<p>@mom2collegekids- Thanks for replying. Yes, I do have an eligible cosigner- he's a non citizen permanent resident- a former student of my father. His yearly income is quite a lot and he has good transaction records and no history of taking a loan himself up till now.
I intend to work as much as I can, while keeping up my studies, in order to keep the outstanding loans at a safe amount. I don't know what the monthly interest rates are going to be yet. Starting from 4.25% they can go up to 13.75%. I'm hoping it would stay within 8%.
Well, the college where I got accepted, Sarah Lawrence (New York), has given me a combined aid and scholarship package of $37,000 yearly. Since the total cost of SLC is $57,000 per year that leaves me with the responsibility of the remaining $20,000. My father has agreed to give $9000, which means I have to take a loan of $11,000 each year. For a total of four years that would be $44,000.</p>
<p>@happymomof1- Thanks for the reply. Actually, no I can't.. I depend on Sallie Mae to cover a majority of the cost. The application at Sallie Mae requires the student visa...and processing the student visa requires an adequate source of funds, so I guess the paradox remains. I'm also wait listed at two other colleges (Bryn Mawr and Mount Holyoke) and hope to transfer there if I eventually get a positive response from them. Thanks a lot for suggesting the International Students Forum. Since I'm new and joined only to get a fast solution to this problem, I hadn't really looked around much. I posted the question there just now!</p>
<p>-Do you guys think it's financially wise to take the burden of a loan of that amount? I really want to go to college this year, it's an almost necessity, I can't take a year off and re-apply. But then again, I'm not sure how high the interest rate is going to be or if I can manage a part time job that pays well enough. Moreover, I might have to take a year or two off after finishing college to pay off the loan, before going to university..
Everything is contingent upon the interest rate. If it stays within 8%, I'm willing to take it up. I just hope it doesn't rise beyond that.</p>