Applying For International Student Loans to Study in The USA
Want to study in the US? I guess you already know how expensive it is to study in the US especially for international students. If you have enough money to study in the US, then your education pursuit will probably go smoothly. However, those who cannot afford to pay for tuition fees in the US while also paying other bills as well can opt for a loan to study abroad.
I know what you are thinking, loans are a bad idea and you can get choked on repaying the credit. You’d find that there are so many loan options in the US that provide you a convenient repayment option that will most likely start after you have graduated and gotten a job, plus you are given a good number of years to repay your debt.
One challenge international students encounter is finding a lender willing to loan them money. They have this conception that it is very difficult to lend international students money since you will only be in the country temporarily that’s of course if you don’t renew your visa.
One good option for international students is to obtain loans from the government. The federal loans are available to international students with a certain type of non-citizen status and you must also have a cosigner to access this loan. You can find more about co-signers here.
Eligibility for Non-Citizen
To apply without a co-signer you must be:
- A U.S. citizen
- A U.S. Permanent resident with a green card
- Those who have an Arrival/Departure Record from U.S. Citizenship and Immigration Services showing the following statuses: refugee; asylum granted; Cuban-Haitian Entrant; Conditional Entrant issued before April 1, 1980; or parolee.
- Applicants who hold a T nonimmigrant status, or whose parents do
Applying with a Co-Signer
You must have a student visa with a co-signer who is a U.S. Citizen or permanent resident with good credit. To stand a better chance of landing a private loan with a favorable interest rate you should find a cosigner with at least a 690 credit score.
If you are not able to find a cosigner, you should opt for private student loans provided to international students with no cosigner. There are few private loan firms that provide international students this option. Here are some of them:
1. Sallie Mae
3. Citizens Bank
4. College Ave
8. Funding U
9. Department of Education
How to Choose the Right International Loan For You
Ensure you compare the features of different loan options, find out what their interests are, and see if it’s favorable to you. Find out what repayment options are available, and note if the lender will help postpone payments if you have difficulty paying them. Find out what late repayment clauses are attached and finally ensure they have a various contact options for easy reach.