International Student Loans For Medical School

[hitsugaaya]

So I am an international student and was fortunate enough to be accepted into a U.S. medical school.

I wanted to ask any current international medical students or any who have the information some questions.

Are there any scholarships that are geared towards international medical students? My school does not offer any but wondered if there were any outside sources.

Are there any lenders that do not require a cosigner?

Also which banks/lenders would you recommend that do require cosigners, i.e. low interest rates, no repayment till after residency?

I shall do my own research of course, but I need all the help I can get.

Thanks

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[manutdfan]

in the same boat as you,

would love to know more about these questions as well.

 

[hitsugaaya]

Still nothing? Wow people

 

[surgica]

I do not hold a permanent or immigrant visa yet. Will there be any type of Med School financial aid for someone like me?

 

[Yay4puppies]

I am an international student who will be graduating from a US med school this May. I ended up using Citibank for my private loans. They do require a cosigner, but I have been very happy with their interest rates so far and their customer service. My loans have a variable interest rate based on the current Prime Rate - which right now is low but of course this can be risky in the long run if the rates go up. I do not make any payments during medical school and can defer payments for up to 3 years during residency. These loans are not subsidized so I have been earning interest throughout medical school.

When I was researching different private loan options, I also considered Bank of America, but found that in general Citibank's variable interest rates were lower. There was at least one lender who did not require a cosigner for international students and I can currently blanking on their name. The loans without the cosigner were significantly higher in interest so I did not choose that option.

When I was looking at medical schools, most do not offer any financial aid if you are in international student since you do not qualify for any federal aid. There are a few, however, that have institutional need-based grants and loans that are offered to international students. Vanderbilt is one of them and if I remember correctly, Harvard does the same.

Some other options to consider with schools and private loans include checking if the school needs the entire loan amount for each year to be disbursed in the beginning of the year or do they allow you to get half in June and the rest in Jan. If you don't have to get all your loan amount for the year up front, you save on interest on 1/2 of the loan amount.

Hope this helps!

 

[surgica]

I am an international student who will be graduating from a US med school this May. I ended up using Citibank for my private loans. They do require a cosigner, but I have been very happy with their interest rates so far and their customer service. My loans have a variable interest rate based on the current Prime Rate - which right now is low but of course this can be risky in the long run if the rates go up. I do not make any payments during medical school and can defer payments for up to 3 years during residency. These loans are not subsidized so I have been earning interest throughout medical school.

When I was researching different private loan options, I also considered Bank of America, but found that in general Citibank's variable interest rates were lower. There was at least one lender who did not require a cosigner for international students and I can currently blanking on their name. The loans without the cosigner were significantly higher in interest so I did not choose that option.

When I was looking at medical schools, most do not offer any financial aid if you are in international student since you do not qualify for any federal aid. There are a few, however, that have institutional need-based grants and loans that are offered to international students. Vanderbilt is one of them and if I remember correctly, Harvard does the same.

Some other options to consider with schools and private loans include checking if the school needs the entire loan amount for each year to be disbursed in the beginning of the year or do they allow you to get half in June and the rest in Jan. If you don't have to get all your loan amount for the year up front, you save on interest on 1/2 of the loan amount.

Hope this helps!

Thanks for the thorough response! I hear that you should also do at least one year of academic activity inside US to be elligible to apply for Med School. I woder if it can be a research assistant job in a hospital or should it strictly be a bachelors degree. I know that this does not concern the present thread. But would appreciate your help.

 

[Yay4puppies]

I think it has to be academic courses - but I would check specific med schools for the most up to date info.

 

[flyingdjs]

So I am an international student and was fortunate enough to be accepted into a U.S. medical school.

I wanted to ask any current international medical students or any who have the information some questions.

Are there any scholarships that are geared towards international medical students? My school does not offer any but wondered if there were any outside sources.

Are there any lenders that do not require a cosigner?

Also which banks/lenders would you recommend that do require cosigners, i.e. low interest rates, no repayment till after residency?

I shall do my own research of course, but I need all the help I can get.

Thanks

I'm also in the same boat as you. Have you looked at Canadian banks lending you the money (it would be nice since the exchange rate is quite good for us at the moment)? Does your school require 4 years tuition upfront in an escrow account?

 

[hitsugaaya]

I'm also in the same boat as you. Have you looked at Canadian banks lending you the money (it would be nice since the exchange rate is quite good for us at the moment)? Does your school require 4 years tuition upfront in an escrow account?

I am not canadian, so will canadian banks still be able to lend me? And gosh no, i did not apply to any sch that required any form of escrow

 

[Avidreader]

I know this is for medical school but I just got accepted into pharmacy school and I am sort of in the same boat. Any help?

 

[hitsugaaya]

I know this is for medical school but I just got accepted into pharmacy school and I am sort of in the same boat. Any help?

Citibank has the health professions loan for all health professions, pharmacy shd be covered

 

[BritIndian]

Hey you guys!

How did you get into Medical Schools in the USA?
It's such a rigorous and hard thing to do.

Which schools are you in, what were your GPAs and MCAT scores?

Did you get accepted to a lot of places?

Thanks!

 

[Chicas]

Many thanks for your input. I'm applying to medical school next year (2012) and I'm also classified as an international student since I have a temporary protective status (TPS) that I have to renew each year. I feel very heart broken because it seems that it's almost impossible to be accepted into a medical school as an international student. To make matters worst those schools that do consider and international student's application usually require that you have the money for the entire 4 years upfront. I imagine that's not your situation considering you borrow as you go.

Based on your experience, could you please share with me when is the appropriate time to search for a bank that loans money to international students? Is it once you are accepted or before, and do banks actually consider loaning before a student is accepted to medical school?

This is drifting from the topic, but can you share with me any schools you recommend to apply as an international student. I currently attend a university in Texas and my GPA is pretty competitive I believe, I've shadowed a doctor for the past 2 years and i'm a pharmacy technician. I'd really like to get into UT southwestern, but do you have any suggestions as to what schools you think would be interested in my application?

P.S.: I haven't yet taken the MCAT, but I'm finishing my bachelors early so that i can dedicate an entire semester to prepare for it. I really, really appreciate any advice, thanks.

 

[DrLeaveyLibrary]

Hi,

I'm also an international student from Korea. I was supposed to begin medical school in St. Louis last July, but deferred a year. I've spent the day researching loan options, but it seems like Citibank is the only one that's willing to even look at an international student.

Was Citibank ok with financing all 4 years tuition? I've spoken to Chase and Wells Fargo, but it seems like they can only approve me for 1 year at a time. My school won't bend on their 4 years at once policy.

 

[DrLeaveyLibrary]

Hello,

I just read your post on internatoinal student loans. I was wondering if you got all four years at once from Citibank. My school requires an escrow.

Thanks!

 

[RuggerSportsDoc]

I just contacted CitiAssist - they only do loans per year / semester. If you have a four year up-front type of escrow agreement, it will not work with Citi (well, unless you have like ~150k of savings).

p.s. I know this is an old thread, but it is worth the trouble for putting the info out there!

 

[anwesharry]

So how it it go? Did you find some kind of suitable loan?

 

[khaled123]

Iam getting medical elective and would like urgently how to get like fun or grant to help me with this training even if its 50%

waiting your reply .