What You´ll Need to Make Your Loan Application a Breeze
June 21st, 2016 by Lette Berhe

education moneySummer is now in full swing and most of you probably have already made your final decision on what university you will be attending for the 2016-2017 academic year. For those of you who haven’t officially accepted enrollment, be sure to do that as soon as possible! Although you have now finished with all your college applications, the next step is starting your loan application. Do not fret! It may sound daunting, but here´s a break down of what information you’ll need to make your loan application a breeze.

  1. How Much Money You Want to Take Out
    Before you can even dive in to begin figuring out which loan is the right fit for you, you´ll need to know how much you are going to take out. Although it does require some planning and number crunching, having this amount ready to go before you start looking at different lenders will make your decision process a lot easier and could save you money. Now you may be asking yourself, ¨how much should I borrow?¨ The key is to try and borrow the amount that you will realistically need and not an excessive amount. When receiving your student loan it may seem like it´s free money, but you must remember that it is not! If you borrow more money than you need your monthly payments will be higher, any financial aid you were given may be reduced, and you may be in debt longer than you would like. When calculating how much to take out as a loan, take into consideration the following: your university´s cost of attendance, funds in the case of an emergency, unexpected expenses, possible income, and how much money you have saved up.
  2. Your Personal Information
    Now a days most lenders have made filling out your loan applications simpler, by allowing you to fill it out and submit it online. However, to speed up the process it is best to sit in front of your computer with all the information you’ll need right off the bat. This will prevent you from having to pause filling out the application to go in search of missing information. Below is a list of what personal information you should have prepared.

      • University name, address, and telephone number
      • Your major, year (freshman, sophomore, etc.), school term
      • Your current home address and telephone numbers
      • Housing information: rent or own, monthly payment amount
      • Gross income
      • Personal References: name, occupation, relationship, contact information
  3. A Cosigner
    Having a cosigner on a student loan application is usually reserved for and required for non-US citizens, however US citizens or permanent residents can also benefit from adding a cosigner to their application. A cosigner is a person who joins your loan application and legally agrees to take responsibility for your loan payments in the event that you are unable to pay them. For international students, who are non-US citizens planning to attend a US university, having a co-signer is required. However, US citizens or permanent residents can choose to add a cosigner in order to increase their chances of loan approval and to receive better interest rates.Because your cosigner must be a US citizen or permanent resident (green card holder) you will need to have their personal information on hand such as name, address, telephone number, and social security number. It is important to inform your cosigner that they may have to log in themselves to fill out and sign a part of the loan application.

For more detailed information regarding our loan be sure to check out our Resources sections.

12 Comments

  1. Steven says:

    Hi, I’m trying to find a co-signer, help me

    • Rachel Rollins says:

      Hi Steven,

      Thanks for visiting! Unfortunately a co-signer is required for all international student loan programs.  That co-signer must be a US citizen or permanent resident, with good credit, who has lived in the US for the past two years. This is typically a friend or family member of yours.  If you cannot find a co-signer that meets these requirements, you are unfortunately ineligible for our loans.

      You can also find help on find a cosigner here at our resource page: http://www.internationalstudentloan.com/resources/how-to-find-a-cosigner.php

      Good Luck!

  2. Yabets Senbeto says:

    I got a chance to train in Stuart, Florida and the name of school was treasure coast flight training.
    But due to lack of money, I couldn’t start the training.
    please!! help me funding for the train, until I was Graduate from treasure coast flight training.

    thank you,

    • Rachel Rollins says:

      Hi Yabets,

      Thanks for visiting! Unfortunately we do not have a loan program for your school, and I am not aware of any others for which you would be eligible.  My best advice is to contact the school, as they should know if there are any loan programs available to their international students.

      For information and listings of scholarships available around the world, please visit: http://www.InternationalScholarships.com

      Good Luck!

  3. aleemudin says:

    I want to do my marine course in Sydney . Can i get education loan and what will be the criteria.

    • Rachel Rollins says:

      Hi,

      Thanks for visiting! Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world, even with a US co-signer.

      If you would like more information about international student loans for studying in the US please let me know.

      For information and listings of scholarships available around the world, please visit: http://www.InternationalScholarships.com

  4. Massamba Arnaud Aubin says:

    I am Arnaud Aubin Massamba, Ilive In Brazzaville Republic of congo,Red
    river college interest me really,please to send all information
    concerning your program and I inform you that I have need of
    scholarship four to continue my training with the RRC.
    Thank you very much and I hope to receive a favourable reply.
    Sincerely

    Arnaud Aubin Massamba.

    • Rachel Rollins says:

      Hi Arnaud,

      Thanks for visiting! We have loan programs available to international students studying at an approved school in the United States, with a US co-signer. The co-signer must be a US citizen or permanent resident with good credit and income history and who has lived in the US for the past two years.  You will also have to provide a valid student visa in order to finalize the loan.  You can apply for up to the total cost of education, as determined by your school, minus any other aid received. After you apply and receive credit approval for you and your co-signer, your school must certify the amount of the loan. The proceeds are then disbursed directly to the school.

      You should apply for a loan after you have been accepted and enrolled into an eligible school.

      You can see eligible schools here: http://www.internationalstudentloan.com/eligible_schools/all/

      For information and listings of scholarships available around the world, please visit: http://www.InternationalScholarships.com

      Good Luck!

  5. Yinka says:

    Hi,
    I am an international student, I have been enrolled and registered in a school in the US for my Master’s program. I would like to finf out a few things:
    – Can I still apply even though I do not have a US address yet?
    – If I am given my estimated tuition cost as a loan and it is sent to the school, how do I access the portion allocated for my accommodation and other expenses- is there a system in place?
    Thank you.

  6. John Kanu says:

    Am here in ILLINOIS Kankakee want to study computer science technology. Can it be possible for a scholarship or a lone?

    • Rachel Rollins says:

      Hi John!

      Thank you for your email. 

      We have loan programs available to international students studying at an approved school in the United States, with a US co-signer. The co-signer must be a US citizen or permanent resident with good credit and income history and who has lived in the US for the past two years.  You will also have to provide a valid student visa in order to finalize the loan.  You can apply for up to the total cost of education, as determined by your school, minus any other aid received. After you apply and receive credit approval for you and your co-signer, your school must certify the amount of the loan. The proceeds are then disbursed directly to the school.

      You should apply for a loan after you have been accepted and enrolled into an eligible school.
       
      You can start the application process and find all available lenders here by completing the Apply Now tool:  http://www.internationalscholarships.com/international-student-loans

      You can also view scholarships that you might be eligible for at the following link: http://www.internationalscholarships.com/search

      After you find a scholarship you are eligible for or interested in, you will need to contact the institution responsible for the scholarship directly. They can assist you with the application process and any questions you might have.

      Best of luck finding the financial aid that meets your needs!

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