Of course InternationalStudentLoan.com is best known for helping international students discover and compare loans to fund their education abroad.
However we are also part of a larger network including IEFA.org, InternationalScholarships.com and InternationalStudent.com
And that’s why today we’re sharing a great opportunity for Central American Students interested in or already studying at an approved school in the USA or Canada – the Central American Scholarship Program by InternationalStudent.com and MPOWER.
Learn more about the opportunity over at IEFA.org
The InternationalStudent.com annual Travel Video Contest is open for entries for 2019!
International Student are giving you a chance to win 1 of 5 unique awards, including the $4,000 grand prize! To enter, you will need to submit a video that you made specifically for the 2019 InternationalStudent.com Travel Video Contest. Your 4-minute video should be about one of two things:
- That your dream is to be an international student, and that you have a school in mind to attend that you want to tell us about.
- That you are currently an international student with a dream trip that you’ve always wanted to take that you want to tell us about.
If your video is selected, you could win one of the following prizes:
- First Place Winner: $4,000
- Second Place Winner: $500
- Third Place Winner: $250
- GoAbroad Choice Winner: $500
- Viewers’ Choice Award Winner: $1,000
The judging panel is made up of an esteemed group of professionals in the international education sector, and you can meet the judges here, and all the details and deadlines for the contest can be found here.
If you’d like some inspiration, check out some past winners – you could be next!
Submit your video for the InternationalStudent.com annual Travel Video Contest before October 15th, 2019.
While you’re with us, read about loans for international students in Canada.
Loans Without a Cosigner for International Students in the US
If you are or are planning to become an international student inside the US, you will usually be required to have a cosigner when applying for a loan.
Cosigners for international student loans must be US citizens or permanent residents, and they must have lived in the US for the past 2 years. They must also have good credit history. Non-US citizens and non-US permanent residents cannot act as a cosigner for loans.
Although most international student loan applications require a cosigner, international students attending a select few colleges and universities in the US and Canada are able to apply for a loan without one.
If you’re not able to find a cosigner, then a “no cosigner loan” could be the best option for you.
Since most international students in the US do not have any credit history, a cosigner joins the standard international student loan application process. Loan approval and rates are then based on the creditworthiness of the cosigner.
The cosigner is then also legally bound to repay the loan if the borrower is unable to pay.
If you do not have a cosigner you will want to explore lenders that do not require a cosigner.
With no cosigner loans, instead of looking at credit history, lenders look at your academic success and career path, as well as other factors when assessing you for the loan. Some of the factors they will consider when you apply include your home country, graduation date, and what school you attend.
International student loans are typically only for non-US citizens studying in the United States. However, loan options now exist at a number of select universities for those who want to study in Canada!
Loans for International Students in Canada
International students in Canada may now apply for a student loan without a cosigner!
International Student Loan is now working with a lender that is able to offer loans to international students, including US students studying at select schools in Canada. Until now it has been very difficult for international students to fund their education in the Great White North, but thanks to MPOWER Financing and International Student Loan, there are now a number of schools in Canada where loans are available without a cosigner.
If you are studying in one of the eligible schools, you can apply for a student loan to cover the costs of your education including tuition, housing, food, insurance, and textbooks.
Remember, with this type of no cosigner loan, rather than looking at your or your cosigner’s credit history, lenders look at other factors such as your academic record and career path, your home country, expected graduation date, and what school you will attend.
Students who are not US citizens or permanent residents and those attending schools outside the US/Canada are not currently eligible for an international student loan.
Finding and Comparing No-Cosigner Loans
If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner, you’re able to use our loan comparison tool to see if your school has one available. If they do, you can then research the terms and conditions of the loan and apply directly through the lender.
When researching a loan, here are a few things to consider:
- How much you can borrow
- The interest rate (and whether it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
Once your loan application has been reviewed you will receive further details on your loan. These will include the interest rate and the amount you can borrow. These will vary by lender and depend your situation.
As an example, no-cosigner loans through our partner have a fixed interest rate and allow you to borrow up to $50,000 total over 2 years. You must state how much you would like to borrow on your application. The approved amount along with your designated interest rate will be assigned to you after your application has been reviewed.
If you are approved for a loan, funds are disbursed directly to the college or university.
To give you an idea of the length of time that is required, the entire process usually takes about 6 weeks, so be sure to plan accordingly.
