008
Just to follow on from electroboy, there could be another reason for her ineligibility for Canadian student loans (ie, she defaulted on a previous loan, or was found misrepresenting her income when applying for one). If however this is not the case, then (certainly in Ontario at least) provincial student loans will pay up to $7000/year for study at a recognised non-Canadian institution.
posted by modernnomad at 8:04 AM on May 15, 2008
posted by modernnomad at 8:04 AM on May 15, 2008
Citibank gives loans to international students with a U.S. citizen co-signer. Go to studentloan.com, sign up for a loan for your partner and then be her co-signer. Easy peasy.
posted by k8t at 10:23 AM on May 15, 2008 [1 favorite]
posted by k8t at 10:23 AM on May 15, 2008 [1 favorite]
Your partner is eligable for private financial aid, but public funds, not so much.
There's not enough information in the question to make this conclusion. Certain noncitizens are eligible for financial aid. For example, people with green cards.
Actually, there is plenty of information! She has no income, meaning that she doesn't have an employment-based greencard. She's gay, so she therefore doesn't have a family-based green card (unless she's a very young grad student). She's Canadian, which means that she's not an asylee, refugee or parolee. That makes her anonther form of non-immigrant, and therefore ineligible for public fund scholarships.
posted by Pollomacho at 10:11 AM on May 27, 2008
There's not enough information in the question to make this conclusion. Certain noncitizens are eligible for financial aid. For example, people with green cards.
Actually, there is plenty of information! She has no income, meaning that she doesn't have an employment-based greencard. She's gay, so she therefore doesn't have a family-based green card (unless she's a very young grad student). She's Canadian, which means that she's not an asylee, refugee or parolee. That makes her anonther form of non-immigrant, and therefore ineligible for public fund scholarships.
posted by Pollomacho at 10:11 AM on May 27, 2008
She's gay, so she therefore doesn't have a family-based green card (unless she's a very young grad student)
I think you misunderstand the green card program. I personally know people who are in their mid-20s, yet have family-sponsored green cards.
Regardless, my original point was this: you aren't necessarily ineligible for U.S. financial aid just because you are not a U.S. citizen. It would be a real shame if she happened to be eligible yet did not pursue this option because she was told by people on the internet that she was not without knowing the whole story. The best place to start is to go to the experts who are paid by your university to help you. The first thing they will want to do is determine whether you are eligible for financial aid, and if you aren't they will have helpful information on other options.
posted by grouse at 10:28 AM on May 27, 2008
I think you misunderstand the green card program. I personally know people who are in their mid-20s, yet have family-sponsored green cards.
Regardless, my original point was this: you aren't necessarily ineligible for U.S. financial aid just because you are not a U.S. citizen. It would be a real shame if she happened to be eligible yet did not pursue this option because she was told by people on the internet that she was not without knowing the whole story. The best place to start is to go to the experts who are paid by your university to help you. The first thing they will want to do is determine whether you are eligible for financial aid, and if you aren't they will have helpful information on other options.
posted by grouse at 10:28 AM on May 27, 2008
This thread is closed to new comments.
posted by grouse at 4:38 AM on May 15, 2008