loans for students on H4 visa

[healthy teeth]

hi
I am starting this thread for all those who are on H4 visa and got acceptance from one or the other schools. After getting acceptance, loan is a major problem for people like us who are on H4 visa . I talked to a couple of private lenders and all of them said that u have to have a social security number(besides cosigner of course) to apply for a loan. Then i was thinking to convert my status to F1 visa( so that i could get SSN) but for that we need to show the funds for atleast 2 years( for NYU)to the school to issue an I20...this is a big problem..i am really tensed
What are u guys doing about it...another thing is i do have a cosigner but i am feeling more scared than the cosigner about the risk he will be taking to cosign for a loan....is it easy to pay off the loans?..
On the top of that i got acceptance only from one of the most expensive schools..NYU..i dont want to drop this year to try for some other school next year..but i am facing a big problem in getting the loans and changing my status.
please help me out guys and share ur views about it.
Thanks

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[phillymoris]

hey healthy teeth,
I am also on H4.I too have to look in to loans.I have not started yet about the process.But it is strange that you need a social security no. to get a loan.Did you tell them that you can not have a social security number when you are on H4.Try to give them a letter from social security office, that you can not have one.Which loans agencies you are trying now.Please keep us informed.I will start in a day or two, to look in this matter.

 

[sonya22]

Hi,

I too am looking out for private loan lenders. I am on a H-4 too and I spoke to one of the loan agencies and they told me that a student ID from the school should be good in case I did not have a social security no.

Which loan agencies have you contacted ?

 

[elementz]

Hi!
I think it varies from lender to lender...I tried getting a loan on a H-4 but was told by a number of lenders ( Sallie Mae, Access group, Citibank) that they needed a SSN n that a student id or ITIN number wasn't enough. Since our GC is under processing, I was unsure initially but then recently applied for an I-20.

By the way Sonya which lender did u talk to? It sure would be of great help to quite a few of us.
best wishes to everyone with the loans n stuff.

 

[healthy teeth]

Hi!
I think it varies from lender to lender...I tried getting a loan on a H-4 but was told by a number of lenders ( Sallie Mae, Access group, Citibank) that they needed a SSN n that a student id or ITIN number wasn't enough. Since our GC is under processing, I was unsure initially but then recently applied for an I-20.

By the way Sonya which lender did u talk to? It sure would be of great help to quite a few of us.
best wishes to everyone with the loans n stuff.

hi
How did u manage to show financial sources for 2 years to apply for an I20?

 

[carabelli]

I am pretty sure that they don;t need a ssn number according to what was told to me by sallie mae's offices.
Most of the info about interest rates and stuff went over my head but from what i understood...the interest rate would be the prime rate plus a 'factor'. The factor is dependent on your'e co-signers credit history. Also it will take them 72hrs form the date that they recieve the application to process the loan.
Sallie mae has no prepayment penalty and you have 6 months of grace period after graduation before you start paying. The total duration of the loan would be 25yrs if required. Also there is some clause by which if you do make regular payments for teh first 24 months..you may be able to get the co -signer off the hook..i'm not sure about this..though and please do double check on this info.
Hopefull they will send me a detailed letter stating interest rates and payment details etc once the laon is sanctioned.
Do put in youre two bits here to let us know anyother information that may be important for h-4 visa folks!!
Also does anyone know how they make the payments for living expenses to students???Also is the interest rate different or the same during the time we are in school ??
Regards..

