[jules2222]

My son, a UK citizen has recently graduated with a degree (3.4 which I believe is good?). He was on a sports scholarship, which ran out when he graduated.

However, he now wishes to do his Masters (MBA if he passes the GMAT), and has been accepted into graduate school, but he needs a loan. He has an interview in the middle of December for US citizenship, but until that time he cannot get any credit, unless he has a co signer (we can't sign as we are in the UK), and although he has a lot of contacts, if they co sign a loan for him he says it affects their credit? The only student/education loans available are either for UK students studying in the UK, or for US students studying in their own country, or elsewhere, but he doesn't qualify for either - does anyone have any ideas?

[vingogly]

If you have equity in real estate or other investments, you could borrow on the equity and make a short-term loan to him until he can qualify for other financing. I'm assuming he's talked to the financial aid office at his school about options?

You and he may also find this helpful:

International Student Loan Center: Student Loans for College Students

Vasily

[jules2222]

We don't want to borrow on the house, don't get me wrong, we want to help him, but we have literally given him thousands and thousands of pounds over the last 15 years as he wanted to be a tennis pro, and he went to USA on a sports scholarship, but prior to that he travelled the country, and europe playing tennis, so cost us a small fortune. We bought him a car over here, and he has a car over there, and although he had a scholarship, we have been giving him a monthly allowance and paying for his flights home. We want him to stand on his own two feet. He has applied for a loan through nelliemae, but he needs a sponsor to co sign, and apart from his girlfriends parents, he doesn't know anyone. They are looking into it, but as they have two mortgages, it affects their credit apparently?

[vingogly]

Ah, that's a different situation, then. Perhaps the greatest gift you can give your son is to help him discover he can do things on his own. He may have to postpone his graduate program until he can get the financial aspects worked out. Some graduate programs will allow you to postpone entry for a semester or two. He should find out if his program will allow him to do so. Then, he can spend the time getting his financing in order and completing his plans for citizenship. Being a citizen will be a help with government loan programs.

It concerns me that he apparently wants to go to grad school and would prefer an MBA "if he passes the GMAT". How has been "accepted" in business school without the GMAT results? Normally when you apply for an MBA, you have to apply GMAT scores in advance. This makes me question his motivation for going to graduate school: it's not a quick ticket to the good life, and without a passion for whatever he is pursuing he's not likely to succeed, may get bored, and move on to something else. Perhaps a few years' experience working out in the real world would be a better education for him and would help him focus on what he really wants to do with his life?

Regarding the effect of cosigning on credit, a relative asked me to cosign some years ago and as I was myself preparing to purchase a house, I declined. Yes, it can affect the cosigner's credit; see the following:

Cosigning for a student loan | Ask MetaFilter

Vasily

[jules2222]

Very helpful, thanks for your time

[jules2222]

My son, a UK citizen has recently graduated with a degree (3.4 which I believe is good?). He was on a sports scholarship, which ran out when he graduated.

However, he now wishes to do his Masters (MBA if he passes the GMAT), and has been accepted into graduate school, but he needs a loan. He has an interview in the middle of December for US citizenship, but until that time he cannot get any credit, unless he has a co signer (we can't sign as we are in the UK), and although he has a lot of contacts, if they co sign a loan for him he says it affects their credit? The only student/education loans available are either for UK students studying in the UK, or for US students studying in their own country, or elsewhere, but he doesnt qualify for either - does anyone have any ideas?

Well I honestly doubt his reasons as I think it is as you say, a ticket to the good life. He reckons he can get a job paying USD$70000 plus a year if he gets his masters. He has been accepted into grad. School due to his degree results, he says he can do a masters in sports management if he doesn't pass the GMAT, but if he does he says he will get in. It is at LSU which he reckons is one of the top 10 schools for business studies?

He originally went to LSU on a sports tennis scholarship, and to be honest had no interest in academics, but due to a string of injuries his dream of a professional career in tennis had to be re evaluated. He has been coaching for a couple of years now in his spare time, but says he just doesn't want to be another tennis coach. He has also been approached to do media work, which I think he would be good at.

We have supported him for many years now, and it is time he stood on his own two feet. Thanks for your response.

[vingogly]

There are plenty of things you can do in the USA and make 70K or more. I would advise anyone who wants to pursue a field to ask himself: do you have a passion for this work? If not, you will not be happy at it no matter how much money they pay you. Unfortunately, it often takes us most of our lives to realize this... and your son may not be at a point in his life where he's ready for this wisdom. Here's a brief quote from one of my favorite essayists about work and meaning that I have always found helpful:

"The world is full of people who seem to have listened to the wrong voice and are now engaged in life work in which they find no pleasure or purpose and who run the risk of suddenly realizing someday that they have spent the only years that they are ever going to get in this world doing something which could not matter less to themselves or to anyone else." -- Frederick Buechner, the Calling of Voices

Your son needs to figure out where his passion lies and pursue it, placing the acquirement of wealth as a secondary goal. And as far as LSU goes, it's not placed in the top 50 on the three lists I've looked at so I think your son is mistaken about their "top 10" status. Good luck to you & to him.

[Ginasm]

He can obtain loans and apply for sholarships. They also have graduate assistance programs.