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.

 

 

8 Comments

  1. olalekan opeodu says:

    Admitted to Illinois State University
    Can I apply for loan while resident in Nigeria pending visa issuance?

  2. Mariah Olatunji says:

    i want a student loan that will be up 50,000 dollars.

    i am a Nigerian, and i have been given admission to study business management in Canada. its a two year course with one year mandate to practice.
    I need the loan to pay for my school fees and remaining part to invest in ffarming before I leave.

    • Al Clunnie says:

      Thank you for your comment.

      Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world, even with a US co-signer.

      If you would like more information about international student loans for studying in the US please let me know.

      For information and listings of scholarships available around the world, please visit: https://www.InternationalScholarships.com

      Be sure to receive the free International Student Newsletter — sign up at:
      https://www.InternationalStudent.com/newsletter/

  3. Lihle says:

    Greetings,

    I need help, I’ve accepted twice now at Indiana Institute of Technology. But I don’t have funding. Please help me to get at least student loan. I am a South African.

    • Al Clunnie says:

      Thank you for your comment.

      We have loan programs available to international students studying at an approved school in the United States. Most international student loans require students to have a 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. However, no cosigner loans are available to international students who attend select schools. 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 (some lenders will have a maximum amount you can borrow so you will need to confirm that with them), 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: https://www.internationalstudentloan.com/eligible_schools/all/

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

      Please let us know if you have any further questions.

  4. Mohd Modassirul Haque says:

    HEY
    i got an condition letter from KU but due to lack of money i donot accept the condionalk letter.
    plz let me

    • Al Clunnie says:

      Thank you for your comment.

      Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world, even with a US co-signer.

      If you would like more information about international student loans for studying in the US please let me know.

      For information and listings of scholarships available around the world, please visit: https://www.InternationalScholarships.com

      Be sure to receive the free International Student Newsletter — sign up at:
      https://www.InternationalStudent.com/newsletter/

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