Private Student Loans...Sallie Mae...HELP

[BasketNa'a]

Hello everyone, I am hoping some of you with experience/knowledge of private student loans will give me some useful insights. I am a Canadian Student going to a US MD School in the fall 2020 cycle.

I am planning to finance my studies on a private medical student loan from a US lender. I understand that Professional Student Lines of Credit (Lower interest rates), in combination with Canadian Government Student Loans (minuscule), is the popular means of financing for Canadians going abroad. I opted for the US loans because I have a stronger Co-signer in the US and wanted to avoid the uncertainty that comes with the volatile exchange rate these days.

Discover, Sallie Mae, and Wells Fargo are among the top lenders approved by my educational institution. Well’s Fargo has a 250K limit, which is not going to cover my full Cost of Attendance. Sallie Mae and Discover offer comparable loan advantages, including full school approved cost of attendance. Unfortunately, Discover does not have a co-signer release option, which keeps my co-signer on the hook for the entire life of the loan. Sallie Mae, on the other hand, has a release option, although with stringent requirements…and it is very important to me that I can release my co-signer as soon as I can. Therefore, I am leaning towards Sallie Mae…

I would appreciate it if you guys could share your experiences with any of these lenders and any advice that might help.

Are there any better alternatives that you suggest?

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[Domepiece]

Unclear on international loan intricacies unfortunately, but for additional alternatives I would suggest checking out some non-classical financiers who have tried to get into the medical student loan realm - SoFi and CommonBond are two companies that come to mind.

 

[BasketNa'a]

Unclear on international loan intricacies unfortunately, but for additional alternatives I would suggest checking out some non-classical financiers who have tried to get into the medical student loan realm - SoFi and CommonBond are two companies that come to mind.

Thank you. I reached out to CommonBond and learned that they only lend US-based students (PR and Citizens) at this time. I will explore a bit more about SoFi. Thank you again.

 

[blendermd]

going cali north state med school? why are you taking out private loan? are you forced to?

 

[ooh a bean]

going cali north state med school? why are you taking out private loan? are you forced to?

I'm under the impression that he or she doesn't qualify for federal loans since he or she is not a US citizen.