Internationals: Accepted, no money, now what?

[Paragozardelsol]

So, you are a pretty good international student (no green card) and have been accepted at a medical school in the States. However, MSTP was not your road and you were not stellar enough to secure one of those highly competitive merit scholarships. Due to federal regulations you do not qualify to federal loans and you "are expected to assume the total resposibility for financing your medical education."

If you are already in medical school, what did you do?
If you are currently applying, what are you doing?

Some schools might require the full amount, other it is on a semester basis. What's your case?

I have heard the only way to secure a loan is with a co-signer, who has to be credit worthy and be a citizen (or at least a green card holder). Any other options?

How about applying for a green card? Aside from the fact that it might be approved or denied, once approved can you take loans or do you have to wait until the process is complete? Any thoughts?

When do you have to have all of this worked out?

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[Scottish Chap]

So, you are a pretty good international student (no green card) and have been accepted at a medical school in the States. However, MSTP was not your road and you were not stellar enough to secure one of those highly competitive merit scholarships. Due to federal regulations you do not qualify to federal loans and you "are expected to assume the total resposibility for financing your medical education."

If you are already in medical school, what did you do?
If you are currently applying, what are you doing?

Some schools might require the full amount, other it is on a semester basis. What's your case?

I have heard the only way to secure a loan is with a co-signer, who has to be credit worthy and be a citizen (or at least a green card holder). Any other options?

How about applying for a green card? Aside from the fact that it might be approved or denied, once approved can you take loans or do you have to wait until the process is complete? Any thoughts?

When do you have to have all of this worked out?

I REALLY feel for you because getting in to a U.S. medical school is (or should be) the hardest part. I cannot help with the first part of your question but I can with the second part. Getting a green card is a VERY long, frustrating process. If you have a family-based petition (parent, spouse, child etc.), it can take anything from 5 months to a couple of years. If you go through the other routes (sponsored by employer....probably not useful for you immediately, or national interest) it can take even longer.

For federal financial aid, the alien registration number from your green card is an absolute requirement and they will check on that; they won't deal with you if your PR status is ‘pending’. I personally think the loan available via a U.S. citizen co-signer with a good credit history is your fastest and best option. Other than that, if you like research, try and go the MSTP route. Not all programs require you to be a PR or citizen. That's pretty much all I know. Good luck!

 

[Paragozardelsol]

Thanks for your quick reply. Well, it is not like I did not know that money would be an issue going to Medical School in the US. On the other hand, you never really know if you will be stellar enough to get some funding unless you try it.

If one decides to go the green card route, would banks also require your alien registration number to give you a loan? In other words, even after you have been approved (which I hear takes only months), but your application is still been processed (is this true?), can you request a loan without a co-signer?

Or you are essentially in limbo with your hands tied until the whole process finishes after years and years...?

 

[Scottish Chap]

Not sure. However, once you are accepted into medical school, there WILL be sources of funding.....the penalty will likely be higher interest rates and perhaps a less than favorable repayment schedule than a PR or U.S. citizen. Lenders know that they will get a good return on their investment. The best way is to knock on ALL doors, ask LOTS of lenders questions and weigh the risks for yourself. I have to believe that others have done this before you.

 

[drunk7daysaweek]

why would you bother applying if you have no money? You're wasting everyone's time and delaying someone elses app.

 

[maryannea]

bump

 

[leaft]

where are you from?
this matters a lot. many countries help pay. many countries have 'lines of credit' up to $150000 available to med students. you just have to ask yourself if you want to go that much into debt.

did you apply to schools that do provide international student financial aid?
there are many of them.
Vandy, Dartmouth, Yale... just to name a few

there are also many schools that offer acceptance without escrow accounts (where you have to pay upfront for the whole year or all four years). this makes it much easier to pay.

if you have gotten into a school that does not provide financial aid to internationals, call the financial aid office and talk to them. they will have advice.

the money stuff all needs to be worked out before you can get a visa. therefore, it needs to be worked out in the early summer before med school begins.

 

[KiKat37]

Thanks for your quick reply. Well, it is not like I did not know that money would be an issue going to Medical School in the US. On the other hand, you never really know if you will be stellar enough to get some funding unless you try it.

If one decides to go the green card route, would banks also require your alien registration number to give you a loan? In other words, even after you have been approved (which I hear takes only months), but your application is still been processed (is this true?), can you request a loan without a co-signer?

Or you are essentially in limbo with your hands tied until the whole process finishes after years and years...?

Sorry to hear about your situation. I know EXACTLY how you feel...

You have to realize two things though. 1) If you have been accepted this year and are planning to attend in the Fall, the green card is NOT an option. It doesn't take months to get a greencard (unless you are a refugee). It takes years. And, it takes a good lawyer. And, it takes a lot of money. It took me almost 4 years, 2 lawyers and thousands of dollars... 2) if you do have a greencard, you can get federal loans BUT you still need to have a good credit history. If you don't have a good credit history, you'll still need a co-signer.

Bottom line: you can either find a co-signer and get private/alternative loans, or see if your country has scholarships. Some country really have great opportunities for students studying in the US.

Best of luck. I know it sucks.

 

[fateema368]

I truly feel for you , and agree with the other posts-if you can find a cosigner it's your best bet. The green card thing can happen later, but for now try to secure funding through the most direct method. I wish you the best of luck, you'll be in my prayers.

 

[sk1684]

there is some magical thing about SDN. As soon an issue starts to bother me, someone else starts a thread on it the next day! Its great.
So yes, i am an international student too. And so far, the co-signer option is what i have considered. There are many lenders you can check to figure out the best deal. But i knew what i was getting myself into-a debt of a 100K atleast with the high interest rates. It sucks but then the fact that you got int as an intl. student is superb!

I truly feel for you , and agree with the other posts-if you can find a cosigner it's your best bet. The green card thing can happen later, but for now try to secure funding through the most direct method. I wish you the best of luck, you'll be in my prayers.

 

[emma1980]

I have the same issue. When you have a co-signer, does he/she sign only once for the entire 4 years or do you have to go through the entire process each year?

 

[Paragozardelsol]

Thanks for everybody's good wishes! I really appreciate them.

I am glad to see that there are options available. Rest assured, even if I have to incur in 200k debt with ridiculous APR, I am going to medical school. Instead of wasting anything, I will be working for the banking industry during a couple of years.

leaft, in answer to your questions, I am a dual citizen from Peru and Italy, but I know of no options from those countries to pay for med school in the States.

I did apply and interview at schools that offer merit scholarships to international students, but I have not heard anything yet, so if I get an offer it will likely arrive without money.

I am planning to call the fin aid office, but first I wanted to hear from all schools and find out about the experiences of other people.

In the interim, to entertain myself I am going to look out for co-signer (As if they grew on trees )

 

[Paragozardelsol]

Could we start sharing links for loan programs and the like here?

This one was posted in another international thread, but I think it would be more relevant here:

2004-2005 BUMC International Student Private Lender/Product Options

http://www.bumc.bu.edu/Dept/Content...160&PageID=9210