Private Loans for H4 students

[opal]

Hi everyone,

Iam starting this new thread for those of us trying to get info regarding private loans for H4 students. I would like to know which is the best private loan to deal with - Sallie Mae/ Citibank or any other loans you may know of, their advantages & disadvantages based on interest rates & other regulations like(needing cosigner or not, needing green card or not, repayment options, etc.).Anyone who has info or knows sites related to this please post.

Thanx,
Opal

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[simi]

Hi,
I am on an H-4 too and I do not have a cosigner. So far I have seen that there is practically no option for a foreign student without a cosigner. If you hear otherwise let me know.
Thanks.

 

[toothmail]

hi

i have heard that citibank gives loans even without a cosigner if your credit history is excellent and ur on an H1. also, citibank has an interest rate that is pretty reasonable i heard- about 4.75% whereas federal loans go as low as 4%. i heard that the repayment can be done over 15yrs. i dont know how far all this is accurate and true. please check it out with the bank itself. i am just sharing what i have heard in the hope that someone who has clarified it can post their findings on this.

 

[green emerald]

hi guys. even if you do get a cosigner what are your plans ask him to sign for a year or the 2 to 3 years,i also dont ahve a cosigner i am planning on asking a few people but i really dont know what they might say

 

[opal]

Hi,

I came to know that in order to be an eligible co signer , one has to earn 18,000/- per year. Are there any loans which does not have this condition? Also my cosigner who has a very good credit history, is in the process of getting his green card. He has completed his finger printing process & is yet to give his interview in the INS.Is he eligible to be my co -signer?Anyone who has info regarding this pls. post.

 

[Meggs]

Hi guys, I posted a series of useful links on financial aid on the sticky thread "Links of interest.....".
Do some research on those websites and you may have the answer to your questions. Otherwise you can always write an email to the experts on those websites with your questions and they might be able to guide you troughout this. Good luck!!!

 

[opal]

Hi,

Since the new year has started , i think those of you who are accepted would probably start looking for loans . I called up citibank today,& they said that they would give loans without a cosigner provided you have a good credit history or earn $18,000/- per year. Also, the interest rate will go down if your cosigner has excellent credit history. Also, loans like global student loans even accept our parents who live outside U.S to be our cosigner .For those of us who are still on the hunt for a cosigner, i think this loan will be helpful.

 

[Henna]

Posting this Q in the " Financial Aid forum' you might get you a response from a different perspective.

 

[Meggs]

Originally posted by opal
...... Also, the interest rate will go down if your cosigner has excellent credit history....

Yes, the Financial Aid advisor at UOP did mention that the better the cosigner's credit history, the lower the interest rate will get.

 

[toothmail]

there's a financial aid forum??

 

[opal]

Hi ,

I had actually posted something in the financial aid forum, but not many responses-i guess there are very few users!!
well, does anyone know if its okay to apply for private loans in june cos when i called citibank thats what they say. Wouldnt it be too late if college is starting in september?

 

[Meggs]

Originally posted by opal

well, does anyone know if its okay to apply for private loans in june cos when i called citibank thats what they say. Wouldnt it be too late if college is starting in september?

If that's what they said, that's probably the right thing to do. 'cause is for their interest anyway.....

But you could start to get your things ready like decide which cosigerner will be better for you, get pre-aproval, etc. Find out what you could be doing in the meantime to save time and hassle letter.

I haven't been trough loans before, but it occurs to me this could be an idea.......

 

[divya]

I called up citibank today,& they said that they would give loans without a cosigner provided you have a good credit history or earn $18,000/- per year. Also, the interest rate will go down if your cosigner has excellent credit history

opal,
my husband called citibank,but they said that for a loan to be sanctioned,a cosigner with a good credit history is necessary.further he shd be a gc holder or citizen and shd earn 18,000a year.cud u provide the number and name of the person u spoke to?

loans like global student loans even accept our parents who live outside U.S to be our cosigner

cud u provide the tel numbers for this also?

 

[Meggs]

divya,

The link for the Global loan.... is in the "Links of interest....." thread. Probably there you can find the number.

 

[opal]

Hi Divya,

I guess you are on H4. So you probably have no credit history also. One can get a loan without a cosigner if you have good credit history earning 18,000/- per year & you are a permanent resident. Also, if you are a perm. resident but have no credit history they need a cosigner. Your cosigner needs to be a U.S citizen or a G.C holder, with good credit history ( he must earn atleast 18,000/- per year) . The citibank no i called up is 1-800-967-2400 but I dont know her name. As for global student loan you can follow the link that meggs gave. You can understand about it more from their site also. Good luck.