Personal loan for international student
May 9th, 2022 by Sagnik Santra

personal loan for international student

Every year, many international students choose to study in international colleges. While most students finance their education with a combination of scholarships, grants, and student loans, some students also rely on personal loans to cover their costs. A personal loan for international student is a great financial tool for students and parents who can’t afford to pay for their education. The cost of education in international colleges is expensive and it is important to have a good financial plan.

In this article, we will discuss personal student loan for international student. We will share a few tips on how you can get a personal loan and how you can use it to finance your education. So if you are a student looking to pursue a degree in an international college, read on!

What are personal loans for international students?

Similar to personal loans, personal loans for international students are unsecured loans that can be used for a variety of purposes. One popular use of personal loans is to finance the costs of education. International students often rely on personal loans to cover the cost of tuition, fees, and other educational expenses.

Personal loans are available from a variety of student loan lenders, including banks, credit unions, and online lenders. The interest rate on a personal loan for international students will vary depending on the lender and the borrower’s credit history.

What are international student loans?

Now when it comes to international student loans, these are student loans that are specifically designed for international students who are attending college in the United States. International student loans generally have lower interest rates and more flexible repayment terms than traditional loans.

Different types of loans for international students

There are mainly two types of international student loans

1. Federal student loans:

personal loan for international student

A federal student loan or federal student aid is a type of loan that is offered by the US government to eligible students attending an eligible school or university in the United States. Federal student loans are available to both US citizens and international students. Federal loans are cheaper in terms of interest rates and they offer more repayment options as compared to private loans.

There are mainly 4 types of federal student loans

1. Direct subsidized loans: These loans are offered to eligible undergraduate students with financial needs. The US government pays the interest on these loans while the student is in school, during their grace period, and during deferment periods.

2. Direct unsubsidized loans: These loans are available to both undergraduate and graduate students; however, the student is responsible for paying the interest on these loans.

3. Direct PLUS Loans: These loans are available to graduate or professional students as well as parents of dependent undergraduate students. The borrower is responsible for paying the interest on these loans.

4. Direct consolidation loans: These loans allow the borrower to combine all their eligible federal student loans into a single loan with a single monthly payment.

2. Private student loans:

As the name suggests, a private student loan is provided by private organizations, such as banks and credit unions. These loans usually have a variable interest rate that is higher than the federal rate. Private student loans can be used to cover any educational expenses, including tuition, room and board, books and supplies, and transportation.

Federal loans are often the better option for students, but private student loans can be a good choice if you have exhausted your federal loan options and need additional funds to cover your educational expenses.

If you are an international student, you may not be eligible for federal student loans. In this case, private student loans may be your only option.

How to apply for a personal student loan?

Here are some of the things you need to keep in mind when applying for a personal student loan:

1. Shop around

personal loan for international student

To find the best international student loans, it’s important to shop around and compare the interest rates and terms of different lenders. You can easily compare the rates by going online and checking the websites of different lenders. There are hundreds of companies that offer international student loans and have their rates, monthly payments, terms, and conditions. So make sure to compare the offers before you decide on a loan.

2. Find a cosigner

If you are an international student looking for a personal loan, you will likely need a cosigner. A cosigner is someone who agrees to sign the loan with you and is responsible for making the payments if you cannot. Usually, a cosigner is a parent or other relative. Your cosigner has to be a permanent resident of the US and have a good credit score.

3. Check your credit score

When it comes to personal loans, your credit score is very important. You have to meet the minimum credit score requirements of the lender. If you don’t have a good credit score, you may have to get a cosigner. So it’s important to check your credit score before you apply for a loan.

4. Read the terms and conditions

Before you sign the loan agreement, it’s important to read the terms and conditions carefully. You should understand the interest rate, repayment schedule, grace period, late fees, and other charges. If you have any questions, make sure to ask the lender.

5. Fill up the application form

Once you meet all the requirements, you can fill up the application form and submit it to the lender. Make sure to provide all the necessary information accurately. You will be asked to provide certain information such as your name, address, date of birth, Social Security number, and the amount you need to borrow.