To check for loans available at your school, including no cosigner loans, use the student loan comparison tool to get started.
Find out more about Cosigners in Cosigner 101.
As an international student planning to study in the USA, there’s no doubt that you’ve already started to contemplate the financial implications of this decision, and you are probably wondering what your options are for financing the cost of studying outside your home country; and you’re quite right to do so – as you may already have realised, there is little information about sources of financial aid for international students who want to study in the US, and often the information that you can find is unclear or even misleading – especially when it comes to unscrupulous lenders (or even loan scams).
But don’t let this put you off your search. We have created this extremely useful post to give you as much information as we can to help you fulfill your dream of studying in the USA and finding the funding to enable you to do that.
Here at International Student Loan we recommend that you first talk to your college or university before pursuing any other alternative funding sources. They may be able to guide you to their own funding opportunities or specific contacts that they have established themselves that are able to assist non-US residents studying in the US.
There are 3 main offices you should contact at your university:
- The Financial Aid office
- The department or faculty office of your chosen program of study
- The Office for International Students (often called the Office of International Student Services)
Much support for international students in graduate programs in the US is provided by the universities and colleges themselves in the form of teaching assistantships and research assistantships. These are often based on academic merit and not on financial need. In most cases you would be required to pass the Test of Spoken English (TSE) in order to qualify for a teaching assistantship, but check with the school you’re interested in.
Some foreign schools have exchange programs with schools in the US. These exchange programs often include financial aid for the students. If you are already studying at a university in your home country and would like to find out about this type of exchange program the office for international student services at your home university would be the best place to contact.
Once you have established the financial aid that you can access through your chosen university or college, it is time to start looking further afield for other, alternative sources, too.
Such resources might include:
Yourself and Your Family
According to the Association of International Educators, more than two-thirds of international students in the US receive help from their families, in addition to their own resources, to fund their study in the US. Whatever outside help and financial aid you receive, you will also need to use your own funds and probably rely on support from family and friends to pursue your dream of an education in the USA.
Organizations in your home country
One of the best sources of financial aid for international students comes from organizations in their home country that want to invest in and develop the education of talented students, recognizing the benefits that an international education can provide.
Your own government may provide financial aid (often on the condition that the recipient of the aid returns to their home country on completion of their studies). We suggest you make contact with your country’s ministry of education and or ministry of culture.
Private organizations such as businesses, religious groups, and charitable foundations may also offer support in the form of financial aid for international students – often this is linked to the background of the student or the chosen field of study. We advise you to search online for these opportunities, and speak to local educational institutions who may be able to refer you to these programs.
You can use scholarship databases such as International Education Financial Aid and International Scholarships. These databases are free to use and contain information on the scholarships, grants, and awards that are available for international students.
Some of the organizations that offer funding for international students studying in the United States are:
- The United Nations
- the Organization of American States (OAS)
- The International Maritime Organization
- The International Telecommunications Union
- The League of Red Cross Societies
- The Soros Foundation
- The World Health Organization
- The World Council of Churches.
These awards are extremely competitive and are mostly for graduate students rather than undergraduates.
You usually have to apply for this type of funding from your home country, so if you have already embarked on your educational journey in the US you may not be eligible. It is therefore important for you to research these opportunities well before you travel.
The Fulbright Program works two ways: U.S. citizens may receive funding to go to a foreign country and non-U.S. citizens may come to the U.S. (Foreign Student Program, Visiting Scholar Program, Teacher Exchange Program, etc.).
In order to be considered for Fulbright programs, foreign candidates must demonstrate exceptional academic achievement, leadership potential, flexibility and the ability to interact successfully in the USA.
The Fulbright Foreign Student Program enables graduate students, young professionals, and artists from abroad to conduct research and study in the United States.
Fulbright grants are offered in many academic disciplines, but not in clinical medical research (research involving patient contact). Fields of study cover mathematics and sciences, the fine arts, humanities, and social sciences.
Applicants are required to take the TOEFL and GRE or GMAT exams. Professional education, such as medical schools, is not eligible. Fulbright students are required to be on J-1 visas for the entire duration of their sponsorship.
You should contact your nearest US embassy or consulate, the Fulbright Commission office, or educational advising center for information about applying to the Fulbright Program in your country.
