Loans for foreign schools

[Ciaokitty]

---

Members don't see this ad.

Hi everyone!

I've been trying to research this online with no luck. My husband was accepted to Unam's Vet program but that school does not qualify for loans. We tried the website for international loans, sally mae, banks, and no one will do a loan because the school is not on their list. 😡

The school is basically free but the rent there is really expensive... we would not need much probably 10k a year. I REALLY wanna move there with him but I won't be able to unless he is approved for loans because even If I work there I wouldn't make enough to support us both.

So does anyone know a company that will do these type of loans? I don't want to spend 5 years apart from my husband. He just left and I already miss him soo much! 🙁

 

[SilverSpyderGT]

When you say "international", in which country is your husband a citizen?

If it is the U.S., then I think the school has to apply for Title IV funding before it can be eligible for federal student loans. I wonder if there are plans for UNAM to do this in the future.

However, if you are only talking about $40K in living expenses over the course of the degree, you might be able to get a private loan. Have you checked with your bank? Here is a list of popular private student loans for American students.

http://www.finaid.org/loans/privatestudentloans.phtml

If you are writing from a country other than the U.S., I am not sure what other options you may have.

 

[Ciaokitty]

Hi... Yes he's a U.S. citizen. Thanks for the link I'll look into it. We were trying to get private loans and we have contacted a couple of banks with no luck.

The school is in Mexico and it was recently acredited here... and the loan companies we contacted offered loans to other Mexican schools but not Unam. Which I find weird since its one of the best schools in Mexico.

The whole process of applying there was so stressful and now we can't even get loans... 🙁

 

[Ciaokitty]

Hi... I checked the website you listed but they only give loans to approved schools. I checked with my bank but they don't even offer student loans.

Does anyone know of a loan company that can just disburse funds directly to the student? Because it seems like this school is not working with loan companies. My husband has really good credit so that wouldn't be a problem.

 

[GellaBella]

It seems to me like you need to stop asking banks for "student loans" and instead ask for a private loan that would be dispersed right to you and your husband to do whatever you want. The potential problem for private loans however is that you typically begin re-paying them almost immediately or at least you will not be able to wait until after he graduates to begin making payments. The interest rates are generally higher as well, but if your husband has good credit you can secure a good interest rate if you shop around.

I think I received an offer in the mail from chase the other day for a 3.25% loan. If your credit score is good you may be able to get something like that.

They may require some proof of income though and may not accept a Mexican employer (not sure) so you may need a co-signer.

All things to think about.

 

[Ciaokitty]

I thought about a personal loan too but there's no point because we would have to start paying it back immediately. I'm sure he would qualify but I would not be able to pay it back if I'm working in Mexico.

I just find it hard to believe that no one will give us a student loan when this school was recently accredited by the AVMA and as soon as my husband is done he can start working here in the U.S to pay it back.

Ugh this is so stressful.

 

[nyanko]

I don't think you'll find many people here sympathetic to your plight.