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 for international students in Canada – a cosigner is not required.
The Canadian Bureau for International Education reports that over half a million international students studied in Canada in 2018. That’s more than a 150% increase in international students in Canada since 2010. As a result, Canada has overtaken France and Australia to become the 4th most popular destination for international students behind the USA, the UK, and China.
Loans for International Students in Canada without a Cosigner
Once international students have exhausted all other available sources of funding such as family support, personal savings, and financial aid from their school, they often need to turn to a student loan to cover any remaining costs of their studies.
This was very difficult to do until recently because of the lack of availability of loans to international students in Canada.
Now, International Student Loan allows international students to connect with loan providers where they can access loans without requiring any credit history, without needing any collateral, and even without a cosigner. These loans are available to students enrolled in Bachelor’s and Graduate degrees in any academic field from countries around the world at 300+ colleges and universities across the USA and Canada.
Students who will be graduating within two years – whether they are undergraduate or graduate students – are eligible to apply.
The Benefits Loans for International Students in Canada – without Cosigners
- For this type of loan, you don’t need any credit history in the US or Canada, a cosigner, or any collateral
- You can borrow from $2,001 to $50,000 with a fixed interest rate
- Students from over 190 countries are eligible to apply for these loans
- There is a 10-year repayment period and no prepayment penalties
- During school and for 6-months after graduation there is a lower, interest-only payment period, making it more affordable at the time
- These loans are available at over 300 schools across the USA and Canada. Undergraduate and graduate students who will be graduating within two years are eligible You can use the funds to pay for expenses including tuition fees, accommodation costs, food, student insurance, and books. They can be used for past, current, and future semesters.
How does the loan process work?
- Check to see if your chosen school and program are eligible.
- Complete your application online in just a few minutes.
- Receive a conditional offer from the lender.
- Upload documents the lender requires to complete your application.
- The lender checks to make sure everything you have provided is in order, then sends you final approval of your loan.
- The lender contacts your school to confirm your enrollment status. Once this is done, your funding is disbursed directly to your school.
How much will the loan cost?
Every case is different. This example is for informative use only. This is not a guarantee of costs as they will depend on your individual circumstances and the lender you work with.
An international (non-US, non-Canadian) student, studying a graduate-level program who borrows $10,000 US dollars can expect to repay $100.54 a month while they are studying and for the first 6 months after graduation. After this time the repayment would be $141.62 per month.
Why is Canada such a popular destination for international students?
- The Canadian education system is internationally regarded as being of very high quality
- Canada is considered a safe country with a tolerant and non-discriminatory society
- 96% of international students recommend Canada as a study destination, and 60% of international students say that they plan to apply for permanent residence in Canada.
Who are the international students in Canada?
The nationalities with the largest populations of students in Canada are:
- Chinese ( around 28% of all international students)
- Indian (approximately 25%)
US students represent only around 3% of all international students in Canada.
Where are the international students in Canada studying?
The Canadian province with the largest number of international students is Ontario (with almost half of all international students). The next most populous provinces are British Columbia (a quarter) and Quebec (about one tenth).
Find out more and apply for your International Student Loan in Canada today.
More on Loans without a cosigner in the USA and Canada
How can an international student finance their education in the USA?
International Student Loans for Students from the UK
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.
US institutions are attracting students from around the globe and applications from Europe are on the rise. The number of UK students looking to study a graduate program in the US continues to increase, and undergraduate programs are only just behind. This article will tell you all the basics about international student loans for students from the UK who hope to study in the US.
A Whole New World
While the UK has several world-renowned institutions, the scope of courses available to study in the US in unequaled. As such, the number of British students studying a program in the US has risen by around a third since 2010 and continues to rise (according to studies by the Institute of International Education). Read another post about International Education facts and Figures.
There are over 4000 US institutions, many of which offer programs in specialisms many of us have never heard of. This allows students to find the degree that’s right for them, adding something unique to their CV.
One of the main deterrents for studying in the US continues to be funding. While university fees are subsidized in the UK, tuition fees and living costs in the US are on the rise. Many students now seek a student loan to support their education expenses.
FindingInternational Student Loans for Students from the UK
The easiest way to be considered eligible for a US student loan is to find a co-signer who is also an American citizen. A citizen with a good credit rating is the perfect candidate to cosign your loan, making the application process much easier. Many lenders offer loans to students with co-signers who have proof of income, as they can act as a guarantor for the funds.
A cosigner must be a US citizen or permanent resident who has lived in the US for the past two years and has good credit.
Your cosigner should have a stable job with a steady income and an established credit history. Lenders may look at how long your cosigner has lived at their current address and how long they’ve been employed at their current job.