Of course, we couldn’t write a post on our own site about international financial aid and not mention international student loans. International student loans are available to help students cover the cost of their education so they can attend the US college or university of their choice.
With international student loans, students can borrow up to the total cost of their education minus any financial aid received. Our loans work for all nationalities, and students can apply from anywhere in the world including from their host country.
You can check what is available to you by using our international student loan comparison tool.
Interested in finding out about some common myths regarding international student loans?
It’s always interesting to look back at the previous year to get a feel for what’s going on in international education. Of course, we’re particularly interested in finding the perfect student loan for international students. So here are some key facts about international students in the US and US study abroad students.
Whether you’re a foreign student studying in the US, or a US citizen dreaming of studying abroad, we hope you enjoy learning a little more about the state of international education right now.
And when you’re ready you can learn about applying for your international student loan.
International students in the US
According to research carried out by The Institute of International Education (IIE), 271,738 international students enrolled at a US institution at the start of the 2017-2018 academic year. This is down almost 7% compared to the 2016-2017 figures (290,836 international students) and a further decline from the peak of 300,743 international students recorded in 2015-2016.
The total number of international students in the US was 1,094,792. This is up 1.5% on the previous year, but the rate of growth is at its lowest for over 10 years and a significant change from the 10% growth in total international student numbers in the US in the 2014-2015 academic year.
One encouraging trend is that international students represent a growing percentage of total student numbers. International students now represent more than 1 in every 20 students in the US (5.5% of all students). This has grown year on year.
In terms of the distribution of international students in the USA, we looked at the 10 most popular states.
The highest concentration of international students is in California. In 2016-2017 there were 156,879 international students in California. This rose 3.2% to 161,942 in 2017-2018.
The state with the biggest increase in international student numbers was Massachusetts. Massachusetts saw a staggering 8.4% increase in international student numbers to 68,192 compared to 62,926 in the previous academic year.
The following were notable in their decreases but remain amongst the top 10 most popular states for international students:
Ohio (down 2.8% to 37,583)
Indiana (down 2.0% to 29,994)
Texas (down 0.9% to 84,348)
Popular US schools for international students
The most popular schools, colleges, and universities for international students in the US may or may not surprise you. Amongst the top 5, we are proud to say that no-cosigner loans are available at all of them.
Coming out on top with a total of 17,552 international students was New York University, New York, NY. No-cosigner loans are available at New York University.
The rest of the top 5 are as follows:
#2 – University of Southern California – Los Angeles (Los Angeles, CA) – 16,075 international students. No-cosigner loans are available at University of Southern California – Los Angeles.
#3 – Northeastern University – Boston (Boston, MA) – 14,905 international students. No-cosigner loans are available at Northeastern University – Boston.
#4 – Columbia University (New York, NY) – 14,615 international students. No-cosigner loans are available at Columbia University.
#5 – Arizona State University – Tempe (Tempe, AZ) – 13,459 international students. No-cosigner loans are available at Arizona State University – Tempe.
Courses for international students in the US
The largest number of international students in the US are on Undergraduate programs (442,748), with 308,953 Graduate students enrolled. There were 203,462 international students in the US on Optional Practical Training courses. There were also 65,631 international students on other, non-degree courses.
The three most popular fields of study for international students studying in the USA were Engineering (with 21.3% of all international students), Business and Management (17.9%) and Math and Computer Science (17.0%).
For more information about the options available to international students attending US schools visit our International Student pages.
US Study Abroad Students
If we turn our attention now to US students studying abroad, the latest statistics available are for the 2016-2017 academic year. This year saw the number of US students studying abroad rise a modest 2.3% over the previous year to a total of 332,727 students.
More than 25% of these students (85,786) enrolled in STEM courses (Science, Technology, Engineering, and Math). Business was the next most popular field of study, with Social Sciences coming in third.
The 292,467 US undergraduate students studying abroad in 2016-2017 represented 1.8% of the 16,298,944 total US undergraduate enrolment.
64.6% of US students studying abroad in 2016-2017 did so for a short period (e.g. a summer or a study period of 8 weeks or less). 33.1% spent a semester (or one or two quarters depending on the institution) abroad. Only 2.4% studied abroad for the long-term – an academic or calendar year (or more).
Where do US students abroad study?
Europe hosted the vast majority of US students studying abroad. Latin America & the Caribbean came in second and Asia took third place.
