<p>I know this question may sound a bit strange but I hope it’s understandable all the same.
Let’s say that I can’t afford university and I have to contract a loan. Do I have to contract this loan before even sending my application (to show the uni I’m applying to that I actually can afford it thoroughly) or only afterwards, in case I’m admitted?
Or do you only have to guarantee you’ll be able to pay just for one year?
I think the second option is more logical because you have to do contract a loan only when you’re sure of being admitted. But I’m not sure…who can help me?</p>
<p>Second option.</p>
<p>Are you familiar yet with FAFSA, government loans, etc?</p>
<p>Generally speaking, a college puts together a “financial aid” package outlining which government loans, government work-study and any college-specific aid in the form of grants and scholarships that you qualify for (assuming you are a US citizen and filled out your FAFSA forms in time, usually in January the year before you attend college.)</p>
<p>After that, the college generally doesn’t concern itself if you can afford the package (usually there are gaps that you pay then in cash or private loans) or not. The college doesn’t concern itself if you can afford the college for 1 year or 4 years. For some colleges, obvious ability to pay all out of pocket (vs them offering college-funded grants or scholarships) is a bonus for admission purposes, but other than that, no, the colleges don’t keep track of any of ability to pay beyond that.</p>
<p>so to sum it up it’s like this: you get admitted (they don’t take into account the money “factor”, of course, supposing you don’t ask for it) and then all the rest comes, am I right?
(so if you don’t actually ask for financial aid, they obviously take for granted that you can afford university, but is it only a matter of trust or do universities check your finances somehow?)
thanks</p>
<p>American students do not have to provide documentation…international students do. Your writing style indicates that you are not an American…is that right? It’s my understanding that you will not be able to obtain a student visa unless you submit the required documents to prove that you have the means to study at the U.S. school you’ve been accepted to. I believe they require the full COA, less any aid (ie scholarships) that the school has offered. The school should have this info on their website if you look/search for “international admissions”.</p>
<p>For MOST colleges, they are need-blind which means that the people who look at your college application to allow you to attend are separate from the people who put together your financial aid package and don’t talk to each other before rendering a decision. HOWEVER, if you don’t ask for the aid and you end up needing it to attend, they won’t give you any institutional aid and you end up with “admit/deny”, which is basically you get admitted to the college but can’t go because they don’t give you enough money to attend. They don’t bother checking your finances because they don’t really care if you’re lying about needing aid or not; if you lie and say you don’t need aid when you really do, all that will happen is that you won’t be able to afford to go the college. They won’t kick you out, but you won’t have any money to pay the bills.</p>
<p>I would definitely say that most colleges are not, in fact, need blind. Most colleges take your financial situation into consideration during the admissions process. But you do not begin the load process until you have (hopefully) been accepted because all colleges have different financial aid packages. Included in these packages are often the option to take out loans, but there may also be scholarship and/or grant money offered, depending on you and depending on the individual college. I am not even sure you can take out a student loan before you are accepted to a college.</p>
<p>@sk8rmom : yes, unluckily I still have to think a bit before writing (to sound natural) 
and yes I’m intnl. My question is a bit different, though.
Let’s put it that way: my family is not millionaire, but they say they will make an effort so that I can attend this kind of college. Now, it’d be totally useless to contract a loan even before getting admitted, wouldn’t it? So, as things stand now, I don’t have that sum of money but I will get it as soon as I know I’ve known I’ve been admitted (in case I get admitted). However I’m afraid that the colleges I want to send my application to don’t know that and they reject me because they think I can’t afford them.