Your cosigner is taking on the obligation to pay back your loans in the event that you cannot, so it’s important that the cosigner can afford to cover these expenses. International student loans and study abroad loans lenders will take into account the total income of your cosigner and their total debts (mortgage, car payments, credit card debt, and any student loans they may have on their own) when reviewing a loan application.
In the United States, the cosigner’s credit history is evaluated by a credit score that is based on outstanding debts and their payment history. Lenders will evaluate your cosigner’s existing and past loans and whether they were paid on time.
Cosigner Not Required?
However, this is not an option for everyone. If you do not have a cosigner and you’re looking for international student loans for students from the UK there are specialist lenders who offer this service. Lenders such as MPower Financing understand how difficult it can be to secure funding. They support students in the visa and college application process as well as providing funding, to reduce the stress over expenses. There’s information about finding a loan without a cosigner here.
To compare the best student loans for British students looking to study in the US, then look no further than our comparison tool.
As greater numbers of students from around the world are traveling to study a degree in the US, and tuition fees are rising, international student loans are growing increasingly necessary. Indian students, alone, accounted for 17.9% of the total foreign students in the US in 2017-18, second only to Chinese students at 33%. This article discusses the best international student loans for Indian students who want to study at a US institution.
The Indian Loophole
To be considered eligible for an F-1 visa and to be accepted to a US academic institution all international students must show proof of funding. This basically means that you, as a student applicant, must show you can afford to attend the college or university of your choice. You may pay for your education through personal funds, an academic scholarship from the institution, or through a student loan.
The most difficult part of applying for a student loan as an Indian student is finding the necessary evidence to be considered eligible. Indian banks often require supporting documentation showing the student’s acceptance to a US institution before considering a loan. However, most US institutions require proof of funding before offering a formal acceptance.
The simplest option is to seek a loan through a US bank specializing in student loans or a specialist lender. US lenders understand the difficulty with needing to provide supporting documentation for the university application and offer advice and help during this process.
Loan Options for Indian Students
There are a number of lenders that specialize in study loans for Indian students studying in the US. You can compare your options using our loan comparison tool for Indian students.
MPower Financing is a dedicated lender of international student loans and one of the options available to Indian students. The company understands the difficulties many international students have with finding funding and a co-signer. MPower takes the hassle out of the process by keeping everything clear and supporting both the visa and university application process. MPower also can provide loans without a cosigner at select universities in the USA and Canada.
To find out more about applying for a student loan as an Indian student check out our India International Student Loans section.
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.
Most students hear the myths about student loans before even attending college. Others simply don’t understand whether a student loan is right for them. This article will debunk some of the major myths surrounding student loans and help students choose the path that’s right for them.
If you don’t have the family finances, you can’t attend college.
Although universities in the US can be very expensive, they are not only for the rich. There are several scholarships you can apply for at every college and university. You can also apply for a student loan to support your study finances. The most important thing to focus on is grades and personal development. Think about getting excellent test scores and building your extra-curricular or voluntary experience to make your application stand out.
Student loans negatively affect your credit score.
Okay, if you don’t make your loan repayments then this is true. But managing a student loan well can be a great way to boost your credit score. By making regular repayments, you’re positively impacting your credit. This means it can make it easier to take out a credit card or another loan in the future.
You will forever be in debt.
You will be repaying a lot of money, probably over a long time. However, graduates are earning an average of $17,500 a year more than non-graduates, making the cost of college worth-while. No one wants to think about paying back a debt, but following this system could help you become more employable and increase your income in the long-run.
Interest on student loan repayment never changes.
Despite signing a contract when you took out a student loan, the amount of interest charged can still vary throughout the repayment. Be careful when applying for a loan that you understand all the small print. This includes how and when to repay the loan, as well as the interest due. The amount of interest owed can vary year to year, so check in the initial terms what you’re agreeing to. Make sure you have an idea of how much you’ll be repaying once you graduate to prepare for this.
Forget your loan until you graduate.
Your loan shouldn’t be the first thing you’re thinking about when you wake up. However, it’s important to acknowledge how you’re getting your money and use it wisely. Interest is mounting from the minute you take out your loan. So, unfortunately, you’re building up debt the whole time you’re studying. If you have the ability, you can start repaying your loan while still studying. If you don’t have enough to do this, consider starting a savings account to put aside whatever money you do have for when you gradate. This will help alleviate the pressure of repayment.
Have you already checked out our International Student Loan Comparison Tool, but realized that you weren’t exactly sure how to compare the results given? Deciding which loan is the right one for you can feel a little overwhelming, but here is a cheat sheet on how to compare your different loan options and choose the best one!
Now, before jumping into the loan jargon here are some basic questions you should ask yourself in order to compare loans efficiently:
⦁ Do I plan to work and study at the same time?
⦁ Do I want to get a Master’s?
