Loan for Students on H4 Visa.

[ocdentist]

Hi,
I have a couple of questions for students on H4 visa.anybody who knows the answers kindly share the information....

1)do we have to convert from H4 to F1 visa to get a private loan?
2)Do we need to get loan for entire 2 years upfront or it is on a yearly basis?
3)can we have more than 1 cosigner for the private loan?
4)has anybody ever got loan from india?if so what is the process?

I would really really appreciate any information.

thnx

---

Members don't see this ad.

 

[idg]

Somebody please guide.

 

[BlueToothHunter]

1)do we have to convert from H4 to F1 visa to get a private loan?
2)Do we need to get loan for entire 2 years upfront or it is on a yearly basis?
3)can we have more than 1 cosigner for the private loan?
4)has anybody ever got loan from india?if so what is the process?

To answer your questions:

1) Yes. You must convert from H4 to F1 just to be a student in the US. Otherwise, you've just broken the Homeland law.
2) You won't get a loan as a non-US resident. You must provide enough and sufficient funds to cover your entire 1st year at the institution in order to receive your I-20/SEVIS prior to entry to the US. Once in the US, you may apply for a loan only with a US-resident/citizen co-signer.
3) I'm sure you could.
4) Sorry, can't help you there. I'm not from India.

Good luck and don't forget to switch to F1 before you start your academic program.

 

[Ann 03]

u can definitely study on h4.
unless ofcourse they have changed the rules recently.
the problem with tht is , h visa is only for 6 yrs, regardless of whether it is h4 or h1.
so if u do not get ur green card through ur spouse.... u wont have enough time on ur h1 after studying for 2 yrs on h4. so its better to convert to a students visa. but if u r near getting a green card in the near future, thn be careful whn u change ur status(u might have to consult some1 for tht...).

hope this helps.

does having more than 1 co-signer decrease the rate of interest? whts the advantage of having more than 1 cosigner. can some1 tell me tht?

 

[international]

To answer your questions:

1) Yes. You must convert from H4 to F1 just to be a student in the US. Otherwise, you've just broken the Homeland law.
2) You won't get a loan as a non-US resident. You must provide enough and sufficient funds to cover your entire 1st year at the institution in order to receive your I-20/SEVIS prior to entry to the US. Once in the US, you may apply for a loan only with a US-resident/citizen co-signer.
3) I'm sure you could.
4) Sorry, can't help you there. I'm not from India.

Good luck and don't forget to switch to F1 before you start your academic program.

Hi,
i think u got confused and as Raj king said, u can study on H4 and As Ann said, u have to consider that 6 years of visa too.

U can take loan by keeping many cosigners too, and the interest rate depends on their credit history and score. if they have a excellent score,, u get for a less interest and if they have bad, u might need to pay a little more. By having two cosigners, ur interest may increase or decrease based on whether both have good scores or both have bad scores or one has a good score.
This is what i know and people might correct me if i was wrong.

 

[S vashishta]

can anyone suggest which company wud be good to apply for the loan ?

 

[gpg]

I stand open to correction.But earlier H visas were only for 6 years.Now you can extend it for one year at a time for as ong as you want provided you retain the job. So you might study on H4 without any problem.

 

[Ann 03]

isnt tht only if ur greencard is in process? thn u can keep renewing ur h1 indefintely till the labour is cleared or rejected.
pls give more info if u can