<p>I am from Israel and applying for *universities in the Us. The schools I applied to cannot offer my financial aid or scholarships. I would like to take out loans to make my attendance possible to the amount of around 40-80 thousand USD total for the 4 years. PLEASE do not lecture me that it is not worth it, i conducted a long research and i have made my decision. Financial institutions in israel won’t lend me the money. I have a US citizen (family) as a cosigner. I tried GSLC but they won’t lend me because israel is not in their programme. Any suggestions please?</p>
<p>Note that student loans are usually approved one year at a time. Depending on the credit-worthiness of your cosigner, there’s a possibility that banks will cut off your loans at some point before you graduate. Be sure to have a backup plan in the event that you must leave said university with $50,000 in debt and no degree.</p>
<p>thank you for the reply! how do i know the credit-worthiness of my cosigner in order to make sure something like this doesn’t happen? can use a different cosigner after a year or two? what are some backups that i can think of? thanks again</p>
<p>Yes, you can absolutely have different cosigners for different loans. </p>
<p>There’s two aspects to credit-worthiness:</p>
<p>(1) Has he handled all of his credit responsibly in the past? That’s reflected in a single number called a credit score, which your co-signer may or may not know. (By the way, your interest rates will depend on his credit score!) </p>
<p>(2) Is his income high and stable enough, and his other debt low enough, that he would be able to repay your loan if need be? For example, banks might think he can handle $40,000 but not $80,000; that’s why they might approve your student loan applications for two years but not a third.</p>