 

[spowari]

I am pretty sure that they don;t need a ssn number according to what was told to me by sallie mae's offices.
Most of the info about interest rates and stuff went over my head but from what i understood...the interest rate would be the prime rate plus a 'factor'. The factor is dependent on your'e co-signers credit history. Also it will take them 72hrs form the date that they recieve the application to process the loan.
Sallie mae has no prepayment penalty and you have 6 months of grace period after graduation before you start paying. The total duration of the loan would be 25yrs if required. Also there is some clause by which if you do make regular payments for teh first 24 months..you may be able to get the co -signer off the hook..i'm not sure about this..though and please do double check on this info.
Hopefull they will send me a detailed letter stating interest rates and payment details etc once the laon is sanctioned.
Do put in youre two bits here to let us know anyother information that may be important for h-4 visa folks!!
Also does anyone know how they make the payments for living expenses to students???Also is the interest rate different or the same during the time we are in school ??
Regards..

hi there,i,m also on H4 visa.my interveiw is on 31 march at nyu.i still have not enquired anything about loan.cos first i should have the acceptance in my hands.i want to visit india before the session starts(if i get acceptance).so my question is can i go to india or there r any formalities to fulfill for the loan?can one get loan easily on H4 visa.are the interest rates higher for H4 than GC? thaks in advance for ur valuable info.

 

[mandent]

hi,
i am also in the same boat. i have been accepted at NYU. I am not changing my status from H-4 to F-1. Which lenders did you talk to? As far as i know college will send us an application for loan in the month of may. then we can apply to them

please share any info u know on loans
bye

hi there,i,m also on H4 visa.my interveiw is on 31 march at nyu.i still have not enquired anything about loan.cos first i should have the acceptance in my hands.i want to visit india before the session starts(if i get acceptance).so my question is can i go to india or there r any formalities to fulfill for the loan?can one get loan easily on H4 visa.are the interest rates higher for H4 than GC? thaks in advance for ur valuable info.

 

[carabelli]

hi there,i,m also on H4 visa.my interveiw is on 31 march at nyu.i still have not enquired anything about loan.cos first i should have the acceptance in my hands.i want to visit india before the session starts(if i get acceptance).so my question is can i go to india or there r any formalities to fulfill for the loan?can one get loan easily on H4 visa.are the interest rates higher for H4 than GC? thaks in advance for ur valuable info.

hI,
You definitely can go back if you're on a h-4.Here's what i did...found out about loans and stuff..got the paerwork and then left..now that i'm back i've applied and hopefully will know by the end of next week about the loan. Usually it takes about a week or two for the laon to come through if all goes well. Its best to travel back to india on youre H-4 and then come back and decide if you wanna change to A STUDENT F-1 VISA.
All the best for you're interview!!

 

[carabelli]

hi,
i am also in the same boat. i have been accepted at NYU. I am not changing my status from H-4 to F-1. Which lenders did you talk to? As far as i know college will send us an application for loan in the month of may. then we can apply to them

please share any info u know on loans
bye

You can do a search on the net about private loans and you definitely don't need to wait for youre college to send you information before you apply.
Also, could you tell me what made you decide to stay on youre h-4 sattus and not change to an f-1 student status..as i'm in the same boat and can't decide if i should change to a f-1 status..!! i know we can work and all on the f-1 status but i'm sure with the busy schedule that wouldn't be possible anyway....then why change??

 

[healthy teeth]

hI,
You definitely can go back if you're on a h-4.Here's what i did...found out about loans and stuff..got the paerwork and then left..now that i'm back i've applied and hopefully will know by the end of next week about the loan. Usually it takes about a week or two for the laon to come through if all goes well. Its best to travel back to india on youre H-4 and then come back and decide if you wanna change to A STUDENT F-1 VISA.
All the best for you're interview!!

hi Carabelli
have u already applied for the loans? which lender did u talk to? I talked to salliemae and they told me to send the application and leave the SSN column blank and they will assign a number which we will use as ssn to apply for the loan. But one thing i didn't understand ..they asked me to send a copy of passport ,I 94 and f1, J1 or H1(whatever visa u have)along with the application. i told them that i am on h4 visa but they said u have to have one of these visa to apply for the loans...i really dont understand what to do.
please help me out how did u apply for the loans
Thanks

 

[ocdentist]

hey guys
all of you who chose sallimae..what made you decide for sallimae over citibank?which one is better ...sallimae or citibank?

