Loans for Students – What are the options?
February 11th, 2019 by Al C

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


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.

 

 


Cosigner 101: How to Get A Cosigner
July 21st, 2016 by Lette Berhe

cosignerAs an international student applying for a study abroad loan, one of the key things you will need to have is a cosigner. Don’t really know what a cosigner is? Not to worry, here is a breakdown of  what a cosigner is, their role, and the best way to get one.

What is a Cosigner?
When applying for an international student loan, lenders need to evaluate your financial background and stability before approving your application. This means that they need to make sure that you will pay them back. However, because you are an international student you do not have a financial record in the US for lenders to look up. This is where a cosigner becomes an important part of the international student loan process.

A cosigner is someone who signs your loan application with you and by doing so says, ¨If Maria cannot make her loan payments, for whatever reason, I will take over the responsibility and make the payments on her behalf.¨ A cosigner signs this legal document which states that they will take on the responsibility of your debt if you cannot. Read the rest of this entry »


Join our Google Hangout – “Finding a US Cosigner for your Student Loan”
April 10th, 2014 by Victoria Troupe

agreement

If you are planning on studying in the United States as an international student, you may need an international student loan. These loans are available only if you have a US cosigner. International students do not have a credit history in the US and so banks and lenders require a cosigner with good credit history to be able to approve and extend credit to the student.  Finding a US cosigner is an important concept to be aware of – and we’re here to help! Join our Google Hangout this Friday to learn all about it. Read the rest of this entry »


Get the Financial Aid Newsletter!