Teedawg:
Prodigy finance is not an American company its the same as getting a loan from micro finance bank or where ever in your country second its easier to get a loan after your first year also these cooperation mostly offer loans to students going for graduate studies or are at least not in the first year of college . Now the companies that offer loans to first year students like discover,sallie, and co don't do that. List the amount of Nigerians you know that have used these companies pre approval as proof of funds at the embassy and school or even the so called prodigy finance. The Indians you keep talking about are not Nigerians and mostly have a different system if it was so easy we would have had a lots of stories we won't even be having this conversation
Also I am not saying this based on hear says alone.

Chidinho10:


Hehehehe, I cant start overflogging issues here. You are beating around the bush here.
People here have used pre approval forms of cosigner and noncosigner loans and gotten their visas. I cant force you to believe what is real
ishow, ugoh11

Teedawg:
Oya let them come and explain I rest my case

Chidinho10:


Ugoh11 did that already. Use the search bar and check for it.

gokuu:


The real difference between a loan that is co-signed and one that isn't is the interest rates, co-signed loans are usually cheaper.

gokuu:
On the student loans issue.

I will just say that getting student loans is a very acceptable way of paying for your education. In fact, the vast majority of Americans pay for school with the use of debt. Where I work, many people have gone for MBA programs with a combination of personal funds, partial scholarship, and student loans - with loans constituting the highest proportion. The loans have been either US loans or International loans like Prodigy.

In fact, last August two colleagues went to MBA programs at Duke and Wharton; they both took loans. The Duke lady took a Discover loan (last I checked this was a US company) with no US cosigner. But there are some nuances to this because the MBA program has a understanding with some of the banks and lending agencies to fund their students and disbursements are made to the University directly so there is no need for all that SEVIS, SSN thing.

The bottom line is that extremely few people have USD200,000 to pay for MBA program so many take loans. If you get accepted to the Kellogg or Columbia MBA, they will let you know about all the loan options available to you.

In Nigeria, we are very averse to loans and debt; and we generally believe things we cannot pay for outright are not for us. That is why many here just shun loans totally.

The real difference between a loan that is co-signed and one that isn't is the interest rates, co-signed loans are usually cheaper.

femi312:
Teedawg Please just forget this loan issue, its obvious these guys cant comprehend simple write up..They keep talking and giving examples about loans that don't require cosigner when the main point and bone of contention is a loan facility with cosigner. No one is arguing whether or not you can use prodigy or whatever as proof of fund. But saying you will go to the embassy with Salie mie and the rest that require cosigner in the US is misleading and I wont agree to until you bring forth a proof. The main point of F1 visa interview is to proof intent of not immigrating and show ties.

imperiouxx:


WRT to citizen and PR holder, almost all loans don't require cosigner. Cosigner is needed when your credit score and history is not good. All federal loans don't require any cosigner. If your credit score is poor and that of your cosigner is good, finding the average might not give your a good rate.

Teedawg:
Dude no one here is saying student loans are bad or not .. Or American company or not its simple the loan companies people have mentioned so far are in agreement with school thats why the companies mostly have a list of schools you can go to using their loans.

Teedawg:
They are not mostly like traditional loans the Americans you keep talking about use.

Teedawg:
Also cosigned loans aren't cheaper it depends on how much you borrow the payment rate you choose and how long you choose to repay.

gokuu:


Isn't this what I just said?



This is my first comment on this, and I do not even understand your gibberish.



ALL OTHER THINGS BEING EQUAL.
I guess you did not do any economics in school. This is a "Ceteris Paribus" argument. Obviously we would be comparing the exact same loan profile except for the co-signer part.

What are you not understanding about this?

gokuu:


Yeah. I will just note that credit models are used in pricing loan facilities, not averages. But in a general sense, with a poor credit score, you can get interest rates of 100+ basis points less with a good co-signer - the magnitude is not clear but having a good co-signer does not hurt. That's why I used the term "usually."

ElDeeVee:


You make it sound like Tennessee is a small village. Where in TN is your "friend's" school

gokuu:
On the student loans issue.

I will just say that getting student loans is a very acceptable way of paying for your education. In fact, the vast majority of Americans pay for school with the use of debt. Where I work, many people have gone for MBA programs with a combination of personal funds, partial scholarship, and student loans - with loans constituting the highest proportion. The loans have been either US loans or International loans like Prodigy.

In fact, last August two colleagues went to MBA programs at Duke and Wharton; they both took loans. The Duke lady took a Discover loan (last I checked this was a US company) with no US cosigner. But there are some nuances to this because the MBA program has a understanding with some of the banks and lending agencies to fund their students and disbursements are made to the University directly so there is no need for all that SEVIS, SSN thing.

The bottom line is that extremely few people have USD200,000 to pay for MBA program so many take loans. If you get accepted to the Kellogg or Columbia MBA, they will let you know about all the loan options available to you.

In Nigeria, we are very averse to loans and debt; and we generally believe things we cannot pay for outright are not for us. That is why many here just shun loans totally.

The real difference between a loan that is co-signed and one that isn't is the interest rates, co-signed loans are usually cheaper.

omoluabiguy:



@bolded, except the person you are talking about is a US Citizen or residency, then that’s a very horrible lie from the deepest pit of hell! Loan and SSN are related like brothers and sister. No loan or financial company in the US would give you a loan without SSN to run a credit check on you. Let’s be factual about the information we give on here in order not to mislead people.

***In addition***

If you are an international student, you ain’t getting no jack student loan without a co-signer even if you have excellent credit at that! I stand on that! YES!

LagosismyHome:


Some schools have special arrangement outside of the norm .... have two friends who went to Wharton MBA on loan. Don't have the full details but I specifically asked both if they had a co signer and both said no .

