Friday, November 11, 2011

How does a US citizen going to medical school abroad get a loan?

Im a US citizen going to medical school abroad. My school is fully accredited with Federal, State (all 50), and World medical licensing agencies. However, it is not eligible for Stafford, or US government subsidized private loans as it does not have a large US student constituency. As of last month, my private lender (iefc.com) has STOPPED all student loans to US students studying abroad. I've had a hard time finding a new lender. Personal loans dont work, because they have a period of repayment in 4 to 6 years. What I need is a loan that is deferred until I start residency (4 years from now). Does anyone know a corporate lender who would consider lending to a medical student in a school NOT listed with Stafford? Where would I find a private individual willing to invest in my education (with interest, of course)? Maybe there is an investor board where I can showcase myself as an investment? I don't need to borrow much, about 10K per year would suffice as I live quite frugally.

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