Mission Impossible: Student Loan
May 21, 2010 12:49 PM Subscribe
Student Loans! Which ones are the best at the moment?
My parents will be part-financing my undergrad studies, but i will probably also need a loan.
Which ones should i be looking out for?
As a german citizen studying in the us, is it wiser to get a US or European loan? If the euro will rise eventually, would it be more sensible to get one in the us?
What about repayment, in the highly unlikely case that i wouldnt be able to pay it back, I wouldn't want it to be my parents' burdon.
Is it even possible for me, as a 19 year old, to get a student loan without my parents?
What are criteria that they look for when approving a loan, how do i make myself more "attractive" to them? I don't have much of a credit rating yet, but i've never overdrawn my visa account if that counts for anything!
Thanks for your help, mefi!
My parents will be part-financing my undergrad studies, but i will probably also need a loan.
Which ones should i be looking out for?
As a german citizen studying in the us, is it wiser to get a US or European loan? If the euro will rise eventually, would it be more sensible to get one in the us?
What about repayment, in the highly unlikely case that i wouldnt be able to pay it back, I wouldn't want it to be my parents' burdon.
Is it even possible for me, as a 19 year old, to get a student loan without my parents?
What are criteria that they look for when approving a loan, how do i make myself more "attractive" to them? I don't have much of a credit rating yet, but i've never overdrawn my visa account if that counts for anything!
Thanks for your help, mefi!
The international aspect of this is way more important than the currency fluctuation part. Not all US lenders are willing to provide funds for foreign students.
This is something you're going to get a lot better information about from your educational institutions financial aid office. I guarantee you that there are people there who specialize in helping students in exactly your situation. Nothing anyone around here can say will be as helpful--or accurate--as what you'll get from them.
posted by valkyryn at 1:07 PM on May 21, 2010 [1 favorite]
This is something you're going to get a lot better information about from your educational institutions financial aid office. I guarantee you that there are people there who specialize in helping students in exactly your situation. Nothing anyone around here can say will be as helpful--or accurate--as what you'll get from them.
posted by valkyryn at 1:07 PM on May 21, 2010 [1 favorite]
This is going to be tough. Since the credit crunch, and reforms on student loans, things have become quite difficult for those of us looking for student loans.
You will almost certainly have to get a private loan, due to you not being a resident or a citizen, so going through the financial aid office won't be a huge help (at least in my experience), but you'll probably have to cut some red tape there first.
posted by dantekgeek at 1:11 PM on May 21, 2010
You will almost certainly have to get a private loan, due to you not being a resident or a citizen, so going through the financial aid office won't be a huge help (at least in my experience), but you'll probably have to cut some red tape there first.
posted by dantekgeek at 1:11 PM on May 21, 2010
Actually, most financial aid offices know the ins and outs of private loans. Mine certainly did.
But getting a loan as an international student is going to be tough. You have no credit of your own and are likely--from the bank's perspective--to move overseas once your degree is complete. Their ability to garnish your wages should you default on your debt is minimal, so this could be a tough sell.
posted by valkyryn at 4:55 PM on May 21, 2010
But getting a loan as an international student is going to be tough. You have no credit of your own and are likely--from the bank's perspective--to move overseas once your degree is complete. Their ability to garnish your wages should you default on your debt is minimal, so this could be a tough sell.
posted by valkyryn at 4:55 PM on May 21, 2010
Student loans (or any private loans as a matter in fact) in the U.S. are only extended to U.S. citizens and permanent residents. You may be able to get a loan with a co-signer who is a U.S. citizen. Your university's financial aid office is not likely to be able to help you out as an international student.
posted by halogen at 2:08 AM on May 23, 2010
posted by halogen at 2:08 AM on May 23, 2010
Your university's financial aid office is not likely to be able to help you out as an international student
Perhaps, but they're also the only ones likely to have information about financial aid for international students. Still the place to start.
posted by valkyryn at 11:38 AM on June 2, 2010
Perhaps, but they're also the only ones likely to have information about financial aid for international students. Still the place to start.
posted by valkyryn at 11:38 AM on June 2, 2010
This thread is closed to new comments.
call fin aid and ask.
posted by k8t at 1:06 PM on May 21, 2010