Update for International Student Loans

July 6th, 2009 by Keith Clausen

As the fall semester approaches, and the level of inquiries that we receive about international student loans peaks, its a good time to review the state of play in the market for international student loans. Much has changed in the past year.

The credit crunch and economic crisis continues to impact the availability of international student loans. There are many fewer lenders providing private loans to international students than there were a year ago. Underwriting and credit criteria have gotten tougher, and school lists have shrunk.

InternationalStudentLoan.com continues to try to direct students to the best lender under current, admittedly less than ideal, market conditions. To find a lender that may be appropriate for you, visit the InternationalStudentLoan.com Apply page, submit basic information about your school and educational level and the school picker will direct you to the most appropriate lender that we are aware of.

Remember, all regularly-available international student loans require a US co-signer.

There are a few business schools (for instance, the business schools at Harvard, Yale, University of Chicago, University of Virginia, Duke University, Stanford, University of Pennsylvania, MIT, University of Michigan and University of California – Berkeley) that will provide no-cosigner loans to their own international MBA students. These prestigious business schools have the resources and ability to negotiate special arrangements with lenders for their international students, and students there should certainly take advantage of these programs.

For everyone else, make sure you talk directly with your international student office and financial aid office. People in those offices are in the best position to know if your school has any special financing arrangements in place for international students, and simply to provide guidance in general.

4 Comments

  1. Damayra says:

    Hi, I just have a question. What happens if you cannot find a US cosigner today? because people these days are not helping anyone an especially using their signature to consign a loan for an International student. It's not very easy to fine people to give you a hand and also it is difficult to study in a university when money is tight and no one wants to help you. So, what does this mean, not got to college and have no future and just work in a low paying job knowing that you can make it in life but NO ONE wants to help you? This is not FAIR, I believe that banks, or some other sources should think about it and help more international students that cannot get a signature from any one because of not having credit at all and they don't have anyone like a relative or a friend that can help them. There should be a program for international students that ca have the help they need in order to succeed in life and not be left behind and have NO COSIGNER as a POLICY.

  2. medical schools sacramnto says:

    the blog is really informative and the reason that discuss here is not a valid and in my opinion these all are lame excuses. the fact that if the the student is not able to bear the expenses of his education so he will never continue his study. for the success of the country the capable students are the essential tool.
    any the overall the blog is really informative.

  3. Warren says:

    I totally agree with Damayra. I am having the same problem trying to attend Columbia Business School. Its not fair, and bad luck I guess. Damayra, what did you end up doing?

  4. rsgoldjw says:

    very good, it’s very useful to me, thank you very much!

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