Loans for International Students

[lunasan]

Does anyone happen to know anything about loans for international students, especially the Discover Loan or Sallie Mae Medical School Loan?

Sallie Mae's 36 month grace period and residency deferment option seemed worth looking into (while I know it's generally a bad idea to defer, I wondered if it would be a good option to have just in case). Medical School Loan | Sallie Mae

Any other advice in regards to financing medical school as an international student would also be appreciated!

---

Members don't see this ad.

 

[Giovanotto]

I went with Discover student loans as they offered me far better rates than Sallie Mae. So far so good....

You'll also need a co-signer who is either a permanent resident or green card holder.

 

[NotAProgDirector]

You'll also need a co-signer who is either a permanent resident or green card holder.

Remember that the co-signer is equally responsible for the debt. If you fail out of school, or go to the carib and can't get a residency, whomever cosigns the loan will need to pay back the $300K you have borrowed.

 

[Giovanotto]

Remember that the co-signer is equally responsible for the debt. If you fail out of school, or go to the carib and can't get a residency, whomever cosigns the loan will need to pay back the $300K you have borrowed.

I would definitely not recommend taking out full COA with private loans, co-signer or otherwise. Do something else if you're in that position, imo.

 

[lunasan]

I would definitely not recommend taking out full COA with private loans, co-signer or otherwise. Do something else if you're in that position, imo.

do something else, as in find another financing option? or another career entirely?

 

[Giovanotto]

do something else, as in find another financing option? or another career entirely?

Another career entirely. Medical school is too expensive today, especially if you're financing the whole COA, private or federal loans, either way. My school hikes tuition 2k/year, I'm almost going to be paying 60k/year in tuition for my last year.

 

[CardioIsHardio]

The best way to go about this is through your future school's financial aid department. My school personally did not let me take out any student loans even though I was approved for them and had a citizen-holder co-signer. Depending on the school's policy, you may have to pay a certain percent (or in my case 100%) of the tuition up front.

 

[deleted547631]

If you’re Canadian there are really favourable government-secured loans for medical students / residents through National Bank, at $275K max borrowable allowance.

 

[DanielLee5]

I think getting a loan is not a problem, but finding a reliable bank with good conditions is. There are also few people who will agree to be co-signers I guess. I would try to find a bank of the country you're citizen of, they might have better offers for you. I would also try to join expat communities, they might provide you with some helpful info, at least according to these tips. Anyways wishing you best of luck!

 

[DocT101]

I went with Discover student loans as they offered me far better rates than Sallie Mae. So far so good....

You'll also need a co-signer who is either a permanent resident or green card holder.

I am currently working on getting a loan from Discover but they keep requesting for an I-20 from the school. Unfortunately, the school also needs funding assurance from Discover before they can issue the I-20. Did you encounter anything like this and how did you navigate through it?

 

[Giovanotto]

I am currently working on getting a loan from Discover but they keep requesting for an I-20 from the school. Unfortunately, the school also needs funding assurance from Discover before they can issue the I-20. Did you encounter anything like this and how did you navigate through it?

Hmmmm, good question, because my school works the same way. If I remember correctly, I got around it by showing that I had proof of 1 year of private funding. I think they wanted to see that I could pay tuition, not necessarily the full COA, but I could be remembering wrong. Are you taking out full COA via discover?

 

[DocT101]

Hmmmm, good question, because my school works the same way. If I remember correctly, I got around it by showing that I had proof of 1 year of private funding. I think they wanted to see that I could pay tuition, not necessarily the full COA, but I could be remembering wrong. Are you taking out full COA via discover?

Thanks a lot for the quick response! Yes, I actually have a Pending approval for an amount that covers the COA for the first year from Discover but I am not sure if that will be enough to get the I-20. You mind if ask, which school you went to?

 

[Giovanotto]

Thanks a lot for the quick response! Yes, I actually have a Pending approval for an amount that covers the COA for the first year from Discover but I am not sure if that will be enough to get the I-20. You mind if ask, which school you went to?

Private message me. Also, I can't recommend taking out private loans for full COA for all 4 years of schooling, it's simply not worth the return on your investment. I hope that's not what you're planning on doing.


ps. I go to a DO school.