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Internation student loans HELP!!
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electrictigerlily
Posts: 2 Newbie
Hi, i'll be applying soon to the University of Toronto, but will need to take out a loan of at least £60000 as i can only use employment to pay for luxuries (i have to prove i have the money on the visa forms and anticipated salary doesn't count). I'm a British citizen, so am not eligible for a Canada student loan and UK government loans only apply to universities in Britain. Where can I get so much money with a low interest rate but without needing to put up anything as collateral?
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You need to get someone to sponsor you for the visa I guess.All of the posts are my own opinion. Not necessarily they are 100% accurate.0
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Is that the right number of noughts?0
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You'll be lucky to get anything. If the university isn't offering any sort of financial assistance, then you're stuffed. There aren't many charities with that sort of money either. I would have thought being able to pay for this would have been the first thing to check out. Do you need to go abroad for the entire degree? Is it possible to stay in the UK and then do a year-abroad?
ONW, it depends on the course, but international students can expect to be paying upwards of $23,000 per year in tuition alone! For science courses it's more like $30,000. Then you have to consider living costs, health insurance, flights home, etc.0 -
The_One_Who wrote: »ONW, it depends on the course, but international students can expect to be paying upwards of $23,000 per year in tuition alone! For science courses it's more like $30,000. Then you have to consider living costs, health insurance, flights home, etc.
Thanks for that, although I was half joking at the idea that anyone would lend someone 60 grand for this, much less at a low interest rate!0 -
Oldernotwiser wrote: »Thanks for that, although I was half joking at the idea that anyone would lend someone 60 grand for this, much less at a low interest rate!
You never know. The American loan company (Sallie-Mae?) manage it, or did they go bust? I'm not sure. But apparently they are really quite ferocious in hunting students down for repayments.
In a lot of cases it's cheaper for US students to come here rather than stay there because of high 'out-of-state' charges. I think Canada is slightly more lenient towards their domestic students, but have little to no financial assistance to offer internationals, unlike in the States.0 -
electrictigerlily wrote: »Hi, i'll be applying soon to the University of Toronto, but will need to take out a loan of at least £60000 as i can only use employment to pay for luxuries (i have to prove i have the money on the visa forms and anticipated salary doesn't count). I'm a British citizen, so am not eligible for a Canada student loan and UK government loans only apply to universities in Britain. Where can I get so much money with a low interest rate but without needing to put up anything as collateral?
This may be a completely mad idea but perhaps you/your parents could remortgage your house?
I would seriously consider whether it's worth spending so much money to do a whole degree in Canada however. Is there any particular reason why you want to study there - have you been to Canada before and are you sure that you would cope with living abroad for a whole 3 or 4 years? As The One Who suggested you could just do a degree at a British university with a year abroad in Canada.0 -
I think you are going to struggle to find anyone to lend you this amount of money (I suspect too that you might be underestimating the amount you would need) without collateral and with a low interest rate (if at all actually). The commercial companies offering these loans in the US at least, demand a co-signatory who is a US resident and I think citizen for international students, and interest rates are about 15% accruing while you study, and repayments on graduation are instant and quite high. You also cannot discharge student debt through bankruptcy.I suspect Canada may be stricter in allowing loans at all. Google something like college debt misery just to find out what it's like to have this type of debt. It's really not a good idea.0
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mememememe wrote: »This may be a completely mad idea but perhaps you/your parents could remortgage your house?
That may be slightly over the top but i have found a way! There's a new rule coming in next year that lets me take out a UK student loan abroad. Sanity restored.0 -
electrictigerlily wrote: »That may be slightly over the top but i have found a way! There's a new rule coming in next year that lets me take out a UK student loan abroad. Sanity restored.
right so you can take your approximate 6K out of the country - that leaves you approx 54K to find......
Stashbuster - 2014 98/100 - 2015 175/200 - 2016 501 / 500 2017 - 200 / 500 2018 3 / 500
:T:T0 -
electrictigerlily wrote: »That may be slightly over the top but i have found a way! There's a new rule coming in next year that lets me take out a UK student loan abroad. Sanity restored.
Do you have a link to this? I'm quite interested in how they are going to attempt to work it. I'm assuming they won't be allowing students to take out the full whack, but an equivalent to the UK rate.0
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