 

[mandent]

first thing is that my green card is under processing. the college financial advisor told that by changing your visa status to F-1, its like reverting back. Once u r done with ur F-1, u have to apply to H-1 and then your GReen card. It becomes a delayed process. As far as i know u donot have many advantages if u convert to F-1 other than that u could work with F-1. But as u know with the tight schedule that would be impossible.

please could u tell me when we shd apply for our loans? how long will they take to process?
thank u

You can do a search on the net about private loans and you definitely don't need to wait for youre college to send you information before you apply.
Also, could you tell me what made you decide to stay on youre h-4 sattus and not change to an f-1 student status..as i'm in the same boat and can't decide if i should change to a f-1 status..!! i know we can work and all on the f-1 status but i'm sure with the busy schedule that wouldn't be possible anyway....then why change??

 

[mandent]

hi
did the lenders ask for any cosigner ?
could pl elaborate little bit more on this?
thank u

hI,
You definitely can go back if you're on a h-4.Here's what i did...found out about loans and stuff..got the paerwork and then left..now that i'm back i've applied and hopefully will know by the end of next week about the loan. Usually it takes about a week or two for the laon to come through if all goes well. Its best to travel back to india on youre H-4 and then come back and decide if you wanna change to A STUDENT F-1 VISA.
All the best for you're interview!!

 

[toothfairy78]

hi guys,
dont lets sweat that only makes things worse.i am also been digging into these things...form what i gatehered sallie mae gives bettr rates but are stickelrs.citibank looks more accessible.u dont need othave a social security number the FIRST time u apply for a loan.the second time u apply u will need it.for eg people who take onl y 60(or whatever)to cover their first year,will nee dot re-borrow for their second year at that time tehy WILL ABSOLUTELY need an ssn.so basically for those of us who dont have ssn it is better to apply on h4 with a co-signer for the entire amount at one shot(if it is possible)or find a cosigner&apply ofr 60 for 1st yr alone then,keep saving thru 1st yr&pay second yr from ur own funds.or take it semester by semester where u can go for home equity,cash advances ofmr credit cards etc;try to work it out like that...at leats ull have a co-signer the rest will get sorted out...im stil in the process of finding things out but one thing oim sure if u r applying for the first time u dont require a social in citiassist..take care

 

[rahmed]

I am also on H-4 and getting a loan is my major worry. Although I don't have an offer from any dental school and going for my last interview, NYU, on March 31, I am hoping to get an offer from them.

I agree with mandent that getting a F1 is not only a retro move it is almost impossible. I am not a lawyer but whatever informations I gathered is this. The premise of the F1 is a commitmant to return to one's home country on the completion of the study (I am not going into the matter of how many subsequently get a H1 and how many go back). On the otherhand H-4 holder as a derivative beneficiary of H-1 holder has a potential immigration possibility attached to it (I mean GC). Clearly F1 is opposite of H4 in a broader concept and a visa (F1) although issued in US one needs to go back to home country for stamping the passport. I was told it is almost impossible to convince immigration authority about one's nonimmigrant intention while holdind a potentially immigration visa. This becomes a greater problem in home countries where you have to face an inevitable interview and especially if your GC processing is going on.

Now for those undergoing GC processing (including me) one can get an Employment Authorisation Document (depending on the stage) and pursue any study/residency/any job P/T or F/T without further informing an immigration authority. Of course the catch is if GC (more precisely I-485) is denied then one is out of status and technically has to leave US within a certain period. I don't know if one can apply for F1 at that point (i.e. after I-485 denial) and pursue rest of the program. I am trying to find out this and would request others who are in the same boat with me to find out from their immigration lawyers.

My third point is co-signer issue. Do you all have a co-signer sorted by now? This is one issue about which I was misinformed before coming to USA and finiding this to be greater hurdle than NBDE!!