#1 – Europe, 181,145 total US students (54%)
#2 – Latin America & Caribbean, 51,513 US students (15.5%)
#3 – Asia, 38,621 US students (11.6%)
24,790 US students (7.5%) studied in more than one region in the 2016-2017 academic year.
On a country level, 39,851 US students were studying in the United Kingdom in 2016-2017. This represents 12% of the total number of US students studying abroad. The UK is the largest single concentration of US study abroad students.
Italy, Spain, France, and Germany represent the second to fifth places respectively.
China appears at sixth in the list, with 11,910 US students studying there (3.6% of the total).
There are some other surprise appearances in the list of the top 25 most popular destinations for US students studying abroad:
#9 – Costa Rica hosted over 8,000 US students
#11 – over 6,000 US students made South Africa their home for part of their studies
#13 – almost 5,000 students experienced student life in the Czech Republic
Besides the 332,727 students who enrolled in courses leading to academic credit, 36,975 US students attended over 400 other institutions and took part in non-credit work, research, volunteering, and internships abroad.
If you’re interested in finding out more about your options as a US student studying abroad please visit our Study Abroad pages.
Are you planning to study abroad? There are International Student Loans available for students in your position who need funding. This might be for a semester or a full degree program.
Here at International Student Loan, we’re here to help. Find the information you’ll need to make an informed choice and apply for funding.
What a student loan can cover:
Tuition fees, books, accommodation, transportation, health insurance, and anything else an international student might need.
We’ve prepared this post as a one-stop overview of the information you’ll need whether you’re a student, parent, student- or financial-aid-advisor!
We hope you’ll find the student loan that works for you!
Financial Aid for Non-US citizens studying in the US:
International Student Loan
There are International Student Loans available for non-US citizens studying at a college or university in the United States. It’s very common for foreign students to apply for loans to help pay for college.
Studying abroad can be very expensive once all the costs have been added up.
We have a student loan comparison tool will match you with eligible loan options which you can review and choose the loan that works best for your circumstances.
Most international students inside the US will need a cosigner when applying for a loan. They must be a US citizen or permanent resident who has lived in the US for the past 2 years and has good credit history.
Find out more here.
Financial Aid for Non-US citizens studying in the US at select schools (No Cosigner Loans):
No Cosigner Loan
As mentioned above, most international students inside the US will need a cosigner when applying for a loan. Although a cosigner is required in most cases, international students attending a small number of colleges and universities in the US are able to apply for a no cosigner loan. If you aren’t able to find a cosigner then a no cosigner loan could be a good option for you.
Most international students in the US do not have credit history. With no cosigner loans the loan approval is based on the cosigner’s credit history, along with your academic success and career path.
Find out more here.
Financial Aid for US citizens studying abroad through a US school:
Study Abroad Loan
If you are a US citizen or permanent resident you may be eligible for a study abroad loan if you are participating in a study abroad program at an approved school in the United States. You must receive credit at your home college or university. If you are not sure if your school is eligible, see our complete list of eligible schools.
Our loan comparison tool lets you compare loans and find the loan that’s most suitable to meet your needs – and you can apply right online.
Find out more here.
Financial Aid for US citizens enrolled directly at a foreign school:
Foreign Enrolled Loan
If you’re a US citizen or permanent resident planning to enrol directly with an approved foreign school to complete an entire degree program overseas, you may be eligible for a Foreign Enrolled Loan.
There are hundreds of medical, dental, law and business schools, colleges and universities around the world that are approved.
Find out more here.
US citizens applying for federal loans:
Federal Student Stafford Loan
US students that need a student loan should complete the FAFSA and apply for Stafford Loans as well as applying for a Study Abroad Loan or Foreign Enrolled Loan.
Stafford loans are fixed-rate loans for undergraduate and graduate students attending college at least half time. They are provided under a federal government program, so interest rates can be very competitive.
Find out more here.
More About Student Loans for Foreign Students:
International Student Loan provides student loan information so that you are better informed and equipped to make the right decision on funding your studies. Whether you are looking for international student loans, foreign enrolled loans, or study abroad loans, we aim to always provide you with the very best of foreign student loan opportunities.
Finding a student loan for your international education can be difficult – but it doesn’t have to be with the help of internationalstudentloan.com