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One of my relatives is moving to the US for Masters education. While we're trying to figure out the student loan in home country, I'd like to know if there are any private student loan options in the US.
There are at least 3 of us (with good to excellent credit history) who can cosign the loan but none of us are permanent residents. I did check some lenders like Salie Mae but all of them need permanent resident cosigners.

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uutxs said:   Repost
Not really. My question is about getting loan without a permanent resident (no green card) as cosigner.

Greencard or not, the main message is NOT to cosign!

If you still want to cosign:
Do any of you have significant assets (e.g., car, home) and can get a secured loan?

Is there a particular reason no to cosign other than the risk of default? Its for an immediate family member so I am ok to take the risk.
Secured loan may not work because I don't own a house and one of the cars is under loan.

uutxs said:   Greencard or not, the main message is NOT to cosign!

If you still want to cosign:
Do any of you have significant assets (e.g., car, home) and can get a secured loan?

carefreeninja said:   uutxs said:   Repost
Not really. My question is about getting loan without a permanent resident (no green card) as cosigner.


I cosigned for my sister two years ago but from about three banks we shopped around, they all required the cosigner to be a citizen or permanent resident.

carefreeninja said:   Is there a particular reason no to cosign other than the risk of default? Its for an immediate family member so I am ok to take the risk.
As a cosigner, you are as much responsible for the loan as the borrower. Banks can and will come after you if the payments are not made on time; they dont even have to pursue the borrower first. As such, it also affects your ability to get a loan for other purposes.

Any "issues" with the loan can potentially have a negative impact on family relationships.

In short, do this only if you are completely willing to treat this as your own loan, to be paid off by you (under the repayments terms of the loan).

The chance of any US Bank offering student loans without a US citizen or Green Card borrower/co-signer is probably zero : the reason is that the US bank cannot enforce any loan agreement once the borrower/co-signer has left the USA. Furthermore most student loans in USA that have reasonable terms (ie better than credit card loans) are guaranteed by the US government which naturally does not guarantee loans for foreign students.

On the other hand foreign students from certain developed countries seem to able to get grants & scholarships from their own government to study in USA which can work out to be a much better deal than anything available to US citizens.

ananthar said:   The chance of any US Bank offering student loans without a US citizen or Green Card borrower/co-signer is probably zero
Depends on the school and program. Banks have offices within university campuses to lend to international students. Ask any international student at Harvard or Berkeley.

when i looked 3 years ago the only option that did not require a US co-signer was a loan provided directly by the school itself. however it wasn't sufficient so we ended up going with the US cosigner option anyway



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