Things to consider before applying for an international student loan

Here are a few things you should consider before you apply for an international student loan:

1. Your eligibility

personal loan for international student

Before you apply for a loan, make sure you are eligible. Most lenders have certain requirements that you need to meet, such as being enrolled in an accredited school, having a good credit score, and being a US citizen or permanent resident. Different lenders have different requirements, so make sure to check the requirements of the lender you are considering.

2. The interest rate

The interest rate is one of the most important factors to consider when comparing loans. Make sure to compare the interest rates of different lenders before you decide on a loan. Keep in mind that the interest rate will affect your monthly payments and the total amount you will have to repay.

3. The repayment schedule

Another important factor to consider is the repayment schedule. You should know when you have to start making the payments and how much you need to pay each month. Make sure you can afford the monthly payments before you apply for the loan.

4. Apply for federal loans first

Applying for federal financial aid should be your first option. Federal loans usually have lower interest rates and more flexible repayment options. If you are not eligible for federal aid, then you can consider private student loans.

5. Make your payments on time

Once you have taken out a loan, it’s important to make your payments on time. Don’t miss a payment or you will be charged late fees. If you are having trouble making the payments, contact your lender and try to work out a repayment plan.

Conclusion

So there you have it! These are a few things you need to know about personal loan for international student. Make sure to do your research and compare the offers before you decide on a loan. And remember to make your payments on time!


MBA student loan
April 25th, 2022 by Sagnik Santra

mba student loan

MBA is known as one of the most popular master’s degree programs in the world. It opens up a lot of career opportunities and allows you to pursue a variety of different roles in the business world. However, pursuing an MBA in a good business school can be a costly endeavor. The cost of tuition, books, and other associated expenses can add up quickly. Fortunately, there are several MBA student loan options available to help you finance your degree.

In this article, we will be talking about everything you need to know about an MBA student loan, including the different types of loans available and how to choose the right one for you. So if you are an MBA student looking for financial assistance, read on!

What are student loans?

Student loans are a type of financial aid that helps students pay for their education. Similar to a regular loan, a lender will give you money that you will need to repay with interest. However, student loans typically have lower interest rates and more flexible repayment terms than other types of loans.

But you have to be careful about it because student loan debt is a huge problem in the United States. It is one of the biggest reasons why people file for bankruptcy. Your interest can turn into a financial burden if you don’t pay your interest payments on time.

Different types of MBA student loan

There are mainly two types of student loans: A federal student loan and a private student loan.

Federal student loans

mba student loan

Federal student loans are provided by the government and they usually have lower and fixed interest rates and more flexible repayment terms than private loans. Federal loans are available to both undergraduate and graduate students. There are mainly 4 types of federal student loans:

1. Direct subsidized loans: These loans are for undergraduate students with financial needs. The government will pay the interest on your loan while you are in school and during your grace period.

2. Direct unsubsidized loans: These loans are for undergraduate and graduate students, but there is no requirement to demonstrate financial need. You are responsible for paying the interest on this loan from the time the money is disbursed to you.

3. Direct PLUS loans: These loans are for graduate and professional students, as well as parents of dependent undergraduate students. You will need to pass a credit check to qualify for this loan.

4. Direct consolidation loans: These loans allow you to combine all of your federal student loans into a single loan with a single monthly payment. This can be helpful if you have multiple loans with different interest rates.

Private student loans

Private loans are provided by banks, credit unions, and other financial institutions. They usually have higher interest rates and less flexible repayment terms than federal loans. Private loans are available to both undergraduate and graduate students. When you take out a private loan, you will be required to undergo a credit check.

Which MBA student loan option is best for you?

mba student loan

There is no doubt that federal loans are the better option. They have lower interest rates and more flexible repayment terms. However, not everyone will qualify for federal loans. If you don’t qualify for federal loans, or if you need additional funding, then you may need to take out a private loan.