I am sure we all appreciate further inputs from every source. Thanks,

rahmed

first thing is that my green card is under processing. the college financial advisor told that by changing your visa status to F-1, its like reverting back. Once u r done with ur F-1, u have to apply to H-1 and then your GReen card. It becomes a delayed process. As far as i know u donot have many advantages if u convert to F-1 other than that u could work with F-1. But as u know with the tight schedule that would be impossible.

please could u tell me when we shd apply for our loans? how long will they take to process?
thank u

 

[carabelli]

I am also on H-4 and getting a loan is my major worry. Although I don't have an offer from any dental school and going for my last interview, NYU, on March 31, I am hoping to get an offer from them.

I agree with mandent that getting a F1 is not only a retro move it is almost impossible. I am not a lawyer but whatever informations I gathered is this. The premise of the F1 is a commitmant to return to one's home country on the completion of the study (I am not going into the matter of how many subsequently get a H1 and how many go back). On the otherhand H-4 holder as a derivative beneficiary of H-1 holder has a potential immigration possibility attached to it (I mean GC). Clearly F1 is opposite of H4 in a broader concept and a visa (F1) although issued in US one needs to go back to home country for stamping the passport. I was told it is almost impossible to convince immigration authority about one's nonimmigrant intention while holdind a potentially immigration visa. This becomes a greater problem in home countries where you have to face an inevitable interview and especially if your GC processing is going on.

Now for those undergoing GC processing (including me) one can get an Employment Authorisation Document (depending on the stage) and pursue any study/residency/any job P/T or F/T without further informing an immigration authority. Of course the catch is if GC (more precisely I-485) is denied then one is out of status and technically has to leave US within a certain period. I don't know if one can apply for F1 at that point (i.e. after I-485 denial) and pursue rest of the program. I am trying to find out this and would request others who are in the same boat with me to find out from their immigration lawyers.

My third point is co-signer issue. Do you all have a co-signer sorted by now? This is one issue about which I was misinformed before coming to USA and finiding this to be greater hurdle than NBDE!!

I am sure we all appreciate further inputs from every source. Thanks,

rahmed

Thanks for the info rahmed..i'll try and get some info and revert back!!
Also about the stamping of the passport with a F-1 visa.... i wanted to add that , that would only be necessary if you do plan to go back to youre home country before the completion of the program. You could technically stay here in the US and convert to a student status on the basis of your i-20 and your stay would be valid till the time your i-20 is valid. Another advantage of converting to a F-1 is the OPT(optional practical training ) And CPT (completion practical training) for which we need to be on a f-1 status for a period on three consecutive semesters.
But then sgain if your GC comes through by then then it definitely make sense to stay on your H-4 status.

 

[carabelli]

first thing is that my green card is under processing. the college financial advisor told that by changing your visa status to F-1, its like reverting back. Once u r done with ur F-1, u have to apply to H-1 and then your GReen card. It becomes a delayed process. As far as i know u donot have many advantages if u convert to F-1 other than that u could work with F-1. But as u know with the tight schedule that would be impossible.

please could u tell me when we shd apply for our loans? how long will they take to process?
thank u

Now i'm just thinking aloud and not that i've made up my mind myself about changing status to f-1..but another advantage of reverting to a f-1 is that..since you can stay on a 'h' category visa for a maximum period of 6 yrs we effectively are wasting 2 more yrs on in while we are doing our dds.
I have already been on it for a year and now if i do stay on it for the next 2 yrs..i would have completed 3 yrs on the h visa...which gives me about 2 and half yrs for applying for a green card assuming that i take 6 months to find a job and to ask my employer to apply for a gc for me. Now if my spouse does not get her GC by then, then that would lead us into a soup, as we both would have completed 6 yrs of our max allowed period on the H category. So i was thinking that maybe i could start school on a h-4 and than covert status to a f-1 for the second year ..that way i could use the OPT for the next year too so that i have liitle mor time on the h-4 as a back up. The only catch is that if my spouse does get the GC would i also get it on the f-1 status?? Also if there is an emergency at home and i have to travel back...i'm sure getting the f-1 stamped, which would be necessary, would be quite impossible.
About applying for loans..as and when you get your acceptances..its best to start making calls to all lenders and see what rates they offer and make notes on their repayment policies..like is there a prepayment penalty,whats the grace period..., how much time they take, how are teh disbursements made, whats the rate of interest in school and what it is after you graduate...etc etc.

