HELP No US Cosigner for Student Loans

[CourtneyW 0]

I live in the UK and do not have a US cosigner. This means that I can only get a loan from 2 companies. There's MPower and one other, but they both have their own lists of specific universities that they support.

 

I can only get an MPower loan of $50'000, and that's a lifetime maximum amount. The other uni doesn't offer loans for my course.

 

I'm about $20'000 short of being able to prove to the Embassy that I can afford the whole year of my course, but without a cosigner I can't apply for any of the other student loans. I'm not sure what else to do now. Does anyone have any advice?

 

Also, does anyone know if a death certificate would help to prove to the Embassy that my family will be receiving inheritance?

 

Thanks x

[Boiler 43,433]

Why not borrow from UK sources?

 

Not sure what a death certificate has to do with a Student Visa.

[Lucky2Lucky 2,526]

Find a cheaper university? Is the US the only place that has the major you are going for? 20k short for a one year course... I can only imagine what the whole year cost- (And it makes me wonder if you are being taken advantage of) do you really want to get yourself into this debt? Also if you can’t obtain the loan you can wait until you are more able to afford it.- work a few years then apply.

[CourtneyW 0]

1 hour ago, Boiler said:

Why not borrow from UK sources?

 

Not sure what a death certificate has to do with a Student Visa.

I have just stated that my family will be getting some inheritance, but this won't come in until after I need to prove it by. Hence I asked whether a death certificate would help in proving the money will be coming in.

 

I have tried to look at other UK based loan companies but I can't seem to find any that will be able to offer the same terms as the student US ones, and that payment can be on hold until after studies end. If you know of any I'd be happy to check them out.

[CourtneyW 0]

1 hour ago, Luckycuds said:

Find a cheaper university? Is the US the only place that has the major you are going for? 20k short for a one year course... I can only imagine what the whole year cost- (And it makes me wonder if you are being taken advantage of) do you really want to get yourself into this debt? Also if you can’t obtain the loan you can wait until you are more able to afford it.- work a few years then apply.

It's a 1.5 year master's course but due to covid-19 I'm doing the first 0.5 year at home. I can prove I can afford the first year, but not the last 0.5. As I'm only going to be at the uni in the US in person for 1 year my Visa doesn't have to start until second semester, so they're taking 2nd and 3rd semester as my first year...if that makes sense?
I've looked long and hard, and literally only like 4 unis in the US do this type of course at Master's level.

I've earned some scholarships, which have been helpful, but yeah there's still a lingering amount (as this has obviously also taken into consideration rent and other costs)

[Lucky2Lucky 2,526]

10 minutes ago, CourtneyW said:

It's a 1.5 year master's course but due to covid-19 I'm doing the first 0.5 year at home. I can prove I can afford the first year, but not the last 0.5. As I'm only going to be at the uni in the US in person for 1 year my Visa doesn't have to start until second semester, so they're taking 2nd and 3rd semester as my first year...if that makes sense?
I've looked long and hard, and literally only like 4 unis in the US do this type of course at Master's level.

I've earned some scholarships, which have been helpful, but yeah there's still a lingering amount (as this has obviously also taken into consideration rent and other costs)

Wow that's so much I don't think my masters was that high (although I didn't include living expenses). Have you spoken with the financial aid office and whatever the equivalent for international student office the university has? Hopefully they have resources as I'm sure you are not the first person without an U.S. based co-signer. Please please make sure it is a legit university and legit program as well (not saying that you haven't- its just so many fake universities pry on international students)

[Boiler 43,433]

 Bank Building Society, needs to be a loan not necessarily a Student one.

[SusieQQQ 11,584]

My understanding (as someone who has been an international student) is that most such students who need loans, get those from a home country source.  
And as someone who’s worked in banking before - I’m actually kind of surprised that you have found a US loan company willing to offer you funding that doesn’t need to be paid back till afterwards when chances are you won’t even be working in the US afterwards. This potential lack of authority to enforce repayments is what usually makes foreign funding hard to get/why most require a US co-signer.
 

Admit to being somewhat curious as to what is so specialized that only 4 US colleges (out of the hundreds if not in the thousands that have graduate school) and no UK ones offer it.

Edited June 17, 2020 by SusieQQQ

[SusieQQQ 11,584]

As for the inheritance, surely a copy of the will would be more use than a death certificate?  All the latter shows is that someone passed away.  (I’m not sure if even just a will without proof the assets exist will work...but it’s probably your best shot?)

Edited June 17, 2020 by SusieQQQ

[CourtneyW 0]

2 minutes ago, SusieQQQ said:

My understanding (as someone who has been an international student) is that most such students who need loans, get those from a home country source.  
And as someone who’s worked in banking before - I’m actually kind of surprised that you have found a US loan company willing to offer you funding that doesn’t need to be paid back till afterwards when chances are you won’t even be working in the US afterwards. This potential lack of authority to enforce repayments is what usually makes foreign funding hard to get.
 

Admit to being somewhat curious as to what is so specialized that only 4 US colleges (out of the hundreds if not in the thousands that have graduate school) and no UK ones offer it.

I didn't say they didn't do it in the UK. I already have 2 degrees. Going back for a third.

It's actually really common in the US to get a student loan with these terms, there are loads of companies. But only 2 that don't require a US cosigner.

[CourtneyW 0]

1 minute ago, SusieQQQ said:

As for the inheritance, surely a copy of the will would be more use than a death certificate? 

Yes certainly  though it is in the possession of an aunt, and to save coming across as a little rude about it I thought maybe a death certificate would be a bit easier on everyone. But yeah, a copy of the will makes more sense

[CourtneyW 0]

1 hour ago, Boiler said:

 Bank Building Society, needs to be a loan not necessarily a Student one.

Hmmm...okay thanks

[SusieQQQ 11,584]

7 minutes ago, CourtneyW said:

I didn't say they didn't do it in the UK. I already have 2 degrees. Going back for a third.

It's actually really common in the US to get a student loan with these terms, there are loads of companies. But only 2 that don't require a US cosigner.

For reasons I explained. It’s not the loan terms themselves that are surprising but the fact that offer it to a foreigner.
 

Well...if you think $70k+ COA and large loan debt is worth it for a further degree in a subject you already seem to have studied ...I presume it must be potentially very lucrative so a couple percent difference in interest rates shouldn’t be an issue. Couldn’t you start using the inheritance to make monthly repayments that you imply are required from a UK source, seeing as you seem to have a hit a wall on getting it fully funded out of the US.

Edited June 17, 2020 by SusieQQQ

[CourtneyW 0]

4 minutes ago, SusieQQQ said:

For reasons I explained. It’s not the loan terms themselves that are surprising but the fact that offer it to a foreigner.
 

Well...if you think $70k+ COA and large loan debt is worth it for a further degree in a subject you already seem to have studied ...I presume it must be potentially very lucrative so a couple percent difference in interest rates shouldn’t be an issue. Couldn’t you start using the inheritance to make monthly repayments that you imply are required from a UK source, seeing as you seem to have a hit a wall on getting it fully funded out of the US.

This has actually been really helpful on giving me some perspective. Would the Embassy accept a copy of a will as part of the proof?

I think I'll look a little more into that. Thanks! Big help.

[SusieQQQ 11,584]

39 minutes ago, CourtneyW said:

This has actually been really helpful on giving me some perspective. Would the Embassy accept a copy of a will as part of the proof?

I think I'll look a little more into that. Thanks! Big help.

I have no idea but I don't see what other option you have to prove the money is coming.