flipperz_39

Hello all:

I would appreciate some advice.
I am in the US on a K1 visa. Have already applied for a change in status (i.e. I-485) and a work permit (i.e. I-765) and have given the biometrics recently as well. I am seriously thinking about attending grad school, and have gotten the admission too.

However, I am getting a hard time convincing banks or the school to give me a loan. Either they say that until I am not a Permanent Resident, I cannot be given a loan, or that my credit history doesnt exist. Has anyone else been in this situation? Is it there any type of loan that I can apply for other than the secured loan (i.e. where you deposit the amount to the bank that you would like to loan out)?

Thank in advance
flipperz

cmstrick

i don't remember exactly what it takes to apply for a loan b/c my husband entered on a k-1. i do remember that as soon as he had his SS# i added him to my credit card and car loan accounts to he could start building credit. his credit is now better than mine LOL. i think he can now obtain student loans, but i do believe he had to wait to become a resident.

student loans are probably more difficult to obtain than a personal loan or credit card. you might try to get a personal loan or credit card until you become a resident alien able to apply for student loans.

Waterpony

From personal experience, if you are applying for a student loan through FAFSA, the requirement is to be permanent resident (or conditional permanent resident) - they will ask for your A number in the application, and check the status with USCIS. In our case, it took only a few days for the status check to be completed.
I know this may not be the best solution, but while waiting for your PR to be adjudicated, did you consider a payment plan through your school? Payment plans are much shorter than a loan, but perhaps that would help.
As for your credit history, I was in the same situation - I felt that I would be in better situation with bad credit than no credit...
I started with one secured card, then accepted a-not-so-great offer for another credit card, after about a year, something was showing on my credit report and didn't have problems ever since (meaning I was able to get other credit cards, a car loan, mortgage...). My daughter, on the other hand, was offered a student credit card when she started college and that's how she started building her credit. When you enroll in grad school, look for student credit cards, they are usually easy to get.
Good luck

scrubbedexpat099

Get your wife to take out a loan in her name, you are an unknown from a credit perspective. Also you may have issues if you are looking at in state rates.

ian-mstm

By and large, the info you've gotten is correct. It is difficult to get a loan without PR status and without a credit history. However, there are avenues to pursue. Start with TERI. I was a K-1 at the time, waiting to adjust status... and I completely financed my graduate education with a TERI loan.

Ian

flipperz_39

Hi Ian and everyone else who responded:

thanks a lot for your prompt responses. Ian, thanks for the specific info on the TERI loan. I am looking into that now. Just need to figure out who to use as my reference since I've only been in the US for few months. But shouldnt be a big deal.

Thanks again!
flip out