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Loan without Co-signer for international Students

Discussion in 'International Dental' started by AjayDas, Mar 27, 2004.

  1. AjayDas

    AjayDas God's First Mistake!
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    Hiya all...

    I am intrested in doing DDS. However, I don't have a relative in the US to co-sign for a loan..
    I read about this site in a newspaper which takes care of the financial needs for foreign students. It is not exactly a 'loan' coz there is no interest rate or something. But we have to pay them a certain percentage of our earnings once we graduate for a fixed period of time.

    Now I am not sure if there is a catch in this. I would really appreciate it if someone could just check it up and respond with their views.... Also there might be a few graduates who have signed up with them. Their feedback would be greatly appreciated.

    The address is My Rich Uncle

    Regards

    Dr Ajay
     
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  3. ToTaLLy_TaSha

    ToTaLLy_TaSha Senior Member
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    Dr. Das!!! :D Welcome to the forum!! I'm glad to see you've overcome the registration problem!! Good Luck! :)

    Tasha
     
  4. ek_dds

    ek_dds Member
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    Dr Das

    Please check ur pm

    Ek
     
  5. shyam

    shyam Junior Member
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    I did go the site and it sure does sound like its too good to be true..do keep me posted if you get to know something as i seem to be in the same boat as you...
     
  6. Meggs

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    I also visited the site, but only briefly so I didn't look into details. But sure enough 2% or 5% of a dentist gross income in the USA, for a decade or so, sure pays any large debt. I bet they'll be willing to grant any dental student the money on a heartbeat, they sure know they'll have where to get if back from.
     
  7. ek_dds

    ek_dds Member
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    Shyam-as you say it seems too good to be true.

    But a careful study and one might get these insights:

    -There is no thing as total funding as they say in the FAQ's,MRU is only going to help bridge the gap btw ur already secured finances and the tuiton on paper.

    -Having said that-what would the interest rate be even if somehow the total amount gets approved-I believe that it will be much much more than the said sally's example they gave of 2.5% for a 10k loan.

    -Hypothetically:if you are applying for an 80k loan for the 1st year,
    and on conservative estimates,on an 8% interest rate(This is HYPOTHETICAL),adding another 80k for the 2nd year and hopefully ur interest rate remaining the same for the 2nd instalment,rather than shooting up,

    on graduation on the 1st year in job (assuming you start with 80k)=12,800 and for the payments to equal 160k,(which is the amount given )guys that would take,12 years and 8 months.And so the payment period I would estimate would be around 25-30 years for them to make a profusely decent profit.

    -And as one would agree with the terms,one's payments would reflect the personal growth,the more you earn the more you end up paying.

    Let me explain why I chose interest rate in that neighbourhood: The factors :
    one is an International student with no guarantee to the loan disbursed,

    On an F1(Most of the cases)not a GC/citizen.

    The risk that MTU would have to undergo in trusting -that is by all standards huge-given the amount involved.

    Compared to their example of 2.5% for 10k for 10 years,
    I feel its pretty possible that my stats might showup in their estimate.(160k-2 instalments,8% for 25-30 yrs)

    It would be great if the interest rates would be any less than my guess,
    great if its only a few more years more than recovering the money loaned so that they make a profit too,

    I really hope and wish Im wrong in my estimates.

    The average startup salary of a dentist is around 90-100k,so you are actually going to pay more than the figures here.
    Also you will have to think of where you are going to live,your taxes and your expenses.

    But all said and done,it could be the only way out when there is no sponsor support.

    Goodluck!

    EK
     
  8. shyam

    shyam Junior Member
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    Hey eK!!
    Thanks for your excellent post with the calculations....i was looking at the same figures myself..and agree with u about the rates and the yrs of repayment too!! its seems like a workable situation for both parties..
    Its just that i'm a little skeptical about a matter involving such a huge amount of money and would like to know more about their credibilty as a lending house...before i let my hard work onto some strangers hand...if you know what i mean!!Infact i've mailed then, requesting references of successful transactions.
    Will post if they reply...
    Keep the faith:horns:
     
  9. hi,
    i would like to know the name of the organisation u mentioned.please do mail me.i am one another like you aspiring to study in us.
    bye,
    dentist2002
     
  10. bhavi4all

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    i would like to know the name of the organisation u mentioned.please do mail me..am also having problems with convincing co signer
     

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