⦁ Do I want to make loan payments while I am studying or begin repayment once I have graduated?
You may not have a clear answer for these question at the moment, but if you do these questions will you give you some extra insight on which loan conditions are right for you.
- Interest Rates: Variable or Fixed?
Interest rates are the part of taking out a loan that everyone hates, so if you can get the best deal you’ll feel very satisfied. When you apply for a loan, you are asked if you want a variable or fixed interest rate and the distinction is very important.
- Variable: A variable rate means exactly that, the interest rate on your loan varies and changes over time. This is considered somewhat of a gamble because if the economy changes, your interest rate can either decrease or increase.⦁
- Fixed: Most people automatically go with a fixed interest rate because its stable and, therefore, stays the same as long as your loan exists. A fixed rate makes it easier for you to calculate your monthly payments, which in turn allows you to organize your finances. In essence, it gives you more control from day 1.
When choosing the details of your repayment, is when the previous questions could come in handy. It is important to know if you have the option to defer (postpone) payments until after you have finished your studies or if you have to begin repayment as soon as you sign your name. Here are 3 of the most common repayment schedules and what they mean:
Special Conditions and Additional Fees
- Standard Repayment: Standard repayment usually gives you a 10-year limit to pay off your loan. During those 10 years you have a fixed monthly amount, and the lender usually requires a minimum monthly payment.
- Extended Repayment: Extended repayment is similar to standard repayment, in that you have fixed monthly payments. However, you have the option to pay back your loan between 12-30 years. This of course lowers your monthly payments, but it is important to remember that the lender will be charging you interest during this time. Although you may have lower monthly payments, more payments means more interest which means more money paid over time.
- Graduated Repayment: With a graduated repayment schedule, the idea is that you start off paying a specific monthly payment and that this amount is readjusted (increases) every 2 years. The repayment timeline given is usually 12-30 years.
You may have heard the term deferment thrown around when talking about loans and you may know that it means postponing your loan payments. When taking out a private student loan you must be careful with the fine print. Although deferment exists, with private student loans it might be a little bit trickier. Many times, in the fine print is where you will find a multitude of hidden fees that can come back to haunt you later. Here are a few fees to keep an eye out for:
- Paying off your loan early
- Penalties for late payments
For more information on what to take into consideration when choosing a loan check out our post ¨What International Student Loan is Right for Me?¨.
We’re excited to announce that a no cosigner international student loan is now available to international students! International Student Loan has partnered with MPower Financing to offer the no cosigner loan to students attending a few select colleges and universities in the US and Canada. To qualify, you must be enrolled at one of the select schools in a graduate program, or within two years of graduation from an undergraduate program. Instead of evaluating the credit history of a cosigner, the no cosigner approval process will review your academic success and career potential. Although international students may not have any US based financial history, many have worked hard to create tremendous opportunity for themselves, and are a good risk for a loan. The no cosigner loan was created with these students in mind.
Conventional international student loans require a US cosigner, so the loan company has someone to look to for repayment of the loan if you default. Even domestic US students applying for a private student loan almost always need a cosigner, as students generally lack credit history. Many students either cannot find a cosigner, or would prefer not to involve a family member or friend in their financial life if at all possible. With the no cosigner loan, you are solely responsible for repayment of the loan plus all interest, and your interest rate will be fixed somewhere between 7.99% and 13.99%, competitive with conventional co-signer loans though a bit higher.
No cosigner loans
Applying for the no cosigner loan takes less than 10 minutes and upon approval the funds are released directly to your university. These funds can then be used towards educational expenses like tuition, housing, meal plans and health insurance. Students from 180 countries (including the US) are eligible to apply.
The no cosigner loan will not be a solution for everyone, as most US and Canadian colleges and universities are not yet eligible. The fastest way to check eligibility for any international student loan, including the no cosigner loan, is to complete the loan comparison on the homepage of International Student Loan. In just a few seconds, you’ll see the options available to you as an international student at your school.
If your school is not eligible for the no cosigner loan, and you want more information about whether the program is a good fit for your college or university, please send us a note.
Universities throughout the United States welcome ten of thousands of international students to their campuses every year. Going to school in the United States can be an extremely rewarding experience, but paying for it can be a challenge. Most students rely on several funding sources, such as scholarships, grants, family, personal savings, and finally, student loans. Many American students rely on government loans, but these are not available for international students. Fortunately, there are many international student loans available from private lenders.
By using our comparison tool, you can immediately see what lenders are available depending upon what school you plan to attend. You can then apply immediately online. Follow these steps to get the process started. Follow these easy steps to apply online now:
- Find a cosigner.
- Enter your information into our comparison tool.
- Compare lenders.
- Apply online.
- Wait for pre-qualification.
- Complete your application.
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