Which Student Loan is Right for Me?
August 8th, 2013 by Jennifer Frankel
With so many options out there, it can be difficult to know just what category of student loans you fit into. When applying for student loan for your studies overseas, it is particularly important that you know exactly what loans you qualify for. This blog post will help you answer the question, “which student loan is right for me?” and determine whether you qualify for international student, study abroad, or foreign enrolled loans.
These loans are intended for foreign students coming to the United States to earn their degree. If you are pursuing a degree in the US and are not a US citizen or permanent resident, you do not qualify for federal loans, but some banks offer private loans to international students. In order to apply for these loans, you will need a creditworthy cosigner who is either a US citizen or permanent resident, and who has lived in the US for at least the past two years. For more information, visit our FAQ’s page.
Study abroad loans are designed for US students who are enrolled in a study abroad program through an approved US school, whether it’s one or more semesters. To be eligible you must be a US citizen or US permanent resident studying through one of these approved colleges or universities. You are not required to have a cosigner but it can increase the probability of being accepted and can also reduce your interest rate.
Foreign enrolled loans are loans intended for US students who are enrolled in a degree program in a foreign country. Unlike study abroad students, foreign enrolled students complete their entire studies at a foreign college or university. If you are a US citizen enrolled at an eligible foreign school, you may qualify for an international student loan if you are attending an approved institution. Visit our eligible school list to see if your school has been approved.