Non-French Students Applying for Student Loans or in France with French guarantor

FAQ: Non-French Students Applying for Student Loans

1) In France with a French Guarantor

Requirements for a guarantor in France vary by bank. Some banks require the guarantor to be a French national or a close relative. In all cases, the guarantor must:

• Be a physical person.
• Have income in France and pay taxes in France.
• Possess sufficient financial resources (income, real estate, stock options, etc.) to cover the full loan repayment in case of default.

Any existing loans (e.g., car, housing, or personal loans) held by the guarantor will reduce their borrowing capacity.

Recommended Steps:

• Contact your bank counselor to confirm the specific requirements.
• Schedule an appointment with your guarantor, as their physical presence is required for signing.

Please inform us of any updates or changes so we can improve this FAQ for future students.

2) Via Prodigy Finance

Prodigy Finance offers student loans in US Dollars to non-European graduate students, including those enrolled in Singapore. Loans are disbursed directly to the school.

Eligibility:

• Open to 150 nationalities.
• No collateral or co-signer required.
• Loans are based on future earning potential, not credit history.

Key Features:

• Easy and fast online application process.
• Community benefits, including career services and scholarships.
• No repayments while studying.
• No penalties for early repayment.
• No hidden costs.

Procedure After Approval:

• Loans are disbursed in US Dollars to ESSEC.
• For students billed in SGD, the loan will still be disbursed in US Dollars, and ESSEC will convert the amount based on the exchange rate at the time of payment.
• Disbursement occurs approximately 3 weeks after the start of courses (typically the second or third week of September).
• If the loan amount exceeds tuition fees, the surplus will be transferred to the student’s bank account. If the loan is insufficient, the student is responsible for paying the difference.

Important Note:

• Prodigy Finance does not allow additional loan applications once you are in France. Verify your loan needs with Prodigy Finance before arriving.

For more details, visit the Prodigy Finance ESSEC page.

3) Via Earnest

Eligibility for Earnest loans includes:

• U.S. citizens.
• Permanent Resident Card holders (10-year non-conditional or 2-year conditional).
• Deferred Action for Childhood Arrivals (DACA) recipients.
• Asylees.
• H-1B visa holders with a U.S. citizen co-signer.

Residency Requirement:

• Must reside in the District of Columbia or one of the 49 states where Earnest operates (excluding Nevada).

Note: Variable rate loans are not available in AK, IL, MN, NH, OH, TN, and TX.

4) Via Habascus

Habascus provides loan options for students who require financial assistance. The process is designed to be accessible and efficient.

How Habascus Works:

• Students can apply for loans through the Habascus platform.
• The loan amount is determined based on the student’s academic program and financial needs.
• Loans are disbursed directly to ESSEC to cover tuition and, if applicable, living expenses.
• Repayment terms are flexible and tailored to the student’s post-graduation financial situation.
  
  

Student Verification Requests:

• Requests for student verification can be sent to the ESSEC Office of the Registrar
  • registraire@essec.edu 

5) Indian Loans

Indian students may apply for educational loans through banks or financial institutions in India. These loans typically require verification from the student’s institution.

Verification Process:

• Students must submit a loan application to their chosen bank or financial institution in India.
• The bank will send a verification request to the ESSEC Registrar’s Office.
• To expedite the process, students should provide their bank with the following details:
  • Full name as registered at ESSEC.
  • ESSEC student ID.
  • Program of study and duration.
  • Total tuition and living expenses.
    
    

Student Verification Requests:

• Requests for student verification can be sent to the ESSEC Office of the Registrar
  • registraire@essec.edu