How a Stilt Loan Saved This Canadian F1 Student’s Education and Career

Toronto-native Meagan Turner dreamt of pursuing a diploma in music at the Manhattan School of Music. But the financial demands of supporting herself as an independent professional musician were at odds with the cost of attending one of the world’s most renowned music programs.

She needed a professional-caliber viola bow but also needed to pay her tuition. She could not afford both.

As an F1 visa holder coming to study in the U.S., Meagan did not qualify for federal student aid and with no preexisting U.S. credit history, her options for financing her education were limited.

Then Meagan found out about Stilt. In the below Q&A, Meagan tells her Stilt Story. Read on to learn about how Stilt helped Meagan succeed in the U.S.

Before the Manhattan School of Music, where did you go to School?

I received my Undergraduate and Advanced Certificate in Music Performance from the University of Toronto and my master’s degree from The Juilliard School.

Why did you move to the U.S.?

I moved to New York on an F1 visa to pursue my master’s degree at Juilliard. Since I came to the U.S., I was offered, and have accepted, a fellowship at a prestigious Young Arts program at Carnegie Hall.

As a visa holder, what financial challenges have you faced in the U.S.?

Without American credit history or an American cosigner, it was difficult to sign an apartment lease. Even getting a small loan or a credit card to begin establishing a credit history seemed near-impossible.

Why did you apply for a loan with Stilt?

I needed extra income to cover the balance of my tuition expenses and the purchase of a professional level viola bow. Though I had quite a lot in savings and make a steady income, it would have been tight to make everything work.

Did you apply to other lenders before with Stilt?

I applied for a loan with Discover Student Loans and was approved, but they wanted a cosigner, which I didn’t have. I also applied for a loan with LendingTree, but my application was denied.

What barriers prevented you from getting a loan in the U.S.?

Lack of credit history, cosigner, and full-time employment all made it difficult to get a loan. Additionally, a large portion of my income comes from freelancing, which can be unpredictable and doesn’t come with the typical proof-of-income, like pay stubs, that most lenders want when you apply for a loan.

How would you describe your experience taking a loan with Stilt?

The loan process with Stilt was simple and quick. The application only took a few minutes. As part of the process, I received a quick follow-up call with some questions to verify my employment and visa status. Overall, it was a quick and painless process, which I appreciated!

What would have happened to you if didn’t get a Stilt loan?

Without my loan from Stilt, it would have been impossible to finance both the purchase of my bow and the remainder of tuition. I would have had to choose between my career and education, and when they’re as intertwined as they are in the music world, both would have suffered. I might have also lost my visa as a result and would have had to leave both my job and school to return to Canada.

How would you define Stilt?

Stilt is simple and a smart choice for those on student visas and other immigrants. Not many lenders will take chances on non-citizens, but Stilt makes the process easy and comfortable.

How many times have you been denied for a loan because of your visa? Not anymore.

We are built to help immigrants and creating the best financial experience for them. We help you start on an equal footing as the U.S. citizens – no cosigner needed for our loans. You don’t have to know your uncle or be in an awkward family situation asking for favors. Stilt is here to help you build a financial standing of your own.

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

See author's posts