Green card = student loans?

[Hydey 0]

Hi VJers,

Once you receive your green card, i am aware that you are the eligible for student loans. I will be in need of this as i am looking to attend a community college and build up my credits, before transferring to a state school. But my question is this, how hard is it to get a student loan with legal permanent residency? One guy told me it is too hard and frustrating, and with no credit history you don't get anything here, and my whole life plan here starts out with me going to school alongside my Wife.

What are the facts here?

[Dr. Obvious 49]

I see you are 19. Have you looked into filing FASFA to seeing what other options there are besides loans? I am having trouble believing you would make too much money to get any aid period at your age.

[Hydey 0]

I see you are 19. Have you looked into filing FASFA to seeing what other options there are besides loans? I am having trouble believing you would make too much money to get any aid period at your age.

What is FASFA? I am looking at loans for community college eventually. Not too familiar with how the whole system works here.

[Otto 83]

Free Application for Federal Student Aid

[Hydey 0]

On that note, how do my GCSE high school grades convert to a high school diploma here, what do i need to show that i have them?

[melusine 5]

Green card = eligible for student loan (but most probably not accepted yet)

need a co-sponsor with a good/long credit history

[Hydey 0]

Green card = eligible for student loan (but most probably not accepted yet)

need a co-sponsor with a good/long credit history

Such as my mother-in-law? This would make sense.

How long until it would be accepted?

And what is the best way to build a credit history here in the US as a green card holder?

[Otto 83]

Green card = eligible for student loan (but most probably not accepted yet)

need a co-sponsor with a good/long credit history

Such as my mother-in-law? This would make sense.

How long until it would be accepted?

And what is the best way to build a credit history here in the US as a green card holder?

Get a social security card/number (can't do much without that).

Get a credit card..even if it's with a low/minimal credit limit. Use it but pay religiously (clearing the balance to zero now and then). Is a good start.

[alexpapa 4]

Green card = eligible for student loan (but most probably not accepted yet)

need a co-sponsor with a good/long credit history

Such as my mother-in-law? This would make sense.

How long until it would be accepted?

And what is the best way to build a credit history here in the US as a green card holder?

A secured credit card is good to start, talk to Capital One, they won't mind giving you a card with a low limit with a 22% interest rate. Just always make sure that you pay more than the minimum amount due each month and try not to use more than 50% of your credit limit. It's not an exact science, but that will work.

You also need some kind of income, that helps your credit in a big way.

And nothing helps more than an installment type of loan - and as you probably won't be buying property soon, try to get a loan for a cheap car. This is one of the best ways to increase your credit score quickly, although you have to suffer with a high interest rate for your first few loans / revolving accounts.

And never ever make a late payment or miss a payment.

[Pineapple 0]

Did you visit and talk to your financial aid counselor in the community college or call your admission office in the school they give you the whole detail on your questions and inquires were do you plan to endroll you have to do it earliear to know the proper requirements they needed...

[cdn_in_wa 1]

Green card = eligible for student loan (but most probably not accepted yet)

need a co-sponsor with a good/long credit history

Such as my mother-in-law? This would make sense.

How long until it would be accepted?

And what is the best way to build a credit history here in the US as a green card holder?

A secured credit card is good to start, talk to Capital One, they won't mind giving you a card with a low limit with a 22% interest rate. Just always make sure that you pay more than the minimum amount due the entire balance due each month and try not to use more than 50% 30% of your credit limit. It's not an exact science, but that will work.

You also need some kind of income, that helps your credit in a big way.

And nothing helps more than an installment type of loan - and as you probably won't be buying property soon, try to get a loan for a cheap car. This is one of the best ways to increase your credit score quickly, although you have to suffer with a high interest rate for your first few loans / revolving accounts.

And never ever make a late payment or miss a payment.

I won't address which company you should apply for a CC - I don't know enough about any of their business practices - but someone will likely give you a card.

[venusfire503 54]

To establish your credit history a little faster: if your wife has credit card(s) and good credit, ask her to call the credit card companies and have them add you as a joint cardholder (not just an authorized user). I added my husband to mine, but later found out he was just an authorized user, which doesn't show up on his credit history. Once I had it changed to make him a joint cardholder, he then had a short but good and valid credit history. Also, if you can, it's fine to pay off your card every month or so - you don't have to carry a balance to establish good credit. The most important thing is to pay at least the minimum on time every month.

Also, you can check your credit report every year for free at AnnualCreditReport.com to see if you have anything there, and also to make sure it's accurate.

[vicmo 1]

Green card = eligible for student loan (but most probably not accepted yet)

need a co-sponsor with a good/long credit history

Such as my mother-in-law? This would make sense.

How long until it would be accepted?

And what is the best way to build a credit history here in the US as a green card holder?

A secured credit card is good to start, talk to Capital One, they won't mind giving you a card with a low limit with a 22% interest rate. Just always make sure that you pay more than the minimum amount due the entire balance due each month and try not to use more than 50% 30% of your credit limit. It's not an exact science, but that will work.

You also need some kind of income, that helps your credit in a big way.

And nothing helps more than an installment type of loan - and as you probably won't be buying property soon, try to get a loan for a cheap car. This is one of the best ways to increase your credit score quickly, although you have to suffer with a high interest rate for your first few loans / revolving accounts.

And never ever make a late payment or miss a payment.

I won't address which company you should apply for a CC - I don't know enough about any of their business practices - but someone will likely give you a card.

You could also try opening a store card (Best Buy/JcPenney's etc..) with a U.S co-signer with good credit. It is usually easier to get approved for store cards than credit cards.

Also about the student loans, for Federal Student Aid (FAFSA) you do need a green card .. *BUT* that is not the only way.. you could also get something called Private Student Loan (google for CitiAssist Loan).

In general private student loans have variable APRs and higher interest rates, but they have the advantage that you don't have to have a green card to apply for it (just a U.S cosigner).

[keweul 1]

On that note, how do my GCSE high school grades convert to a high school diploma here, what do i need to show that i have them?

I took the CXC exams in the caribbean (which is equivalent to the GCSE exams that you took) and all I had to show was my grades from the exams and Certificate that I completed High school...I think they have a way of converting the classes and grades...but to rest assured speak with a counselor at the intending school...

[cdn_in_wa 1]

Don't you think it's *completely irresponsible* to recommend to someone this young, just starting out, to carry any balance on their credit card at all?

And especially with the likelihood that, because of his lack of credit history, the OP will probably have a high interest rate on any card he manages to get?

Richard,

Get a credit card from somewhere, but make sure you don't apply to a whole bunch, just pick one or two that are likely to give you one (I've heard places like Target are good bets, but have no personal knowledge).

Use the card, but only to a maximum of about 30%, and PAY THE BALANCE OFF every month. That shows you are responsible and can handle credit.

Revolving loans are also useful for establishing credit, and good credit habits.

DO NOT start out your credit career by carrying balances on credit cards - It's a very expensive way to borrow money.

Start now on the right path to get a good rating and keep it.