No Cosigner International Student Loans are Now Available at Select Schools
July 12th, 2016 by Bryanna Davis

money in bank-515705750We’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.

20 Comments

  1. Ali Mammadov says:

    My name is Ali Mammadov and I study piano with Prof. Phillip Kawin at Manhattan School of Music. I finished my first year and got a scholarship increase (My scholarship was $ 15000 USD and this year I got $7000USD more). Because of my major score (8.5 out of 10) and my grades (GPA 3.87 out of 4) my scholarship in total is$ 22000 USD. I am extremely grateful to the school for increasing my scholarship. I know the funds are limited, and it is very motivating to know that the school thought I was worthy of the scholarship increase. However, unfortunately, the new scholarship amount is still not enough for me to attend the school. I am writing to you hoping to find a solution to a problem that I and my family recently faced with. Because, my country, Azerbaijan, experienced the second currency devaluation, which made our national currency worth half of what it was worth with respect to the USD when I applied to MSM. This meant that the savings my family had for my education were cut in half in the USD equivalent. And, we are also expecting the third currency devaluation. My family and I are actively searching for additional scholarships in Azerbaijan, but so far to no avail. Unfortunately, our savings are not enough to finish even the second year. To finish the second year at Manhattan School of Music 40.000 USD is needed that my family could not afford. I sincerely hope that you can help me to find a solution and to keep me at school to realize my dream. I am very happy and motivated to study at MSM. I have grown tremendously both as an artist and as a person since I am admitted to MSM. If you can help me I will be very happy. I can send you Manhattan School of Music bank account ( Bank of America , New York ) to transfer tuition fee. Extremely looking forward to hearing from you. Thank you in advance. Sincerely yours, Ali Mammadov

    • Rachel Rollins says:

      Hi Ali,

      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 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!

  2. Ali Mammadov says:

    In my previous comment I wrote You about situation that my family faced in our country. My family want to take a loan to pay my tuition fee and keep me at Manhattan School of Music. We would like to know about the terms and conditions of the loan and the interest fee. I think my parents could be able to pay interest fee. Also my sister studies Phd at the prestigious Catholic University of Louvain, Belgium, with salary 2000 ( two thousands euro). Sincerely, Ali Mammadov

    • Rachel Rollins says:

      Hi Ali,

      The interest rate and repayment will depend on the loan option and lender you select. After you select the loan that works best for you, you will need to review the terms or contact the lender directly with your questions. The interest rate is calculated based on an index plus a margin that will add an additional percentage interest rate depending on your cosigner’s creditworthiness. Based on their creditworthiness, an additional interest rate will be added to the index which will be the total interest rate you owe and at that point you can determine whether you’d like to proceed. Every lender’s range varies so my best suggestion would be to do the loan comparison tool and review the interest rate and repayment terms.

      Click here to find the loan options available to you: http://www.internationalstudentloan.com/apply/

      Good Luck!

  3. Morgan Rose says:

    Hello!
    I am glad to express my few words to you, i wish to ask how an international student who have no-cosigner and is seeking for one to help cosign his loan. I am talking of international student who is still in his home country.
    I am saying so because my brother got admission into a university in USA, and our father who was about to pay his fees/finance his education is dead, i wish to ask if someone can help cosigne his loan.That is, if you people can link him to any cosigner who can help us.
    Kindest regards.

    • Rachel Rollins says:

      Hi Morgan,

      Thanks for visiting! To be eligible, 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/

      You can start the application process and find all available lenders here: http://www.internationalstudentloan.com/apply/

      Please let me know if you have any questions!

  4. Bonface Munyao says:

    I am Bonface Munyao from kenya wishing to advance my study carrer on IT

  5. cashmira pramanik says:

    I am interested to get educational loan for my study in the field of Computer Animation in USA at master( Graduate) level like MFA in animation & visual effects.I do possess a master degree (MIM) from London Business School, University of London, UK & Bachelor degree Bachelor .Architecture (B.Arch.) from Indian Institute of Technology ( IIT).

    • Rachel Rollins says:

      Hi Cashmira,

      Thanks for visiting! 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.iefa.org/international-student-loans

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

      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!

  6. Elizabeth Laurence says:

    Just wanted to determine whether the TAMU System universities are eligible: Texas A&M University System.

  7. María Amado says:

    I got accepted in Jonhson and Wales Miami for culinary arts, I got between scholarships and FAFSA, half of the tuition but I need the other 50%, I applied for loan but they are asking for Cosigner, I don’t have anybody for that. I’m interested on INTERNATIONAL NO COSIGNER STUDENT LOAN. What I can do?

  8. Okeyele Oluwaseyifunmi Joseph says:

    Hello, i wish to further my studies but,my present financial challenges at the moment is really affecting my decisions. I was really happy to received your email that there is now Loan available for International students without consigner. I need your help in locating the Institutions that are eligible for the new Loan option,the criteria for application and other necessary information.
    At the moment, i do not know the Institutions that are eligible, please, i need your help.
    Thanks in anticipation
    Mr Joseph

  9. sukhbaatar says:

    I am sukhbaatar,I need loan ,I dont know how to get,help me.I have not co signer

  10. Magaya Fredrick says:

    Dear Coordinator,
    I am a Ugandan offering a BA Educational Administration with Atlantic International University. I wonder whether i can get a cosigner! Are they there whom I can explain my problem and they listern?
    Kindly I need your help.
    Magaya Fredrick

    • Rachel Rollins says:

      Hi Magaya,

      Thanks for visiting! Unfortunately we do not provide co-signers. A 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. 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

      We do have loans avaible that do are no-cosigner. You can see eligible schools here: http://www.internationalstudentloan.com/eligible_schools/all/

      You can start the application process and find all available lenders here: http://www.internationalstudentloan.com/apply/

      If a school is not on the list, then we do not have a loan program for the school.

      Good Luck!

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