Advice regarding private loan

[Swagato]

Quick stats:

I completed my BA from a US institution and have been working on the Optional Practical Training program since then (last summer onward). Legalese-wise, I'm fine. Also have an eligible co-signer who is working with me on my application to a Chase private loan. It isn't for a huge amount however I do need it to satisfactorily finance my MAPH at UChicago.

International students receive a document called the I-20. It sets out the program, institution, duration, cost of attendance, and other details such as would satisfy govt. requirements.

>>Chase requires I-20 during application process.

>>UofC cannot issue I-20 until evidence of funding is shown

>>>>Frakking Catch-22.

I can't be the only international student caught in this loop. I've spoken to UC International Affairs and am supposed to hear back from them tomorrow. Lady I spoke to was quite helpful and said she'd communicate with the financial office and clarify the matter.

Anyone else facing this weird situation? How about any other international people who are entering in the coming Fall and who may be taking out any sort of non US Federal loan? I know international banks likely require the I-20 -- mine did back during undergrad.

Advice, advice, bring it on, please.

[kaykaykay]

Can` t you tell the uni that your parents, and you will finance your study (this means the uni will put self-financig on your I-20 so there is no misleading info on it) and apply or loans? Evidence of funding means that you have to show a bank account with appropriate funds but noone will check later whether you actually use that particular money. So if your family can open a temporary account you are good.If you do not get the loans and you cannot attend you can simply say your family`s circumstances have changed they should not worry no one will touch the money on that account.

[Swagato]

It doesn't quite work that way since Chase will be partnering with UChicago and disburse the loan funds directly through them. Also, not sure how my I-20 showing self-financing helps, when it comes time to go through with the loan application.

[Grad Hopeful]

From my experience in working in an international admissions office a lender will sometimes require an official admissions letter before they will submit the financial letter. I had never heard of a lender requiring the I-20 before agreeing to the loan. Of course our office did not handle many private loans from international students so I am not as familiar with those procedures.

Is it possible for Chase to submit a letter to the University of Chicago stating that they will support you as long as you receive an I-20? It may be helpful to speak directly to the International Admissions, Financial Aid, or similar office about your situation, they are probably more familiar with the proper procedure.

[Swagato]

Grad Hopeful: Thanks! That's much more like it. I must admit that the issue of the I-20 is something that came up on a very preliminary basis, and I didn't actually get much useful information from Chase since all I ever got to speak with were your basic cust. serv. reps.

I shall indeed be speaking with the Office of International Affairs as well as with Student Loan Administration and attempt to coordinate communications between them and Chase.

I really don't think this is a major issue -- seems more like a question of proper channel communications.

Will keep you updated.