Approaching a Loan Institute for a Foriegn School
polycounter lvl 18
What is the best way to approach a bank if you need a almost year loan to go to a specialty school outside your country? FASA loans would not work in this case, as well as it not being a recognized "school" (think more like a Gnomon).
Which means I'm going to have to deal with much higher interest rates without any option for subsidization while attending. Ouch.
Here is what I have.
July-Febuary (+1 month extra at end for all)
16000 School
5000 Rent
2000 Food
400 Public Transporation.
Total: 23,400
I really want to go there (Think Tank Institute) as I like the owners (who are also instructors versus just PR and administration), and feel I could finally get in a place where I can work without interruption and absorb knowledge. That and unlike 90% of the so called CG schools/centers, they are allowing me to bypass the entry level courses/semester as per my background.
No real chance of working part time given the intensity. Plus that would require I believe a separate Visa from the Canadian government.
I have no collateral, make less than 20,000 a year right now. On the positive, have payed back any school loans leftover from college (about only 1000 though). Have a good record of receiving grants and even Pells to show that I am a dedicated student.
Im pretty much clueless. I have an account with a local Credit Union and when I searched before, the closest I could find for a loan request to what I need was "personal". I'd rather stay away from the larger corporate banks if possible. I do have an account with Navy Federal Credit Union, but my information with them is out of date. So it might seem pretty unreliable to contact them to update it then go around with a loan request.
What kind of information should I provide them? I assume Tax forms from the last few years. Actually I can see myself I'm a high risk. Especially when they see how many years I was out of work... shit.
Anyway, for those of you that have gone this route. What did you do? Other than borrow money from parents or have enough savings.
Which means I'm going to have to deal with much higher interest rates without any option for subsidization while attending. Ouch.
Here is what I have.
July-Febuary (+1 month extra at end for all)
16000 School
5000 Rent
2000 Food
400 Public Transporation.
Total: 23,400
I really want to go there (Think Tank Institute) as I like the owners (who are also instructors versus just PR and administration), and feel I could finally get in a place where I can work without interruption and absorb knowledge. That and unlike 90% of the so called CG schools/centers, they are allowing me to bypass the entry level courses/semester as per my background.
No real chance of working part time given the intensity. Plus that would require I believe a separate Visa from the Canadian government.
I have no collateral, make less than 20,000 a year right now. On the positive, have payed back any school loans leftover from college (about only 1000 though). Have a good record of receiving grants and even Pells to show that I am a dedicated student.
Im pretty much clueless. I have an account with a local Credit Union and when I searched before, the closest I could find for a loan request to what I need was "personal". I'd rather stay away from the larger corporate banks if possible. I do have an account with Navy Federal Credit Union, but my information with them is out of date. So it might seem pretty unreliable to contact them to update it then go around with a loan request.
What kind of information should I provide them? I assume Tax forms from the last few years. Actually I can see myself I'm a high risk. Especially when they see how many years I was out of work... shit.
Anyway, for those of you that have gone this route. What did you do? Other than borrow money from parents or have enough savings.
Replies
Anyway, Maybe check with ThinkTank and there human resources and ask what options you can get a loan to fund your schooling.
I know when I applied too VFS last year, they supplied me with info of what I qualify for gov't student loans and whats banks I could ask for a personal student loan.
lol
wow,only 16k for a year vs $50k for VFS.
Anyway, Maybe check with ThinkTank and there human resources and ask what options you can get a loan to fund your schooling.
I know when I applied too VFS last year, they supplied me with info of what I qualify for gov't student loans and whats banks I could ask for a personal student loan.
[/ QUOTE ]
Yea, VFS has gotten too big. Its lacking the interpersonal that this small school offers. In example, the human resources are the directors of the school (who again teach as well). Anyhow, that wont work as I am a international student in Canada and they aren't any type of accredited program with the Candian government.
I looked on Sallie Mae (even though they are corporate socialist whores [see 60 minutes expose]). Closest I could find was career training loans, but that still required state educational certification for the school.
Guess I will try the Credit Union locally next to see what they say (as they laugh hysterically while showing me the door after looking at my credit rating).
You know, I might as well ask, if anyone is familiar with this type of small intense with high hiring rate training school and knows one in the US. PM me. Gnomon is the closest thing I can think of, but Im not quite sure the amount of focus on animation it requires would help my modeling/shading/texturing figure abilities beyond boning. That and I would leave with a portfolio more for film than for games.
(Johny, its too many reasons to list. Lets just say I started 7 years ago trying to get in. Im not lazy, or lack drive, its more personal issues which I choose not to share which I am dealing with/admitting to. Lets just say we are all individuals and what works for some, may not work for another. I say this much 80% of it deals with a lack of self confidence.)
Edit: Forgot to add, thanks for the replies.
23,400 was the amount I came up with for room/board/school. July-February. Though mid June is when I would leave.
Local Credit Union A: Rejection.
Government Credit Union B:
IF I got approved. I would get no final approval or request to "hold off" to begin the loan for June. I would be notified the next day, and the loan would start the next month.
What I was "quoted" would be..
11% Interest
509 per Month for 60 months.
Total at end: 30,487
All things considered not terribly bad for a 5 year loan. Again though, IF I was approved (highly doubtful with no collateral, no credit history, and a part time job).
I'm checking with someone to see if its possible to have the monthly fee covered for me while I'm in the program since it wont leave time for work. Probably not possible, but verifying with them at least.
However, here is a Catch 22. Foreign Visa. Now, I can't apply for the loan until May at least to get the funds in July(If approved). I have no clue how the Canadian government works in such things (if someone here has experience, let me know).
Assumption Problems:
-I assume there is at least a month turn around for approval for a Visa.
-Assuming they will want to verify a foreigner has the money before allowing in country (not a deadbeat). Which means the loan will have to be approved before then.
-Finally, the type of Visa I could get is still questionable. Student? (Not a accredited Canadian Institution (yet)). If can't apply for student, and I can't say work, or even will be working, doesn't really leave many options.
I guess I need to contact whatever Canadian department or embassy to see how this all works. Does sound like a Catch 22 at this point however. Especially since it will require everything done at the last minute which means if I am rejected for the loan (which is more than likely), I will have a hard time breaking leases/reservations in Vancouver.
Hey, if nothing else, this thread can help others who look at foreign programs.