So can you please tell me if I’m right?</p>
<p>Well, most colleges aren’t need blind for internationals…many aren’t really need blind for US citizens either! I think it really depends on the college and whether you’re asking them for FA, how much aid you would need in order to attend, and whether they guarantee to meet need or not. What schools are you applying to? It’s possible someone here (or on the International forum) will be familiar with their admissions and aid policies.</p>
<p>*I would definitely say that most colleges are not, in fact, need blind. Most colleges take your financial situation into consideration during the admissions process. *</p>
<p>**Most colleges ARE NEED BLIND to Americans/green card students. ** Virtually EVERY public U is need blind and many privates are as well. Only a smallish number of schools are “need aware.” Typically, the schools that are “need aware” are ones that meet need, but don’t have huge endowments, so they like to look at finances when accepting. Schools that don’t meet need don’t have this concern.</p>
<p>There are some need blind schools that are need aware for int’ls.</p>
<p>Let’s put it that way: my family is not millionaire, but they say they will make an effort so that I can attend this kind of college. Now, it’d be totally useless to contract a loan even before getting admitted, wouldn’t it? So, as things stand now, I don’t have that sum of money but I will get it as soon as I know I’ve known I’ve been admitted (</p>
<p>Are you saying that when you apply, you won’t be applying for financial aid? If so, the school may assume that you’ll be a full-pay student.</p>
<p>Where will you be applying? Will your home country be giving you these loans? How much were you going to borrow each year? How much will your parents pay each year?</p>
<p>@mom2collegekids: hello
“Where will you be applying? Will your home country be giving you these loans? How much were you going to borrow each year? How much will your parents pay each year?”</p>
<p>Money is not a problem. The problem is: always theoretically speaking, I can actually contract a loan, but I’ll do that only when I’m sure I’ve been admitted. So if I don’t apply for FI universities should assume I have the money and don’t take it into account. When I’m admitted (if I am) I will pay. Is it how it works or do they check your financial “availability” even if you don’t ask for FI and already in the admission process?
If it’s so they’d see I don’t have the money, because I’d still have to contract my loan.
I hope I made myself clear (it’s kinda tough).
Bye</p>
<p>I confess I’m a little disoriented by what you’re saying. I’ve never heard of someone taking out a student loan before being admitted to any college. I don’t even think that’s allowed. Most colleges are need-blind – ignore what anyone tells you about that – and they don’t check your finances before admitting you regardless of what you tell them.</p>
<p>Basically most colleges will make their decision on whether or not they’ll allow you to come WITHOUT considering your ability to pay. They’re not going to get a subpoena for your banking records and they’re not going to interrogate your family and friends to see how affluent you are. They don’t care.</p>
<p>As an international applicant, you are correct that there are some requirements in terms of providing information about how you will pay for your education at most US universities. For universities that do not provide need-based aid to international students, students must provide information showing how they will pay their expenses before a letter of admission can be sent. Using USC as an example (the OP has not expressed interest in USC, I simply have links available to their information), here is the info from the website:
</p>
<p>And the required form: <a href=“http://www.usc.edu/admission/undergraduate/private/1011/Form8_2010v2.pdf[/url]”>http://www.usc.edu/admission/undergraduate/private/1011/Form8_2010v2.pdf</a></p>
<p>“stating the sponsor’s name and address and verifying the ability to pay the annual cost of education-related expenses for the first academic year”</p>
<p>So I have to guarantee money only for the first academic year? (of course I have to have enough money for all 4 years, but this a year-by-year process so? I mean I have to guarantee each year for the following one?
By the way, is this true only for USC or generally for every university?</p>
<p>Yes, it is just the first academic year - and I don’t think you would actually have to secure the loan, a statement from the bank saying you qualify for the loan might be sufficient (but you should check with each university to which you apply).</p>
<p>It isn’t a “USC requirement,” it is a US government requirement for visa purposes to show the student can afford to be in the US without government aid - unless the university provides need-based aid to International students, in which case the university is guaranteeing to the US government that the student will be supported.</p>
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<p>By the way, many other countries place a similar requirement on US students studying abroad. My child had to produce original bank statements showing she had sufficient funds for tuition and living expenses in the UK before they would issue a visa to her for her studies abroad (though the university was able to issue a letter of admission without such assurances).</p>
<p>You might look for answers on the International student forum - every year students successfully get through the requirement - I am sure you will, too! Good luck!</p>