Also, federal loans don’t offer enough money to cover the full cost of your education. So if you need additional funding, you may need to take out a private loan. But make sure to do your research before taking out a private loan.

How to apply for MBA student loans?

So now that we know one or two things about student loans, let’s talk about how to apply for them.

1. Do your research

The first step is to research the different types of loans available to you. As we mentioned earlier, there are federal loans and private loans. Each type of loan has its interest rates, repayment terms, and eligibility requirements. So you must understand the difference between each type of loan before you apply for one.

2. Shop around for private loans

If you’re planning on taking out a private loan, you must shop around for the best interest rates and repayment terms. There are a lot of different lenders out there, and every lender has different terms and conditions. So you must compare multiple lenders before you choose one.

3. Check the requirements

Once you’ve chosen a loan, the next step is to check the eligibility requirements. Each lender has different requirements, but most lenders will require you to have a good credit score and a steady income. You have to meet these requirements to qualify for the loan. Every lender has different requirements, so make sure you check with your chosen lender before you apply for the loan.

4. Check your credit score

mba student loan

Your credit score is one of the most important factors in determining whether or not you’ll qualify for a loan. So you must check your credit score before you apply for a loan. You can get your free credit report online.

5. Apply for the loan

The final step is to apply for the loan. This process will vary depending on the lender, but most lenders will require you to fill out an application and provide some documentation. Once you’ve submitted your application, the lender will review it and determine whether or not you qualify for the loan.

Applying for student loans can be a daunting task, but you must do your research and choose the right loan for you. By following these steps, you can make sure that you get the best possible loan for your needs.

Conclusion

So there you have it! That’s everything you need to know about student loans. By now, you should have a good understanding of the different types of loans available, as well as the pros and cons of each type of loan. Make sure to do your research before you apply for a loan, and you should be able to get the best possible loan for your needs. Thanks for reading!


Car Loan for International Student
February 16th, 2022 by Sagnik Santra

car loan for international student

Is it even possible to get a car loan for international students? YES! It is possible. Having a car is a necessity for many people. A car is not just an appliance that provides transportation but also becomes one’s friend.

If you’re staying away from your home, having a car can be pretty helpful. Transportation costs in certain countries like the U.S., UK, or Canada can be expensive. If you are thinking about cabs, they are not a good option. The cost is pretty high, and they are not reliable either.

But on the other hand, cars are not cheap! So what’s the solution? How do you own a vehicle as an international student? The answer would be a car loan for international students. In this article, we will discuss how to get a car loan if you are an international student. So make sure to read the entire article!

Why do you need an auto loan as an international student?

There are many reasons for this. If you live away from your hometown, owning a car can be very important. You want to have the independence of traveling whenever and wherever you want.

There are several benefits of owning a car, but transportation cost is one of the most important. You can always go where you want to because owning a car means that you’re not bound by the timetables of public transportation. Not only does it save time, but it saves money too!

Also, countries like Canada or UK are pretty expensive when it comes to transportation costs. Taxis are overpriced, and buses are crowded. So, this leaves you with the only option of owning a car.

What are the requirements for an international student car loan?

Getting approved for an international student car loan is complex compared to a local student loan. You will be driving in a different country, and you need to obey every rule and regulation. There are thee things that you need to begin with:

1. Drivers license:

car loan for international student

Whether it’s an international license or a local one, you need to have some proof of having the ability to drive. If you don’t have a license, you can apply for one, but take driving lessons first. Driving lessons are compulsory in many countries like Canada, U.S., or UK. Suppose you’re an international student wanting to get a U.S. driver’s license. In that case, the Student Exchange Visitor Program (SEVP) has a detailed fact sheet and various resources to assist you in doing so.

2. Auto insurance:

In the U.S., it is required for every car driver to have auto insurance. Most other countries may not be as strict, but having insurance is always a good option. An international student car loan can have several benefits if covered with insurance. A typical bank loan doesn’t cover the entire cost of the vehicle, so it’s better to get some coverage just in case something happens.