It all arranged by the school and given based on the post employment ability after graduation

omoluabiguy:


I don’t want to believe that, It’s either your friends have you wrong information, but If the international student office stand for them, then it’s still considered as cosigner!

So that still brings us back to the fact that if there is no creditworthy cosigner, no student loan for an international student!

LagosismyHome:


You just like to argue so i leave you with what you believe.....

when you know the strenght or worth of wharton MBA then you realise some schools have special arrangement

omoluabiguy:


I want to believe your information is based on hearsay. Now let me put a light on it for you.

There is something known as “Economic Hardship” for a student on F1. And that lifeline is not available until after 1 year in college. Now when a student file for economic hardship, the best the school can do for such student is to authorize the student to work off campus and not student loan. Any F1 student that gets a student loan in the US has got a creditworthy cosigner. This is not a matter of arguement. It’s a public knowledge and all thanks to google.

I rest my case

thefacelessguy:
VO: Who is paying your bills?
Me: ( I wasn't expecting this but I just answered naturally...God just helped me at this point)
I've been working for 2 years after graduation, so I've been saving up for school( I submitted my personal statement to school so it reflected on my I-20 as personal funds of less than $7k) but I would be supported by Uncle who works as a Drilling Engineer at Total E&P( at this point, she was obviously not listening)
As soon as I mentioned personal funds, her attention just went off to the I-20 which reflected the funds.

omoluabiguy:


I want to believe your information is based on hearsay. Now let me put a light on it for you.

There is something known as “Economic Hardship” for a student on F1. And that lifeline is not available until after 1 year in college. Now when a student file for economic hardship, the best the school can do for such student is to authorize the student to work off campus and not student loan. Any F1 student that gets a student loan in the US has got a creditworthy cosigner. This is not a matter of arguement. It’s a public knowledge and all thanks to google.

I rest my case

Albertone:
Hello everyone,I want to start my university education in the US.I just want to start all my preparations from the scratch.I will like to know the budget so as to prepare my parents starting from now on.These are my questions:
1.How much is the amount of money that I will need to start my preparations from the begining in Nigeria?
2.Apart from the tution fees,how much will I need in US for my upkeep,bills,accommodation and taxes,e.t.c for a year?
Thanks in advance.

Teedawg:
I did and I see the same thing I previously stated

LagosismyHome:


Non Cosigner Student loans for MBA... FACTS . there are several out there but to point out some


1. Johnson at Cornell University in partnership with QUORUM Federal Credit Union offers no co-signer loans to students enrolled in full-time two year MBA as well as the accelerated MBA program. The loan amount would cover the cost of tuition after deduction of scholarship amount if any.

2. The NYU Stern School of Business in association with The First Marblehead Corporation and Union Federal Savings Bank provide a no co-signer loan to eligible international candidates.

3. Duke Fuqua School of Business offers a no co-signer loan through Coastal Federal Credit Union with the current rate being 8.25%.

4. Haas School of Business provides loan assistance through the Eli Lilly Credit Union to international students without a U.S. co-signer.

5. At Wharton, students can take a loan to cover up to 80% of the total student budget which includes tuition and living expense. Wharton in collaboration with Quorum Federal Credit Union would be offering this no co-signer loan to international candidates from the fall 2013 semester.

6. Yale School of Management offers the Yale International Student Loan to all international students. This loan does not need a U.S. co-signer and covers the tuition and fees after deduction of scholarships. The interest rate is fixed at 7.75%.

7. The Darden School of Business and the Darden School Foundation have entered into a multiyear International Loan Program agreement with Discover to provide no co-signer international student loans beginning with the class of 2014. The maximum loan amount is fixed at $65, 000 per year.

8. UCLA Anderson has partnered with Eli Lilly Credit Union to provide no co-signer loans up to $85,000 per year.

9. International students admitted at UNC’s Kenan-Flagler Business School can borrow up to $50,000 per year through the Coastal Federal Credit Union without needing a co-signer.

.

LagosismyHome:


Non Cosigner Student loans for MBA... FACTS . there are several out there but to point out some


1. Johnson at Cornell University in partnership with QUORUM Federal Credit Union offers no co-signer loans to students enrolled in full-time two year MBA as well as the accelerated MBA program. The loan amount would cover the cost of tuition after deduction of scholarship amount if any.

2. The NYU Stern School of Business in association with The First Marblehead Corporation and Union Federal Savings Bank provide a no co-signer loan to eligible international candidates.

3. Duke Fuqua School of Business offers a no co-signer loan through Coastal Federal Credit Union with the current rate being 8.25%.

4. Haas School of Business provides loan assistance through the Eli Lilly Credit Union to international students without a U.S. co-signer.

5. At Wharton, students can take a loan to cover up to 80% of the total student budget which includes tuition and living expense. Wharton in collaboration with Quorum Federal Credit Union would be offering this no co-signer loan to international candidates from the fall 2013 semester.

6. Yale School of Management offers the Yale International Student Loan to all international students. This loan does not need a U.S. co-signer and covers the tuition and fees after deduction of scholarships. The interest rate is fixed at 7.75%.

7. The Darden School of Business and the Darden School Foundation have entered into a multiyear International Loan Program agreement with Discover to provide no co-signer international student loans beginning with the class of 2014. The maximum loan amount is fixed at $65, 000 per year.

8. UCLA Anderson has partnered with Eli Lilly Credit Union to provide no co-signer loans up to $85,000 per year.

9. International students admitted at UNC’s Kenan-Flagler Business School can borrow up to $50,000 per year through the Coastal Federal Credit Union without needing a co-signer.

.

omoluabiguy:



Ok thanks for The enlightenment. I’ll read it up! Atleast I get to learn something from this back and forth arguement

Chidinho10:


A friend (not on this thread) got the Yale SOM loan you mentioned for fall 2017.