No Cosigner International Student Loans are Now Available at Select Schools
July 12th, 2016 by Bryanna Davis
We’re excited to announce that a no cosigner international student loan is now available to international students! International Student Loan has partnered with MPower Financing to offer the no cosigner loan to students attending a few select colleges and universities in the US. To qualify, you must be enrolled at one of the select schools in a graduate program, or within two years of graduation from an undergraduate program. Instead of evaluating the credit history of a cosigner, the no cosigner approval process will review your academic success and career potential. Although international students may not have any US based financial history, many have worked hard to create tremendous opportunity for themselves, and are a good risk for a loan. The no cosigner loan was created with these students in mind.
Conventional international student loans require a US cosigner, so the loan company has someone to look to for repayment of the loan if you default. Even domestic US students applying for a private student loan almost always need a cosigner, as students generally lack credit history. Many students either cannot find a cosigner, or would prefer not to involve a family member or friend in their financial life if at all possible. With the no cosigner loan, you are solely responsible for repayment of the loan plus all interest, and your interest rate will be fixed somewhere between 7.99% and 13.99%, competitive with conventional co-signer loans though a bit higher.
Applying for the no cosigner loan takes less than 10 minutes and upon approval the funds are released directly to your university. These funds can then be used towards educational expenses like tuition, housing, meal plans and health insurance. Students from 180 countries (including the US) are eligible to apply.
The no cosigner loan will not be a solution for everyone, as most US colleges and universities are not yet eligible. The fastest way to check eligibility for any international student loan, including the no cosigner loan, is to complete the loan comparison on the homepage of International Student Loan. In just a few seconds, you’ll see the options available to you as an international student at your school.
If your school is not eligible for the no cosigner loan, and you want more information about whether the program is a good fit for your college or university, please send us a note.