3. An auto loan:

This is the most crucial part. Without a loan, you will not be able to get your hands on your car. So, the next thing you should do is apply for an international student car loan. Several companies offer loans to international students, and they have their own list of requirements and restrictions as well.

Documentation for applying for an Auto Loan as an international student

You may be wondering what sort of documentation you need for this. If you are living in the U.S., there are several things that you can use as your documentation when applying for a car loan.

1. VISA: This is the most common and accepted form for international students. If you’re a U.S. visa holder, you can use it as your primary identification document while applying for an auto loan. Make sure to bring your passport and other personal information with you.

2. Finance qualification form: This is an essential document you need to have. The finance qualification form has some basic information about your employment and financial situation.

3. Payment documents: These documents are the most important ones. These will show your monthly costs for tuition, rent, bank statements, utilities, etc. So make sure to have them ready.

4. Proof of lawful residence: This is unnecessary for you if you’re a U.S. visa holder. However, if you’re living in the country on some temporary status, you’ll need to prove your lawful residence.

5.  Employment letter (if applicable): If you’re working, make sure to have a letter from your employer. The letter should state the monthly salary and the year-long employment period.

How to apply for an international auto student loan?

car loan for international student

Once you have the required documentation ready, you can apply for a car loan. You need to follow several steps to apply for a car loan.

1. Research for car loan companies: Since you are an international student, you have to be careful while choosing the company. Once you have found a few companies, make sure to research them to see which one has better interest rates and fewer restrictions.

2. Compare rates: Compare the cost of auto loans for international students before finalizing your choice. You’ll be surprised by how much different companies offer in terms of monthly payments and interest rates.

3. Apply: Once you have chosen the company, fill out the application form as honestly as possible. The process may take some time, but once it’s done, your loan will be approved, and you can get your car. If you are not aware of some terms, get help from a professional. Don’t sign for anything until you understand the loan terms.

4. Wait for approval: Now that you have applied for a car loan, it’s time to wait for the company to process your application. This may take some while, so relax and don’t worry about anything else until they approve your application.

5. Get auto insurance: This is important for your car, and it’s mandatory as well (in some countries). Make sure to get auto insurance to drive safely on the road.

6. Start making repayment: Now that you are all done and received your desired loan amount, it’s time for you to create a plan and budget to start your monthly payment. This is also another important step, so take it seriously and don’t skip this.

Do I need a cosigner?

car loan for international student

It depends on the lender. Most car lenders require a cosigner if you are not a U.S. citizen. However, some companies have special programs for international students to get approved without any cosigner. If you don’t like the idea of getting a cosigner, then contact these companies and ask if they have an alternative solution for your situation. Also, when it comes to a cosigner, they must be a permanent resident of the country or have been living for two years with a stable job and regular income in the country.

Which is better, an auto loan or a personal loan?

In the case of international students, it’s better to get an auto loan rather than personal loans or student loans. Personal loans have a lot of strict repayment terms, and you’ll understand them only after reading the contract. Also, many companies don’t provide personal loans for international students, so you won’t have a lot of options to choose from. In addition, car loans are tailored to getting a car, so you’ll get a lower interest rate and better payment plans.

Do I need a credit history?

Again, it depends from company to company. Some finance companies might check your or your cosigner’s credit score, while others don’t. There isn’t any universal credit check policy, so you need to ask customer support about it before applying. But if you are signing a cosigner, there is a high chance that they will check their credit history.

Conclusion:

If you are an international student and want to buy a car, you need to apply for a car loan. Make sure to check the terms and conditions before signing for anything, and don’t be afraid to negotiate if required. The best idea would be to talk to someone experienced in this, so make sure to ask friends or relatives for help. Good luck!


You might also be interested in Canada Student Visa information.


Loan for international students without cosigner
January 18th, 2022 by Sagnik Santra

loan for international students without cosigner

To pursue your favorite subject in an international college can be expensive. The tuition fees and the living costs are not the only things you need to deal with. There can be other costs like transportation, study materials, accommodation and many more. That is why you may need to take out a student loan to finance your study abroad.

