What is an Alternative Loan?
If you do not have enough funding to pay for your tuition, you may apply for a bank loan in your home country or you can apply for a bank loan from a US bank.
If you are planning to apply for a loan, please make sure to get the approval of your loan by the time you complete your application. It is required for the visa application to verify that you have the funds for your study.
If you are planning to apply for a loan in your home country, please contact your bank for further information. If your bank requires it, the MIU Admissions Office can issue a Provisional Acceptance Letter for the loan application.
You may qualify for an Alternative Loan from a US bank if you have a co-signer who is a U.S. citizen or permanent resident with a good credit rating.
Options for the Alternative Loan
- Alternative Loan for the Entire Program Cost — You can use the alternative loan option to pay the entire program cost. If you pay the entire program cost with an Alternative Loan within six months of your entry date, you will receive $1,000 tuition reduction.
- Alternative Loan for Part of the Program Cost — If you pay the minimum with personal or family funds, then you will be eligible to use any loans to pay the remaining program costs when you are offered a practical training position. The minimum is $3,000 for the MS in Computer Science or $9,000 for the MBA in SAP Finance for Professionals or MBA in Accounting for Professionals.
How can I get an Alternative Loan?
You may use any educational loan available from banks in the United States who accept a US citizen as a co-signer for students enrolled at colleges in the United States. Most lenders require that you have a social security number (SSN). An international student who does not have an SSN can obtain a temporary one from a lender and then apply for a permanent one after coming to the US.
- Choose your private loan with FASTChoice (all students)
- Midwest One Bank, only for international MS in Computer Science students. MIU cosigns loans with the student but receives no benefit or advantage from this arrangement. See the Private Education Loan Application Disclosure
- Maharishi International University maintains a Code of Conduct regarding educational loans.
- Tuition, other fees, scholarships, and financial policies are subject to change prior to the entry date.