No Cosigner Loans
May 16th, 2018 by Felicity Bradstock

You’re set on going to College in the US. But you’ve been told you need a cosigner to get your student loan approved. This is the experience many international students face when looking for a loan to support their study costs. However, all hope is not lost. Some schools and lenders are now offering no cosigner loans to meet the growing demand from international students who want to study abroad.

Why a Cosigner?

A cosigner is a person who guarantees that if you (the borrower) are unable to repay the loan, they will be responsible for the repayment. The loan company often asks students to find a US-national cosigner to act as their guarantor. The cosigner must guarantee the loan will be re-payed if the student cannot make the payments. It is a big responsibility for any cosigner, as they are responsible for any debt incurred by the student.

It is harder to prove the income of the international student and most do not have savings in a U.S. bank account. Therefore, many loan providers require a cosigner to ensure that the loan is re-payed in full. This means loan providers to not have to rely entirely on the student for repayment.

Other Options

Schools

It is common practice for loan providers to ask for a cosigner for any student loan. However, some schools are now offering no cosigner loans to meet the growing demand from students.

Many international students find it difficult to get a cosigner from the US to act as a guarantor for such as large amount of money. Therefore, some schools have created programs that evaluate the academic success of the student, as well as career potential, instead of credit history. They use the student’s background to determine whether they are eligible for a no cosigner loan.

Alternative Lenders

Alternative lenders are now offering no cosigner loans to students who have worked hard to prove their academic potential, but are unable to find a cosigner.

The main no cosigner loan provider in the US is MPOWER. This provider has a fixed interest rate of 11.99%-13.99%. Students can borrow up to $25,000 per academic period or $50,000 in total. To apply, you must state how much you are intending to borrow on the application form. If approved, all loan money will go directly to your college institution. On average, it takes around 6 weeks to apply for a no cosigner loan.

So, if you want to study in a US university without relying on a cosigner, check out the loan comparison tool to see if you are eligible for a no cosigner loan.

 

 


Archives

  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • May 2018
  • April 2018
  • November 2017
  • September 2017
  • August 2017
  • July 2017
  • November 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • An Error occurred while handling another error:
    yii\web\HeadersAlreadySentException: Headers already sent in /var/www/sites/blog.internationalstudent.com/wp-content/plugins/wordpress-seo/inc/class-wpseo-utils.php on line 1194. in /var/www/sites/master/frameworks/yiisoft/yii2/web/Response.php:366
    Stack trace:
    #0 /var/www/sites/master/frameworks/yiisoft/yii2/web/Response.php(339): yii\web\Response->sendHeaders()
    #1 /var/www/sites/master/frameworks/yiisoft/yii2/web/ErrorHandler.php(135): yii\web\Response->send()
    #2 /var/www/sites/master/frameworks/yiisoft/yii2/base/ErrorHandler.php(111): yii\web\ErrorHandler->renderException(Object(yii\base\InvalidArgumentException))
    #3 [internal function]: yii\base\ErrorHandler->handleException(Object(yii\base\InvalidArgumentException))
    #4 {main}
    Previous exception:
    yii\base\InvalidArgumentException: Unable to resolve the relative route: loan_information/no_cosigner_loan. No active controller is available. in /var/www/sites/master/frameworks/yiisoft/yii2/helpers/BaseUrl.php:137
    Stack trace:
    #0 /var/www/sites/master/frameworks/yiisoft/yii2/helpers/BaseUrl.php(99): yii\helpers\BaseUrl::normalizeRoute('loan_informatio...')
    #1 /var/www/sites/master/frameworks/yiisoft/yii2/helpers/BaseUrl.php(214): yii\helpers\BaseUrl::toRoute(Array, false)
    #2 /var/www/sites/master/frameworks/yiisoft/yii2/helpers/BaseHtml.php(412): yii\helpers\BaseUrl::to(Array)
    #3 /var/www/sites/www.internationalstudentloan.com/components/views/_footer.php(29): yii\helpers\BaseHtml::a('Loans Without a...', Array)
    #4 /var/www/sites/master/frameworks/yiisoft/yii2/base/View.php(348): require('/var/www/sites/...')
    #5 /var/www/sites/master/frameworks/yiisoft/yii2/base/View.php(257): yii\base\View->renderPhpFile('/var/www/sites/...', Array)
    #6 /var/www/sites/master/frameworks/yiisoft/yii2/base/View.php(156): yii\base\View->renderFile('/var/www/sites/...', Array, Object(app\components\FooterWidget))
    #7 /var/www/sites/master/frameworks/yiisoft/yii2/base/Widget.php(236): yii\base\View->render('_footer', Array, Object(app\components\FooterWidget))
    #8 /var/www/sites/www.internationalstudentloan.com/components/FooterWidget.php(22): yii\base\Widget->render('_footer', Array)
    #9 /var/www/sites/master/frameworks/yiisoft/yii2/base/Widget.php(140): app\components\FooterWidget->run()
    #10 /var/www/sites/blog.internationalstudent.com/wp-content/themes/envisage-istl/footer.php(13): yii\base\Widget::widget()
    #11 /var/www/sites/blog.internationalstudent.com/wp-includes/template.php(722): require_once('/var/www/sites/...')
    #12 /var/www/sites/blog.internationalstudent.com/wp-includes/template.php(671): load_template('/var/www/sites/...', true)
    #13 /var/www/sites/blog.internationalstudent.com/wp-includes/general-template.php(76): locate_template(Array, true)
    #14 /var/www/sites/blog.internationalstudent.com/wp-content/themes/envisage-istl/index.php(64): get_footer()
    #15 /var/www/sites/blog.internationalstudent.com/wp-includes/template-loader.php(78): include('/var/www/sites/...')
    #16 /var/www/sites/blog.internationalstudent.com/wp-blog-header.php(19): require_once('/var/www/sites/...')
    #17 /var/www/sites/blog.internationalstudent.com/index.php(17): require('/var/www/sites/...')
    #18 {main}