But getting an international student loan is not easy without a cosigner. This is a problem in most cases because it can be hard to find someone willing to act as a cosigner. But there are some international student loans that you can take out without a cosigner. This article will tell you which international student loans are available for students who don’t have a cosigner.

Who is a cosigner anyway?

A cosigner is someone who has a good credit score, and with that, they agree to take responsibility for your loan if you as a borrower are not able to pay back the debt. The cosigner needs to have an income to repay your loan in most cases. They also need to be at least 18 years old. In simple words, a cosigner is a person who guarantees that you will repay the loan.

Why are cosigners necessary?

International students need someone to cosign their loans because they might not meet the requirements for taking out a student loan. A cosigner gives lenders the security that you will repay the loan, which is essential because lenders don’t want to lend money to international students who cannot repay the loan.

Types of student loans:

loan for international students without cosigner

Whether you need a cosigner or not depends on a few factors, and your student loan type is one of them. There are basically two types of student loans:

1. Federal student loans:

These are the best possible student loans because they have a low-interest rate and specific benefits. You can apply for a federal loan without a cosigner if you meet particular criteria, generally based on your academics and your family income. So your priority should be to apply for a federal student loan, and if you don’t qualify, you should apply for a private student loan.

2. Private student loans:

These are much harder to get because there are no specific criteria that make them available to only those students who qualify for it. It depends from lender to lender and how they set their own criteria. You can apply for a private loan without a cosigner, but your chances are much lower, and the interest rates will be much higher than those of federal loans.

Federal student loans that don’t require a cosigner

The good news for international students is that there are three types of federal loans available that don’t require cosigners as well as credit checks:

1. Direct subsidized loans:

These are available to students who have not completed their first bachelor’s degree yet. You can apply for these loans until you reach your maximum study time. The benefit of direct subsidized loans is that the government covers the interest while studying.

2. Direct unsubsidized loans:

This type of student loan doesn’t require a cosigner because the government covers the interest while you are studying. It is for both graduate and undergraduate students. This loan is also called Unsubsidized Stafford Loan.

3. Direct PLUS loans:

This type of loan is available only for graduate and professional students. Parents can also borrow this amount for their kids who are studying abroad. This is the most common international student loan because it requires a cosigner.

How to get international student loans without a cosigner?

A group of friends at a coffee shop

Getting an international student loan without a cosigner is a lot harder than getting one with a cosigner. As we have explained before, you need to meet specific requirements to get a student loan without a cosigner, and the requirements may vary from lender to lender. Here are a few things that you can do to increase your chances of getting a student loan without a cosigner:

1. Opt for federal student loans:

Federal student loans are the best option when trying to get an international student loan as a U.S. student abroad. If you meet certain criteria, you will get the loan without a cosigner. These criteria are not that high, and almost anyone can meet them if they try hard enough. It is mostly about your academic scores and your income in your home country.

2. Go for scholarships before you take out a loan:

Scholarships or other financial aids are the best options for financing your education. However, try to get all the available scholarship money before taking out a loan. If there is no other option but to get a loan to finance your education, you should go for federal loans with low-interest rates and benefits before taking up any private loan.

3. Credit score:

If you have a good credit history, then the chances of getting an international student loan without a cosigner are much higher. The lenders will trust you because of your credit score, and they will not demand any additional help from someone else for them to approve your application.

4. Find the right lender:

To get a good student loan without a cosigner, you need to find the right lender. Most lenders have a reasonable credit score requirement, and they also look for other criteria before approving your application. You have to do your research and shortlist a few lenders before applying for a loan.

Top lenders who approve international student loans without cosigners

loan for international students without cosigner

Here are the top five lenders who typically approve international student loans without cosigners:

1. MPOWER Financing:

If you plan to study in the U.S or Canada, you can apply for a loan from MPOWER. They offer student loans without a cosigner, collateral, or U.S. credit history for students studying at 350+ schools in the U.S. and Canada. They only provide loans to bright and have the potential to succeed.

