Do you think overseas students should get bank loans as easily as they do?

Carolyn:

Arijit is generally correct, and I'd have to wonder about the accuracy of what you've heard.

As I'm certain you are aware, there is a worldwide banking and lending crisis going on. The simplest possible way to understand what happened is that the lenders got sloppy with their lending practices (particularly in the mortgage market), and began lending money far too liberally.

When too many of those loans began going bad, the lenders found themselves losing a ton of money - and the investors who fund the banks' ability to lend began pulling their money out of the system, leaving the banks unable to make new loans.

All of that mess has brought lending to a near standstill. Banks are approving loans ONLY to the most creditworthy borrowers - applying extremely conservative lending criteria to every application. As a consequence, businesses are having trouble borrowing to expand, home buyers are having trouble borrowing to buy properties, and college students are finding it nearly impossible to take out private educational loans without cosigners.

The notion that "easy" money is being made available to foreign citizens to attend US colleges is pretty unreasonable. As Arijit pointed out, foreign nationals are poor credit risks for US banks, simply because the banks have little recourse available to them if the borrower has no US assets. It would make absolutely no sense for banks to lend money to applicants who are poor credit risks, and to be very honest with you, that's not going on.

I think what you may have heard originated with someone who may have had trouble qualifying for their own loan - given the difficulties that everyone is having getting approved for lending. In these situations, it's easy to start rumors that THEY over THERE are getting special treatment. There is no "THEY" and the "foreigners" are not stealing away with money that belongs to good old US citizens. That's prejudice and nonsense.

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As far as I know, a student can borrow money only in his country of origin, after going through the necessary formalities.

Why would a bank or any other institution borrow money to a foreigner without any collateral?

Well, that is odd. They should have alternatives for student seeking aid. Explore their website for alternative funding.