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Loans

Discussion in 'Financial Aid' started by bambi, Dec 5, 2008.

  1. bambi

    bambi Junior Member
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    I'm a UK student with a pretty big loan over here but may want to work in the US in the future. If I got a job over there, as a foreign doctor would it be possible to take out a US loan to pay back my UK one? I have no idea how your loans work or where to even start looking but this would definitely work out a lot cheaper for me so was wondering if it would be an option?
     
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  3. TMP-SMX

    TMP-SMX Senior Member
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    Why? You can still pay them. They just convert the currency as you pay them back normally. I don't see how you believe it would be cheaper to take out a new loan. Though I honestly have no idea what your current loan terms are or why a bank would lend you new money since you don't have any reason for them to give it to you.

    This may help.
     
  4. bambi

    bambi Junior Member
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    It's not a student loan, it's a bank loan.

    Not sure why I thought it would be cheaper when I started the thread but I must have had a reason that I can't think of now, I think I meant the monthly payments would be less, who knows. Anyway it would be easier to pay back a US one because from the looks of things they give you more time to pay it back. Oh and it's not that uncommon to take out a loan to pay back another one if you can get a better one.
     
  5. Scottish Chap

    Physician PhD Moderator Emeritus 15+ Year Member

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    Unlikely. As a non-citizen, you'll have major problems getting any kind of bank loan stateside. I know; I was in your position at one point. Same thing for car loans etc....you need to establish credit history, and that takes time. FAFSA educational loans are also out unless you are a permanent resident, and those are only obtainable if you're in a U.S. or Canadian (in some cases) degree program.
     
  6. bambi

    bambi Junior Member
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    What about if I got a US citizen to co-sign the loan?
     

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