2. A.M. Money Private Student Loan:

If you are an international student with a good GPA, you can get a private student loan from this lender. This is one of the best lenders that offer loans without cosigners.

3. Ascent Independent Student Loan:

Ascent offers international student loans without cosigners. They provide loans to both undergrad and grad students who need them for tuition, books, and living expenses. It is ideal for Upperclassmen with no credit, income, or cosigner.

4. Prodigy Finance:

If you are a graduate student and looking for an international student loan without a cosigner, you should try Prodigy Finance. Prodigy finance only provides its services in certain states and certain colleges.

5. SoFi:

If you have been paying the loans on time and your credit score is good, then SoFi will approve your loan without a cosigner. They offer loans to graduate students and international students. If you have good academic scores, you can also get extra benefits.

Conclusion:

The process of applying for an international student loan without a cosigner can be a bit difficult. You have to prove that you are responsible enough to be worthy of the loan. You have to do your research and find lenders who offer student loans without cosigners and match your requirements. Good luck!


How can I afford college as an international student in the US?
January 12th, 2021 by Al C

Studying abroad and specifically in the US is a dream for millions of students around the world. More than a million students apply for colleges in the US  every year. But most of the students and their families can’t afford the tuition fees and other related costs. In 2019 international students paid over $26,000 per year for public colleges and $32,000 for private colleges on average.

Group of Students in the US - How can I afford college as an international student in the US?

So, how do they pay their international college tuition fees?

International Student Financial Aid:

Financial Aid for international students varies depending on the school and the degree chosen. This financial aid most commonly provides financial support to graduate students, and it is less common for undergraduate students.

Most of the financial aid for international students comes from research and teaching assistance programs. These programs provide paid research and teaching responsibilities to graduate students. Also, financial aid can be funded by grants and scholarships as well. Unlike a loan, you don’t have to repay these types awards in the future. 

Also, it can depend on the country you come from, your family assets and background, your merits, existing student loans, and other factors. 

International Scholarships:

Some scholarships are based on the country you come from or your average grades, chosen subject or skills. Some of the scholarships depend on your TOEFL score. There are also sports scholarships available in some schools. You must do proper research on the scholarships available in your school to see if you are eligible or not.

Students in the US graduating - How can I afford college as an international student in the US?

When you find a scholarship you’re eligible for, contact the scholarship administrators and apply for it. It is an effective way to reduce your overall tuition fees. Also, you might be able to win scholarships by winning contests and competitions.

You should search online for international scholarship opportunities and International Financial Aid.

International Student Loans:

International student loans provide financial support to students who want to study in the US. Mostly through banks and private organizations. The terms and policies and interest rates vary between lenders and organizations.

Private student loans are more expensive than federal student loans, but international students are usually excluded from Federal programs. You should consider choosing scholarships and grants as sources of financial aid first. If there is still a gap between the funds you have and the cost of your education, you should consider getting an international student loan.

This image has an empty alt attribute; its file name is CompareStudentLoans.png

Repayment also varies depending on the terms and policies of the lender you choose for your student loan. There are multiple ways you can repay your student loans: Immediate Repayment, Full Deferral, and Interest Only are the standard methods to repay student loans.

It may seem like it is very challenging to cover all the costs to study in the US. But it is not impossible. There are multiple opportunities available for you to explore.

Please note: You should be aware of scams and scammers while looking for funds. There are people ready to take the advantage of you, so always go for reputable and verified schools and lenders.


How To Apply for an International Student Loan
April 18th, 2013 by Jennifer Frankel

International student loans can be a helpful addition for students looking to cover their expenses. But, many students wonder how to apply for an international student loan. Most international students apply right before their academic term, typically between July and August, and so it’s important to get your documents prepared so that you’ll be ready when the time comes.

If you are wondering how to apply for an international student loan, follow these five steps to help you in your journey of applying for an international student loan: Read the rest of this entry »


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