US Loans for Chinese Students
September 7th, 2012 by Jennifer Frankel
The United States is one of the top destinations for Chinese students, but depending on the length of their program, the costs can certainly add up. According to the Open Doors Report, the US hosted nearly 158,000 students from China – all faced with expenses from tuition, room and board, travel and transportation, school fees, entertainment, etc. Take for example, the University of Washington. The tuition for an international student was $28,059 – which was three times the cost of a local Washington resident.
Many Chinese students first turn to private funding, considering their own personal savings, and in many cases, family members help financially support their education in the US. Once that has been maximized, many students turn to loans, grants, fellowships, and scholarships. Some schools will provide limited financial aid to their students, some of which are geared specifically at international students, while there are also independent organizations that will provide financial support as well. After all of these sources of funding have been maximized, students will then look for China international student loans.
It’s important for students to know that not all US lenders work with international students. Some require students to be a US citizen or green card holder before a loan can be approved. That being said, however, there are still US loans for Chinese students but some research is required. It’s important to check with your lender to make sure that they work with international students, especially before spending the necessary time filling out the necessary paperwork.
Once you’ve confirmed that this US loan works for Chinese students, your next step is to make sure that the lender works with the school you plan to attend. Not all lenders – whether or not they work with international students – work with all schools. To be an eligible school, the institution must be accredited. You can check with your school’s financial aid office and with the lender to confirm whether you are eligible. This is because US loans for Chinese students must be approved by your school, as they certify that the maximum loan amount you can borrow is the total cost of your education minus any other financial aid you’ve received.
If you are looking for US loans for Chinese students, we’ve built an international student loan comparison tool that matches you to lenders that both work with international students, and that work with your school. Simply choose your citizenship and school, and see a list of lenders that you can compare terms, and apply directly online.
For questions on US loans for Chinese students, contact our loan represetatives for more information.
* Chinese student picture by Shutterstock