Any international students using a private loan out there?

[vzla]

Hi, I am an international student looking for some advice on private loans... I got accepted this cycle, and I'm trying to figure out the best way to pay for med school. I understand that I would have to apply for a private loan (I've looked into banks like Chase loans, and other loan programs like Sallie Mae). I do have a cosigner, but I don't know anyone who has gone thru this process as an international student. So I just wanted to know if there is someone who could give me some advice... Any information you have would be appreciated!


Thank you!

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[manutdfan]

i'm in the same boat (accepted international student) looking for the best way to finance my education. any info would be greatly appreciated.

thanks in advance. 🙂

 

[penne]

Congrats on acceptance, both of you 😉
As an international student, I've been using Sallie Mae smart option loan for the past three years. I heard that Chase is somewhat less reliable, and that Sallie Mae is more closely controlled by the government... But that advice comes directly from my co-signer. (and yah, I was somewhat obliged to follow my co-signer's advice, haha)
Having said that, Sallie Mae doesn't have the best customers service; often- every year - I end up making 10+ phone calls for loan application. Things do get done, but not without you whipping them.
You can also ask your school Financial aid office for other options, and if there's any one that they recommend.
Good luck!

 

[88845]

Congrats on acceptance, both of you 😉
As an international student, I've been using Sallie Mae smart option loan for the past three years. I heard that Chase is somewhat less reliable, and that Sallie Mae is more closely controlled by the government... But that advice comes directly from my co-signer. (and yah, I was somewhat obliged to follow my co-signer's advice, haha)
Having said that, Sallie Mae doesn't have the best customers service; often- every year - I end up making 10+ phone calls for loan application. Things do get done, but not without you whipping them.
You can also ask your school Financial aid office for other options, and if there's any one that they recommend.
Good luck!

In what way? Sallie Mae is not a 'government sponsored entity' (GSE) anymore. The "Smart Option" private student loan option they have is among the worst private student loans out there.

 

[Bancrofti]

nvm

 

[NickNaylor]

I think if you're applying international, part of your decision to accept that should be knowing you can still get direct government aid. The amount of trouble you could have in the future due to going off-shore and having private loans to finance your education may not be worth it. None are great, but as already mentioned I think most people end up going with Sallie Mae or Chase. Discover used to offer loans for certain international schools last time I checked, not sure if that's still the case. And there should be 1 more that's slipping my mind.

I could be wrong, but my understanding was that the OP is an international student coming to a US MD/DO school to study not the other way around.

 

[Ravizzle]

I could be wrong, but my understanding was that the OP is an international student coming to a US MD/DO school to study not the other way around.

I think so too.

I happen to be in same situation. I'm international and got accepted to US med school.

Any input on which banks are good for private student loans?

Sent from my Galaxy S2

 

[Bancrofti]

I could be wrong, but my understanding was that the OP is an international student coming to a US MD/DO school to study not the other way around.

Whoops, just re-read the OP and I think you're right.

My bad 😳

 

[Mithril]

Are you international students from Canada? You can try asking for a line of credit from the bank. All the major banks offer $250k at prime interest, but you generally need a co-signatory.

 

[yearn4ivy]

Stay away from the SallieMae smart option loan, because it requires you to make payments while still enrolled!
I got a Wellsfargo Health Professional Loans, but the max is 35k a year (hopefully, your family can chip in to make-up the difference?)
Per financial aid, only spring and fall are considered an academic year and can fall under one loan application. So if you have a summer semester as a third or fourth year, you'll have to apply for a summer semester only loan. I made the mistake of lumping all three semester together! So, i plan on getting a chase loan for my summer semester.

 

[yearn4ivy]

Just general advise to non-Canadian international studies out there, the important thing is to receive residency training here in US, which can be achieved without going to Medical school in the US.

If your family cannot spare 200k for your medical education or you are not sponsored by your goverment or you don't have a significant scholarship to cover tuition expenses, I would strongly recommend you consider all options for your medical school education.

This may include looking at medical schools in your home country. If you feel you home country cannot provide a good medical school education, consider well-known English language medical school in countries like Italy, Hungary, Poland, Czech, Ireland ( Belgium, Netherlands, France? Etc) at a fraction of the cost of a US medical school education. Basically, do your research.

Some may argue that it may be more challenging to match into US residency programs as an FMG. I feel this comes into play for very competitive programs such as surgery and surgical sub specialities. Even at that, stellar academic record, stellar step 1 and step 2 scores and performing well on rotations in US hospitals can make you a competitive applicant.

There are many FMG in IM at my school. As one recently explained to me, it the residency training that really matter and he has zero medical school loans.

I don't mean to discourage anyone, I just want international students to make informed decisions. It is stressful to graduate with close to 200k in debt, where most residency program offer J-1 visas and no clear path to permanent residency, which stabilizes one's employment future and prospects of paying off loans.

I'd love to hear the opinions of other international students on this issues. Thanks

 

[Mr Pilowdriver]

Hello I am looking to get the same thing I am applying to international dental program soon and I was wondering if you have any idea about what kind of a cosigner they need. I already called Citizen Bank and asked them that, they said that I can only know once I get into school and fill the loan application...
The thing is I really need to know what kind of a cosigner and what kind of financial status they are looking for before I start applying just so I have enough time to look for someone who matches their criteria.
ANYONE WHO'S BEEN THEIR OR HAVE INFO PLEASE HELP

thanks

 

[Chemdude]

I used Discover Student Loans for my first two years of medical school (I'm no longer an international student because I got a greencard through my wife lol). They application was very straightforward and easy, and they gave me really good interest rates. I would recommend them. Check them out at https://www.discover.com/student-loans/