 

[carabelli]

hi Carabelli
have u already applied for the loans? which lender did u talk to? I talked to salliemae and they told me to send the application and leave the SSN column blank and they will assign a number which we will use as ssn to apply for the loan. But one thing i didn't understand ..they asked me to send a copy of passport ,I 94 and f1, J1 or H1(whatever visa u have)along with the application. i told them that i am on h4 visa but they said u have to have one of these visa to apply for the loans...i really dont understand what to do.
please help me out how did u apply for the loans
Thanks

Hi,
I did mention that i was ona h-4 and have a co signer for my loan. They said it wasn't problem...and i sent my application last week. I will be making an inquiry today and will get back here as and when i get info!
I spoke to sallie mae's offices!..They sent me a form which you would need to fill and then get your co-signer to fill and then send to them..they will then get in touch with the school you got accepetd in and do the need ful..they told me it takes 72 hrs for them to process that loan after they do the necesary background checks of the co-signer and me.
All the best and don't worry..get teh forms and the co signer and send inthe paperwork...let them take the headache after that..but do it asap!!

 

[carabelli]

Just to let you know..i called sallie mae and they checked my info and gave me a a SSN number after a preapproval. Also now they will contact USC and get it approved from them which may take from 24 hrs to 30 days.
The actual SSN number from CIS will be required for my second application next year for which i would need to apply for SSNumber and this number assigned to me will not work next time. They have a site called manage your loans.com which is quite nice and makes the system quite transparent and we can check the status....with disbursement dates etc etc..
Hope this info is useful to u guys...all the best!!

 

[healthy teeth]

Just to let you know..i called sallie mae and they checked my info and gave me a a SSN number after a preapproval. Also now they will contact USC and get it approved from them which may take from 24 hrs to 30 days.
The actual SSN number from CIS will be required for my second application next year for which i would need to apply for SSNumber and this number assigned to me will not work next time. They have a site called manage your loans.com which is quite nice and makes the system quite transparent and we can check the status....with disbursement dates etc etc..
Hope this info is useful to u guys...all the best!!

hi
Thanks for the information. When i called salliemae , they told me that i can download the application from this site http://www.salliemae.com/signature/nelliemae/
Is it the same application (signature student loan application)which they sent to u..or i have to request them to send that application?
They will preapprove the loan for just 1 year?..that means we have to apply for the loans again next year? I dont understand what to do...I am on H4 visa and i was thinking of changing my status to F1. This is because my husband who is on H1 visa has to apply for GC(this will take around 4-5 years) and his H1 visa will expire in 2008(and so my H4 visa). I will pass out in 2008 from NYU. If I dont get H1 visa after passing out then we will have to go back to india with such a big loan. If i convert my status to F1, i will get OPT and will have more time to apply for h1(and more time for GC to be processed).The problem is to get an I20 from the school, we have to show them the funds for atleast 2 years..but as u said that salliemae will approve the loan for just 1 year ..then from where would i show the funds for 2 years...this is a big problem for me..please help me out what to do.
thanks

 

[phillymoris]

Hi healthy teeth,
I have the same situation as yours.But my lawer told us that when your green card is in process, and you surpass the limit of h1 visa(6 years), you can apply for a h1 on a yearly basis(not for three years as normally) untill the decesion is made about your application of GC.Also we were told that there will be some changes in the rules and the application for GC will be processed faster in near future.I am on H4 and will be starting school in this fall.I do not plan to file for a student visa. I had very bad experiances with the american embassy in NEW DELHI.And i am guessing that to convince them for a student visa when you are on H4 would not be an easy task.But it is just a thought.

