Private Loans for International Students
Please note: SoFi has stopped receiving applications from H-1B visa holders as of August 8, 2012. Below is information retained for reference for those who were able to borrow the loan when it was available from July 26, 2012 to August 8, 2012.
2012-2013 Social Finance (SoFi) Loan
Social Finance offers loans to H1-B visa holders without the need for a co-signer based on citizenship status. This is a huge advantage for EWMBA students. Below are some important facts about the SoFi Loan.
- Maximum: up to COA minus other aid
- Zero Fees
- 6.49% fixed interest rate
- 6 month Grace period
- 15 year repayment, No pre-payment penalties
- No in-person documentation required
2012-2013 Eli Lilly Line of Credit (LOC)
The Eli Lilly Federal Credit Union will continue to extend Lines of Credit (LOC) to international students for the 2012-2013 academic year. Below are some important facts about the Eli Lilly LOC. Maintaining the same lender for your educational loans can make repayment more convenient.
- Maximum: $30,000
- 3% Fee, added to the principal
- Prime + 4.50% variable interest rate
- 6 month Grace Period before payments required
- 20-25 year repayment options, No pre-payment penalties
- Visa documentation is required. Our office will facilitate this process.
To apply for funds, go to the Eli Lilly LOC website for Haas Students and click on "Apply Now/Draw Request".
Continuing students If you will be on exchange in fall 2012, you must complete any required loan documents before leaving for the summer because documents must be completed in person.
A Note on Disbursements
Students need to be enrolled at least half-time (6 units) each semester that you wish to receive loans.
Loans are always disbursed in two payments, 50% each semester, after you are enrolled for classes at least half-time. Loan proceeds will credit to your CARS account and pay any outstanding charges. If a balance remains, a refund will be sent to your bank account IF you have completed an EFT (Electronic Funds Transfer) Agreement, http://eftstudent.berkeley.edu
2011-2012 Eli Lilly Line of Credit (No longer available)
This financing option does not require a co-signer or a credit history. The Eli Lilly Credit Union will extend Lines of Credit (LOC) to international students for up to the cost of tuition and fees for the 2011-2012 academic year. This Line of Credit is equivalent to a private educational loan in many ways. Below are some important facts about the Eli Lilly LOC. Please note this replaces the ALPS Loan that we were able to make available in 2010-2011.
In 2010-2011 the ALPS Loan capitalized monthly. The Eli Lilly LOC is only simple interest while enrolled in at least 6 units per semester and during the six month grace period before entering repayment.
The application may ask for some school related information provided below.
The Enrollment Period is 8/18/2011 to 5/11/2012
The Cost of Attendance is $69,916 for first-year students
The Cost of Attendance is $54,736 for continuing students
For reference only, view the Eli Lilly LOC Master Promissory Note sample. Please note you'll sign a customized version when you meet with the Haas Financial Aid Office.
2010-2011 ALPS Loan Option (No longer available)
Last year students borrowed loans with the Affiliated Loan Program for Students (ALPS) which did not require a co-signer. These loans were available to students ineligible for Federal Loans. This program is specifically for the 2010-2011 academic year. Below are some important facts about the ALPS loan. Please note this replaces the FTMBA Loan that we were able to make available in 2009-2010.
- The interest rate is based on the 1-month LIBOR + 7.0%*
- There is a Guarantee Fee of 3%, added to the principal
- A credit check required, but a lack of credit history is not detrimental
- The maximum amount you may borrow is the cost of tuition and fees**
*Interest capitalized monthly
**Borrowing capacity may be limited if you have other loan options in place are are receiving support from an employer.