Bank Loan: will it Hurt your F1 Stamping Chances

T

tweetybird1979

New Member
Hi,

I have gained admission into a top 10 MBA school in US. Every admited student is guranteed a loan. The school allows and puts the bank name as "source of funds" in the I-20. However, I am afraid that showing loan in the I20 itself would indicate an immigrant intention to the consular officer. So, I would like everybody's opinion on which of the following is the best. I have personal funds to show.

a) Full amount from Personal Funds
b) Take maximum allowable Bank Loan and show rest as personal funds
c) take maximum allowable Bank loan and show maximum showable personal funds ( even if it means showing twice the moolah)
d) Show full amount from personal funds and then also show a loan from a bank in your home country.

I'd be happy if everybody who are in the same situation can give their vote/opinion on what is the best. The main thinking behind the question is the consulate officer should not consider " not taking loan" as "not good enough for a loan".

Thanks in Advance!
 
tweetybird1979 said:
Hi,

I have gained admission into a top 10 MBA school in US. Every admited student is guranteed a loan. The school allows and puts the bank name as "source of funds" in the I-20. However, I am afraid that showing loan in the I20 itself would indicate an immigrant intention to the consular officer. So, I would like everybody's opinion on which of the following is the best. I have personal funds to show.

a) Full amount from Personal Funds
b) Take maximum allowable Bank Loan and show rest as personal funds
c) take maximum allowable Bank loan and show maximum showable personal funds ( even if it means showing twice the moolah)
d) Show full amount from personal funds and then also show a loan from a bank in your home country.

I'd be happy if everybody who are in the same situation can give their vote/opinion on what is the best. The main thinking behind the question is the consulate officer should not consider " not taking loan" as "not good enough for a loan".

Thanks in Advance!
Click to expand...

What kind of evidence did you submit while you applying to school to support your education in US? Is it bank loan? US banks will not lend you loan with out a permanent resident/US Citizen guarantee
 
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If you can get a bank loan to support your education in the US without being a PR or a Citizen...hit me up~! :rolleyes:

Even the top 10 MBA programs in the nation LOVE International students due to the fact that they bring in Hard Green Cash into this country. (No student loan, no bank loans.)

OK, if it's some kinda program by the school, now that's different. I think USC (University of Southern California, home of the Trojans~!) offers some kinda "MBA payment plans" program for International students, then IT'S NOT A BANK LOAN. On its I-20, it still says "Family Fund" as the main scoure of paying the school fee.

Good Luck & remember to hit me up if you know how to get a bank loan bro ~
 
yes! all schools from Harvard, stanford, wharton, kellogg, tuck, michigan, MIT, columbia, darden, -- have guranteed loans from banks like Citibank etc for international students. Admitted students have an option to show source of fundings in I20 as " Loan from Bank X". The money will be given after the visa is issued.

now can you please answer my question :-)
 
great guru,

that is the decision i am yet to make. I need to send proof of funds to school for I20. I am debating whether to use the bank loan option or to use only personal funds
 
tweetybird1979 said:
yes! all schools from Harvard, stanford, wharton, kellogg, tuck, michigan, MIT, columbia, darden, -- have guranteed loans from banks like Citibank etc for international students. Admitted students have an option to show source of fundings in I20 as " Loan from Bank X". The money will be given after the visa is issued.
now can you please answer my question :-)
Click to expand...

can you switch? by that, i mean when you 1st apply, use "Family Fund", then 1 sem. later, you switch to the Loan. Yet your I20 will remain the same for all the time. (assuming that you don't loss it or switch major or transfer.....'transfer out of a Top MBA Program'? :rolleyes: :D )

thx bro, if what you said is true, maybe i should start working on my GMAT exams... ;)
 
Even the schools which are ranked between 10-20 are offering loans to internationals without any cosigner. Kelley school of business, Indiana is one such schools. I will be joining this school this fall.
Following is the information about the loan to internationals on the web pages of Kelley (accessible only to the admitted students)

"The Kelley School of Business has recently partnered with SallieMae® to provide a no-cosigner student loan for our admitted international students. This program will allow you to borrow up to the full cost of tuition, mandatory fees, and student health insurance costs during each of your two years in the Kelley program. The current estimate for these costs is thirty thousand U.S. dollars per academic year. This loan is able to be utilized as part of the I-20 process. "

You can find this information in the following page also.
http://www.kelley.iu.edu/MBA/admissions/finaid.cfm

So the bottom line is LOANS are available for internationals without any co-signer at some of the top MBA programs.
 
I, myself , am debating the same issue
For me, it's better to show personal funds for the first year and use the loan facility for the second year of education.
I checked the monthly repayments of salliemae and felt its no such a big deal to repay the loan even if working from the home coutry (India in my case). For a loan of $30k, for an APR of 5.75% and for 15 year loan term the monthly repayment is around $250. I think we can justify this to the consular. But I would suggest not to take $55k as loans as offerred by some of the top B-schools and definitely not for both years. Then justifying repayment would be almost impossible.
Also taking a student loan from an Indian bank costs me more becuase of high interest rate and the process is still not hassle free. Bank requires collateral for an amount > Rs. 400,000 ($8500). So I don't see any harm in availing the loan facilitated by B-schools. (ofcourse it all depends on how the consular sees it)
 
tweetybird1979 said:
great guru,

that is the decision i am yet to make. I need to send proof of funds to school for I20. I am debating whether to use the bank loan option or to use only personal funds
Click to expand...

Go for 20% personal fund and balance from Salie's guarenteed loan.

Even if you show 100% personal fund, again it is counsel decision to issue F1. When I showed 100% personal fund/bank statement ($42k per year) in 1992 to go to Washington University, MO for MS in International Project Management, the counsel asked me, you have so much fund , why do you want to go to US for study?. Finally on appeal too, he rejected my F1. Old story
 
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Loan options

Hi Guys,
maybe someone can help me i have got admission for MBA. I want to apply for a loan , since my GC is in process i cannot get FAFSA loan and am finding it difficult to get a loan my credit is excellent but when it comes to Edu Loans most banks i asked needs a US Citizen or GC co Signer which i dont have . I am willing to put in about 20% of the Loan amount can anyone advise if there is a Solution for me.

Appreciate your help in this

Thanks,
 
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