 

[carabelli]

hi
Thanks for the information. When i called salliemae , they told me that i can download the application from this site http://www.salliemae.com/signature/nelliemae/
Is it the same application (signature student loan application)which they sent to u..or i have to request them to send that application?
They will preapprove the loan for just 1 year?..that means we have to apply for the loans again next year? I dont understand what to do...I am on H4 visa and i was thinking of changing my status to F1. This is because my husband who is on H1 visa has to apply for GC(this will take around 4-5 years) and his H1 visa will expire in 2008(and so my H4 visa). I will pass out in 2008 from NYU. If I dont get H1 visa after passing out then we will have to go back to india with such a big loan. If i convert my status to F1, i will get OPT and will have more time to apply for h1(and more time for GC to be processed).The problem is to get an I20 from the school, we have to show them the funds for atleast 2 years..but as u said that salliemae will approve the loan for just 1 year ..then from where would i show the funds for 2 years...this is a big problem for me..please help me out what to do.
thanks

Here's what i think...you could start school for the first semester on an h-4 after getting the loan sanctioned and then convert to a f-1 after that. Once you convert to a f-1 you will be provided with a SSn number from the school whcih you could use for your second loan{double check this with your student services office}
This way all you need to do is show proof after the first year for the remaining yrs of school. In fact better still ...you could stay on the h-4 for the first and second year and then convert to a f-1 ( whcih takes three months to do) for the last three months coz thats all you need to be eligible for the' OPT '..as far as the second years loan is concerened you would have to contact the CIS and ask them to issue a ssn number for next year for which you have a whole year. let me know what you think...all the best!

 

[carabelli]

Here's what i think...you could start school for the first semester on an h-4 after getting the loan sanctioned and then convert to a f-1 after that. Once you convert to a f-1 you will be provided with a SSn number from the school whcih you could use for your second loan{double check this with your student services office}
This way all you need to do is show proof after the first year for the remaining yrs of school. In fact better still ...you could stay on the h-4 for the first and second year and then convert to a f-1 ( whcih takes three months to do) for the last three months coz thats all you need to be eligible for the' OPT '..as far as the second years loan is concerened you would have to contact the CIS and ask them to issue a ssn number for next year for which you have a whole year. let me know what you think...all the best!

I meant Last three semesters and not last three months to be eligible for the OPT.....Sorr y for that!!

 

[healthy teeth]

Here's what i think...you could start school for the first semester on an h-4 after getting the loan sanctioned and then convert to a f-1 after that. Once you convert to a f-1 you will be provided with a SSn number from the school whcih you could use for your second loan{double check this with your student services office}
This way all you need to do is show proof after the first year for the remaining yrs of school. In fact better still ...you could stay on the h-4 for the first and second year and then convert to a f-1 ( whcih takes three months to do) for the last three months coz thats all you need to be eligible for the' OPT '..as far as the second years loan is concerened you would have to contact the CIS and ask them to issue a ssn number for next year for which you have a whole year. let me know what you think...all the best!

hi
I dont think CIS will give me SSN just for getting loan. yes u r right that i can start school on H4 but to apply for the second loan, i would have to convert my visa to F1 to get SSN. AS u said I am planning to start my studies on h4 and will get it convert to f1 once my loan is sanctioned.
Thanks for the information.

 

[Georgian]

hi
I dont think CIS will give me SSN just for getting loan. yes u r right that i can start school on H4 but to apply for the second loan, i would have to convert my visa to F1 to get SSN. AS u said I am planning to start my studies on h4 and will get it convert to f1 once my loan is sanctioned.
Thanks for the information.

hi,

this is the first time iam posting to this thread. i got accepted in nyu last month. i have a question regarding the fee? do v need to pay the entire college fee at a time or can v break it up & pay it twice.it would b really helpful.thanx